Saudi Arabia, Argentina sign geological cooperation and investment deal

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Over 130 new industrial licenses were issued by the Ministry of Industry and Mineral Sources alone in August 2023.
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  • The MoU aims to enhance cooperation in geological exploration, evaluation of mineral resources, and geophysical exploration of mineral resources and groundwater.
  • The agreements were reached during the Saudi delegation's visit to Latin American countries, as part of efforts to strengthen international cooperation and investment.

Jeddah, Saudi Arabia — The Saudi Geological Survey (SGS) and the Argentine Mining Geological Service (SEGEMAR) have signed a Memorandum of Understanding (MoU) to foster scientific and geological cooperation.

The agreement was signed by SGS CEO Abdullah bin Muftar Al-Shamrani and SEGEMAR Executive Secretary Silvia Chavez, in the presence of Saudi Minister of Investment Khalid Al-Falih and Argentinian Minister of Foreign Affairs, International Trade and Worship, Santiago Cafiero.

The MoU aims to enhance cooperation in geological exploration, evaluation of mineral resources, and geophysical exploration of mineral resources and groundwater. It also covers geological risk assessment, impact mitigation, and the development of geological, mining, and environmental studies, mining industry services, and geological data management techniques.

The agreement also encourages the exchange of visits between experts and specialists, the organization of seminars and workshops, and the training of geologists through project participation.

In a parallel development, a second MoU was signed to encourage direct investment between Saudi Arabia and Argentina.

Khalid Al-Falih and Santiago Andres Cafiero discussed strengthening relations and boosting investment through private sector companies, emphasizing the need to enhance investment in both countries through significant projects in vital sectors.

Al-Falih outlined the role of the Ministry of Investment in attracting investments, enabling sector growth, setting up regulations and policies, and improving access to services through public-private partnerships. The ministry aims to support both Saudi and non-Saudi private sectors to contribute to economic development and facilitate dealings with relevant authorities in the Kingdom and abroad.

These agreements were reached during the Saudi delegation’s visit to Latin American countries, as part of efforts to strengthen international cooperation and investment.

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