Yekaterinburg: Minister of Industry and Mineral Resources Bandar Alkhorayef today unveiled the Kingdom's sweeping industrial ambitions during his participation at INNOPROM 2025 in Yekaterinburg, Russia, positioning the Kingdom as a rising global force in future technologies and advanced manufacturing.
According to Saudi Press Agency, Alkhorayef outlined the Kingdom's plan to lead the next wave of industrial innovation by strengthening its position in global value chains and accelerating the adoption of Fourth Industrial Revolution technologies. Speaking at a strategic dialogue session titled "Technological Leadership: Industrial Breakthrough," the minister emphasized the Kingdom's commitment to international cooperation and attracting partners to its rapidly evolving industrial landscape.
Alkhorayef explained that the National Industrial Strategy, launched in 2022, is central to the transformation aimed at reshaping the Kingdom's industrial foundation. The strategy is based on three main pillars: localizing industries critical to national resilience, leveraging natural and logistical advantages, and targeting future-oriented sectors. These pillars focus on areas such as food, pharmaceuticals, water, defense, petrochemicals, mining, artificial intelligence, and Industry 4.0 applications.
He highlighted the mining sector's significance to Vision 2030, noting that extensive geological surveying has increased the estimated value of Saudi Arabia's mineral resources from $1.3 trillion to $2.5 trillion. The sector focuses on critical minerals and maintains a commitment to environmental stewardship and social responsibility.
Additionally, Alkhorayef mentioned the Future Minerals Forum (FMF), hosted annually in Riyadh since 2022, as a major platform for global dialogue on mineral resilience and responsible supply. The forum brings together governments, industry experts, investors, and stakeholders to shape the future of minerals.
The minister also discussed the similarities between Saudi Vision 2030 and Russia's strategic development goals, particularly in areas of economic diversification, digital transformation, and industrial innovation. He cited the establishment of the Saudi-Russian Joint Committee in 2002 and the Saudi Commercial Attach© office in Moscow in 2022 as pivotal to enhancing bilateral cooperation.
Finally, Alkhorayef noted the significant growth in trade exchange between Saudi Arabia and Russia, with trade volume increasing from $491 million in 2016 to over $3.28 billion in 2024.