Saudi Arabia Bolsters Ties With China at Arab-China Business Conference
Saudi Foreign Minister Faisal bin Farhan Al Saud inaugurated the 10th Arab-China Business Conference in Riyadh on Sunday, framing the event as a chance to solidify Arab-Chinese relations, encourage mutual prosperity, and foster global peace and development.
The foreign minister underscored Crown Prince and Prime Minister Mohammed bin Salman’s commitment to enhancing the advanced partnership between Arab nations and China across vital investment sectors. The theme of the conference, “Collaborating for Prosperity,” exemplifies the synergy, shared vision, and potential inherent in Arab-Chinese trade and investment ties, the minister said.
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China is the Arabs’ largest trading partner, with trade totaling $430 billion in 2022, a 31% increase from 2021, he said. Trade between Saudi Arabia and China, which accounts for about 25% of total Arab-Chinese trade, climbed to $106.1 billion in 2022, up 30% from 2021.
Investment Minister Khalid Al-Falih welcomed China’s participation, noting that Arab nations are eager to collaborate with China to broaden economic integration. Despite China’s outward foreign direct investment growing 20% annually in the last decade, the investment minister sees room for increased investment in China’s thriving market.
Arab League Secretary-General Ahmed Aboul Gheit lauded Saudi Arabia’s continued efforts to nurture Arab-China cooperation since hosting the inaugural China-Arab States Summit in Riyadh in 2022.
