Saudi Arabia's Minister Of Industry Unveils Ambitious Plans For Global Industrial Leadership At INNOPROM 2025

Minister of Industry and Mineral Resources Bandar Alkhorayef recently shared Saudi Arabia's ambitious industrial goals at INNOPROM 2025 in Yekaterinburg, Russia. He highlighted the Kingdom's aim to become a global leader in advanced manufacturing and future technologies. During a session titled "Technological Leadership: Industrial Breakthrough," Alkhorayef detailed plans to enhance Saudi Arabia's role in global value chains by embracing Fourth Industrial Revolution technologies.

The National Industrial Strategy, introduced in 2022, is pivotal to transforming Saudi Arabia's industrial base. This strategy rests on three main pillars. The first pillar focuses on localising industries vital for national resilience, such as food, pharmaceuticals, water, and defense. These sectors are being developed through targeted investments and international collaborations.

The second pillar capitalises on Saudi Arabia's natural resources and strategic location. It aims to advance petrochemicals, mining, and high-value downstream industries by leveraging the Kingdom's oil, gas, and mineral wealth. The third pillar targets future-oriented sectors like artificial intelligence and 3D printing. Here, the Kingdom seeks early leadership through robust R&D support and technology adoption incentives.

The mining sector is now a cornerstone of Vision 2030. Extensive geological surveys have increased the estimated value of Saudi Arabia's mineral resources from $1.3 trillion to $2.5 trillion. This includes critical minerals like phosphate, copper, iron ore, zinc, and other strategic materials. The sector is advancing with a commitment to environmental stewardship and social responsibility.

Alkhorayef emphasised Saudi Arabia's role as a global convenor for critical minerals dialogue through the Future Minerals Forum (FMF). Held annually in Riyadh since its inception in 2022, FMF has become a leading platform for shaping the future of minerals. It fosters collaboration on mineral resilience by bringing together governments, industry experts, investors, academia, and stakeholders across the mineral value chain.

International Cooperation

Saudi Arabia's participation at INNOPROM reflects its commitment to international cooperation and attracting partners to its evolving industrial landscape. Alkhorayef expressed gratitude to the Russian Federation and INNOPROM organisers for hosting Saudi Arabia as a strategic partner this year.

The minister noted similarities between Saudi Vision 2030 and Russia's development goals in economic diversification and digital transformation. He mentioned the establishment of the Saudi-Russian Joint Committee in 2002 and the opening of the Saudi Commercial Attaché office in Moscow in 2022 as key steps in enhancing bilateral cooperation.

Trade Growth with Russia

Trade between Saudi Arabia and Russia has grown significantly over recent years. The trade volume increased from $491 million in 2016 to over $3.28 billion by 2024. This growth underscores deepening economic ties between the two nations.

"The Kingdom aims to lead the next wave of industrial innovation," said Alkhorayef during his address at INNOPROM 2025.

This comprehensive approach positions Saudi Arabia as a rising force in global industry while fostering international partnerships that align with its Vision 2030 objectives.

With inputs from SPA