Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef stressed on Monday the Kingdom’s commitment to deepening its industrial and investment partnerships with Russia and leveraging joint opportunities across several priority sectors to achieve the mutual interests of both countries.
He made his remarks during the keynote speech at the International Industrial Exhibition “INNOPROM. Saudi Arabia,” underway in Riyadh and continuing until February 10. The event is witnessing wide participation from leaders in the public and private sectors, as well as major industrial companies from the Kingdom, Russia, and several other countries.
Alkhorayef said that Riyadh’s hosting of INNOPROM reflects the mutual interest between Saudi Arabia and Russia in boosting industrial and investment cooperation, building on historical relations spanning over a century.
This helps in expanding strategic industrial partnerships and stimulating targeted investments between the two countries, the minister added.
Riyadh’s hosting of the exhibition shortly after the Kingdom’s participation as a partner country in its previous edition in Russia underscores both countries’ commitment to deepening bilateral relations and developing cooperation in priority sectors, particularly industry, logistics, and supply chains, he went on to say.
Moreover, the minister underlined the Saudi and Russian governments' commitment to establish a strong cooperative foundation that provides a stable and secure investment environment for long-term investors.
Alkhorayef addressed the mining and minerals sector, noting that the Kingdom views Russia’s advanced experience in this field as a model to benefit from.
Promising opportunities exist in Saudi Arabia for Russian companies specializing in mining and mine services to participate in developing the vital sector, which constitutes the third pillar of the national industry under Saudi Vision 2030, he remarked.
The Kingdom also possesses an integrated system to support industrial projects, including advanced industrial cities, modern infrastructure, industrial financing, and training and qualification programs, alongside policies that support localization and knowledge transfer, all contributing to enabling high-value industrial investments and bolstering their sustainability, he noted.
INNOPROM is one of the leading international industrial exhibitions, organized annually for more than 15 years in Russia, attracting major industrial companies.
The current edition in Riyadh features broad Saudi and Russian participation, along with a business program that includes dialogue sessions and bilateral meetings aimed at building strategic partnerships that support the economic development objectives of both countries.
