“Federation of Chambers” announces the formation of the Saudi-Chinese Business Council

The Federation of Saudi Chambers announced the adoption of the final formation of the Saudi-Chinese Business Council in its new session (1444-1448) and the nomination of Mohammed bin Abdulaziz Al-Ajlan as Chairman of the Council and both Ahmed bin Saad Al-Kreidis and Anas bin Muhammad Al-Feda as Vice Presidents.

The Chairman of the Saudi-Chinese Business Council, Mohammed Al-Ajlan, explained that the Saudi-Chinese economic relations are of great interest in the agenda of the Federation of Saudi Chambers based on their importance and strategic dimension and the great support provided by the Saudi and Chinese leaderships, as China is the first trade partner of the Kingdom. At the same time, the Kingdom is China’s largest partner in West Asia and North Africa, indicating that the Council will work in its new session to attract huge Chinese investments to the Kingdom and open horizons for trade and investment partnership between the business sectors of the two countries. Focusing on the sectors targeted in Vision 2030 and China’s Belt and Road Initiative.

It is noteworthy that the volume of trade exchange between the Kingdom and China in 2021 amounted to 304.3 billion riyals compared to 221.6 billion riyals in 2020, an increase of 37%. In the same year, Saudi exports to China increased by 59% and imports by 12%.