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Riyadh Hosts GCC-UK Trade Summit 2021 on Tuesday

A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)
A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)
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Riyadh Hosts GCC-UK Trade Summit 2021 on Tuesday

A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)
A night view of Riyadh on Saudi National Day in 2020. (SPA file photo)

The biggest names from the region’s business world will meet with top experts and decision-makers at the GCC-UK Trade Summit 2021 that will be hosted by Riyadh on Tuesday. They will meet virtually in the Saudi capital to discuss ways to boost bilateral trade and investment and take economic relations between the two regions to the next level.

The GCC-UK Trade Summit 2021 is the most important forum for businesses and investors from the Gulf Cooperation Council and the UK to connect with each other, exchange ideas and experiences, discuss investment opportunities and forge strategic partnerships.

The event aims to promote bilateral trade and facilitate foreign direct investment between the two regions by providing a platform for businesses on both sides to expand into new markets and explore collaboration opportunities.

As the GCC experiences a period of rapid growth and economic diversification, it is witnessing a corresponding upswing in its trade and economic relations with the UK.

This is evidenced by the fact that the Gulf region accounts for as much as $50.8 billion out of the estimated $57.2 billion annual trade between the UK and the Middle East.

The GCC-UK Trade Summit aims to further strengthen bilateral trade and investment ties and is envisioned as a platform that will catalyze a new era of collaboration between the two regions by bringing together on one stage high-profile investors, exporters, consultants, experts, service providers, and key private and public sector decision-makers.

The summit will provide updates on the most important projects currently underway in the GCC, explore ways to build technical capacities and networks of collaboration for entrepreneurs, and discuss opportunities to stimulate bilateral trade and investment over the next decade.

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China Eyes Electric Vehicle Manufacturing Opportunities in Saudi Arabia

Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
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China Eyes Electric Vehicle Manufacturing Opportunities in Saudi Arabia

Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)
Chinese ambassador to Saudi Arabia (Asharq Al-Awsat)

China’s ambassador to Saudi Arabia, Chang Hua, expressed Beijing’s hopes to strengthen its partnership with the kingdom, especially in electric vehicle production and other industries.
Speaking to Asharq Al-Awsat, Hua condemned violations of Lebanon’s sovereignty and the targeting of civilians.
He called for immediate action to reduce tensions and prevent further escalation in the region.
“China is deeply shocked by the high civilian casualties from the conflict between Israel and Lebanon,” Hua said, urging the international community to work on calming the situation.
He emphasized that, no matter how things unfold, “China will always stand for justice and remain committed to peace and stability in the Middle East. We are ready to work with all parties to promote peace in the region.”
China’s Economic Growth
Hua highlighted China’s rise from a $30 billion economy to a $17.8 trillion one, making it the world’s second-largest economy and a leader in trade and industry.
He reiterated China’s goal to maintain high-level openness, push for high-quality economic development, and promote a multipolar world with fair global governance and inclusive economic globalization.
Saudi-China Relations
Hua described the partnership between Saudi Arabia and China as entering a new phase of deep development, congratulating Saudi Arabia on its 94th National Day.
He noted that Chinese Premier Li Qiang’s recent visit to Saudi Arabia has boosted bilateral relations and strengthened the comprehensive strategic partnership, driving it towards a more stable and prosperous future.
The ambassador stressed the need to expand trade and investment between the two countries and highlighted the upcoming “Saudi-Chinese Cultural Year 2025” as a key event.
Hua also pointed out that Saudi Crown Prince Mohammed bin Salman values the strong and historic relationship between the two nations.
The Crown Prince looks forward to further aligning Saudi Vision 2030 with China’s Belt and Road Initiative, expanding cooperation in energy, investment, and culture.
Hua noted that China is Saudi Arabia’s largest trading partner, with bilateral trade exceeding $100 billion in the past two years. He also mentioned the recent currency swap agreement between the two countries, which has helped boost trade and investment.
New Developments in Saudi-China Relations
According to Hua, the cooperation between the two nations has grown significantly, particularly in the automotive, renewable energy, and tourism sectors.
In 2023, Saudi imports of Chinese cars reached $4.12 billion, driven by companies like Changan, Geely, MG, Chery, Great Wall, Hongqi, GAC, and BYD, which have opened branches in the kingdom.
Discussions are ongoing about building local manufacturing plants. China exported 4.91 million vehicles in 2023, making it the largest car exporter globally for the first time, including 1.203 million electric vehicles, a 77.6% increase from the previous year.
Hua noted that Saudi Vision 2030 aims for electric vehicles to account for at least 30% of all cars in Riyadh by 2030, and he expressed optimism about enhancing collaboration in automotive manufacturing.
Chinese companies are also increasingly involved in Saudi Arabia’s renewable energy sector. They are working on multiple solar projects, including the Al Shuaibah photovoltaic plant, the largest of its kind in the world, with a capacity of 2.6 gigawatts.
In July 2023, the Renewable Energy Localization Company (RELC), backed by the Saudi Public Investment Fund, signed agreements with three Chinese firms—Envision Technology Group, Jinko Solar, and TCL Zhonghuan—to establish joint ventures for high-efficiency solar cell production in Saudi Arabia.
These projects will focus on producing solar components, helping Saudi Arabia achieve its goal of sourcing 75% of renewable energy project components locally by 2030.
Hua also highlighted the increasing exchange of visits between citizens of both countries. In September 2023, China and Saudi Arabia signed a memorandum of understanding to facilitate group tourism, making the kingdom an official destination for Chinese tour groups.
Several Chinese travel agencies have begun offering packages to Saudi Arabia, and direct flights between the two countries are increasing. Saudi Airlines has expanded its routes, operating numerous weekly flights between Beijing, Shanghai, Shenzhen, Riyadh, and Jeddah.