Saudi Arabia and Russia have stepped up efforts to strengthen their economic and industrial partnerships, as Minister of Industry and Mineral Resources Bandar Al-Khorayef led a high-level Saudi delegation to the INNOPROM 2025 International Industrial Exhibition in Yekaterinburg, Russia.
Opening the Saudi pavilion – where the Kingdom is participating as the exhibition’s partner country – Al-Khorayef underscored more than a century of strategic relations and robust economic ties that, he said, form the basis for expanding trade, investment, and cooperation in key sectors including mining, manufacturing, and technology.
The Saudi delegation includes officials from 18 government entities and 20 leading companies spanning industrial services, automation, machinery, metals, energy, and advanced manufacturing.
The pavilion is showcasing the Kingdom’s competitive advantages as an investment hub, along with opportunities identified in Saudi Arabia’s National Industrial Strategy.
Promotional events highlighted financial incentives, including funding solutions from the Saudi Industrial Development Fund and the Saudi EXIM Bank, as well as Saudi Arabia’s rapidly developing infrastructure, industrial cities, special economic zones, and specialized complexes aimed at supporting investors.
During the exhibition, Al-Khorayef and Russian Minister of Industry and Trade Anton Alikhanov met to discuss ways to deepen cooperation. Both ministers stressed the importance of enabling the private sector to seize emerging investment opportunities, and pledged to support joint initiatives that drive industrial development in both countries.
The Saudi minister noted Riyadh’s strong interest in Russian expertise across priority sectors such as heavy equipment, agricultural machinery, chemicals, automotive, and advanced manufacturing technologies. Talks also focused on forging investment partnerships that facilitate knowledge transfer, industrial innovation, and technology localization.
The two sides reaffirmed their commitment to boosting non-oil exports and simplifying market access, aiming to diversify their economies and enhance trade flows.
Saudi Arabia’s participation in the exhibition, officials said, reflects its strategy to build international partnerships that reinforce its standing as a trusted global economic partner.
Recent years have seen steady growth in Saudi-Russian economic ties. Non-oil trade rose from $491 million in 2016 to $3.28 billion in 2024, driven by expanding cooperation in mining, petrochemicals, and advanced industries.
The Kingdom hopes to attract high-value Russian investments, strengthen industrial supply chains, and further develop local capabilities as part of its push for economic diversification and sustainable growth.
