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Income of mining sector to increase from 2% of GDP within five years: Petroleum Minister We aim to achieve revenues worth $64bn from mining by 2030: Saudi Energy Minister
The Minister of Petroleum and Mineral Resources Tarek El Molla, said that Egypt is aiming to increase the income from the mining sector to 2% of the total GDP, according to his speech in the opening of the 15th Arab International Mineral Resources Conference, in the presence of President Abdelfattah Al Sisi. He added that this comes within the ministry's initial plan which continues for five years, explaining that the current income from the mining sector does not exceed 0.5%. The minister pointed out that the state has started the phases to develop the sector, and that the Cabinet had approved the amendments of the recent law of mineral wealth. The issue is being legally concluded, in an attempt to attract more investments. Khaled Al Faleh, the Saudi minister of energy, industry and mineral resources, has extended his thanks to President Al Sisi in his speech at the opening of the 15th Arab International Mineral Resources Conference, and he delivered to him greetings from King Salman. Al Faleh stressed in his speech that his country is keen on maintaining cooperation and building knowledge between Arab peoples, explaining that the Arab world has economic, security, geographical, and geological bonds. The minister called for doubling the efforts made by Arab countries in the field of mining as it is the artery that feeds various industries, with the aim of achieving prosperity in the Arab world. Mining in the Kingdom is one of the promising sectors that are targeted within the 2030 plan, as a comprehensive development strategy was established for it, including 42 initiatives to restructure the sector in order to attract $64bn instead of only $17bn currently, Al Faleh explained. Furthermore, he pointed out that about 160,000 employment opportunities are targeted within the framework of that plan. The minister of energy also pointed out that the kingdom aims to make the mining sector number three in the Saudi economy, and targets to increase the value added to its minerals. "Studies show that our wealth exceeds $1.03tn, with an area of 630,000 sqkm. We also aim to be the second largest country in the world to produce phosphate fertilisers through the area of Wa'd (Promise)," he said. Al Faleh concluded his speech by stressing that any required support to the Egyptian side will be provided in the field of mining, especially with Tarek El Molla, the Egyptian petroleum minister, chairing the current mining conference in the Arab world.
