Saudi Gazette report

COPENHAGEN — Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef began an official visit to Denmark on Thursday, leading a delegation from the Kingdom’s industry and mining sector to strengthen bilateral economic and industrial ties.

Alkhorayef met with Danish Minister of Economic Affairs Stefanie Loos in Copenhagen, where both sides agreed to enhance cooperation through technology transfer, joint investments, and the exchange of expertise across strategic industrial sectors that Saudi Arabia aims to develop and localize.

The minister also held talks with Lars Sandahl Sørensen, CEO of the Confederation of Danish Industries. During the meeting, Alkhorayef reaffirmed Saudi Arabia’s ambition to become a global industrial hub.

He emphasized the critical role of international partnerships in driving progress across strategic sectors outlined in the Kingdom’s National Industrial Strategy.

The meetings explored opportunities for deeper collaboration with Danish member companies in areas such as industrial capacity development, digital transformation, knowledge exchange, and human capital development, with the goal of fostering sustainable and mutually beneficial economic growth.

A key focus of the visit was accelerating the localization of insulin production, GLP-1 preparations, and advanced biotherapies in Saudi Arabia. Alkhorayef held a series of meetings with leading pharmaceutical firms, including Novo Holdings, to support this objective.

The visit builds on a tripartite agreement signed during the Global Health Forum in Riyadh in October 2024 between the National Unified Procurement Company for Medicines and Medical Supplies (nupco), Lifera — a company owned by the Public Investment Fund (PIF) — and Novo Nordisk.

The agreement aims to localize production of up to seven types of insulin products and meet over 80% of domestic demand by 2027, positioning Saudi Arabia as the first Gulf nation to manufacture insulin locally.

The Kingdom has made significant strides in localizing its pharmaceutical industry, reducing reliance on imports from 80% in 2019 to 70% by 2023.

Trade between Saudi Arabia and Denmark has seen steady growth in recent years. The total volume of non-oil trade reached over SR4.3 billion in 2024, up from SR3.9 billion in 2023.