A growing strategic partnership between Riyadh and Moscow
His Excellency the Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, affirmed the Kingdom of Saudi Arabia's keenness to deepen and expand its industrial and investment partnerships with the Russian Federation. This came during his keynote address at the opening of the International Industrial Exhibition “Innoprom” in Riyadh, which represents a vital platform for exploring joint opportunities in priority sectors, serving mutual interests and enhancing the economic growth of both countries.
Riyadh's hosting of this prominent industrial event reflects the depth of the growing relationship between the two countries, which extends beyond coordination in global energy markets within the OPEC+ framework to encompass broad economic and investment ambitions. This partnership is built on historical foundations spanning more than 90 years, but it has witnessed unprecedented momentum in recent years, driven by the Kingdom's ambitious Vision 2030, which aims to diversify the national economy and build robust global partnerships.
“Innoprom” as a bridge for industrial cooperation
Al-Khuraiji explained that holding the INOPROM exhibition in Riyadh shortly after the Kingdom's participation as a partner country in its Russian edition is clear evidence of the mutual interest and seriousness in propelling bilateral relations to broader horizons. The exhibition, which launched in Riyadh with broad participation from leaders in the public and private sectors and major industrial companies from both countries and others, is an ideal opportunity for exchanging expertise, transferring technologies, and establishing joint ventures.
His Excellency stressed the commitment of the two governments to building a strong cooperation base that provides a stable and secure investment environment for investors in the long term, especially in vital sectors such as advanced industries, logistics, and securing supply chains, which have proven their strategic importance to global economies.
The mining sector: a promising opportunity for Russian expertise
Minister Al-Khorayef highlighted the mining sector as a key area for future cooperation. He noted that the Kingdom views Russia's advanced experience in this field as a model that can be leveraged to develop its own vast mining potential, valued at over $1.3 trillion. He emphasized the promising opportunities for Russian mining and mineral services companies to participate in developing this vital sector, which represents the third pillar of national industry within the Kingdom's Vision 2030.
He added that the Kingdom has an integrated system to support industrial and mining projects, including modern infrastructure in industrial cities, innovative financing solutions through development funds, specialized training and qualification programs, in addition to supportive policies aimed at localizing industries and transferring knowledge, making it an attractive destination for quality investments.
