Saudi-China Investment Forum crowned with 35 agreements and 4 licenses for Chinese companies

Media iN / Beijing 22-02- 2019
The Saudi-China Investment Forum, organized by the Saudi Arabian General Investment Authority (SAGIA) and the Saudi Center for Strategic Partnerships, concluded today with the signing of 35 bilateral economic cooperation agreements between Saudi Arabia and the People’s Republic of China, worth more than $ 28 billion. Chinese specialized in a number of fields, amid the presence of more than 1000 participants and visitors, including decision makers and investors and interested in economic affairs.
The forum, which coincided with the official visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Deputy Prime Minister and Minister of Defense, to the People’s Republic of China as part of his Asian tour aimed at enhancing opportunities for joint cooperation between the two countries in various fields. Political, economic, social and cultural issues, the participation of more than 25 government and private sectors in the Kingdom in the exhibition accompanying the forum under the slogan “Invest in Saudi Arabia”.
In his opening speech, the Executive Vice President of the Saudi Center for International Strategic Partnerships, Yasser Al-Dehaim, stressed the importance of the strategic partnership and the pivotal role in the development of cooperation between the two countries. The march of cooperation and harmony between Saudi Arabia and the People’s Republic of China, which has moved from the relationship to the comprehensive partnership, especially in light of the structural changes in the global economy, have contributed to the opening of new and innovative economic opportunities.
His Excellency the Governor of the General Authority for Investment, Eng. Ibrahim bin Abdulrahman Al-Omar, expressed the importance of this forum, which culminated in the announcement of a number of agreements and licenses, which will drive the economic development in the Kingdom, pointing out that this forum represents an important step on the way to promote opportunities for joint economic cooperation with China .
Al-Omar pointed out that the Kingdom represents a promising market for the growth of Chinese companies and that the regulatory reforms in the Saudi economic environment strengthen the Kingdom’s leading position as an economic destination. He pointed out that the SAGIA has adopted a package of important reforms for investors, To the Kingdom, including the ease of issuing work visas that have been completed in less than 24 hours, and granting licenses to foreign companies in a period not exceeding one day.
For his part, Deputy Governor of the General Authority for Investment, Sultan Mufti praised the investment activity of Chinese companies in the Kingdom market and his contribution to many economic projects in the Kingdom.
The General Authority for Investment announced the signing of 35 bilateral economic cooperation agreements between the Kingdom of Saudi Arabia and the People’s Republic of China, estimated at more than 28 billion US dollars, and the delivery of 4 licenses to Chinese companies specializing in a number of areas.
Other cooperation agreements signed during the forum included areas of the Kingdom’s target sectors such as renewable energy applications, including the cooperation agreement between KIA and Gold Wind International Holding, aimed at activating cooperation and consultation frameworks in the field of investment development in wind wind turbines by manufacturing Electric control devices, wind turbine structures, turbine blades and wind generators with an investment of $ 18 million.
The agreement aims to open up to 800 new job opportunities in one of the most targeted sectors of sustainable development.
With agreements covering the petrochemical industry, information technology and infrastructure included in the list of targeted investment sectors.