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The Saudi-Chinese Business Council Signs a Memorandum of Understanding with The Chinese Chamber of Commerce

SCBC Team – Riyadh

The Saudi-Chinese Business Council, representing the Council of Saudi Chambers, signed a memorandum of cooperation with the Chinese Chamber of Commerce; To import and export electronic machinery and products, today, Wednesday, January 13, 2021, with the aim of enhancing mutual understanding and economic synergies between Saudi companies and institutions and their Chinese counterparts in the electronic industries sector, as well as working to find promising investment opportunities that ensure the expansion of trade and information exchange in this modern sector, And support its common market in the two countries.

The memorandum of cooperation was officially signed by the Saudi businessman Mr. Muhammad bin Abdulaziz Al-Ajlan, Chairman of the Saudi-Chinese Business Council, and from the Chinese side, Mr. Shang Yujing, Chairman of the Chinese Chamber of Commerce to import and export machinery and electronic products.

The main objectives of the memorandum of cooperation are to focus more on activities that promote the prosperity of the machinery and electronics sector in the two countries, through the continuous exchange of trade, economic and technological information, which helps the two sides to understand trade and investment policies and the machinery market, electronic products, and services in both countries.

The memorandum of understanding covers many tasks related to the two sides studying the offers submitted by the members and the partnership opportunities available in the machinery and electronics sector, and assisting each side to the other in promoting companies and institutions operating in this sector in his country, as well as preparing a list of suppliers, and responding to inquiries related to members of the Chamber of Commerce in the Business Council.

The Memorandum also includes future plans for the exchange of commercial delegations, joint work to provide commercial evidence for the electronics sector in the Kingdom and China, market research, and organization of seminars, workshops, and economic and trade talks between the two sides, and the supply of each side to the other with the main information on exhibitions specialized in this sector in Both countries.

The memorandum of cooperation constitutes an important aspect of the efforts of the Saudi-Chinese Business Council in promoting investments between the Kingdom and China, in order to achieve the goals of the Kingdom’s Vision 2030, by promoting innovation in the field of machinery and electronics, and stimulating economic growth that benefits the economies of the two countries.