Thanks to this transformation, the world's largest mining companies from across the globe are visiting the Kingdom to understand local investment opportunities better and are subsequently bidding for mining exploration licenses.
The Kingdom's recent successes in the mining sector are the result of Vision 2030. The country's blueprint for economic diversification, Vision 2030, seeks to transform mining into the third pillar of the national industry alongside oil and petrochemicals. Above and beyond our national ambitions, however, the Saudi mining sector is now well poised to become a significant player in global mining supply chains, reflecting the success it has seen in the petrochemical industry over recent decades.
The updates made to the Kingdom's mining ecosystem support this mining breakthrough. The first is the provision of free access to geological data through the Saudi Geological Survey. The survey provides geological data for the Arabian Shield region, covering up to 700,000km2. Such data is essential to de-risking investment in the sector, helping to facilitate investments.
The second is the creation of a competitive investment environment. Saudi Arabia developed its mining jurisdiction following benchmarking against the world's leading mining ecosystems and the inputs of local and international sector experts and investors. Following a thorough consultation process with investors and industry stakeholders from inside and outside the Kingdom, Saudi Arabia updated its legislative and regulatory environment to ensure transparency regulations supported by attractive investment incentives.
The third is what his excellency the vice minister for mining affairs, Khalid Al Mudaifer, mentioned recently that almost a third of mining regulations are related to environmental, social and governance standards. These regulations ensure mining companies operating in Saudi Arabia support local community development through initiatives such as creating local employment opportunities.
The fourth is building integrated value chains in the mining industries and providing incentives to investors committed to sustainable mining at all stages, from exploration to the end consumer. This approach not only helps investors reap profits but supports the Kingdom's objective of becoming a global leader in the field. It also creates excellent local development opportunities and jobs for Saudi citizens.
As a result, the Kingdom has established the foundations for its leadership of the mining sector in the region stretching from Africa to West and Central Asia. In addition to the measures and initiatives taken, it launched the Future Minerals Forum, a gathering of government delegates and mining organisations to discuss the importance of international cooperation in this field. In addition to meeting the growing demand for minerals in the future, one of the most important purposes of this discussion is to promote investment in strategic minerals and green metals through renewable energy and green hydrogen.