Saudi, Chinese companies sign 34 investment agreements

Saudi and Chinese companies on Wednesday signed 34 investment agreements within the framework of the visit of President Xi Jinping to the Kingdom, in the presence of Minister of Investment Eng. Khalid Al-Falih and representatives of government agencies related to the sectors in which the agreements were signed.

The agreements covered several sectors such as green energy, green hydrogen, photovoltaic energy, information technology, cloud services, transportation, logistics, medical industries, housing and construction factories.

The Saudi Minister of Investment confirmed that the agreements reflected Saudi Arabia'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 the friendly country of China.

Al-Falih said the presidential visit reflects the keenness of both leaderships to develop and strengthen relations and partnerships between the two countries in all fields. He added that the visit will contribute to raising the pace of economic and investment cooperation between the two countries.

He 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.

"The Kingdom, in light of its Vision 2030, offers unprecedented investment opportunities in various sectors including renewable energy, industry, communications, information technology, biotechnology, tourism, building and construction, and others," the minister said, expressing his aspiration to enhance investments between the Kingdom and China. He called on Chinese companies and investors to come to the Kingdom 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 distinctive investment opportunities, attract investors, and provide supportive infrastructure as well as a stimulating and safe investment environment in view of the special advantages that the Kingdom enjoys and that could be harnessed to build a more diversified and sustainable economy.

The volume of trade exchange between the two countries amounted to SR304 billion in 2021, while trade exchange in the third quarter of 2022 recorded SR103 billion. — SPA