JEDDAH: Economists and businessmen have agreed that the deals signed during the visit of Deputy Crown Prince Mohammad bin Salman between Saudi Arabia and China represent an important and promising strategy that will liberate the Kingdom from the limitations of depending on certain continents and their trade mediators, such as the United States and the European markets.
They noted that choosing China and Japan was a very important decision in the field of technology transfer, as these economic and commercial agreements will have a positive reflection on political issues and will contribute to achieving the goals of the Kingdom’s vision 2030 with regard to the process of nationalizing industries.
Saleh Hafni, member of the Jeddah Chamber of Commerce, said these agreements confirm that the Kingdom is moving in the right direction, which is economic and commercial diversification and liberation from dependence on US products. He added that moving toward the East does not mean that the Kingdom cannot continue to work with the West, but simply means it can diversify its products.
Economist and vice president of the Jeddah Chamber of Commerce and Industry, Ziyad Al-Bassam, said that targeting China and Japan by signing important economic agreements is very important because it indicates strong economic diversification. According to him, these agreements will result in mutual cooperation with regard to technology transfer and nationalization, especially since Japan and China are advanced technologically and many other countries depend on their industrial products around the world.
“These agreements are very important for the Kingdom, which seeks to diversify its economic income and decrease dependence on oil through Vision 2030. This requires the Kingdom to depend on itself for the manufacturing and production process. As China is an open country, it will be easier to transfer technology from there,” he said.
Businessman and former Shoura Council member Mohammad Al-Mutlaq said that moving toward the East is a wise decision and a strategic plan to diversify economic income sources and forge commercial and economic cooperation with various countries. "Cooperating with China facilitates technology transfer within the import process which already exists. This cooperation contributes to technology transfer and opens the door for Chinese companies to invest in the Kingdom, in addition to transferring Chinese expertise to the Kingdom," he said.
Businessman Sami Idrees said these agreements confirm that the Kingdom is ready to deal directly with the Chinese market instead of mediators such as European countries and the United States, which manufacture in China and export their products to Arab countries. "These agreements provide an opportunity for the Kingdom to enter the global market in a new way, especially in terms of Chinese and Japanese markets. This agreement has economic and investment dimensions, as China aims to open markets rather than to control products or technology," he noted.
Looking East strategically important
Looking East strategically important
