RIYADH: China’s Belt and Road Initiative has spent over $1 trillion on infrastructure development, ushering in a new era of trade and economic growth in partnership with the Arab world, said a senior Chinese official.
“More than 150 countries in the world and over 30 international corporations signed cooperation initiatives with China along the BRI, especially in the Arab countries,” said Chen Jianan, vice chairman of the China Council for the Promotion of International Trade.
Jianan spoke at the opening of the 10th Arab-China Business Conference in Riyadh on Sunday.
He said the BRI earlier focused on infrastructure, renewable energy, aviation, and communication, but it has now widened its scope by introducing the Digital Silk Road and Green Silk Road.
The Green Silk Road emphasizes the importance of environmental sustainability, green development, and ecological cooperation.
It seeks to address environmental challenges, promote clean energy, protect biodiversity, and foster sustainable economic growth along the BRI routes.
Similarly, the Digital Silk Road leverages digital, information, and communication technologies, telecommunications infrastructure, and e-commerce platforms to promote connectivity, economic growth and digital cooperation among participating countries.
These extensions of the broader Silk Road Economic Belt and the 21st-century Maritime Silk Road aim to enhance connectivity and collaboration through infrastructure development, trade and cultural exchanges.
“China’s initiative falls in line with the objective of Saudi Arabia’s National Transport and Logistics Strategy to position the Kingdom as a global logistics hub connecting three continents and improve all transport services in support of Saudi Vision 2030,” said Saudi Investment Minister Khalid Al-Falih, while speaking at the event.
He added: “We will meet with the Chinese government and companies to integrate for meeting the needs of the Arab countries to build megaprojects and increase consumption, and we’ll make sure that China will have a big share of this market.”
China has established bilateral and regional coordination mechanisms with Saudi Arabia to align China’s BRI and Saudi Vision 2030.
In 2021, the Kingdom accounted for 37.5 percent of the trade between China and the Gulf Cooperation Council, a factor that reflects the theme of the two-day event: “Collaborating for prosperity.”
The summit aims to support and promote strategic economic collaboration that benefits Arab nations and China.
