Saudi Arabia and China seek industrial cooperation
Dr. Saad Al-Shahrani, Deputy Minister of Investment for Economic Affairs in Saudi Arabia, spoke during a forum in Shanghai about strengthening investment cooperation between Saudi Arabia and China, emphasizing that China is a strategic partner for the Kingdom. He pointed out that over the past decade, Saudi Arabia has doubled the size of its local economy, increased its foreign direct investments by about five times, and saw the number of foreign companies operating there multiply by more than ten times. Additionally, female participation in the labor market has significantly increased, and the unemployment rate has been reduced by 50%. He clarified that non-oil investment currently accounts for around 40% of the non-oil GDP, making Saudi Arabia the second-largest economy after China within the G20 in terms of investor confidence. The country is also aiming to deepen industrial partnerships and build upon Vision 2030, which has contributed to the development of new sectors such as petrochemicals, technology, and tourism. Efforts are being made to encourage Chinese companies to participate in building future industries and to increase investments of higher quality and economic impact.
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