Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Al Khorayef, wrapped up an official visit to Indonesia, strengthening bilateral cooperation in mining and industrial development. The visit included high-level meetings with key Indonesian ministers overseeing energy, investment, and state-owned enterprises, along with top mining firms like Mining Industry Indonesia (MIND ID) and PT Vale Indonesia.
Talks centered on advancing trade, attracting joint investments, and accelerating downstream development in critical minerals such as nickel, cobalt, and copper. A key outcome was the signing of two Memorandums of Understanding (MoUs): one to boost cooperation in critical mineral development and processing, and another between Saudi EXIM Bank and Indonesia Exim Bank to enhance trade and export financing in mining and industrial sectors.
The collaboration aligns with Indonesia’s growing manufacturing sector and Saudi Arabia’s Vision 2030 strategy, which includes unlocking an estimated USD 2.5 trillion in untapped mineral wealth.