Saudi Arabia's Minister of Industry and Mineral Resources Bandar Alkhorayef met Canadian Prime Minister Mark Carney in Jeddah to discuss industrial and mining cooperation, the Saudi state media reported on July 9, as the two countries agreed to open negotiations on an investment protection treaty.

Canada is aiming to sign an investment pact with Saudi Arabia in the coming months, with International Trade Minister Maninder Sidhu saying the two sides had agreed to launch negotiations on a foreign investment promotion and protection agreement, followed by the possibility of a free trade agreement.

The visit is the first by a Canadian leader to the kingdom in 26 years, as Carney seeks to expand economic ties beyond Canada's heavy reliance on the United States.

The trip comes as US tariffs and threats to the North American trade agreement have highlighted Canada's dependence on its largest trading partner.

The meeting with Alkhorayef reviewed opportunities to strengthen industrial and mining cooperation and expand investment partnerships, alongside cooperation in advanced industries, SPA said.

Both sides praised Canadian companies' investments in mineral exploration projects in the kingdom and their presence in the Saudi mining sector, looking to widen a strategic partnership in mining and minerals.

Carney's meetings included Saudi Aramco chief executive Amin Nasser and Bob Wilt, head of state-owned mining company Ma'aden. The Canadian delegation includes Finance Minister François-Philippe Champagne, Defence Minister David McGuinty and Defence Investment Agency chief executive Doug Guzman.

Jeff Steiner, chair of the Canada-Saudi Arabia Business Council, said Riyadh had embarked on making mining its second pillar, and described the visit as a "high-water mark" for relations. Champagne is working to resolve double taxation and foreign-investment protection issues between the two countries, Steiner said.

Canada and Saudi Arabia restored full diplomatic ties in 2023, ending a rift that erupted in 2018 when Riyadh expelled Canada's ambassador after Ottawa called for the release of jailed women's rights activists, froze new trade and investment and ordered Saudi students in Canada to study elsewhere.