RIYADH: Saudi Investment Minister Khalid Al-Falih met with China’s Commerce Minister Wang Wentao in Beijing during an official visit, underscoring growing economic ties between the two countries.
The ministers discussed strengthening cooperation in global trade and boosting direct investment across several sectors, Al-Falih said in an Arabic post on X. The meeting also saw the signing of the minutes of the Saudi-China Trade, Investment and Technology Committee.
This comes as the Kingdom looks to deepen partnerships with China, its largest trading partner, in line with its Vision 2030 diversification strategy.
“During my official visit to the capital, Beijing, I was pleased to meet with H.E. Wang Wentao, Minister of Commerce of the People’s Republic of China. We discussed developing cooperation in global trade and enhancing direct investments across several sectors,” Al-Falih said.
He added: “The minutes of the Trade, Investment, and Technology Committee between our two friendly countries were also signed.”
Al-Falih also attended a roundtable with the Saudi ambassador to China, over 35 Chinese financial institutions, and Saudi public and private sector representatives to review investment opportunities and deepen financial cooperation.
“We convened a high-level roundtable with the Saudi Ambassador, the Chairman of CCPIT, and the head of the China Chamber of Commerce, joined by 70+ Chinese firms across energy, construction, industry, transport, logistics, telecoms, aerospace, and health,” the minister said.
During the meeting, Wang urged closer cooperation in new energy and capital markets while highlighting the alignment of China’s Belt and Road Initiative with Crown Prince Mohammed bin Salman’s Vision 2030 diversification plan, Reuters reported.
He said there is potential to “expand bilateral trade volumes, elevate the level of two-way investment cooperation, and broaden collaboration in areas such as new energy, industrial supply chains and capital markets.”
Saudi Arabia is one of the few countries with a trade surplus with China. Chinese customs data showed that while the Asian country exported over $50 billion worth of goods to the Kingdom in 2024 — including smartphones, solar panels, and saloon cars — Saudi exports to China totaled $57 billion, over 80 percent of which was oil.
Al-Falih also met with Shanghai Mayor Gong Zheng to explore investment collaboration under the Saudi-Chinese High-Level Joint Committee.
His visit included workshops on industrial value chains, food security, and maritime industries. One session focused on building a fully integrated logistics value chain with over 50 Chinese companies, while another addressed investment in shipbuilding and maritime supply chains.
“Given the critical role of maritime transport in global trade, exploring investment in shipbuilding and maritime industries has become increasingly important,” Al-Falih said.
