The Saudi government is working on three tracks to achieve the integration of the industrial economy between the Arab countries and China. Those include policies and legislation, value chains, and manufacturing, advanced production, and building factories of the future.
The Saudi Ministry of Industry and Mineral Resources has adopted these paths following the visit of Chinese President Xi Jinping to the Kingdom, at the end of 2022, with the aim to achieve industrial integration with Beijing in many sectors.
During a dialogue session on the sidelines of the 10th session of the Arab-Chinese Businessmen Conference, Eng. Osama Al-Zamil, Deputy Minister of Industry and Mineral Resources, talked about the launching of a geological survey project, in partnership with the Chinese Geological Organization, to identify natural and mineral resources in the Arabian Shield.
He noted that mineral wealth was the third pillar of industry in the Kingdom, following oil and petrochemicals.
Al-Zamil added that the ministry has focused, since its inception, on the means to develop the mineral industry in terms of regulations and legislation, and to create opportunities for investors in the sector.
The ministry also aims, through its strategy, to stimulate growth by building the capabilities of local content and exports, and improving the investment environment in the industrial sector, he underlined.
The session was attended by Abdullah Fakhro, Bahraini Minister of Industry and Trade, Ali Al-Baqali, CEO of the Bahraini company Alba, as well as other senior officials and businessmen from the Arab world and China.
Speaking during the event, the Bahraini minister of Industry and Trade said that aluminum contributes 13 percent of the total output of the country, which attracts many investments in the field.
He also emphasized the importance of finding cooperation opportunities with China, which he described as one of the world leaders in manufacturing and advanced technologies.
Participants discussed during the session means to develop joint cooperation between Saudi Arabia, China and the Arab countries in the field of industry, mining and minerals, in addition to the agreements that were recently signed within this framework.
Monday’s session also included a dialogue with Nicolas Aguzin, CEO of the Hong Kong Stock Exchange, who stressed the importance to diversify investments in different regions of the world, noting that the current conference in Riyadh offers large markets and business owners an opportunity to learn about economic activities and build strong investment bridges.
