Saudi Minister of Investment Confirms Rapid Development in Relations, Diversity of Cooperation at Sino-Gulf Cooperation Forum

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

During the forum, the minister emphasized the economic resources, strategic components, and advantages the Gulf Cooperation Council (GCC) countries collectively offer. He highlighted the potential for partnership between the GCC countries and China to provide unprecedented economic and investment expansion opportunities. The minister pointed out that the GCC countries represent an integrated market with a bright and promising future, with a combined gross domestic product (GDP) of $2.2 trillion, constituting 65% of the Middle East’s GDP.

The minister discussed the Kingdom’s Vision 2030, which aims to attract investments and financial flows exceeding $3 trillion by 2030, promising significant returns in various economic sectors. He emphasized that these opportunities demonstrate the Kingdom’s commitment to economic growth and development.

The minister highlighted the strong trade relationship between the Kingdom and China, with trade volume reaching approximately SAR362 billion in 2023, the highest since 2014. He also noted the significant growth in direct Chinese investments in the Kingdom, indicating a 5.1% increase in 2022 compared to the previous year and a 37.3% increase from 2018.

The minister held bilateral meetings with senior officials from various Chinese government agencies and leading companies to explore ways to enhance and develop investment cooperation.