A Saudi delegation representing the Council of Saudi Chambers, consisting of members of the Saudi-Chinese Business Council, participated in the second Belt and Road Summit in Hong Kong.
Participants of the Summit included Chief Executive of Hong Kong, Chairperson of the Hong Kong Trade Development Council, Secretary for Hong Kong’s Commerce and Economic Development, Representative of China’s Ministry of Foreign Affairs, Representatives of various Arabic and foreign governments, including Saudi Arabia, and a large number of businesspeople and corporate directors from around the globe.
Dr. Abdulaziz Jazzar (member of the Saudi-Chinese Business Council) presented during a private session a working paper on the National Transformation Program 2020 and relevant privatization programs pertaining to sectors including water, electricity and transportation. Additionally, the Saudi delegation participated in the roundtable on investment opportunities in infrastructure projects.
Discussions during the Summit focused on the infrastructure projects proposed by the Belt and Silk Road Initiative, and ways to enhance cooperation between different parties to achieve progress in this regard.
The Summit additionally discussed progress in the Belt and Silk Road Initiative, which was launched by the Chinese President, and aims at developing commercial roads and economic corridors linking over 60 countries. In addition to enhancing the economies of countries located along the silk road, fostering trade and economic relations between these countries, and integrating their economies into world economy.
It is worth noting that China is a key strategic trade partner to Saudi Arabia, which is one of pivotal countries in the Belt and Silk Road Initiative due to its location and economic position in the region. The two countries signed a cooperation agreement in this regard in 2006. A joint committee meets regularly to follow up on the implementation of the agreement.
Saudi Arabia and China share common points as China is one of the fastest growing economies in the world, whereas Saudi Arabia has been undergoing a significant transformation in economy diversification post the Saudi Vision 2030. This fosters cooperation and partnership between the two countries, particularly through the Belt and Silk Road Initiative.
Saudi businesspeople find the Saudi Vision 2030 and Belt and Silk Road Initiative to be aligned in terms of taking advantage of the Kingdom’s strategic location as a connector of multiple continents and an international logistics center. As a key partner, China is capable of playing a significant role in achieving and participating in the Vision’s investment opportunities.
Partaking in the projects that both the Saudi Vision 2030 and Belt and Silk Road Initiatives bring about is expected to further propel the Saudi-Chinese economic relations.