Six committees to facilitate investment procedures between KSA and China

CEMENTING TIES: Deputy Crown Prince Mohammed bin Salman with Chinese State Councilor Yang Jiechi.

JEDDAH: A number of participants at the signing of bilateral agreements between the Kingdom and China confirmed that they have formed six joint committees in order to prepare a package of promising investment opportunities for investors in the two countries, along with a study of all obstacles and procedures that prevent the promotion of joint investment and trade.
The participants pointed out that the Kingdom is keen on attracting investments with economic benefit through trade, energy, minerals and services, especially since China is its most important trading partner and that the Kingdom imports various goods and equipment from China.
This came on the sidelines of the signing of nine agreements between investment agencies in the Kingdom and China, including the energy, information technology and services sectors.
Mohammed Al-Ajlan, vice president of the Saudi-Chinese Business Council, said that the agreements undertaken during the Saudi-Chinese business meeting in Beijing focused on several sectors such as import, export, and construction as well as medical supplies.
He added: “These agreements included strengthening the mutual cooperation between the Council of Saudi Chambers of Commerce and Industry and the Chinese Council for the Promotion of International Trade.” He pointed out that these agreements contribute to increase investment and trade exchange between the two countries.
Ahmed Al-Ghamdi, the chief executive officer assistant of AAC Holdings, stressed that the Kingdom began an ambitious National Transformation Program 2020 in the context of the overall strategic Vision 2030. He said that one of the pillars of this vision is to motivate the world’s leading companies, including the Chinese companies, to increase investments in the Kingdom, and to access all necessary facilities.
Al-Ghamdi pointed out that signing agreements between the companies of these two countries contributes to achieve the ambitious vision through increasing investments and diversifying sources of income.