BEIJING, 19th June, 2023 (WAM) — Saudi Arabia successfully hosted the 10th edition of the Arab-Chinese Business Conference and the 8th Investment Symposium from 11th-12th June in its capital, Riyadh. The gathering was a joint effort involving the Kingdom’s Ministry of Investment, Ministry of Foreign Affairs, the esteemed Arab League’s Secretary-General, the Chinese Council for the Promotion of International Trade, and other significant government bodies. The conference epitomises the longstanding commitment between Saudi Arabia and China to bolster economic relations. It creates a conducive environment for businesses and investors to forge partnerships, uncover expansion possibilities, and capitalise on their respective strengths. This mutual resolve to enhance economic collaboration is geared towards driving sustainable growth and affluence for both countries. The event facilitates comprehensive dialogues, highlighting the vast potential inherent in the synergistic collaboration between the Arab and Chinese spheres. The conference agenda covered diverse areas, ranging from the Belt and Road initiative, renewable energy innovations, advances in the pharmaceutical sector, startups, sustainable tourism methods, to food security issues. Building on a deep-rooted history of mutual cooperation and friendship dating back to the ancient Silk Road, China considers the Middle East a valuable partner in the monumental endeavor of the Belt and Road Initiative. This far-reaching initiative, founded on the principles of cooperation, partnership, human development, and peace, aspires to bring about shared prosperity for all participant nations. By harnessing existing cooperation mechanisms, both regions are equipped to merge their development strategies seamlessly. This is anticipated to accelerate the execution of cooperation Memorandums of Understanding and the launching of cooperative development projects. These strategic measures are designed to lay the groundwork for a wide array of joint initiatives, propelling trade, infrastructure, and economic growth to unprecedented levels. The Belt and Road Initiative acts as a springboard for inclusive and sustainable development, with China and the Middle East being unwavering partners. As the initiative gathers steam, the collaboration between China and the Middle East stands as a beacon of global cooperation, setting the stage for a future punctuated by groundbreaking advancements and durable ties. The conference additionally underscores the deepening relationship between China and Saudi Arabia. Saudi Arabia also became a dialogue partner of the Shanghai Cooperation Organisation, reinforcing their strategic bond. Moreover, Saudi oil titan Aramco clinched a substantial deal with China’s Baosteel in May to erect a cutting-edge steel factory within the kingdom. This partnership underscores the tremendous economic potential that resides in the confluence of their industries. The report from China Economic Net revealed that in 2022, the exchange of goods between China and other Arab nations saw a remarkable boost, amounting to US$432 billion – a 31 percent rise from the preceding year. Saudi Arabia was the most active in this surge of trade, with US$106 billion exchanged between the two countries, a sharp 30 percent increase from the year before, making it China’s leading trading partner. The substantial trade figures reflect the deepening economic ties and mutual advantages reaped by both Arab countries and China, paving the way for more lucrative collaborations in the future. China and Arab nations have acknowledged the potential for beneficial collaboration within the Belt and Road Initiative’s framework, adopting practical cooperation to stimulate progress. As the Middle East undergoes major transformations, Chinese investors are faced with fresh and exciting prospects, particularly in avant-garde industries like high technology and emerging strategic sectors. This involves investments in infrastructure, energy, natural resources, production capacity, and commerce, sparking novel opportunities for growth and development.
Source: Emirates News Agency (WAM)