Brussels: Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef began an official visit to Belgium, continuing until February 12, aimed at strengthening economic relations, expanding industrial cooperation, and exploring joint investment opportunities in several vital sectors, particularly pharmaceuticals and medical industries.
According to Saudi Press Agency, during the visit, Alkhorayef will hold meetings with senior Belgian government officials, representatives of the European Commission, and executives of leading global companies, including Pfizer and AGFA. These meetings are focused on discussing cooperation opportunities in pharmaceuticals, medical devices, and human capital development programs.
The visit builds on the longstanding relations between the two countries, spanning more than seven decades. This relationship has been marked by reciprocal leadership visits and the signing of key agreements, including an agreement to avoid double taxation in 1997 and an agreement to encourage and protect investments in April 2021. In 2022, the Federation of Saudi Chambers also signed a memorandum of understanding with the Arab-Belgian-Luxembourg Chamber of Commerce to establish the Saudi-Belgian-Luxembourg Business Council, aimed at enhancing trade and investment ties.
Non-oil trade between the Kingdom and Belgium reached SAR16 billion in 2024. Saudi exports included chemicals, plastics, rubber, fuels, and mineral oils, while imports from Belgium comprised pharmaceuticals, chemicals, optical equipment, and food products.
The visit reflects the Kingdom's commitment to strengthening international partnerships, attracting quality investments, and transferring knowledge and advanced technologies, in line with the objectives of Vision 2030, which seeks to position Saudi Arabia as a leading global industrial power.