Saudi Arabia, Russia trade tops $4B, expand relations, says Grozdev

Russian Deputy Minister of Industry and Trade Alexey Grozdev says both countries are seeking greater diversification in economic and industrial cooperation

Russian Deputy Minister of Industry and Trade Alexey Grozdev said trade between Saudi Arabia and Russia has surpassed $4 billion, reflecting rapidly expanding economic relations between the two countries.

Speaking to Argaam on the sidelines of the St. Petersburg International Economic Forum, Grozdev said both sides are seeking greater diversification in economic and industrial cooperation, noting that untapped potential remains well above current trade levels.

He said Saudi Arabia’s Ministry of Industry and Mineral Resources and Russia’s Ministry of Industry and Trade are identifying high-value industrial projects and joint investment opportunities by aligning Saudi Vision 2030 and Russia’s industrial strategy.

The cooperation focuses on strategic sectors, including transportation technologies, unmanned aerial vehicles, chemicals, mining, construction materials, energy equipment and other priority industries.

On healthcare, Grozdev said Russia has invested heavily over the past two decades to strengthen domestic capabilities and reduce dependence on major global pharmaceutical companies.

He added that Saudi-Russian healthcare cooperation encompasses pharmaceuticals, medical equipment, joint research and development projects, and opportunities for local production and manufacturing in the Kingdom.

Grozdev said these areas will be key drivers of future cooperation as both countries seek to advance industrial development and expand long-term investment partnerships.