Saudi-Chinese Business Council Prepares Comprehensive Study to Attract Investments to the kingdom

Saudi-Chinese Business Council Prepares Comprehensive Study to Attract Investments to the kingdom

The Saudi-Chinese Business Council here today displayed, during a virtual meeting, the investment map of the Kingdom of Saudi Arabia to the Chinese side and efforts of the wise leadership in legislative reforms that are expected to increase investments between the two sides.

The Saudi side reviewed the website and services to members of the Council from both sides.

The meeting tackled a briefing about the comprehensive study on attracting Chinese investments to the Kingdom.

Chairman of the Saudi side of the Council Mohammed Al-Ajlan stressed that the Kingdom of Saudi Arabia has implemented a pack of procedures to improve the business environment, facilitate government procedures related to commerce, investment and automation of government services, in addition to offering a pack of incentives to foreign investors in the Kingdom of Saudi Arabia.

Al-Ajlan noted that the Council has played a main role in strengthening the commercial and investment relations between the two countries out of the strategic importance of the People republic of China in realizing several programs of the 2030 Saudi Vision and the Belt and Road Initiative that support cooperation aspects between the two countries in all fields.

Chairman of the Saudi side also called on the Chinese side to explore the Kingdom of Saudi Arabia and its Vision and the Belt and Road Initiative, as well as the promising opportunities that the Vision launched through direct investment in the industry.

Vice President of the Chinese People’s Association for Friendship with Foreign Countries Lin Yi pointed out that the Kingdom of Saudi Arabia is the most important partner for China in the Middle East and has a priority in foreign investment plans.

Lin also referred to the support and solidarity of the Custodian of the Two Holy Mosques’ Government with China during the coronavirus (COVID-19) pandemic and curbing the virus.

Vice Chairman of the Saudi Chinese Business Council Ahmad Saad Al-Kridis explained that economic transitions between the two countries have provided big opportunities to enhance close ties between the two countries in terms of executing items of the agreements that form the basis of ties or developing them to match contemporary changes, in addition to strategic cooperation agreements between the two countries to invest in multiple projects between the two governments of agreements between businesspeople in the two countries.

Al-Kridis noted that the trade volume between the two countries has witnessed an increase, where Chinese investments in the Kingdom of Saudi Arabia during the 2005-2020 totaled USD39.9 billion, while the Kingdom of Saudi Arabia’s exports and non-oil imports to China also increased, where exports stood at 39 billion riyals and imports reached 28.5 billion riyals, making China at the top rank of Saudi exports and imports.