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Saudi-China Business Council: A New Era and a More Inclusive Partnership

The Saudi-Chinese Business Council is paving the way for a more comprehensive partnership in a new, more open era that characterizes relations between the two countries, in the convergence of the Kingdom’s Vision 2030 and the Chinese Belt and Road Initiative.

In recent years, the two countries launched a comprehensive partnership towards investment with a package of agreement and memoranda of understanding in various fields, the Saudi-Chinese Business Council had the lead and played a prominent role in supporting.

With the Kingdom turning into a promising investment platform and destination, and in light of the strong economy and the increasing growth that it is witnessing under the leadership of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister, and Minister of Defense, the Saudi-Chinese Business Council provides ideal investment services and facilities for business owners And companies from our sister Republic of China.

Despite the great challenges and difficulties that many countries of the world faced, regarding the emerging coronavirus pandemic, the Saudi-Chinese Business Council carried ambitious initiatives that mitigated the effects of that crisis on mutual investment in the two countries.

The Corona crisis has produced investment opportunities that were not exploited before, mainly related to energy, manufacturing, food and drug security, in addition to electronic commercial activities, which are areas that come on top of the Saudi-Chinese Business Council priorities.

The policy of replacement and renewal created by the global Corona crisis has pushed an increase in the demand for high-tech skills that characterize Chinese investment companies, which will not find a fertile investment environment better than the Saudi market.

As the Kingdom’s largest trading partner in West Asia (according to Chinese Ministry of Commerce data), cooperation between China and Saudi Arabia is heading towards a new wave and era of bilateral growth in trade and investment, supported by the profound changes the world is witnessing.

And the success of the Chinese companies operating in the Kingdom will be a new impetus for the economic development of the two Asian giants after those companies implemented huge projects such as the Mecca train, which is the first of its kind in the Middle East.

Just as oil trade is at the heart of the trade relations between the two countries, so Saudi Arabia’s efforts to modernize its infrastructure will bring more opportunities to Chinese project contractors and manufacturers.

The infrastructure projects that the kingdom hopes to improve include roads, airports, oil tankers, marine engineering facilities, and container ports.

Also, Saudi economic cities, including Jizan, attract many Chinese companies working in their construction, and they also represent a new impetus in relations.

On the other hand, in addition to crude oil, petrochemicals, fertilizers, and other products, the Kingdom, which has one of the largest oil reserves, exports to China energy resources and minerals, as the size of oil reserves gives a great advantage in saving energy costs, which enhances Chinese investment opportunities.

In recent years, it has promoted the harmonization of development strategies in the two countries, deepening practical cooperation within the framework of the Vision and Road initiatives, and the mutual visits by leaders of the two countries.

In light of the current economic trend, China is keen to implement the “Belt and Road Initiative”, while the Kingdom is keen to implement “Vision 2030” that aims at economic transformation and comprehensive development that focuses on the non-oil economy.

On the other hand, leaders in China welcomed the Kingdom on more than one occasion to be a global cooperation partner for the “Belt and Road Initiative”, in light of the optimistic outlook promoted by common economic interests.