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Saudi and Chinese Companies Sign 34 Investment Agreements

Saudi and Chinese Companies Sign 34 Investment Agreements

Thursday, 8 December, 2022 - 09:15
The agreements were signed on Wednesday in the presence of the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, and representatives of government agencies. SPA

Saudi and Chinese companies have signed 34 investment agreements within the framework of the visit of Chinese President Xi Jinping to the Kingdom.


The agreements were signed on Wednesday in the presence of the Minister of Investment, Eng. Khalid bin Abdulaziz Al-Falih, and representatives of government agencies related to the sectors on which the agreements were signed.


The agreements between the two sides covered several sectors in the fields of green energy, green hydrogen, photovoltaic energy, information technology, cloud services, transportation, logistics, medical industries, housing and construction factories.


On the occasion, the Minister of Investment confirmed that the agreements reflect the Kingdom's keenness under the leadership of the Custodian of the Two Holy Mosques and the Crown Prince to develop the Kingdom's relations in all fields including economic and investment with China.


Al-Falih explained that the Kingdom and China have solid relations and a close partnership that witnessed comprehensive development over the past years, especially after the mutual visits between the leaderships of the two countries, which resulted in fruitful cooperation in various fields.


He further said that the Kingdom, in light of Vision 2030, offers unprecedented investment opportunities in various sectors including renewable energy, industry, communications, information technology, biotechnology, tourism, building and construction, and others.


He expressing his aspiration to enhance investments between the Kingdom and China, calling on Chinese companies and investors to come to Saudi Arabia and benefit from investment opportunities with rewarding returns.


Al-Falih pointed out that the Ministry of Investment works in cooperation with many partners in the public and private sectors in the Kingdom to search for investment opportunities, and to provide a supportive infrastructure, and an attractive, stimulating and safe investment environment.


The Kingdom enjoys a strategic location linking three continents, it is the largest economy in the Middle East, and the strongest market in the region, said Al-Falih, stressing that all these elements and others contribute to enhancing the chances of success of cooperation between the Kingdom and China for the benefit of the two countries and their peoples.


The volume of trade exchange between the two countries amounted to 304 billion Saudi riyals in 2021, and trade exchange in the third quarter of 2022 recorded 103 billion Saudi riyals.


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