Saudi Arabia’s investment ministry has announced plans to establish a modern version of the historic Silk Road, connecting China with Arab countries. The initiative aims to diversify Saudi Arabia’s economy and enhance the skills of its youth.
The announcement was made during the 10th Arab-China Business Conference held in Riyadh, which saw the participation of over 3,000 attendees, making it the largest event of its kind since its inception in 2005.
The conference’s first day witnessed the signing of more than 30 significant agreements, totaling over 70 billion yuan (approximately 9.8 billion U.S. dollars).
These agreements highlight the immense potential for economic and investment collaboration between China and Arab countries, according to Gulf Insider.
The scope of cooperation has expanded beyond traditional sectors such as oil and gas, encompassing fields like science and technology, renewable energy, minerals, supply chains, tourism, and healthcare.
“We think that, on the whole, Saudi Arabia and many countries in the Middle East are full of opportunities today. They also welcome Chinese enterprises with core independent intellectual property rights to come and cooperate with them,” said Yin Ye, CEO of China’s biotech giant, BGI Genomics Co., Ltd.
Arab-China Business Conference Propels Saudi Arabia’s Vision for a Modern Silk Road
Senior Saudi officials, including Minister of Investment Khalid Al-Falih and Foreign Minister Faisal bin Farhan Al Saud, expressed their desire to strengthen ties with China during a meeting held at the 10th Arab-China Business Conference. Al-Falih also expressed his intention to visit China in the near future, indicating the significance of the relationship between the two countries.
Saudi Energy Minister Abdulaziz bin Salman Al Saud highlighted the alignment between Saudi Arabia’s “Vision 2030” and China’s Belt and Road Initiative, emphasizing the potential synergies between the two nations.
Addressing concerns about Western suspicions regarding the growing Saudi-China relationship, the energy minister emphasized that Saudi Arabia seeks cooperation rather than competition with China. This statement aimed to underscore the intention of fostering a mutually beneficial partnership between the two countries.
