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Eye of Riyadh
Business & Money | Saturday 23 February, 2019 9:14 am |

35 agreements signed, 4 licenses granted to Chinese firms

The Saudi-Chinese Investment Forum concluded its deliberations here Friday by signing 35 joint bilateral economic cooperation agreements between the Kingdom of Saudi Arabia and the People's Republic of China, worth more than $28 billion and granting 4 licenses to Chinese companies, specialized in a number of fields, Saudi Press Agency (SPA) said.

The forum witnessed participation of more than 1,000 decision makers, investors and people interested in the economic field.

It coincided with the current state visit of Crown Prince Muhammad Bin Salman, deputy premier and minister of defense, to China, aiming at enhancing joint cooperation opportunities between the two countries in various political, economic, social and cultural fields.

Furthermore, over 25 entities representing government and private sectors in the Kingdom took part in an exhibition accompanying the forum, titled "Invest in Saudi Arabia".

During the panel discussions and workshops accompanying the forum, participants from the Chinese and Saudi sides reaffirmed their resolve to further expand the areas of partnership and the horizon of cooperation between the two countries.

Cooperation agreements, signed in the forum, covered sectors targeted by Saudi Arabia, such as renewable energy applications, the petrochemical industry, information technology and infrastructure. A number of decision makers in the Kingdom, senior economists and representatives of Chinese international companies attended the forum. The sessions discussed a number of issues of common interest, in the investment sector.

Meanwhile, the first session focused on the opportunities for achieving a more favorable economic environment for the Chinese investors in the Kingdom, while the second session dealt with the investment and young entrepreneurs' activities.

Compatibility between the Kingdom’s Vision 2030 and the China Belt and Road Initiative was the main theme of the third session.

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