In an exclusive interview with Ms. Nomita Dhar, Publisher & Editor-in-Chief of IN Diplomacy, Minister of Industry and Mineral Resources H.E. Bandar bin Ibrahim Al-Khorayef discusses Saudi Arabia’s strategy to enhance industrial collaboration with Singapore, focusing on special economic zones, investment opportunities, and the role of women in the workforce.

Singapore, 4 September 2024 – Minister of Industry and Mineral Resources, H.E. Bandar bin Ibrahim Al-Khorayef, commenced his official visit to the Republic of Singapore on September 1, 2024. This visit, lasting until September 8, is a key component of the Minister’s broader East Asian economic tour, which also includes China. The visit aims to fortify industrial ties between Saudi Arabia and Singapore, highlighting mutual opportunities in various sectors.

On September 2, 2024, Al-Khorayef participated in an exclusive interview with Ms. Nomita Dhar.

Ms. ND: Singapore has proven to be a reliable player in trade and logistics, with a strong manufacturing sector representing 20% of GDP. How do you see the relationship evolving? And tell me more about the special economic zones in Saudi Arabia.

The Minister: Singapore has done well, but it’s time to look beyond Southeast Asia. There are opportunities to bring manufacturing and exports to our region and use it as a gateway to Africa. In Saudi Arabia, we are creating special economic zones tailored to global players. These zones focus on sectors like digital, mining, and food processing, taking advantage of our strategic location and resources. We’ve established four zones, each with a unique focus. For example, one zone is dedicated to digital industries, and another to mining, which includes the largest shipbuilding yard and rig manufacturing. Another zone, strategically located near Africa, is focused on food processing. These zones are designed to create clusters of industries that can grow and attract global players.

Ms. ND: What message do you have for Singaporean investors?

The Minister: I have three messages for Singaporean investors. First, if you have a business, focus on growth and localization. Second, understand the competitive advantages Saudi Arabia offers, from energy resources to a young population. Third, consider Saudi Arabia not just as a market but as a gateway to the region. We are focusing on creating a manufacturing base built on talent, advanced manufacturing, AI, and other high-value industries.

Ms. ND: Do you foresee collaboration with Singapore in the area of human resources and capital development? Additionally, mining seems to be an important sector for Saudi Arabia. Can you elaborate on the opportunities there?

The Minister: Human capital is crucial for our growth. We have a program led by His Royal Highness, the Crown Prince, that focuses on education, training, and skill development. We’re addressing gaps in our ecosystem by bringing in institutions from abroad and sending our people overseas for training. This presents significant opportunities for Singaporean companies to contribute to this sector. Regarding mining, our strategy centres on understanding our resources, streamlining the ecosystem, and linking mining to industry. We’ve significantly updated our resource estimates and established a transparent, investor-friendly mining law. Additionally, we’re connecting mining to global industries through initiatives like the Future Minerals Forum, which brings stakeholders together.

Ms. ND: Women’s opportunities in Saudi Arabia have been evolving rapidly. How is your ministry contributing to this change, and what is Saudi Arabia doing in terms of sustainability and transportation?

The Minister: As a father of four daughters, I am personally committed to advancing women’s opportunities in Saudi Arabia. We are rapidly expanding opportunities in education and the workplace, having already surpassed some of our 2030 targets. Our focus on technology-driven industries is making these opportunities more accessible and appealing to women, and we have established a women’s council for mining to support women in this sector, especially in remote areas. Additionally, Saudi Arabia is dedicated to sustainability through major projects in renewables and hydrogen, exploring new technologies, and contributing to the global supply of critical minerals. Our transportation efforts include developing a comprehensive railway network and enhancing public transportation in rapidly growing cities.

Meetings and Engagements

During his stay, several high-profile leaders engaged with Minister Al-Khorayef, including H.E. Dr. Tan See Leng, Minister for Manpower and Second Minister for Trade and Industry Singapore, Mr. Png Cheong Boon, Chairman of EDB Singapore, Mr. Lee Chuan Teck, Chairman of Enterprise Singapore, Mr Frederick Chew, CEO of the Agency for Science, Technology and Research (A*Star), Mr. Lennon Tan, President of Singapore Manufacturing Federation and its member companies, Mrs. Yi Ning Tay, Head of Asia Pacific Innovation Center at DHL Customer Solutions & Innovation, Mr. David Tan, Assistant CEO at JTC, Mr Vinesh Natali, Global Head for Industry 4.0 and Mr. Philip Tan, Managing Director of Meinhardt Planners, Mr. Ong Kim Pong, Group CEO of PSA International, Mr. Vincent Chong, Group President and CEO of ST Engineering, and Mr. Chia Song Hwee, Deputy CEO of Temasek Holdings.

His engagements underscored Saudi Arabia’s commitment to creating special economic zones tailored to global players, with a focus on sectors like digital industries, mining, and food processing.

Source: IN Diplomacy Reporters