Investors from Saudi Arabia and China have met to discuss opportunities in healthcare and biotechnology as the two countries look to boost a SR70.4bn ($18.7bn) trade relationship.
The Saudi-Chinese Business Council Forum, attended by Minister of Health Fahad Al Jalajel, has convened to focus on boosting economic collaboration in key sectors, highlighting healthcare, biotechnology, and foreign and private investments to support the goals of Saudi Vision 2030.
The event brought together 25 citizen and 30 Chinese investors to bolster trade and investment opportunities in the healthcare sector, during which 24 agreements were signed to an audience of 450 investors.
Saudi-China investments
Biotechnology was highlighted as a crucial sector, with KSA focusing on localising vaccine production and pharmaceutical manufacturing in a market valued at over SR30bn ($8bn).
The private insurance market in the Kingdom is expected to grow fivefold, opening new prospects for investment and strategic partnerships.
Trade and economic relations between KSA and China have seen remarkable growth in recent years.
In 2023, bilateral trade volume reached SR70.4bn ($18.7bn), reflecting the robust economic ties between the two nations.
Al Jalajel said: “The partnership between Saudi Arabia and China is profound, rooted in a mutual commitment to advancing global health and addressing their challenges.
“Our discussions today shed light on our cooperation, particularly in promoting innovation in biotechnology and robotics and localising healthcare industries to ensure resilience and sustainability.”
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