Saudi FM inaugurates 10th Arab-China Business Conference 2023

The Foreign Minister underscored the Crown Prince's keenness to raise the level of work to produce results worthy of the long-standing, advanced partnership between the Arab countries and the People's Republic of China in all vital investment fields.

"The conference is an opportunity to strengthen and consolidate the historical Arab-Chinese friendship, build a common future that takes us on a new era that will benefit peoples and maintain peace and development in the world," said the Foreign Minister at the conference.

He added that the theme of the conference highlights the great importance, potential, compatibility and the common vision that underlies the investment and trade relations between the Arab world and China, as well as contributes to the exchange of experience and the opening up of new opportunities for growth and investment to achieve prosperity and progress for the peoples of the region and the world.

The minister said Chinese President Xi Jinping's successful visit to Riyadh, in December 2022, further strengthened political, economic, investment and trade ties between the two friendly countries. The visit coincided with the launch of the first China-Arab States Summit and China-GCC Summit, both of which resulted in the signing of several agreements and memorandums of understanding worth more than $50 billion.

According to the Foreign Minister, China is the largest trading partner of Arab countries; the volume of trade exchange between the two sides reached $430 billion in 2022, a 31% increase over 2021. The minister further stated that the Kingdom of Saudi Arabia makes up 25% of the total volume of trade exchange between China and Arab countries, which reached $106.1 billion in 2022, a 30% increase over 2021.