- Mohammed Al-Jadaan emphasized the significance of both countries’ roles in the global economy
- Discussions included areas such as tax policy, capital markets, and banking regulations
RIYADH: Saudi Arabia offers “many promising investment opportunities” for Chinese investors across infrastructure, tourism, and industry, said Finance Minister Mohammed Al-Jadaan during a high-level meeting.
Speaking at the fourth meeting of the Financial Sub-Committee of the High-Level Saudi-Chinese Joint Committee, he highlighted opportunities, including “partnerships between the Saudi public sector and Chinese companies.”
The remarks come as Saudi Arabia and China continue to deepen economic ties, with China remaining the Kingdom’s top trading partner. In the first quarter, Saudi exports to China reached SR44.91 billion ($11.97 billion), while imports totaled SR59.33 billion — underscoring both nations’ focus on strategic cooperation under Vision 2030 and the Belt and Road Initiative.
Al-Jadaan emphasized the significance of both countries’ roles in the global economy.
“Saudi Arabia and China have a key role in achieving global economic integration through their effective participation in multilateral platforms,” he said.
Co-chaired by Al-Jadaan and Chinese Minister of Finance Lan Fo’an, the virtual gathering focused on deepening bilateral economic and financial cooperation, as well as enhancing coordination on global financial platforms.
Discussions included areas such as tax policy, capital markets, and banking regulation, as well as infrastructure development and public-private partnerships.
The deepening economic ties between the two countries follow a series of major agreements signed earlier in May during the Saudi-Chinese Business Forum in Beijing.
At the gathering, the Kingdom and China concluded 57 agreements and memoranda of understanding, valued at over SR14 billion ($3.7 billion), covering sectors including agriculture, water, environment, fisheries, and livestock.
Notable initiatives include the planned development of a Smart Food Security City in Saudi Arabia, which will comprise factories, laboratories, and integrated logistics services, as well as the establishment of an agro-industrial zone in Jazan aimed at strengthening supply chains and attracting agriculture-focused industrial investment.
Of the 57 agreements, 26 are dedicated to boosting Saudi exports to China, encompassing products such as dates, vegetables, fruits, and bottled water.
During the virtual meeting, Al-Jadaan called for enhanced financial integration and alignment of economic policies to support mutual prosperity.
“It is essential to continue deepening trade and investment relations, promoting financial integration, and coordinating policies between both nations to foster shared prosperity and sustainable development,” he added.
The minister also emphasized the importance of innovation and collaborative research.
“To create a more inclusive and competitive financial environment, it is essential to explore new and innovative domains, enhance research and development, and deepen public-private sector partnerships,” Al-Jadaan said.
Highlighting the value of multilateral engagement, he noted that such platforms are vital for addressing global development goals.
“Multilateral platforms provide an optimal opportunity for both nations to support emerging economies and achieve important economic goals such as development, poverty reduction, and promoting effective and inclusive dialogue globally,” he said.
Vice Minister of Finance Abdulmuhsen Al-Khalaf, speaking in a session titled “Economic and Financial Multilateral Coordination,” praised the leadership of Saudi Arabia and China within international institutions such as the International Monetary Fund and the World Bank.
He called for forums like the G20 to prioritize cooperative and solution-focused approaches to global economic challenges.
Al-Khalaf also acknowledged the two countries’ roles in debt relief initiatives, including the Debt Service Suspension Initiative and the Common Framework for Debt Treatment.
He urged both sides to continue engaging in global and regional multilateral platforms to strengthen their positions in international financial governance.
Source: www.arabnews.com
