Trade between Russia, Saudi Arabia up by more than 60% in 2024 to $3.8 bln

Trade turnover between Russia and Saudi Arabia increased by more than 60% in 2024, to exceed $3.8 billion, Industry and Trade Minister Anton Alikhanov announced.

"According to the results of last year, the volume of mutual trade increased by more than 60%, exceeding $3.8 billion. In the first quarter of this year, the pace increased even more. We have achieved a fourfold increase in trade turnover compared to the same period last year," he said at the business forum "Industrial Dialogue: Russia-Saudi Arabia" held as part of the Innoprom-2025 exhibition.

To continue this dynamic, the countries need to work together to find new growth points for further technological cooperation. The industries in which Russia and Saudi Arabia are working and which they can develop jointly in particular include shipbuilding, metallurgy and pharmaceuticals, Alikhanov said.

"We have a separate national project that concerns machine tool manufacturing, automation and robotization of production processes. In general, we pay great attention to the digital transformation of industry, the introduction of the principles of flexible and unmanned production. In all these areas, we have good competencies, developments, specific projects that can be jointly implemented," the minister noted.

In the oil and gas equipment industry the Institute of Oil and Gas Technology Initiatives was created several years ago, which is now working in close cooperation with foreign oil companies, the minister recalled.

"We would like to invite our Saudi partners to also join this work on the development and implementation of standards independent of the American Petroleum Institute in this industry," he said.

The countries also have great potential for cooperation in the mining industry, the minister added. Russia, for example, can provide its partners from Saudi Arabia with equipment for mining and enrichment of ore, the minister said.

The Innoprom-2025 exhibition is being held in Yekaterinburg from July 7 to 10, its theme is Technological Leadership: Industrial Breakthrough. Saudi Arabia is the partner country of the exhibition. Representatives of Russian business will be able to hold meetings with Russian trade representatives in 37 foreign countries at the contact exchange.