RIYADH: In a significant move aimed at strengthening trade ties with China, Saudi Arabia has announced the revival of the Silk Route during a key business event held in Riyadh.
Speaking at the Arab-China Business Conference, Saudi Investment Minister Khalid Al-Falih emphasized that the Kingdom can serve as China’s gateway to the Arab world, as China seeks to enhance trade relations with the region.
Highlighting the importance of this initiative, Minister Al-Falih stated that it aligns with Saudi Arabia’s future vision, which aims to diversify the economy and utilize modern technology to enhance the skills of the country’s youth. Currently, the Kingdom represents 25 percent of the $432 billion trade volume between China and Arab countries in 2022.
The trade volume between Saudi Arabia and China reached $106 billion in 2022, marking a 30 percent increase compared to the previous year. Minister Al-Falih expressed his commitment to acting as a bridge between the Arab world and China, acknowledging the exponential growth of the relationship between the two nations over the past few decades.
Saudi Arabia’s FM Highlights Investment Opportunities
At the Arab-China Business Conference, Saudi Foreign Minister Prince Faisal bin Farhan emphasized the immense investment opportunities that Chinese companies have in Arab nations, while highlighting the potential for Arab countries to benefit from China’s technical expertise for future development.
Prince Faisal further stated that the total trade between Arab countries and China witnessed a 31 percent growth in 2022 compared to the previous year, emphasizing China’s position as the largest trade partner for Arab nations. He also emphasized the importance of events like the Arab-China Business Conference in further enhancing the trade relationship between the two regions.
The conference, organized by Saudi Arabia’s investment and foreign ministries in collaboration with the General Secretariat of the Arab League, the Chinese Council for the Promotion of International Trade, and the Union of Arab Chambers, is set to attract over 2,000 participants.
It will feature 20 panel discussions where top CEOs, business owners, investors, and government officials will share their perspectives to strengthen trade ties between the Arab world and China.
