RIYADH: Saudi Arabia has signed multiple memorandums of understanding with Chinese business leaders to enhance industrial cooperation and promote the localization of advanced manufacturing technologies in the Kingdom.
These agreements were signed on the sidelines of Saudi Arabia’s Minister of Industry and Mineral Resources Bandar Alkhorayef’s visit to Beijing, the Saudi Press Agency reported.
The first MoU was signed with BOE Technology Group in the field of display screen technologies, while the second agreement with Kyland Technology focuses on intelligent industrial control technologies.
The third deal was signed with Tsinghua Unigroup in the semiconductor industry, with the aim of localizing these advanced industrial technologies in the Kingdom.
These initiatives build on the deepening economic and trade relationship between Saudi Arabia and China. The Asian giant is the Kingdom’s largest trading partner, accounting for 14 percent of the Kingdom’s exports and 28.9 percent of its imports in May, according to official statistics.
SPA reported that during his meeting with Chinese business leaders, Alkhorayef “discussed opportunities in developing the industrial digital infrastructure, intelligent industrial control technologies, and the semiconductor industry, in addition to highlighting the Kingdom’s enablers that attract quality industrial investments and facilitate the investor journey.”
The meetings also reviewed the Kingdom’s strategic advantages, including its geographic position that connects three continents, abundant natural resources, competitive energy pricing, advanced infrastructure, and industrial cities, as well as streamlined government procedures.
These meetings were attended by Saleh Al-Solami, CEO of Saudi Arabia’s National Industrial Development Center and leaders from the industry ecosystem in the Kingdom and China.
During the visit, Alkhorayef met with leaders of ZGC Group, a government-backed innovation platform, to explore collaborations including advanced manufacturing, renewable energy, smart mobility, and aerospace technologies.
These discussions included plans for ZGC to establish operations in Riyadh in partnership with the National Industrial Development and Logistics Program.
In a separate press statement, Saudi Arabia’s Ministry of Industry and Mineral Resources said that the minister’s visit to China “aims to broaden economic partnerships between the two countries, attract high-quality investments, and transfer the latest technologies in the industrial and mining sectors.”
