Minister Bandar Alkhorayef Highlights Opportunities For Russian-Saudi Industrial Collaboration At INNOPROM 2025

At the Russian-Saudi Dialogue Forum during INNOPROM 2025 in Yekaterinburg, Minister of Industry and Mineral Resources Bandar Alkhorayef highlighted the robust economic ties between Saudi Arabia and Russia. He stressed the importance of Saudi Arabia's mining sector in diversifying the economy under Saudi Vision 2030. The Kingdom's strategic location as a trade hub connecting three continents was also emphasized, offering promising opportunities for global investors.

Alkhorayef praised the outcomes of the Saudi-Russian Joint Committee, noting its role in identifying investment opportunities and enhancing knowledge exchange between the two nations. He urged forum participants to strengthen cooperation and create projects that support sustainable growth for both countries. An invitation was extended to Russian counterparts to visit Saudi Arabia, explore investment prospects, and experience its cultural heritage.

The minister celebrated over a century of strong relations between Saudi Arabia and Russia, which have laid a foundation for joint initiatives in industry, mining, technology, and trade. Economic relations have grown significantly in recent years, particularly in industry, mining, petrochemicals, and advanced manufacturing. Non-oil trade between the two countries rose from $491 million in 2016 to $3.28 billion in 2024.

Alkhorayef is leading a high-level Saudi delegation to Russia with senior officials from 18 government entities and over 20 national companies. These representatives come from sectors such as industrial services, technology, manufacturing, machinery, mining, industrial automation, energy, tourism, and culture.

The minister underscored Saudi Arabia's vast mineral resources as a key enabler for economic diversification. He reiterated the Kingdom's strategic geographic position as a global trade hub that connects three continents. This positioning offers promising opportunities for international investors looking to engage with Saudi Arabia's growing economy.

Alkhorayef concluded his speech by acknowledging the longstanding relationship between Saudi Arabia and Russia. This relationship has spanned over 100 years and continues to advance joint initiatives across various sectors. The minister noted that this partnership creates a strong foundation for future collaboration in industry and global trade.

With inputs from SPA