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More than 100 Russian companies presented their technologies to Saudi partners at the first business mission Made in Russia + INNOPROM in Riyadh

On May 29 and 30, the first multi-sectoral business mission Made in Russia + INNOPROM to Saudi Arabia was held in the building of the Riyadh Chamber of Commerce and Industry.
Under the new conditions, Russian producers are actively opening alternative markets and forming new cooperation chains. In addition to strengthening traditional partnerships with the CIS countries, Russian companies are carefully studying opportunities for cooperation in other regions of the world. Many experts call the Kingdom of Saudi Arabia one of the most promising partners.

Thanks to the combined efforts of the Ministry of Industry and Trade of the Russian Federation, the Trade Mission of the Russian Federation in Riyadh, and the main industrial platform of the country INNOPROM, heads of more than 100 Russian companies, heads of authorities of both countries, more than 250 Saudi businessmen (including those from the largest companies in the Kingdom: AlBawani, Rochn, NEOM), as well as representatives of small and medium-sized businesses, gathered in the Riyadh CCI.

Deputy Minister of Industry and Trade of Russia, Alexei Gruzdev, and heads of government and business unions of the Kingdom of Saudi Arabia attended the main plenary session.

Alexey Gruzdev, Deputy Minister of Industry and Trade of the Russian Federation, said in his plenary speech: “Today we see a growing interest from both sides in establishing contacts and developing mutually beneficial cooperation in various fields. The key task of our multisectoral mission is to strengthen mutual trust and create the necessary prerequisites for the further expansion of the economic partnership between the Russian Federation and the Kingdom of Saudi Arabia: from increasing trade turnover to investing in production and technological cooperation in creating new products. Excellent opportunities for this are laid in the national program of economic transformation of Saudi Arabia, “Vision 2030”, and the Concept of technological development of the Russian Federation for the period up to 2030.”

Anton Atrashkin, Program Director of INNOPROM: “The entire world, including Russia, is astonished at the scope of the ambitious plans of the Kingdom of Saudi Arabia, and Russian companies want to be part of your ambitions. No other country has set goals as ambitious as those set out in His Royal Highness's Vision 2030.

The leading sectors of the Russian industry were represented at the exhibition and in the business program: digital production, industrial IT, transport engineering, aircraft industry, oil and gas equipment, pharmaceuticals, and medical equipment.

During the two days of the event, Russian companies held more than 250 targeted business meetings with 53 Saudi counterparties, including relevant ministries, heads of business circles of Saudi Arabia, IT companies and distributors of retail chains, and oil and gas concerns. The total potential of the meetings was more than $20 million.

The Ministry of Investment of the Kingdom of Saudi Arabia organized a special Investment Journey program for INNOPROM participants, enabling the heads of the relevant ministries and development institutions of the Kingdom to tell the Russian delegation in detail about the main investment opportunities in the country, special economic zones, the most promising sectors of industry, infrastructure and technology, and gave a detailed algorithm of actions for potential investors and business localization.

The managers of 15 Russian companies have a rare opportunity to directly present their developments to the management of NEOM and have a chance to get multi-million contracts with the most ambitious urban development project of humankind, The Line. The presented products and services that attracted the interest of NEOM representatives include advanced infrastructure and lighting solutions, solar panels, intelligent facial recognition systems, unmanned systems, and educational and industrial software.

For reference:
INNOPROM is the main industrial exhibition of Russia which has been held in Yekaterinburg for 14 years. The organizing committee of the exhibition is headed by Denis Manturov, Deputy Prime Minister, Minister of Industry and Trade of the Russian Federation. At the invitation of Uzbekistan’s leadership, INNOPROM has also been held in Tashkent for the third year in a row, and in September 2023 it will be held for the first time in Kazakhstan, in Astana.

Russian Trade Representation in Saudi Arabia: The Russian Trade Representation in Riyadh provides maximum professional support to Russian companies to enter the Saudi Arabian market and establish contacts with local partners.
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