Riyadh seeks cooperation ...
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Chinese entrepreneurs and investors have flocked to Riyadh for the conference, which came days after a visit by US Secretary of State Antony Blinken.
In March, state oil giant Saudi Aramco announced two major deals to raise its multi-billion dollar investment in China and bolster its rank as China’s top provider of crude.
They were the biggest announced since Chinese President Xi Jinping’s visit to Saudi Arabia in December where he called for oil trade in yuan, a move that would weaken the dollar’s dominance.
“Oil demand in China is still growing so of course we have to capture some of that demand,” Prince Abdulaziz said.
“Instead of competing with China, collaborate with China.”
The two nations’ momentum has also raised prospects for a successful conclusion to negotiations for a free trade deal between China and the Saudi Arabia-dominated Persian Gulf Cooperation Council, ongoing since 2004.
Saudi Investment Minister Khalid Al Falih said any agreement would have to protect emerging Persian Gulf industries as the region starts to diversify towards non-oil economic sectors.
“We need to enable and empower our industries to export, so we hope all countries that negotiate with us for free trade deals know we need to protect our new, emerging industries,” Falih said, adding he hoped a deal would soon be struck.
Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan also lauded on Sunday the Arab world’s trade and economic partnership with China, while underscoring the importance of this relation and the mutual desire to boost it.
“China is the Arab world’s largest trade partner where the total volume of trade exchange between both sides reached $430b in 2022,” Prince Faisal said. “The Kingdom accounts for 25% of the total trade exchange between China and Arab countries,” the minister told attendees at the 10th Arab-China Business Conference.
Prince Faisal added that the volume of trade exchange between Saudi Arabia and China reached $106b in 2022, with 30% increase compared to 2021.