The trade turnover between Russia and Saudi Arabia increased by more than 60% in 2024, surpassing $3.8 billion, Russian Industry and Trade Minister Anton Alikhanov announced at the "Industrial Dialogue: Russia–Saudi Arabia" business forum during the Innoprom 2025 exhibition.
“By the end of 2024, bilateral trade grew by over 60%, exceeding $3.8 billion. In the first quarter of 2025, the pace accelerated even further. We achieved a fourfold increase in trade compared to the same period last year,” he said.
To sustain this momentum, the two countries need to identify new areas of growth and expand technological cooperation, he added. Among the promising sectors for joint development, Alikhanov named shipbuilding, metallurgy, pharmaceuticals, and others.
“We have a dedicated national project focused on machine tool building, automation, and robotics in manufacturing. In general, we pay great attention to the digital transformation of industry, introducing flexible and unmanned production principles. In all these areas, we have strong expertise, experience, and concrete projects that can be implemented jointly,” the minister noted.
In the oil and gas equipment sector, Alikhanov recalled, Russia established the Institute for Oil and Gas Technology Initiatives several years ago, which now works closely with international oil companies. “We would also like to invite our Saudi partners to join this effort in developing and adopting standards in this field that are independent of the American Petroleum Institute,” he stated.
Alikhanov also highlighted the great potential for cooperation in the mining industry, noting that Russia can supply Saudi partners with equipment for ore extraction and processing.
About the Exhibition
Innoprom 2025 is being held in Yekaterinburg from July 7–10 under the theme Technological Leadership: Industrial Breakthrough. Saudi Arabia is the partner country for this year’s exhibition. Russian business representatives will have the opportunity to meet with Russian trade representatives from 37 countries at a dedicated contact exchange. TASS is the exhibition’s official information partner.
GSV "Russia - Islamic World"
Photo: Russian Foreign Ministry
Based on TASS materials