Industry Minister Bandar Alkhorayef Visits Russia To Strengthen Trade And Industrial Ties

Minister of Industry and Mineral Resources Bandar Alkhorayef is set to lead a delegation to Russia from July 7 to 10. This visit aims to enhance bilateral relations in key areas like investments, industry, and mining. The trip aligns with Saudi Arabia's Vision 2030 goals, focusing on economic and industrial partnerships. A major highlight will be Saudi Arabia's role as the partner country at INNOPROM 2025.

During the event, Alkhorayef will inaugurate the Saudi pavilion, showcasing investment opportunities and leading industrial companies. The Russian prime minister is expected to visit this pavilion to explore Saudi Arabia’s evolving sectors such as investment, industry, mining, and tourism. High-level meetings with Russian officials and industry leaders are also planned to boost cooperation in manufacturing, petrochemicals, mining, machinery, automotive, and advanced technology.

Alkhorayef will meet with Russian Minister of Industry and Trade Anton Alikhanov and Minister of Natural Resources Alexander Kozlov. Discussions will focus on enhancing industrial development and mining cooperation. Meetings with prominent Russian companies like the Russian Aluminium Association and Norilsk Nickel aim to explore potential partnerships in mining and joint ventures.

The collaboration between Saudi Arabia and Russia has seen significant growth recently. Non-oil trade surged from SAR1.84 billion in 2016 to SAR12.3 billion in 2024. This growth is driven by shared ambitions for economic diversification and sustainable industrial development. Both countries have been actively pursuing mutual interests through the Saudi-Russian Joint Committee for Trade, Economic, Scientific, and Technical Cooperation.

In a historic moment in 2017, King Salman bin Abdulaziz Al Saud became the first sitting Saudi monarch to visit Russia. He met President Vladimir Putin, resulting in ten strategic agreements across oil, defense, industry, and military cooperation. President Putin's visit to Saudi Arabia in 2019 further strengthened this foundation with twenty more agreements spanning energy, investment, mining, aviation, tourism, and technology.

The Ministry of Industry and Mineral Resources continues engaging with Russian counterparts across various sectors including mining, machinery manufacturing, food industries, pharmaceuticals, and medical devices. Russia's industrial sector transformation aims to increase its GDP contribution from manufacturing to 15.45% over the next decade.

Opportunities for Growth

Both nations possess vast mineral reserves with advanced processing capabilities. In 2024 they signed a memorandum of understanding covering geological research and mineral resource development. They are exploring green mining cooperation while addressing global market challenges together.

The ministry collaborates closely with entities like MODON and the Royal Commission for Jubail and Yanbu to attract Russian investments into Saudi industrial zones. These efforts have led several Russian companies establishing presence in plastics manufacturing petrochemicals industrial equipment sectors within the Kingdom.

Cultural Connections

Beyond trade industry ties cultural tourism exchanges between Saudi Arabia Russia are growing stronger too Preparations underway mark centenary relations next year Initiatives enhance people-to-people connections include discussions mutual visa exemptions launch direct flights Riyadh Moscow scheduled October part broader vision deepen cooperation across sectors

This visit marks a significant milestone in strengthening Saudi-Russian partnership across diverse sectors including tourism technology trade industrial mining cooperation supporting sustainable economic growth both nations

With inputs from SPA