China Arab Entrepreneurs Conference Witnessing New Achievements in Cooperation | Saudi Arabia | Achievements
From June 11th to 12th, the 10th Entrepreneurship Conference and 8th Investment Seminar of the China Arab Cooperation Forum were held in Riyadh, the capital of Saudi Arabia, with over 3000 representatives from more than 20 countries and regions attending. This conference is jointly organized by the Ministry of Investment of Saudi Arabia, the China Council for the Promotion of International Trade, the Secretariat of the League of Arab States, the League of Arab Chambers of Commerce, and other units, with the theme of "China Arab Cooperation, Creating Prosperity Together". At the meeting, Chinese and Arab business leaders engaged in exchanges and discussions on topics such as trade, finance, infrastructure, energy, and green industries, discussing friendship and cooperation together.
At the opening ceremony of this conference, Chen Jian'an, Vice President of the China Council for the Promotion of International Trade, stated that China Arab cooperation has ushered in a new era of trade and economic development. The "the Belt and Road" initiative initially focused on infrastructure construction, renewable energy, aviation, communications and other fields. Now it introduces the contents of the digital silk road and the green silk road, expanding its coverage. The Green Silk Road emphasizes the importance of environmental sustainability, green development and ecological cooperation, aiming to address environmental challenges, promote clean energy development, protect biodiversity, and promote the sustainable development of countries along the "the Belt and Road". The Digital Silk Road focuses on utilizing digital, information and communication technologies, telecommunications infrastructure, and e-commerce platforms to promote connectivity, economic growth, and digital cooperation among participating countries.
Saudi Investment Minister Ali Farih said that the "the Belt and Road" initiative is in line with the objectives of Saudi Arabia's national transport and logistics strategy. This strategy aims to position Saudi Arabia as a global logistics center connecting the three continents, improve transportation services, and support Saudi Arabia's 2030 vision. Saudi Arabia will coordinate with the Chinese government and enterprises to integrate the construction of large-scale projects and increase consumer demand in Arab countries, ensuring that China occupies a significant share in the market. He also stated that Saudi Arabia can become China's gateway to the Arab world.
Saudi Foreign Minister Faisal, on behalf of Crown Prince Mohammed bin Salman, said that Saudi Arabia and China still have great potential in economic and trade relations. There is a synergy between Saudi Arabia's "Vision 2030" and China's "the Belt and Road" initiative. A modern "Silk Road" will be opened between China and Arab countries, which is in line with Saudi Arabia's future vision of seeking economic diversification and using modern technology to improve the skills of young people.
On the first day of the meeting, China and Arab countries signed more than 30 cooperation agreements, with a total scale of about 10 billion US dollars, covering multiple fields such as technology, renewable energy, agriculture, real estate, minerals, supply chain, tourism, and healthcare. The largest agreement among them is a memorandum of understanding worth 5.6 billion US dollars signed between the Saudi Ministry of Investment and Chinese electric vehicle manufacturer, Chinese Express, aimed at establishing a joint venture engaged in automotive research and development, manufacturing, and sales. In addition, multiple government departments and enterprises in fields such as technology, industry, minerals, and railways in Saudi Arabia have signed cooperation agreements with Chinese companies.
The person in charge of Saudi Arabia's Agilan Brothers Holding Company stated that the company has decided to jointly invest with Chinese companies to establish a joint venture. Both sides will fully leverage their long-term accumulated commercial strength and resources in the regional tourism market, jointly promote the implementation of Saudi Arabia's "2030 Vision" in the post pandemic era, and strengthen the contribution of the tourism industry to Saudi Arabia's economic development.
Saudi Energy Minister Abdulaziz bin Salman said in a speech during the event, "I wouldn't be surprised to hear more statements about Saudi China investment in the near future." He stated that Saudi Arabia is seeking cooperation with the world's second-largest economy rather than competition.