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The Saudi-Chinese Business Council has showed the Chinese side Saudi Arabia’s plan to attract more Chinese investments into the country
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The council highlighted the Saudi “legislative reforms that are expected to increase investments between the two sides”
The Saudi-Chinese Business Council in Riyadh on Tuesday, June 15, showed the Chinese side Saudi Arabia’s plan to attract more Chinese investments into the country, said an official statement from the kingdom.
The council highlighted the Saudi “legislative reforms that are expected to increase investments between the two sides,” said the statement.
The meeting tackled a briefing about the comprehensive study on attracting Chinese investments to Saudi Arabia.
The council’s Saudi-side chairman Mohammed Al-Ajlan was quoted by the statement as saying that his country has implemented a pack of procedures to improve the business environment, facilitate government procedures related to commerce, investment and automation of government services, in addition to offering a pack of incentives to foreign investors.
He noted that the strategic importance of the China in realizing several programs of the 2030 Saudi Vision and the Belt and Road Initiative that support cooperation aspects between the two countries in all fields, said the statement. He also called on the Chinese side to explore Saudi Arabia.
The council’s Vice-Chairman Ahmad Saad Al-Kridis was quoted as saying that economic transitions between the two countries have provided big opportunities to enhance close ties between the two countries in terms of executing items of the agreements that form the basis of ties or developing them to match contemporary changes, in addition to strategic cooperation agreements between the two countries to invest in multiple projects between the two governments of agreements between businesspeople in the two countries.
He noted that the trade volume between the two countries has witnessed an increase, where Chinese investments in the Kingdom of Saudi Arabia during the 2005-2020 totaled $39.9 billion, while Saudi Arabia’s exports and non-oil imports to China also increased, with exports standing at $10.4 billion and imports reached $7.6 billion.