The 10th Arab-China Business Conference, themed “Collaborating for Prosperity”, concluded in the Saudi capital on Monday with the announcement of the framework of the Riyadh Declaration on strengthening economic and investment partnerships.
The declaration laid the foundation for ongoing cooperation between China and Arab countries, focusing on nine main points, the Saudi Press Agency (SPA) reported.
These are strengthening economic partnerships, exploring new opportunities for cooperation, supporting entrepreneurship, exchanging research and scientific innovations, organizing training programs to enhance human capital, activating cooperation to achieve market stability, addressing socioeconomic challenges, strengthening economic integration and amplifying renewable energy sources.
On the first day of the conference, investment agreements worth $10 billion were signed, covering more than 30 deals in various sectors.
One of the most notable deals signed was a $5.6 billion deal between Saudi Arabia’s Ministry of Investment and Chinese autonomous driving technology developer Human Horizons, which produces electric cars under the HiPhi brand.
The deal aims to form a joint venture for automotive research production and distribution.
Other organizations that signed deals on the opening day of the conference included Saudi Arabia’s Ministry of Industry SABATCO and Hong Kong-based Android developer Hibobi Technology Ltd.
The Arab-China Business Conference comes at a time when trade between Arab countries and China is on the rise, reaching $430 billion in 2022, SPA reported.
Trade between China and Saudi Arabia alone exceeded $106 billion last year, representing a growth rate of 30 percent compared to 2021.
‘A milestone’ in Arab-Chinese partnerships
According to SPA, the conference, hosted by Crown Prince Mohammed bin Salman, was the largest to date and marked a “milestone” in Arab-Chinese economic partnerships.
In his inaugural speech, Saudi Arabia’s Foreign Minister, Prince Faisal bin Farhan bin Abdullah Al Saud, emphasized the importance of multilateral economic cooperation between Arab countries and China.
“Our shared ambitions of collaborating for prosperity indicate a joint mutual vision that lays within the economic investment relations between the Arab countries & and China, shedding light on how we work together to build a better future for generations to come.,” said Prince Faisal.
Megaprojects about the Belt and Road and Vision 2030
The conference also discussed key issues along China’s Belt and Road Initiative, including renewable energy, megaprojects, tourism and investment. It also discussed projects in the context of harmonizing economic development and diversification plan of the Belt and Road and Saudi Arabia’s Vision 2030.
In addition to promoting investment opportunities, the closing day focused not only on financial returns, but also on how to build strong, long-term infrastructure and reach solutions of common interest for both Arab countries and China through strategic cooperation.
The closing day’s agenda revolved around ways to build more resilient supply chains connecting the two regions, the emerging digital economy and capital market financing to facilitate business growth in Arab countries and China. It also shared a presentation on the newly announced special economic zones in Saudi Arabia, organized by the Economic Cities and Special Zones Authority, which aims to create pathways for strategic inward FDI.
The keynote address on the second day of the conference was delivered by Dilma Rousseff, former president of Brazil and current president of the New Development Bank, the multilateral development bank established by the BRICS.
Speaking on mobilizing resources for infrastructure and sustainable development projects in emerging markets and developing economies, Rousseff highlighted the benefits of continued economic cooperation between the Arab world and China.
Next summit in China
The Arab-China Business Conference welcomed public and private sector leaders, decision-makers, entrepreneurs, investors and senior officials from 26 countries to enhance trade relations between the Arab world and China.
Organized by the Ministry of Investment of Saudi Arabia (MISA), the General Secretariat of the League of Arab States, the China Council for the Promotion of International Trade and the Union of Arab Chambers, the conference was held for the first time in Saudi Arabia.
The 11th Arab-China Business Conference is scheduled to be held in China in 2025.
Saudi Energy Minister ‘turns a deaf ear’ to US criticism
Meanwhile, US Secretary of State Antony Blinken visited Saudi Arabia ahead of the conference. The Biden administration has expressed concern about China’s strengthening ties with Arab countries.
On Sunday, when asked about US criticism of Saudi Arabia’s ties with China, “I totally ignore it,” said Saudi Energy Minister Prince Abdulaziz bin Salman and added: “We came to recognize the reality of today that China is taking, had taken a lead, will continue to take that lead. We don’t have to compete with China, we have to collaborate with China. We will never go again to this zero-sum game. We believe that there are so many global opportunities.”
