Alkhorayef Affirms the Kingdom’s Commitment to Expanding Partnerships with Russia

Riyadh: Minister of Industry and Mineral Resources Bandar Alkhorayef affirmed the Kingdom's commitment to deepening its industrial and investment partnerships with the Russian Federation and leveraging joint opportunities across several priority sectors to achieve the mutual interests of both countries. According to Saudi Press Agency, his remarks came during the keynote speech at the International Industrial Exhibition 'INNOPROM. Saudi Arabia,' currently underway in Riyadh and continuing until February 10, with wide participation from leaders in the public and private sectors, as well as major industrial companies from the Kingdom, Russia, and several other countries. Minister Alkhorayef indicated that Riyadh's hosting of INNOPROM reflects the mutual interest between the Kingdom of Saudi Arabia and the Russian Federation in enhancing industrial and investment cooperation, building on historical relations spanning over a century. This contributes to expanding the horizons of strategic industrial partnership s and stimulating targeted investments between the two countries, the minister noted. He stated that 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. Moreover, the minister emphasized the commitment of the governments of Saudi Arabia and Russia to establish a strong cooperative foundation that provides a stable and secure investment environment for long-term investors. Minister 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. He emphasized that 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 ind ustry under Saudi Vision 2030. The minister also highlighted that the Kingdom 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 enhancing their sustainability. INNOPROM is one of the leading international industrial exhibitions, organized annually for more than 15 years in the Russian Federation, 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.