RIYADH: Saudi Arabia and China are expected to witness a surge in investment ties with the Kingdom’s vice minister for investor outreach pitching for an ecosystem that boosts trade between the two countries.
Speaking at the Saudi-Chinese Entrepreneurship Workshop in Riyadh on Sunday, Badr Al-Badr emphasized the creation of an environment conducive to investment that fosters qualitative opportunities in the fields of energy, technology, logistics, and entrepreneurship.
Al-Badr also stressed the need to deepen investment ties between the two countries.
The workshop was part of an event to host a delegation from the Sino-International Entrepreneurs Federation with over 80 Chinese companies. It is part of the Saudi-Chinese efforts to bolster trade and economic ties.
China is currently Saudi Arabia’s biggest trading partner. It is the world’s largest crude oil buyer and procures most of its demand from Saudi Arabia.
However, there has been a lot of traction between both nations to extend the trade ties beyond crude.
The Saudi Ministry of Investment is also organizing the Arab-Chinese Businessmen Conference next month in partnership with the Chinese Council for the Promotion of International Trade and other regional associations.
Investment opportunities, economic growth, and closer trade relations will be on the agenda at the 10th session conference scheduled in Riyadh on June 11 and 12.
According to the Saudi Press Agency, Chinese investors would also get to explore investment opportunities in the Kingdom through the “Invest Saudi” platform.
Saudi Arabia and China bolstered their strategic relations and expanded their commercial ties during President Xi Jinping’s three-day state visit to the Kingdom last year.
Xi and his delegation held talks with Saudi Arabia’s King Salman, Crown Prince Mohammed bin Salman, and top ministers, resulting in the signing of 35 memorandums of understanding and deals worth $30 billion.
“There is no doubt that working together with the second-largest economy in the world is vital to Saudi Arabia’s growth, but that does not mean that we cannot continue to work with the world’s largest economy,” Saudi Minister of Foreign Affairs Prince Faisal bin Farhan said during the visit.