Yekaterinburg, Russia — Trade between Russia and Saudi Arabia increased by over 60% in 2024, reaching $3.8 billion, according to Russian Minister of Industry and Trade Anton Alikhanov. He announced the Industrial Dialogue: Russia – Saudi Arabia forum during the INNOPROM 2025 exhibition.
Alikhanov noted that trade momentum remains strong, with first-quarter trade in 2025 growing nearly fourfold compared to last year’s period. He emphasized that both countries must now explore new areas for industrial cooperation, particularly in technology and advanced manufacturing.
Russia-Saudi Trade Growth Opens Doors for Technology and Mining Collaboration
Potential cooperation areas include shipbuilding, metallurgy, pharmaceuticals, advanced robotics and automation. Alikhanov highlighted a national project in Russia focused on machine tool production, industrial automation, and the broader digital transformation of manufacturing.
He stated that Russia possesses established expertise and specific projects that could be implemented jointly with Saudi partners. This aligns with Saudi Arabia’s Vision 2030, which prioritizes industrial modernization and technological growth.
Alikhanov pointed to the Oil and Gas Technology Initiatives Institute in the oil and gas sector, which collaborates with international oil companies to develop industry standards. He invited Saudi stakeholders to partner with Russia in creating standards independent of the American Petroleum Institute, enhancing industrial autonomy.
Partnerships Expand Across Key Sectors
Beyond oil, Alikhanov sees significant potential in mining, where Russia can supply mining equipment and ore beneficiation solutions to Saudi Arabia. These collaborations align with Saudi Arabia’s ambitions to develop its mineral resources and expand local manufacturing capacity.
The INNOPROM 2025 exhibition, held from July 7 to 10 in Yekaterinburg, provides a platform for industrial partnerships. Saudi Arabia, this year’s official partner country, offers Russian firms access to trade representatives from 37 countries through the exhibition’s Information Exchange Center.
The Saudi Standard’s View: Russia-Saudi Economic Ties Strengthen Industrial Growth
The surge in Russia-Saudi trade reflects deepening economic ties and expanding industrial partnerships. With a focus on technology, mining, and oil equipment, both nations are exploring ways to diversify trade and foster joint projects.
These developments support Saudi Arabia’s Vision 2030 goals, particularly in advancing the Kingdom’s industrial base, mining sector, and technological capabilities. As trade volumes rise, Saudi-Russia cooperation is expected to further accelerate in strategic sectors critical to economic transformation.
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