Al-Falih: $60bn worth of joint projects between Saudi Arabia, China

JEDDAH: Signed agreements between Saudi Arabia and China are worth more than $60 billion, said Minister of Energy, Industry and Mineral Resources Khalid Al-Falih.
He declared the establishment of a joint company between the Royal Commission for Jubail and Yanbu, Saudi Aramco and a Chinese company in Jizan region. It will be the biggest developed platform between the two countries, with the aim of attracting Chinese investments in various industrial sectors in Jizan.
“Saudi Arabia aspires to be the biggest investor in the sector of refining petrochemicals in the Chinese market, and there will be a big development in this field,” said Al-Falih.
“There is a strategic partnership between the two countries that was launched since the visit of the Chinese president to Saudi Arabia, followed by the visit of Crown Prince Mohammed bin Salman.”
Chinese Vice Premier Zhang Gaoli on Wednesday held a meeting with Saudi businessmen representing various economic, industrial and investment sectors, in the presence of Al-Falih. The meeting was held to boost joint investment opportunities between the two countries.
Jeddah on Thursday hosted the Saudi-Chinese Forum, organized by the Ministry of Energy, Industry and Mineral Resources with the involvement of the Ministry of Commerce and Investment, the Council of Saudi Chambers, and Saudi and Chinese businessmen.
The forum discussed ways to promote commercial exchanges, and inviting the business sector to benefit from investment opportunities in both countries.
Bilateral commercial trade reached $49 billion in 2015.