Industry Minister Meets Russian Minister of Economic Development

Minister of Industry and Mineral Resources Bandar Alkhorayef held a meeting in St. Petersburg with Minister of Economic Development of the Russian Federation Maxim Reshetnikov to discuss ways to strengthen economic partnerships between the two countries and expand joint investments in the industrial and mining sectors.

 The meeting underscored the depth of relations between the Kingdom of Saudi Arabia and the Russian Federation as the two countries commemorate this year the 100th anniversary of the establishment of diplomatic relations. The milestone represents an important pillar for strengthening economic ties and advancing trade exchange, which currently exceeds $3.28 billion.

 The two sides also discussed ways to empower the private sector in both countries to build effective investment partnerships and capitalize on mutual opportunities in the industrial and mining sectors, contributing to broader economic cooperation that reflects the significant potential available in both countries.

 The meeting took place on the sidelines of the minister's participation in the St. Petersburg International Economic Forum 2026, one of the world's leading economic platforms that brings together government leaders, senior officials, and investors to discuss international economic issues and explore opportunities for cooperation and investment.