In Cooperation with "Invest Saudi", the Economic Cities and Special Zones Authority Hosts a Chinese Delegation to Strengthen Investment Opportunities in the Kingdom

[King Abdullah Economic City, 6 March 2024] The Economic Cities and Special Zones Authority (ECZA), in cooperation with the "Invest Saudi" initiative, hosted a Chinese delegation from Shandong Province in King Abdullah Economic City (KAEC). The visit program included a forum aimed at strengthening the growing relations between the two countries and presenting investment opportunities in the Kingdom.The delegation, headed by the Vice Chairman of the China Council for the Promotion of International Trade in Shandong Province (CCPIT Shandong), included more than 200 people, among them government officials and leaders of major industries in energy, building materials, machinery, agriculture, and food. The visit follows the successful tour made last December by His Excellency the Minister of Investment and Chairman of the Board of the Economic Cities and Special Zones Authority, Eng. Khalid Al-Falih, to various cities in the People's Republic of China, and the Arab-China Business Conference held in Riyadh in June last year.The meeting opened with keynote speeches by His Excellency the Secretary-General of the Economic Cities and Special Zones Authority, Mr. Nabil Khojah; His Excellency the Advisor to the Minister of Investment for Special Economic Zones, Mr. Ziyad Al-Juhaiman; His Excellency the Vice Chairman of CCPIT Shandong, Liu Xiaojiang; and His Excellency the Consul General of the People's Republic of China in Jeddah, Wang Qimin.The meeting also included interactive presentations by officials from the Economic Cities and Special Zones Authority, King Abdullah Economic City, the Global Supply Chain Resilience Initiative, and the China Council of Manufacturing Industries in Shandong Province, as well as several success stories from Chinese companies operating in the Kingdom of Saudi Arabia.This was followed by innovative workshops connecting the delegation with relevant Saudi government entities and companies, helping to strengthen and develop Chinese investment in the Kingdom. The meeting concluded with a dinner in honor of the delegation, who also watched a folk arts performance.Commenting on the success of the visit, His Excellency the Secretary-General of the Economic Cities and Special Zones Authority, Mr. Nabil Khojah, said: "It was our pleasure to welcome our friends from China's Shandong Province and to present the key features of the Kingdom's special economic zones. These zones are designed specifically to facilitate the investor experience, from developing industrial clusters to simplifying processes for ease of doing business. Together, these create competitive and attractive advantages that place the Kingdom of Saudi Arabia at the forefront of global investment opportunities."For his part, the Advisor to the Minister of Investment for Special Economic Zones, Mr. Ziyad Al-Juhaiman, said: "This visit is a testament to the strong and growing relationship between the Kingdom and the People's Republic of China. The opportunities explored during this meeting confirm the mutual interest in deepening economic ties and increasing future cooperation."In this regard, the General Manager of Emaar The Economic City, Mansour Al-Salem, said: "We are honored to welcome our distinguished guests from Shandong Province and the representatives of private and government entities to King Abdullah Economic City. This visit confirms the growing global interest in the Kingdom of Saudi Arabia's economic landscape, driven by the transformative strategies of Vision 2030. It also symbolizes the increasing confidence in the Kingdom's potential and the growing opportunities it holds. As we open our doors to delegations from around the world, we reaffirm our firm commitment to fostering fruitful partnerships, unlocking the vast investment potential of King Abdullah Economic City, and moving together toward a future of sustainable growth and shared prosperity."The Kingdom of Saudi Arabia and the People's Republic of China are both committed to strengthening infrastructure, connectivity, and global trade. The Kingdom seeks to achieve ambitious goals to become a global investment hub, and attracting foreign investment is one of the pillars of the National Investment Strategy and Saudi Vision 2030, which complements China's Belt and Road Initiative.Bilateral trade between the Kingdom of Saudi Arabia and the People's Republic of China reached USD 90 billion as of November 2023, driven by GDP growth of 8.7% and more than 600 reforms to improve and develop the Kingdom's investment ecosystem.