Strong ties to bring more investment opportunities

Ajlan bin Abdulaziz Al-Ajlan, chairman of the Council of Saudi Chambers of Commerce, conveyed the greetings of the country's business community to Chinese President Xi Jinping, who visited the kingdom from Dec 7 to 10.

Al-Ajlan praised the progressive ties between Saudi Arabia and China, in light of strong political will and strategic partnership between the two friendly countries, particularly on the economic front.

Speaking to Arab News, Al-Ajlan said the two countries have strong historical and economic relations, as China is the kingdom's largest trade partner.

He urged the business community to take advantage of the momentum created by Xi's visit to push forward trade deals and investments in both Saudi Arabia and China.

The visit reflects the desire of the Saudi and Chinese leaderships to strengthen ties, enhance strategic partnerships and realize the political and economic potential in areas of common interest.

Al-Ajlan said the kingdom is China's largest trade partner in West Asia and North Africa, with imports and exports of goods between the two countries from January to October amounting to $95.46 billion, reflecting the strength and diversity of trade between the two countries.

Al-Ajlan praised the role played by Chinese companies in the kingdom and their involvement in several mega Saudi projects that add value to the kingdom's economy.

He added that with the kingdom's strategic location, the harmonizing of China's Belt and Road Initiative with Saudi Arabia's Vision 2030 will make the kingdom a global logistics hub.

Al-Ajlan said there were huge investment opportunities in the kingdom for China, particularly in infrastructure projects, as well as in enhancing economic cooperation through regional and international blocs such as the Gulf Cooperation Council and the G20.

Optimizing this relationship would turn both nations into a powerful combined economic force based on solid institutional frameworks.

Investment cooperation agreements under the Saudi-Chinese Joint Committee and the Saudi-Chinese Business Council play an important role in developing investment and trade between the business sectors of the two nations, Al-Ajlan said.

The writer is a journalist with Arab News published in Riyadh.

RASHID HASSAN in Riyadh