Saudi Minister Highlights Economic Growth At Sino-Gulf Cooperation Forum

The Kingdom of Saudi Arabia participated in the inaugural Sino-Gulf Cooperation for Industries and Investments Forum, held in Xiamen, China, on May 23 and 24. The Saudi delegation, comprising representatives from both government and private sectors, was led by Minister of Investment Eng. Khalid bin Abdulaziz Al-Falih.

During the forum, Eng. Al-Falih underscored the economic resources, strategic components, and advantages that the Gulf Cooperation Council (GCC) countries collectively offer. He highlighted the potential for partnership between the GCC countries and China to provide significant economic and investment expansion opportunities.

The minister pointed out that the GCC countries represent an integrated market with a promising future, boasting a combined gross domestic product (GDP) of $2.2 trillion. This figure constitutes 65% of the Middle East's GDP. He discussed Saudi Arabia's Vision 2030, which aims to attract investments and financial flows exceeding $3 trillion by 2030, promising substantial returns in various economic sectors.

Eng. Al-Falih emphasized that these opportunities demonstrate the Kingdom's commitment to economic growth and development. He highlighted the robust trade relationship between Saudi Arabia and China, with trade volume reaching approximately SAR362 billion in 2023, the highest since 2014.

The minister also noted the significant growth in direct Chinese investments in Saudi Arabia, indicating a 5.1% increase in 2022 compared to the previous year and a 37.3% increase from 2018. These figures underscore the strengthening economic ties between the two nations.

Eng. Al-Falih held bilateral meetings with senior officials from various Chinese government agencies and leading companies to explore ways to enhance and develop investment cooperation further. These discussions aimed at identifying new avenues for collaboration and mutual benefit.

The forum served as a platform for both sides to discuss strategies for fostering economic partnerships and leveraging their respective strengths. The participation of Saudi Arabia in this forum reflects its proactive approach towards building strong international alliances and attracting foreign investments.

With inputs from SPA