Riyadh: Minister of Industry and Mineral Resources Bandar Alkhorayef held a meeting today at the ministry’s headquarters with Chinese company BYD Founder and Chairman Wang Chuanfu to discuss cooperation in automotive manufacturing and the transfer of advanced vehicle technologies to the Kingdom.
According to Saudi Press Agency, the meeting focused on exploring ways to strengthen industrial cooperation and expand promising investment opportunities to localize the automotive industry in the Kingdom. A particular emphasis was placed on electric vehicle manufacturing to meet growing domestic demand and reinforce Saudi Arabia’s position as a leading regional and global hub for automotive production.
Discussions during the meeting also delved into the incentives and enablers offered to investors in high-value industries, including the automotive sector. The Kingdom’s significant investments in electric vehicle charging infrastructure were also highlighted as part of the discussions.
The meeting further underscored the objectives of the comprehensive strategy for the mining and mineral industries, which emphasizes support for the electric vehicle ecosystem. This includes the development of local supply chains for battery manufacturing and advanced materials. These efforts are aimed at localizing the automotive industry and advancing the goals of Vision 2030 to diversify the national economy.