Saudi Arabia's Minister of Investment, Khalid Al-Falih, engaged in fruitful discussions with China's top officials in commerce and industry during a meeting held in Beijing on Sunday. The agenda revolved around enhancing cooperation in various areas, including trade, investment, and technology, according to statements from the Chinese ministries.
Chinese Commerce Minister Wang Wentao expressed China's willingness to collaborate with Saudi Arabia in advancing China's Belt and Road infrastructure investment initiative and Saudi Arabia's ambitious "Vision 2030" program. Minister Wang stressed the importance of joint efforts in these strategic initiatives, highlighting the potential for mutually beneficial cooperation.
"China is willing to work with Saudi Arabia to jointly promote China's Belt and Road infrastructure investment program and Saudi Arabia's 'Vision 2030' initiative," Minister Wang stated. He further emphasized that the two nations would extend their partnership into energy, resources, infrastructure, and technology sectors.
Saudi Arabia's "Vision 2030" plan is aimed at diversifying the economy of the world's largest oil producer, reducing its reliance on hydrocarbon income, and focusing on extensive infrastructure projects and private sector development. During his visit, Minister Al-Falih also held discussions with China's Minister of Industry and Information Technology, Jin Zhuanglong.
Minister Jin expressed China's openness to collaborating with Saudi Arabia in various high-tech sectors, including new energy vehicles, aircraft, photovoltaics, and artificial intelligence. Additionally, both sides discussed the importance of safeguarding global industrial supply chains through cooperation.
The relationship between China and Saudi Arabia has been strengthening in recent times. In June, the Saudi energy minister declared his country's intent to collaborate rather than compete with China. The foundation of this relationship is rooted in their hydrocarbon ties, and it has seen further expansion, including the signing of a comprehensive strategic partnership agreement and a series of investment agreements in December 2022.
These discussions reflect the growing importance of cooperation between Saudi Arabia and China in multiple sectors, emphasizing their commitment to mutual growth and shared development goals.