Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim Alkhorayef, held a meeting with Russian Minister of Trade and Industry, Denis Manturov, at the World Defense Show 2024 in Riyadh.
The meeting, which also included the presence of Deputy Minister for Industry Affairs, Khalil bin Salama, focused on enhancing bilateral cooperation between the Kingdom and Russia in the industrial and mining sectors.
The discussions also covered the unique investment opportunities available in Saudi Arabia and the promotion of investments in both countries.
It’s noteworthy that Saudi Arabia’s exports to Russia amounted to SAR 55.99 million from January to October 2023.
The primary exports from the Kingdom to Russia included packaging materials, automobiles, chemicals and polymers, food products, heavy machinery, and electronics.
Meanwhile, Saudi imports from Russia comprised food products, building materials, heavy machinery and electronics, and chemicals and polymers, highlighting the growing trade relations between the two nations.
Last December, Saudi Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud hosted Russian President Vladimir Putin at the Yamamah Palace in Riyadh, engaging in a formal discussion session.
The talks centered on reviewing the historical and strategic relations between the two nations and exploring ways to develop them across various fields. The conversation also covered a comprehensive overview of current regional and international situations.
In economic, trade, and investment areas, both sides lauded the 46% increase in trade volume in 2022 compared to 2021, acknowledging the substantial shared economic interests between the two countries.
The leaders reaffirmed their determination to continue collaborative efforts to enhance and diversify trade. They emphasized intensifying private sector communication in both countries to explore promising commercial and investment opportunities and turn them into effective partnerships.
