Saudi Arabia and China have strengthened their economic cooperation by signing several agreements covering a wide range of sectors.
On the sidelines of the Saudi-Chinese Business Council Forum, held Wednesday in Beijing, both countries signed 24 agreements, the Saudi Press Agency (SPA) reported.
The Saudi-Chinese Business Council Forum, attended by the Saudi Minister of Health, Fahd Al-Jalajel, focused on strengthening economic cooperation across vital sectors, prioritizing healthcare, biotechnology, and foreign and private investments, in line with the objectives of Saudi Vision 2030.
The forum brought together 25 Saudi investors and 30 Chinese investors who explored boosting business and investment ties in the healthcare sector.
The discussions focused on biotechnology, one of the crucial areas, as the Kingdom seeks to localize vaccine production and pharmaceutical manufacturing in a market valued at SAR 30bn. Moreover, the private insurance market in Saudi Arabia is projected to experience a fivefold growth, opening new opportunities for investment and strategic partnerships.
In recent years, trade and economic relations between Saudi Arabia and China have seen substantial growth. Bilateral trade between both countries reached SAR 70.4bn in 2023, an indicator of the strong economic ties between the two countries.
In the light of this, the Saudi Health Minister said: “The partnership between Saudi Arabia and China is profound, rooted in a mutual commitment to advancing global health and addressing their challenges. Our discussions today shed light on our cooperation, particularly in promoting innovation in biotechnology and robotics and localizing healthcare industries to ensure resilience and sustainability.”
The Saudi-Chinese Business Council is a key platform for boosting economic relations, playing a pivotal role in bringing together Saudi and Chinese companies. Furthermore, it facilitates knowledge exchange, promotes joint projects in technology-driven sectors, and supports investments that contribute to economic diversification.
