10th Arab-China Business Conference Concludes with Stronger Economic Partnerships and Bilateral Commitments
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Salma Hossein
- . June 13, 2023
- . Update: June 14, 2023 4:00 pm
The 10th edition of the Arab-China Business Conference concluded successfully today in Riyadh, Kingdom of Saudi Arabia. The conference, held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, marked a significant milestone in Arab-Chinese economic partnerships. It brought together leaders from the public and private sectors, decision-makers, innovators, entrepreneurs, investors, and senior officials from 26 countries to explore and strengthen commercial relations between the Arab world and China.
Also Read – Arab-China Summit: Saudi Arabia Announces Major Investment Agreements
The conference included nine panels, 18 workshops, private meetings, and 150 speakers. It was put on by the Saudi Arabian Ministry of Investment (MISA) in collaboration with the Chinese Council for the Promotion of International Trade, the General Secretariat of the League of Arab States, and the Union of Arab Chambers. It functioned as a forum to talk about and promote economic collaboration between China and the Arab world in a number of industries, including technology, renewable energy, agriculture, real estate, minerals, logistics, tourism, and healthcare.
The Riyadh Declaration, a comprehensive framework intended to strengthen commercial and investment partnerships between the Arab world and China, was officially announced at the summit, making it the conference’s high point. The declaration outlined nine key areas for future cooperation, including enhancing economic ties, looking into new possibilities, encouraging entrepreneurship, exchanging research and scientific innovations, enhancing human capital through educational initiatives, achieving market stability, addressing socioeconomic issues, fostering economic integration, and boosting the use of renewable energy sources.
His Highness Prince Faisal bin Farhan bin Abdullah Al Saud, Minister of Foreign Affairs of the Kingdom of Saudi Arabia, stressed the value of multilateral economic cooperation between Arab nations and China during the start of the conference. He emphasised the shared goal of fostering cooperation and prosperity in order to create a better future for future generations.
Over 30 transactions spanning several industries were signed on the conference’s opening day, totaling $10 billion in investments. A $5.6 billion joint venture between the Saudi Arabian Ministry of Investment and Human Horizons, a Chinese company that develops autonomous driving technology and produces electric vehicles, was one of the notable deals. On the first day, agreements were also signed by a number of other organisations, including the Saudi Arabian Ministry of Industry, SABATCO, and the Android developer Hibobi Technology Ltd. in Hong Kong.
Building robust supply chains, the developing digital economy, capital market financing, and the recently established special economic zones in Saudi Arabia were the main topics of discussion on the second day of the conference. The Economic Cities and Special Zones Authority, which oversees these zones, is charged with establishing routes for strategic FDI.
Dilma Rousseff, the current president of the New Development Bank and a former president of Brazil, gave the keynote address to close the conference. The advantages of continuing economic cooperation between China and the Arab countries were emphasised by Rousseff.
Due to the Arab-China Business Conference’s strategic significance in determining the course of future commercial relations between the Arab world and China, local, regional, and worldwide media representatives paid the event considerable attention.
The conference strengthened the expanding economic links between the two areas, with trade between Arab nations and China expected to reach $430 billion in 2022 and trade between China and Saudi Arabia alone expected to surpass $106 billion with a growth rate of 30% in 2021.
The dedication to establishing deeper business relationships and looking into new opportunities for collaboration is further reflected by the fact that the Arab-China Business Conference’s 11th edition is slated to take place in China in 2025.
About The Ministry of Investment
A key factor in creating investment possibilities and a thriving investment ecosystem in Saudi Arabia is the Ministry of Investment of Saudi Arabia (MISA). By collaborating with companies of all sizes, MISA seeks to make it easier to invest in Saudi Arabia and enhance the country’s overall business climate. MISA leads the collecting of investment data, provides incentives, promotes corporate reforms, and creates investment opportunities.
Also Read – Saudi Arabia reports $75bn in revenues in the first quarter of 2023
About Invest Saudi
The Saudi Arabian Kingdom’s organisation for attracting and promoting investments is called Invest Saudi, which is run by the Ministry of Investment (MISA). For foreign investors seeking information and support throughout their investment journey in Saudi Arabia, it serves as the main point of contact. Working together with them, Invest Saudi is dedicated to offering a seamless experience to both current and potential investors.
