Industry Minister Unveils Saudi Arabia's Global Industrial Ambitions at INNOPROM
Yekaterinburg, July 09, 2025, SPA -- Minister of Industry and Mineral Resources Bandar Alkhorayef today unveiled the Kingdom's sweeping industrial ambitions during his participation at INNOPROM 2025 in Yekaterinburg, Russia, positioning the Kingdom as a rising global force in future technologies and advanced manufacturing.
Speaking at a strategic dialogue session titled "Technological Leadership: Industrial Breakthrough," Alkhorayef outlined the Kingdom's plan to lead the next wave of industrial innovation by strengthening its position in global value chains and accelerating the adoption of Fourth Industrial Revolution technologies.
Alkhorayef thanked the Russian Federation and the INNOPROM organizers for hosting the Kingdom as a strategic partner at this year's exhibition. He noted that Saudi Arabia's participation reflects its broader commitment to international cooperation and its intent to attract partners to the Kingdom's rapidly evolving industrial landscape.
He explained that the National Industrial Strategy, launched in 2022, is central to the transformation aimed at reshaping the Kingdom's industrial foundation. The plan is based on three main pillars. The first focuses on industries critical to national resilience, such as food, pharmaceuticals, water, and defense, which are being localized through targeted investments and international partnerships. The second pillar leverages Saudi Arabia's natural and logistical advantages, including its oil, gas, and mineral wealth, as well as its strategic location as a crossroads between continents, covering advanced petrochemicals, mining, and high-value downstream industries. The third pillar targets future-oriented sectors, such as artificial intelligence, 3D printing, and Industry 4.0 applications, where the Kingdom aims to take early leadership through strong R&D support, technology adoption incentives, and a robust local content policy that prioritizes national capabilities.
Alkhorayef noted that the mining sector has become a significant pillar of Vision 2030. Through extensive geological surveying, the estimated value of Saudi Arabia's mineral resources has increased from $1.3 trillion to $2.5 trillion, encompassing critical minerals such as phosphate, copper, iron ore, zinc, and other strategic materials. He emphasized that the sector is advancing with a full commitment to environmental stewardship and social responsibility.
He further highlighted the Kingdom's growing role as a global convenor for critical minerals dialogue through the Future Minerals Forum (FMF), hosted annually in Riyadh. Since its inaugural edition in 2022, FMF has become a leading global platform for shaping the future of minerals, driving collaboration on mineral resilience and responsible supply by bringing together governments, industry experts, investors, academia, and stakeholders across the entire mineral value chain.
The minister highlighted the similarities between Saudi Vision 2030 and Russia's strategic development goals, particularly in economic diversification, digital transformation, and industrial innovation. He referenced the establishment of the Saudi-Russian Joint Committee in 2002 and the opening of the Saudi Commercial Attaché office in Moscow in 2022 as pivotal steps in deepening bilateral cooperation.
He noted that the volume of trade exchange between the two countries has witnessed remarkable growth in recent years, rising from $491 million in 2016 to more than $3.28 billion in 2024.
-- SPA
