Saudi Arabia, China Trade, Investment Alliance
Saudi Arabia’s trade with China saw a significant sum of $24.3 billion in Q1 2023, representing 19% of the Kingdom’s total trade.
China stood as Riyadh’s principal trade partner, with exports to China mainly comprising crude oil at $13.7 billion, while imports, led by electronic goods, were at $10.7 billion.
Expanding Economic Horizons
The Kingdom’s vision to diversify its economy has opened doors for increased Chinese investments, with $50 billion worth of agreements signed during President Xi Jinping’s visit.
Saudi Arabia is cultivating a broad industrial base, aiming to attract investments beyond the dominant hydrocarbon sector, including in petrochemicals, renewables, and tourism.
Strategic Economic Zones
Saudi Arabia has launched special economic zones like the King Abdullah Economic City, offering substantial incentives to investors.
FDI inflows into the kingdom surged to $19.3 billion at the end of 2021, with a goal to further increase the contribution of FDI to 57% of the GDP by 2030.
Vision 2030
Saudi’s Vision 2030 aims to reduce dependence on oil revenues and boost the private sector’s GDP contribution to 65% by the end of this decade. The country’s industrial sector is on the rise.
The increased number of factories, from 7,206 in 2015 to 10,518 at the end of 2022.
This growth is part of a wider effort to foster deeper economic relations with China and other global economies, intensifying the Kingdom’s role as a pivotal economic hub.
This strategic alliance is not only a testament to their robust trade relations but also reflects the Kingdom’s ambitious endeavors to revitalize its economy through diversification and technological advancement.
Related Topics :
Sustainable Food Security Vital to Economic Growth
ITFC Participates in African-Caribbean Trade, Investment Forum 2023
China Tech Giants Erase Israel From Digital Maps
