Editor's note: Imran Khalid, a special commentator on current affairs for CGTN, is a freelance columnist on international affairs. The article reflects the author's opinions and not necessarily the views of CGTN.

Saudi Arabia is hosting the much-anticipated 10th session of the Arab-Chinese Business Conference in Riyadh. This prestigious event, held on June 11 to 12, is a collaborative endeavor between the Saudi Arabian Ministry of Investment, the Ministry of Foreign Affairs, the Arab League's secretary-general, the Chinese Council for the Promotion of International Trade, and several other government entities.

The conference, an epitome of mutual trust and friendship, exemplifies the unwavering commitment of China and Saudi Arabia to foster robust economic ties. It serves as a dynamic platform for businesses and investors from both regions to forge lucrative partnerships, explore new avenues of growth, and capitalize on each other's unique strengths.

Under the visionary leadership of Chinese President Xi Jinping and Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud, this endeavor signifies a shared determination to bolster economic cooperation, promote sustainable development, and create a prosperous future for both nations. Such collaborations epitomize the spirit of global harmony and open new doors for comprehensive exchanges, emphasizing the immense potential that lies in the harmonious convergence of the China and Arab world.

The conference is set to offer an engaging platform for networking, along with panels and discussions covering a diverse range of subjects. Key topics on the agenda include the transformative Belt and Road Initiative (BRI), renewable energy solutions, pharmaceutical advancements, the dynamic world of startups, sustainable tourism practices, and the critical issue of food security.

Distinguished speakers hailing from various prominent Chinese and Saudi entities, such as the Hong Kong Stock Exchange, Envision Group, INC Robotics, and Saudia Aerospace Engineering Industries, will contribute their insights. Moreover, participation from business leaders representing nations like Jordan, the United Arab Emirates, and neighboring countries in the region promises to enrich the dialogue and further enhance collaborative prospects.

Building upon a rich history of mutual cooperation and friendship that traces back to the ancient Silk Road, China envisions the Middle East as an esteemed partner in the grand endeavor of the BRI. This visionary initiative, rooted in the principles of cooperation, partnership, human development, and peace, seeks to usher in prosperity for all nations involved. It is a testament to the enduring bonds that have united China and Arab states for centuries.

By harnessing existing bilateral and multilateral cooperation mechanisms, both regions are poised to integrate their development strategies seamlessly. With utmost importance placed on fostering collaboration, the establishment of bilateral cooperative development projects will be expedited. These strategic steps will lay the foundation for a myriad of joint initiatives, propelling the realms of trade, infrastructure, and economic growth to new heights.

The BRI serves as a catalyst for inclusive and sustainable development, with China and the Middle East assuming the roles of steadfast partners. By pooling their resources and expertise, these nations are poised to create a future that harmonizes cultural diversity, bolsters economic progress, and paves the way for shared prosperity.

As the BRI gains momentum, the collaboration between China and the Middle East stands as a shining example of global cooperation, underpinning a future marked by unprecedented advancements and unbreakable bonds.

Another aspect of this conference is the enhancement of China's burgeoning relationship with Saudi Arabia which has reached unprecedented levels in recent times. The year began with a landmark achievement as Beijing played a pivotal role in brokering the Saudi-Iranian agreement, leading to the resumption of diplomatic ties between these long-standing rivals.

In a testament to their deepening engagement, Saudi Arabia joined the prestigious ranks as a dialogue partner of the Shanghai Cooperation Organization, further solidifying their strategic bond. The momentum continued to surge as oil giant Saudi Aramco inked a momentous deal with China's Baosteel in May, unveiling plans to construct a state-of-the-art steel factory within Saudi Arabia. This collaboration signifies the immense economic potential that lies at the intersection of their industries.

China holds the distinction of being Saudi Arabia's largest trading partner, while the latter has emerged as one of China's primary oil suppliers, only recently surpassed by Russia earlier this year. In 2022, trade between Arab countries and China witnessed a remarkable surge, amounting to $430 billion, reflecting a substantial 31 percent rise compared to the previous year.

Saudi Arabia took the lead in this dynamic exchange, as trade between Beijing and Riyadh reached approximately $106 billion in 2022, marking an impressive 30 percent increase from the preceding year's figures. These robust trade numbers exemplify the growing economic ties and mutual benefits enjoyed by both China and Arab countries, setting the stage for further prosperous collaborations in the future.

As the Middle East undergoes transformative changes, Chinese investors are presented with new and promising avenues, particularly in cutting-edge industries like high technology and emerging strategic sectors.

This encompasses investments in infrastructure, energy, natural resources, production capacity, and commercial activities, igniting fresh opportunities for growth and development. A key objective of this conference is to achieve financial integration, prompting concerted efforts to bolster coordination in monetary policies as well.

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