Saudi Investment Minister Khalid al Falih led a high-level delegation to China on Sunday for a visit, including several senior government officials and business leaders. On August 25th, Shanghai Mayor Gong Zheng met with the Saudi Minister of Investment and his delegation. Gong Zheng stated that this year marks the 35th anniversary of the establishment of diplomatic relations between China and Saudi Arabia, and the comprehensive strategic partnership between the two countries continues to deepen. Shanghai attaches great importance to friendly cooperation with Saudi Arabia, and both sides have become important partners for mutual benefit and win-win outcomes. As the largest economic center city in China, Shanghai has always been one of the preferred destinations for foreign investment and global industrial chain layout.

We look forward to creating more highlights of cooperation between the two sides in areas such as digital economy, green development, artificial intelligence, electric vehicles, finance, trade, and professional services. In terms of economic and trade investment, we hope that the Saudi government will support more enterprises to invest in Shanghai and provide convenience for Shanghai enterprises to go to Saudi Arabia. In the field of green and low-carbon, we look forward to strengthening the supply of green energy and sharing of low-carbon technologies to help Shanghai achieve its carbon peak and carbon neutrality goals. We also welcome Saudi companies to actively participate in the China International Import Expo. Shanghai will continue to optimize its market-oriented, rule of law, and international business environment, supporting the common development of various types of enterprises.

Khalid al Falih responded by stating that Saudi Arabia attaches great importance to its relations with China and acknowledges Shanghai's significant achievements in areas such as technological innovation, green and low-carbon development, and finance. Saudi Arabia looks forward to continuing to participate in the CIIE and promoting more high-quality products to enter the markets of both countries. We hope that both sides can deepen cooperation in the fields of economy and trade, green energy, aerospace, shipbuilding, etc., create more convenient investment conditions for enterprises and financial institutions, and promote cooperation between the two places to a wider range and deeper level.

Currently, the annual trade volume between China and Saudi Arabia has exceeded 100 billion US dollars, and China continues to maintain its position as Saudi Arabia's largest trading partner. China's direct investment in Saudi Arabia increased from 24.1 billion riyals in 2023 to 31.1 billion riyals, with a growth rate of 28.8%. During the same period, investment inflows surged from 3.2 billion riyals to 8.6 billion riyals, an increase of 163.9%; Net investment inflow reached 7 billion riyals, an increase of 217.8%. These data not only demonstrate the vitality of the Saudi market, but also reflect the increasing confidence of Chinese investors in the investment environment in Saudi Arabia.

From the perspective of industry distribution, the manufacturing industry attracts the highest proportion of investment, while the remaining funds are widely invested in multiple fields such as financial services and insurance, construction, mining, technology, trade, infrastructure, and healthcare.

This visit is carried out under the mechanism of the Saudi China High level Joint Committee. The committee is jointly focused by the leaders of the two countries and continues to promote practical cooperation through the Joint Trade, Investment, and Technology Committee. It is co chaired by the Saudi Minister of Investment and the Chinese Minister of Commerce. (This article is from the official website of Jian Dao www.seetao.com. Reproduction without permission is prohibited, otherwise it will be prosecuted. Please indicate Jian Dao website+original link when reprinting.) Jian Dao website Middle East column editor/Yang Beihua