Minister Of Industry Bandar Bin Ibrahim Alkhorayef Concludes Official Visit To Russian Federation For Economic Partnerships

Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, recently concluded a four-day visit to Russia. The trip aimed to bolster economic ties and attract investments to Saudi Arabia. Alkhorayef led the Saudi delegation at the INNOPROM 2025 industrial exhibition, engaging with Russian officials and private sector representatives.

The minister inaugurated the Saudi Pavilion in Yekaterinburg during INNOPROM. This event featured 18 government entities and 20 leading national companies showcasing initiatives under "Made in Saudi," "Invest Saudi," and "Visit Saudi." Alkhorayef also welcomed the Russian prime minister at the pavilion.

Alkhorayef participated in a dialogue session titled "Technological Leadership: Industrial Breakthrough" at INNOPROM. He highlighted Saudi Arabia's efforts to drive industrial transformation, foster innovation, and embrace fourth industrial revolution technologies. The minister also chaired a roundtable meeting with Russian counterparts.

During his visit, Alkhorayef met with several Russian government officials. These included the minister of industry and trade, the minister of natural resources and environment, and a deputy from the Committee on Health Protection. Discussions focused on expanding industrial partnerships between both nations.

The minister engaged in talks with leaders from prominent Russian industrial and mining firms such as VSMPO-AVISMA, Salavat Steklo, AlRosa, Norgold, United Confectioners Limited Company, Sistema, Electro, and the Russian Aluminum Association. These discussions aimed to enhance cooperation in industrial and mining sectors.

In Moscow, Alkhorayef chaired a roundtable meeting with private-sector representatives. He emphasized Saudi Arabia's strategic advantages as an investment destination. The focus was on its competitive investment environment and strategic assets.

Memorandum of Understanding

A significant outcome of the visit was the signing of a memorandum of understanding between MODON (Saudi Authority for Industrial Cities and Technology Zones) and Moscow City Government departments. This agreement aims to boost cooperation in smart industrial cities and support research and innovation projects.

This official visit aligns with Vision 2030's goals to develop strategic economic partnerships globally. It seeks to transform Saudi Arabia into an industrial powerhouse while establishing it as a global hub for mining activities.

With inputs from SPA