Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef witnessed the signing of 42 investment agreements between Saudi and Chinese companies, valued at over $1.74 billion, during his participation in the Saudi-Chinese Business Forum held in Beijing.
The agreements spanned advanced industries, smart vehicles, energy solutions, medical devices, equipment, and mineral resources, SPA reported.
The forum, organized by the Federation of Saudi Chambers, brought together around 200 Saudi and Chinese companies alongside private sector representatives from both countries, creating a platform for enhanced economic cooperation and strategic alignment.
In his keynote address at the forum, Alkhorayef commended the key role of the Saudi-Chinese Business Council in facilitating investment partnerships and leveraging mutual opportunities across various sectors since its establishment in 2006. He emphasized the council’s role in creating frameworks that enable sustainable development outcomes for both nations, highlighting the organization's contributions to achieving shared economic objectives through private sector engagement.
The minister detailed the remarkable development of economic relations between Saudi Arabia and China, affirmed by substantial growth in bilateral trade volume, which reached approximately SAR403 billion in 2024. This figure, more than double the trade volume in less than a decade, demonstrates the accelerating pace of economic integration.
The Kingdom remains China’s leading supplier of fuel, petrochemicals, and advanced materials, while China has been Saudi Arabia's largest source of imports, including machinery, electronics, transportation equipment, and consumer goods. This trading relationship demonstrates increasing diversification, extending beyond traditional commodities to high-value industrial products.
On mutual investments, Alkhorayef highlighted substantial growth, with Chinese investment in the Kingdom rising approximately 30% in 2024 to exceed SAR31 billion. This expansion is particularly notable in emerging sectors, including mining, automotive manufacturing, and petrochemicals. More than 750 Chinese companies now operate within Saudi Arabia, contributing significantly to major projects including NEOM and strategic industrial cities like Jubail and Jazan. On the other hand, Saudi investment in China continues to grow, surpassing SAR8 billion, bolstered by memoranda of understanding between the Public Investment Fund and Chinese financial institutions valued at $50 billion.
Alkhorayef emphasized the strategic synergy between Saudi Vision 2030 and China's Belt and Road Initiative, noting their shared objectives of enhancing connectivity, expanding trade, and building resilient industrial systems.
He outlined 12 priority sub-industrial sectors targeted by the National Industrial Strategy for development. These include sectors vital to national security, such as food, pharmaceuticals, and military industries; sectors leveraging the Kingdom's comparative advantages in raw materials, oil, gas, and minerals; and sectors capitalizing on Saudi Arabia's strategic geographic location that positions it as an ideal partner for Chinese companies seeking global market access. A third category focuses on Fourth Industrial Revolution technologies, including artificial intelligence, additive manufacturing, and future industries.
Moreover, the minister highlighted that the comprehensive strategy for mining and metals industries focuses on exploring the Kingdom's mineral resources and maximizing their value to the national economy. He specifically applauded the partnership with the China Geological Survey, which has contributed significantly to the discovery of additional mineral resources within the Kingdom.
Alkhorayef highlighted how the Kingdom's reforms to enhance investment attractiveness, improve the mining regulatory framework, and streamline licensing processes have dramatically improved its global standing, with Saudi Arabia jumping from 104th to 23rd in the Mining Investment Environment Attractiveness Index.
