At the 10th Arab-China Business Conference, the Saudi Investment Ministry said on Monday that a contemporary “Silk Road” will be established between China and Arab nations in order to assist Saudi Arabia in diversifying its economy and enhancing the capabilities of its young.
With more than 3,000 attendees this year, the two-day event, which began on Sunday in the Saudi capital of Riyadh, is the greatest in scope since it began in 2005.
More than 30 ground-breaking agreements worth over 70 billion yuan ($9.8 billion) were signed on the first day of the conference, demonstrating the enormous potential for economic and investment cooperation between China and Arab nations.
China and Arab nations’ economic and commercial cooperation is quite complimentary.
According to the conference’s findings, the two countries’ economic and commercial cooperation has grown beyond the conventional energy sources of oil and gas to include renewable energy, minerals, supply chains, tourism, and healthcare.
“We believe that Saudi Arabia and many other Middle Eastern nations offer a wealth of potential today. In addition, they encourage Chinese businesses with significant autonomous intellectual property rights to visit and work with them, according to Yin Ye, CEO of China’s largest biotech company, BGI Genomics Co., Ltd.
Saudi Minister of Investment Khalid Al-Falih, Foreign Minister Faisal bin Farhan Al Saud, and other top Saudi officials all voiced the goal of further advancing ties with China during the meeting, according to a story in Hong Kong’s South China Morning Post on Monday.
Al-Falih said that he was eager to go to China.
Saudi Arabia is moving toward its “Vision 2030,” according to Saudi Energy Minister Abdulaziz bin Salman Al Saud, while China is carrying out the Belt and Road Initiative. As a result, there are advantages between the two nations.
When discussing Western mistrust of Saudi Arabia and China’s expanding ties, the energy minister made it plain during his speech at the event that Saudi Arabia prefers cooperation over competition with China.