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| Energy cooperation continues to be a major pillar in China-Saudi Arabia relations. Pictured is a terminal receiving oil tankers at Zhoushan Port in Zhejiang Province, China. (Source: CNS) |
On June 5, Saudi Arabia's Energy Minister Abdulaziz Al-Saud met with Chairman of the National Energy Administration of China Zhang Jianhua in Riyadh to discuss plans to set up petrochemical joint ventures.
The two sides also discussed ways to strengthen relations between the two countries in various fields to achieve the goals outlined in Saudi Arabia's Vision 2030, as well as China's Belt and Road Initiative.
Saudi Arabia is scheduled to host the Arab-China Business Conference on June 11-12 in Riyadh, aiming to promote economic, trade and investment cooperation between Arab countries and China. With the theme “Cooperation for Prosperity”, the conference is expected to attract more than 2,000 delegates including investors, businessmen and senior government officials.
According to Saudi Arabia's Minister of Investment Khalid Al-Falih, trade cooperation between Arab countries and China has grown quite strongly in recent years. Trade exchange between Arab countries and China in 2022 reached 430 billion USD, up 31% compared to 2021.
Saudi Arabia leads the Arab region in trade with China, with bilateral trade reaching $106 billion last year, up 30 percent from the previous year.
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