China and Saudi Arabia Expand Scope of Trade and Investment Cooperation

The Chinese ministries of commerce and industry indicated that Saudi Minister of Investment Khalid Al-Falih met with the Chinese ministers of commerce and industry in Beijing today, discussing increased cooperation in trade, investment, and technology. The Ministry of Commerce quoted Minister Wang Wentao after the meeting with Al-Falih, stating that China wishes to collaborate with Saudi Arabia in promoting the Chinese Belt and Road Initiative for infrastructure investment and Saudi Arabia's Vision 2030 initiative. He added that the two countries would also expand cooperation in areas such as energy, resources, infrastructure, and technology. The Vision 2030 plan aims to diversify the economy of the world's largest oil producer away from oil and gas income, encompassing massive infrastructure projects and a greater focus on the private sector. Al-Falih also met with Chinese Minister of Industry and Information Technology Jin Chuanglong, who indicated that China is open to working with Saudi Arabia in the field of new energy vehicles, aircraft, photovoltaic energy, and artificial intelligence, as well as collaborating to protect global industrial supply chains. The relationship, based on cooperation in hydrocarbon products, has expanded as the two countries signed a comprehensive strategic partnership agreement and a series of investment agreements in December 2022.