Saudi Arabia signs 34 investment deals with Chinese companies | Saudi Arabia has signed 34 investment agreements with Chinese companies

RIYADH: Saudi Arabia on Wednesday signed 34 investment agreements with various Chinese companies as part of President Xi Jinping’s visit. Investment Minister Ng. Khalid Al-Falih and government officials in the field related to the contracts were present. Agreements were signed in various sectors such as green energy, green hydrogen, photovoltaic energy, information technology, cloud services, transportation, cargo handling, medical industry, residential construction, factories, etc.

The Saudi investment minister confirmed that the agreements reflect moves to develop economic and investment ties with friendly country China under the leadership of Ruler King Salman and Crown Prince Mohammed bin Salman.

He stated that the Chinese President’s visit to Saudi Arabia is an opportunity for the leaders of both countries to strengthen the partnership and relationship between the two countries in all fields. Al-Falih added that the visit will help to increase the momentum of the existing cooperation between the two countries.

He explained that there is a strong relationship between Saudi Arabia and China and the mutual visits of the heads of state since 2016 have paved the way for comprehensive development.

In the light of ‘Vision 2030’, the Minister said that Saudi Arabia offers unprecedented investment opportunities in various sectors such as renewable energy, industry, communication, information technology, biotechnology, tourism and construction, and called on Chinese companies and investors to come to Saudi Arabia and benefit from the rewarding investment opportunities.

Al-Falih pointed out that the Ministry of Investment is working with many stakeholders in the country’s public and private sectors to attract investors, provide infrastructure, and provide a stimulating and safe investment environment. The minister also recalled the increase in trade between the two countries compared to previous years.

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