China, Saudi to expand trade and investment cooperation

BEIJING: Saudi Arabia’s investment minister met with China’s commerce and industry chiefs in Beijing on Sunday and discussed expanding cooperation in trade, investment and technology, the Chinese ministries said.

China is willing to work with Saudi Arabia to jointly promote China’s Belt and Road infrastructure investment program and Saudi Arabia’s “Vision 2030” initiative, the ministry quoted Commerce Minister Wang Wentao as saying after the meeting with Saudi Investment Minister Khalid Al-Falih, adding that the two countries would also expand cooperation in energy and resources, infrastructure and technology.

The Vision 2030 plan aims to diversify the economy of the world’s biggest oil producer away from hydrocarbon income and includes big infrastructure projects and an expanded focus on the private sector.

Al-Falih also met China’s Minister of Industry and Information Technology Jin Zhuanglong.

The ministry quoted Jin as saying that China was open to working with Saudi Arabia on new energy vehicles, aircraft, photovoltaics and artificial intelligence, as well as cooperating to safeguard global industrial supply chains.

China’s ties with Saudi Arabia have deepened recently, with the Saudi energy minister declaring in June that his country would seek to collaborate, not compete, with China.

The relationship, anchored in hydrocarbon ties, has expanded, with the two countries signing a comprehensive strategic partnership agreement and a series of investment agreements in December 2022.