Saudi Arabia: Saudi-Canadian industrial ties are set to strengthen as a top minister from the Kingdom embarks on a three-day visit to explore investment opportunities.

The Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, began his visit to the North American country on Sept. 30, accompanied by a delegation of leaders from the industry and mining sectors.

With stops in Ottawa and Toronto, the delegation plans to hold strategic meetings with government officials and private sector leaders, according to a press release by the Ministry of Industry. 

This trip follows a similar visit to the US earlier in September, which focused on enhancing industrial and mining cooperation, strengthening bilateral relations, and attracting high-quality investments to the Kingdom.

The meetings in Canada will involve signing memoranda of understanding to support the development of the industrial and mining sectors.

In a post on X, Alkhorayef said: "My official visit to Canada began with a tour of the Toronto Stock Exchange (TSX), during which I met with the CEO of the exchange and a number of listed mining companies. We reviewed investment opportunities in the mining sector, the promising potential that the Kingdom has, in addition to the incentives and capabilities provided to investors."

Saudi non-oil exports to Canada amounted to SR140 million ($37.33 million) in 2023, primarily in ordinary metals and their products, as well as regional plant products. 

Meanwhile, the total non-oil imports from Canada during the same year reached SR2.89 billion, encompassing items such as locomotives and railway lines, pharmaceutical products, optical and imaging instruments, as well as electrical devices and equipment.

The two countries have resolved a political crisis that began in 2018 and led to a five-year severance of relations. 

The Saudi Ministry of Foreign Affairs announced the decision to restore ties in May 2023, following discussions between Saudi Crown Prince Mohammed bin Salman and Canadian Prime Minister Justin Trudeau during the Asia-Pacific Economic Cooperation Forum in Bangkok in November 2022.

The delegation will explore the latest digital financial technologies in the stock market, meet with prominent global companies in the mining and geological survey sectors, and visit the University of Toronto, along with institutions focused on industrial innovation and human capacity development.

The Saudi minister will participate in a roundtable meeting organized by the Saudi-Canadian Business Council in the presence of Edith Dumont, lieutenant governor of Ontario, along with the Associate Minister of Mines for the province, Stephen Crawford.

The meeting will address the promising opportunities in the Kingdom’s industrial and mining sectors, the potential and incentives offered to foreign investors, and the relative advantages of doing business in Saudi Arabia.

Alkhorayef will visit the University of Toronto to learn about its academic programs supporting the development of the industrial and mining sectors, human-resource development programs, and acquiring high skills in mining operations.

He will also meet with Sebastian Goodfellow, the director of the university’s Lassonde Institute of Mining, as well as a group of Saudi students studying in Canada, according to the Saudi Press Agency.

In Ottawa the minister will hold a series of governmental meetings, including a discussion with the Minister of International Development, Ahmed Hussen, the Minister of Innovation, Science, and Industry, Francois-Philippe Champagne, and the Mining Industry Human Resources Council Executive Director Ryan Montpellier.