Saudi And Chinese Ministers Conclude Key Economic Cooperation Meetings In Beijing

Headed by the Minister of Finance, Mohammed Aljadaan, the Kingdom’s delegation concluded its participation in the Saudi-Chinese meetings held May 20-21, 2024, in Beijing. Minister Aljadaan and the Chinese Minister of Finance, Lan Fo’an, co-chaired the third meeting of the Finance Sub-Committee for the High-Level Chinese-Saudi Joint Committee.

During the meeting, Minister Aljadaan emphasised that China is a major partner in Saudi Arabia’s economic transformation. He highlighted the potential for innovation and technical cooperation between Saudi Arabia and China. Strengthening partnerships in areas such as artificial intelligence, renewable energy, and smart cities can drive economic transformation and create new avenues for growth and development.

The participants discussed the macroeconomic situation, related policies, and bilateral and multilateral cooperation. The Vice Minister of Finance, Abdulmuhsen Alkhalaf, and the Chinese Vice Minister of Finance, Liao Min, co-chaired the Saudi-Chinese Financial and Business Roundtable. This event was hosted by the Chinese Ministry of Finance and organised by the Chinese Investment Corporation.

Vice Minister Alkhalaf stressed the importance of exploring economic and development opportunities between Saudi Arabia and China. He noted that the growing relationship between the two nations is reflected in increased economic and trade cooperation. The volume of trade between Saudi Arabia and China reached more than $100 billion in 2023.

The Saudi delegation shared a presentation on the Kingdom’s economic development and investment opportunities. Participants also discussed investment and economic cooperation in the infrastructure sector. On the sidelines of the meetings, Minister Aljadaan met with several ministers, investors, and thought leaders in China to discuss recent economic and financial developments.

These discussions covered topics of common interest and investment opportunities in Saudi Arabia in light of Saudi Vision 2030. The meetings aimed to establish bilateral cooperation and consolidate strong relations between Saudi Arabia and China across various fields. This collaboration seeks to achieve comprehensive economic growth for both nations and contribute to the global economy.

With inputs from SPA