https://arab.news/5d9rg
- Saudi delegation visit seeks to strengthen bilateral relations, attract investments to the Kingdom, and explore joint venture opportunities in the industrial sector
- Saudi automotive market is a significant player in the region, representing 40% of total sales in the MENA region
RIYADH: Saudi Arabia’s automotive industry is set to benefit from advanced technology and strategic deals signed with Chinese companies during a ministerial visit.
Minister of Industry and Mineral Resources Bandar Alkhorayef is leading a delegation to China and Singapore from Sept. 1 to 8. The visit seeks to strengthen bilateral relations, attract investments to Saudi Arabia, and explore joint venture opportunities in the industrial sector, according to the Saudi Press Agency.
During the trip, Alkhorayef visited the Guangzhou Economic and Technological Development District and toured Guangzhou MINO Equipment Co. He engaged in discussions with the company’s vice president about potential collaborations in manufacturing high-tech vehicles.
This initiative supports Saudi Arabia’s goal to become a major automotive hub and a leader in innovative, eco-friendly vehicle solutions.
The Saudi automotive market is a significant player in the region, representing 40 percent of total sales in the Middle East and North Africa.
In a post on X, Alkhorayef wrote: “My official visit to China started with a tour of the Guangzhou Economic and Technological Development Zone, where I learned about their experience in setting up industrial cities.”
“I also visited GAC and met with FOTON to discuss opportunities to enhance industrial cooperation and exchange expertise and knowledge, especially in the manufacture of high-tech cars,” the minister added.
During his visit, Alkhorayef met with the president of Guangzhou Industrial Investment Holding Group to discuss enhancing cooperation in the industrial sector and advancing smart equipment production.
He also toured the Guangzhou Economic and Technological Development District, established in 1984, which ranks second among 219 similar zones for comprehensive capability and leads in scientific and technological innovation.
Recognized as one of the top 10 high-tech parks globally, GETDD showcased its offerings in knowledge exchange, capacity building, and foreign investment opportunities in its Science Square.
The minister was briefed on Guangzhou's incentives and its expertise in scientific and technological innovations within the industrial sector.
He reviewed the National Industrial Strategy’s sub-sectors, including automotive, and discussed Saudi Arabia’s incentives for attracting foreign investment. He explored opportunities to leverage China's advanced high-tech automotive manufacturing expertise.
The visit underscores the importance of the industrial sector in Saudi Arabia’s national strategy, which focuses on innovative technology and market expansion.
In 2023, Saudi non-oil exports to China surpassed SR28 billion ($7.45 billion), while imports from China reached SR160 billion. Key Saudi exports included chemicals, plastics, metals, and machinery, while major imports from China comprised machinery, electrical equipment, and steel.