The Minister of Investment chairs the Saudi side in the meeting of the Trade and Investment Committee between the Kingdom and China
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Last Thursday, via video conference, the meeting of the fourth session of the Trade and Investment Sub-Committee, emanating from the Saudi-Chinese High-Level Joint Committee, was held. It was chaired by His Excellency the Minister of Investment; Eng. Khalid bin Abdulaziz Al-Falih, the Saudi side, while the Chinese Minister of Commerce, Wang Wentao, headed the Chinese side.
participated in the meeting; His Excellency the Ambassador of the Custodian of the Two Holy Mosques to the People’s Republic of China; Mr. Abdul Rahman Al-Harbi, and representatives of government agencies that are members of the committee from both sides.
During the meeting, they reviewed the levels of growth witnessed by bilateral trade, and the size of the commercial partnership between the two countries, in addition to the good results achieved by joint projects, and remarkable contributions to promoting development. Investment opportunities and strengthening cooperation between the two countries were also discussed and discussed.
The meeting reviewed the most prominent economic developments between the two countries, as the People’s Republic of China is the main partner of the Kingdom in commodity trade, as the Kingdom’s exports to it, in the second quarter of this year, amounted to 63 billion riyals (about 16.8 billion US dollars), which makes China The main destination for Saudi exports, and the Kingdom has topped the list of oil suppliers to China, since the beginning of the year so far, with the total quantities supplied by the Kingdom to China amounting to 49.84 million tons. In addition, the Kingdom is the largest partner for Chinese investments within the Belt and Road Initiative, during the first half of the year. In 2022 AD, with investments amounting to 20.6 billion riyals (5.5 billion US dollars), or approximately 3.5 billion riyals (about one billion US dollars) per month.
The two sides touched on the trade relations between the two countries, and expressed their satisfaction with what they have reached, as the value of the Kingdom’s exports to China, during the year 2021 AD, exceeded about 190.9 billion riyals (50.9 billion US dollars), which constituted 18.4% of the total Saudi exports in that regard. year, while the Kingdom’s exports to China, during the second quarter of 2022 AD, amounted to 63.4 billion riyals (16.9 billion US dollars), while the value of the Kingdom’s imports from China, during the second quarter of 2022 AD, amounted to 33.75 billion riyals (9 billions of US dollars).
It is worth noting that the Trade and Investment Committee is one of the committees emanating from the high-level Saudi-Chinese Joint Committee, which it chairs on the Saudi side. His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, and on the Chinese side; Honorable Vice-President of the Chinese State Council.
The meeting of the third session of the Trade and Investment Committee was held in Beijing in 2019, during which it was stressed the importance of studying cooperation in the field of investment and operation of Saudi ports, and discussing investment opportunities in various fields, in addition to urging leading Chinese financial and investment institutions and companies to consider available investment opportunities. In the Kingdom, in general, and projects of the Public Investment Fund and projects in sectors of common interest, in particular. In alignment with the “Kingdom 2030” vision and the Chinese Belt and Road Initiative.