China, Saudi Arabia fortify pillar of relations by expanding investment, trade

RIYADH, Sept. 12 (Xinhua) -- Chinese Premier Li Qiang's visit to Saudi Arabia, which concluded on Wednesday, has underscored the role of investment and trade as a key pillar of the China-Saudi Arabia relationship.

During his brief stay of less than 24 hours, Li held intensive meetings with Saudi business representatives, Secretary General of the Gulf Cooperation Council (GCC) Jasem Mohamed Albudaiwi, and Saudi Crown Prince and Prime Minister Mohammed bin Salman Al Saud.

Throughout these engagements, the key focus was consistently on deepening trade and investment ties.

In discussions with Saudi business representatives, Li urged Saudi companies to increase their involvement in the Chinese market, assuring them that China is committed to building a top-tier business environment that is market-driven, law-based and internationally oriented.

The Chinese premier revealed that China will further relax market access, fully lift restrictions on foreign investment in the manufacturing sector, accelerate the opening of service sectors like telecommunications, and provide robust support for foreign enterprises to help them establish a stronger presence and achieve success in China.

In his meeting with Albudaiwi, Li called on China and GCC countries to strengthen the alignment of their development strategies and speed up the negotiations for a free trade agreement, while reiterating the need for deepening investment cooperation between the two sides.

In discussions with the Saudi crown prince, he urged both sides to encourage their companies to invest in each other's markets and enhance communication and cooperation in this regard.

The premier's appeal for deepening investment and trade ties has resonated positively in Saudi Arabia.

Following the meetings, Saudi Arabia's Minister of Investment Khalid Al-Falih told Xinhua that China and Saudi Arabia have bright prospects for investment cooperation, noting that around 750 Chinese joint ventures or companies currently operate in Saudi Arabia.

Al-Falih emphasized that trade between China and Saudi Arabia continues to grow rapidly, with last year's trade volume surpassing 100 billion U.S. dollars, and this upward trend extending into the first half of this year.

Currently, trade with China is equivalent to 90 percent of Saudi Arabia's total trade volume with the Group of Seven countries, according to the minister.

This growth in trade and investment is driven by the complementary strengths of both economies.

As Li has said, China is comprehensively advancing Chinese modernization by promoting high-quality development, continuously unlocking the demand of a large-scale market of over 1.4 billion people, and pushing forward the digital, intelligent, and green transformation and upgrading its industries.

Technological innovation in such fields as artificial intelligence, cloud computing, and bio-medicine remains vibrant in China, which will create new economic growth drivers and foster numerous high-growth companies, providing broader market opportunities and investment prospects for businesses from various countries, including Saudi Arabia.

Meanwhile, Saudi Arabia, as a traditional energy powerhouse, is advancing its Vision 2030, unlocking significant market opportunities for Chinese investors.

Li emphasized that the development strategies of China and Saudi Arabia are "well-aligned." Through the enhancement of investment and trade relations, China aims to further solidify its comprehensive strategic partnership with Saudi Arabia.

During his meeting with Saudi business representatives, Li encouraged Saudi companies to act as bridges in enhancing friendship and mutual understanding between the two countries and elevate the China-Saudi Arabia comprehensive strategic partnership to new heights.

These sentiments were echoed by Mohammed Alajlan, deputy chairman of Ajlan &Bros Holding Group, who said the collaboration between the two nations has effectively integrated technology, capital, and markets.

He pledged to play a "bridging role" in fostering bilateral ties.

"With the support from both governments, our cooperation will continue to deepen and contribute to the economic growth and well-being of both nations," he said.