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12-06-23

10th Arab-China Business Conference witnesses 30 agreements valued at USD10 billion

(MENAFN) 30 investment agreements worth USD10 billion were signed on the first day of the 10th Arab-China Business Conference, showcasing the strong economic ties between Arab nations and China. The agreements spanned various sectors, including technology, renewables, agriculture, real estate, minerals, supply chains, tourism, and healthcare. These deals reflect the growing cooperation and investment opportunities between the two regions.

The Saudi government was involved in signing several significant agreements with Chinese entities during the conference. These agreements encompassed various projects, such as a joint venture for automotive research, development, manufacturing, and sales. Additionally, partnerships were formed for the development of tourism and other digital applications, as well as the production of rail wagons and wheels within Saudi Arabia. These collaborations highlight the diverse nature of the investment opportunities being pursued between Saudi Arabia and China.

Beyond the government-to-business deals, numerous business-to-business agreements were also forged during the conference. This indicates the broad scope of engagement and cooperation between Arab and Chinese enterprises, further strengthening trade and economic ties between the two regions.

During the event, Saudi Energy Minister Prince Abdulaziz bin Salman expressed optimism about the future of Saudi-Chinese investment. He emphasized the Kingdom's commitment to collaboration rather than competition with China, highlighting the potential for further announcements in the near future. This approach reflects the mutual understanding of the benefits that can be gained from fostering strong economic partnerships and harnessing each other's strengths.

The Arab-China Business Conference serves as a significant platform for enhancing economic cooperation and promoting investment opportunities between Arab nations and China. The signing of multiple investment agreements underscores the growing interest and confidence in the economic prospects of the region. As both regions continue to explore avenues for collaboration and capitalize on each other's strengths, the conference plays a pivotal role in fostering long-term business relationships and driving economic growth.
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