Alkhorayef discusses high-value industry localization with Chinese firms

Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar Alkhorayef, held a series of bilateral meetings with senior executives of leading Chinese industrial companies in Shanghai to explore opportunities for localizing high-value industries and expanding investment in the Kingdom, as part of his official visit to China.

According to the state-owned SPA, Alkhorayef met with executives from Kinta Group, a specialist in electrical technology manufacturing; Transsion Holdings, a major smartphone producer; Tongli, a coatings manufacturer; and Huawei Technologies, focused on technology and AI systems.

The Saudi minister also witnessed the signing of a tripartite memorandum of understanding between the National Industrial Development Center, Saudi Arabia-based Saqr Al Jazeera Co., and China’s Kinta Group to localize the production of air-conditioning system compressors in Saudi Arabia.