Saudi Foreign Minister Faisal bin Farhan Al Saud said on Sunday that the 10th Arab-China Business Conference is an opportunity to consolidate the historical Arab-China friendship, build a shared future that will benefit both sides, and promote peace and development in the world.
The minister made the remarks at the opening ceremony of the conference, which opened in the Saudi capital of Riyadh on Sunday.
The Saudi minister underlined Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud's dedication to strengthening the longstanding and advanced partnership between the Arab countries and China in all vital investment fields.
He added that the theme of the conference, "collaborating for prosperity," highlights the great importance, potential, compatibility and common vision that underlies the investment and trade relations between the Arab world and China.
China is the largest trading partner of Arab countries, and the volume of trade exchange between the two sides reached $430 billion in 2022, a 31-percent increase from 2021, he said.
He further stated that Saudi-China trade, which makes up about 25 percent of the total volume of trade exchange between China and Arab countries, reached $106.1 billion in 2022, a 30-percent rise from 2021.
Meanwhile, Saudi Minister of Investment Khalid Al-Falih welcomed China's participation in the conference, which he said "is heading toward growth and expansion."
Al-Falih said Arab countries would work with China to seize the opportunities for broader economic integration of the two sides.
He added that China's outward foreign direct investment grew by 20 percent annually over the past decade, but there is still potential to increase investment flows in the other direction to take advantage of China's large and prosperous market.
In his speech, Secretary-General of the Arab League Ahmed Aboul Gheit said Saudi Arabia's hosting of the conference is a continuation of its successful efforts since the first China-Arab States Summit in 2022 in Riyadh, which gave "a new impetus" to the Arab-China cooperation in various fields.
Saudi Foreign Minister Faisal bin Farhan Al Saud addresses the 10th Arab-China Business Conference in the Saudi capital of Riyadh, June 11, 2023. /CFP
First day: 30 deals signed worth 70 billion yuan
The first day of the conference saw the signing of 30 investment agreements worth 70 billion yuan (around $9.8 billion) across various fields including technology, renewable energy, agriculture, real estate, minerals, supply chains, tourism and healthcare.
A series of business-to-business deals were also signed at the conference, according to local media Arab News.
A $5.6 billion agreement was signed between the Kingdom's Investment Ministry and Human Horizons, a Chinese developer of autonomous driving technologies and manufacturer of electric cars, aiming to establish a joint venture for automotive research, development, manufacturing and sales.
Saudi Arabia and Hong Kong-based Android developer Hibobi Technology Ltd. signed a $266 million deal to develop tourism and other apps.
Besides, a $250 million deal facilitated by the Investment Ministry between Saudi railway company SABATCO and Chinese state-owned and publicly traded rolling stock manufacturer CRRC was struck to manufacture rail wagons and wheels in the Kingdom.
(With input from Xinhua)