Saudi Arabia’s investment minister met with China’s commerce and industry chiefs in Beijing on Sunday and conversed spreading more cooperation in trade, investment and technology, the Chinese governers revealed. China has a wish to collaborate with Saudi Arabia to collaboratively promote China’s Belt and Road infrastructure investment program and Saudi Arabia’s “Vision 2030” initiative, the ministry quoted Commerce Minister Wang Wentao as saying after the meeting with Saudi Investment Minister Khalid Al-Falih, saying that the two nations would also expand cooperation in energy and resources, infrastructure and technology.
The Vision 2030 plan has the goal to diversify the economy of the world’s hugest oil producer away from hydrocarbon income and involves huge infrastructure activities and an expanded focus on the private sector. Al-Falih also encountered China’s Minister of Industry and Information Technology Jin Zhuanglong. The ministry quoted Jin as saying that China was ready to collaborate with Saudi Arabia on fresh energy vehicles, aircraft, photovoltaics and artificial intelligence, as well as cooperating to safeguard global industrial supply chains.
China’s ties with Saudi Arabia have strengthened in latest years, with the Saudi energy minister making an announcement in the month of June that his nation would want to collaborate, not be in competition, with China. The rapport, anchored in hydrocarbon ties, has expanded, with the two nations signing a comprehensive strategic partnership agreement and a series of investment agreements in December 2022.