Saudi and Chinese companies signed as many as 34 investment agreements on the occasion of Chinese President Xi Jinping visit to the kingdom.
The agreements covered several sectors in the fields of green energy, green hydrogen, photovoltaic energy, information technology, cloud services, transportation, logistics, medical industries, housing and construction factories.
Saudi minister of investment Khalid bin Abdulaziz Al-Falih said the agreements were part of the two countries’ efforts to deepen bilateral economic and investment cooperation.
The minister said the kingdom’s Vision 2030 offers unprecedented investment opportunities in various sectors including renewable energy, biotechnology, tourism, building and construction, and urged Chinese companies and investors to benefit from the investment opportunities.
The Saudi-Chinese bilateral trade amounted to SAR304 billion in 2021. The third quarter of 2022 saw bilateral trade reaching SAR103 billion.
According to the Federation of Saudi Chambers (FSC), the trade exchange between Saudi Arabia and China during 2017-2021 amounted to SAR1.2 trillion.
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