Middle-east Arab News Opinion | Asharq Al-awsat

USD71 Billion Trade Exchange between Riyadh, Beijing | ASHARQ AL-AWSAT English Archive 2005 -2017
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Saudi King Salman (R) walks with Chinese President Xi Jinping during a welcoming ceremony in Riyadh January 19, 2016. REUTERS/Saudi Press Agency/Handout via Reuters

Beijing- Chinese-Saudi economic relations have underwent huge improvement especially in the latest period. Several agreements in various fields were signed between the two, whether bilateral agreements with the governments or individual ones among the business men in China and Saudi Arabia.

Total trade exchange and mutual investments reached USD71.3 billion. The number of common Chinese-Saudi projects is 88 projects with a capital of USD537 million. Chinese companies also contribute in developing a number of projects in Saudi Arabia.

Chinese Minister of Foreign Trade and Economic Cooperation Gao Hucheng stated that Saudi Arabia is the main partner for China in the Middle East and the Gulf. Minister added that the total Chinese investments in Saudi Arabia reached USD5.6 billion by end of 2015 and the number of Chinese companies operating in Saudi Arabia is now 150 companies.

Year 2006 witnessed a historic visit of late King Abdullah bin Abdulaziz to China where five agreements between the two countries were signed in the fields of oil, natural gas and mining in addition to others.

Business sector has a vital role in fulfilling the goals of the Saudi-Chinese Joint Committee. The committee is continually exerting efforts to support the commercial and investment relations between the business men of both countries.

Several mutual visits took place including diplomatic emissions and rulers of the countries in addition to a number of tourist and youth visits.