RIYADH: The Kingdom of Saudi Arabia and Switzerland on Friday discussed ways to further enhance cooperation in trade of mining and minerals trade in Bern, Arab media reported.
According to Arab News, the discussion was held between Saudi Minister for Industry and Mineral Resources Bandar Alkhorayef, and two officials of officials of Sweetland.
Saudi minister held a meeting with the Swiss State Secretary for Economic Affairs and the Chairperson of the Board at Swiss Export Risk Insurance during his trip to Switzerland.
KSA, Switzerland Trade Ties
The Saudi Press Agency reported that they discussed cooperation in the industrial and mining sectors between the two nations. The officials discussed exploiting the promising investment opportunities provided by Saudi National Strategy for Industry.
According to the Saudi Press Agency, the two sides also discussed solutions needed to enhance access to non-oil exports between the two nations, with minerals representing a large percentage of these exports, besides the promising pharmaceutical filed that enjoys strong export potential between the Kingdom and Switzerland.
The minister’s trip to Switzerland comes as the two nations seek stronger economic relations. In January, the 13th meeting of the Swiss- Saudi Joint Economic Committee and the Saudi-Swiss Executive Investment Forum was also held in Zurich.
The meeting examined bilateral economic relations and discussed matters related to the technology, energy, tourism, and health sectors.
Participants highlighted the importance of broadening the scope of cooperation between Switzerland and Saudi Arabia by capitalizing on opportunities in matters of mutual interest.
In 2021, the volume of Saudi Arabia’s non-oil exports to Switzerland amounted to over$911.82 million while the volume of imports was also recorded at SR7.99 billion.
KSA’s key exports included precious metals, building materials, jewelry, and re-exports of cars. Similarly,
imports to KSA from Switzerland included heavy machinery, medicines, electronics, and food products.
