RIYADH: A delegation from the Chinese non-profit organization the Council for Promoting South-South Cooperation (CPSSC) visited the Saudi Arabian General Investment Authority (SAGIA) on Thursday, to discuss a new SAGIA initiative, Invest Saudi — a platform that presents information to potential investors in the Kingdom.
“The commonalities that brought both nations together were trade and bilateral relations, which go back many years. Both nations have become G20 members, and both nations are growing There are a lot of opportunities to solidify the partnership,” said Sultan Mofti, SAGIA’s deputy governor for investment attraction and development.
Both Mofti and China’s Ambassador to Saudi Arabia Chen Weiqing, said that “historical visits” by the leaders of the two nations in 2016 and 2017 had “cemented and elevated” relations while Vision 2030 has made the Kingdom attractive to investors.
In the past few years, a number of Chinese companies have expressed an interest in investing in the Kingdom, and in the first quarter of 2019, China was the number two investor in Saudi Arabia, reflecting its confidence in the country’s future.
“I was very happy to know that Saudi government welcomed small and medium-sized companies to invest here,” said CPSSC chairman Lv Xinhua.
He added that since Riyadh hopes to attract global talent to the country, it will offer comprehensive services. “Saudi is very strong in terms of economic development,” he added.
Oone of the members of the delegation, he continued, runs a company developing facial recognition software, which had been discussed in the meeting, and described it as 10 times better than European technologies “in terms of accuracy and speed.”
The Chinese delegation also met with sector-specific teams.
Mofti also said that SAGIA will open an office in China to further strengthen the commercial relationship between the two countries.