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The Meeting of The Saudi-Chinese Business Council: Forming Specialized Committees and Stimulating Investment and Development

SCBC Team – Riyadh

Members of the Saudi-Chinese Business Council, headed by Prof. Muhammad Al-Ajlan, met today, Monday, January 11, 2021, to follow up on the implementation of the new methodology of the Council aimed at strengthening economic partnerships with the Chinese side, and the desired results during the coming period, in light of the development of bilateral relations and their development orientation And discuss studies and opinions on ways to provide additional incentives to Chinese investors, facilitate commercial and economic procedures, and improve the joint business environment, in addition to working on directing capital towards new sectors that would increase the ability to localize modern Chinese expertise and technologies locally.

The “council meeting”, which comes on a regular basis, witnessed the establishment of “specialized committees” in various economic sectors, formed of members of the council, with the possibility of including economic experts and government officials to take their opinion and allowing affiliation to these committees in front of everyone working in economic and investment activities that enrich the trade exchange between the Kingdom and China; This is to enhance collective consultation, raise the efficiency of work, plans and events set up by the Council in a manner that ensures the provision of a more creative and distinct regulatory environment, and creates an attractive environment for investments and investors in the Kingdom and China.

The members of the Business Council approved during the “meeting” the formation of 4 specialized committees in principle that can be increased, namely: “Industry Committee – Real Estate Development Committee – Trade Committee – Communications and Information Technology Committee,” according to the working paper on the committee’s proposal, which also referred to The role of these committees in signing memoranda of understanding and bilateral cooperation programs with various major Chinese authorities, and contributing to drawing new investment policies that enhance the role of the Council in supporting trade and investment exchange between the two sides, enabling it to become a host for new agreements, and creating new business partnership opportunities in a comprehensive manner and the local and regional promotion of strategic and innovative Saudi and Chinese goods and products, in a way that enhances economic development and pushes the wheel of growth that achieves the best impact on the GDP of the two countries.

The “meeting” stated that the new specialized committees will contribute to revitalizing the role of council members in various economic sectors, and provide opportunities for innovation and creativity, which enhance investments, strengthen partnership with the Chinese side, expand scientific studies and feasibility studies for various projects and investments, and assess their readiness in legal, technical and financial aspects, facilitating cooperation, coordination, and communication between businessmen in the two countries, exchanging experiences, providing decision-makers in the two countries with ways to strengthen partnership, support food security, and solve problems that may face companies and investors from both sides.

On the other hand, the “Council meeting” discussed its various activities that were officially agreed upon and approved, as well as the future programs of the Council related to work to supply the Saudi-Chinese market with more new sectors and areas and the incentives for growth and prosperity that benefit the economies of the two countries, in addition to pushing efforts towards a green economy, by focusing on environmentally friendly investment areas, and by providing the opportunity for Saudi companies and their Chinese counterparts to express their views, present innovative solutions on environmental sustainability locally, and create enhanced investment opportunities for the green economy.