RIYADH: Saudi Arabia has emerged as China’s biggest economic partner in the region with the bilateral trade standing at $70 billion annually. The one-belt, one-road strategy could add new mileage to their relations.

In 2014, Custodian of the Two Holy Mosques King Salman visited China when he was then the crown prince for a four-day visit to further cement the strategic historic relationship between the two countries.
Thanks to the strategic proposal of Chinese president Xi Jinping to establish a “1+2+3”cooperation pattern under the Belt and Road framework, which takes energy cooperation as one core, infrastructure construction and trade and investment facilitation as two wings, and sets to make breakthroughs in three high and new tech fields, including nuclear energy, aerospace and new energy.
Saudi Arabia, located at the key juncture point of the Belt and Road, is the leader of regional development. It is also one of the most significant partners in the construction of the Belt and Road.
According to Chinese Ambassador Li Chengwen, China is counting on the pivotal role of the Kingdom in taking the relations forward to the next level to strengthen peace and cooperation through the Silk Road. When completed, it could act as a major intercontinental trade route linking Asia, Europe and Africa.
In a related development, the Industrial and Commercial Bank of China (ICBC) opened a branch in Riyadh, becoming the first Chinese bank to establish its presence within the framework of China’s international diplomacy. It will provide funding to investors, both Chinese and Saudis, who wish to launch projects in the Kingdom.
As Ambassador Chengwen points out, China is currently one of the fastest growing economies by diversifying its economy through infrastructure, which will lead to job creation. Within the framework of this macro approach, Ambassador Li Chengwen held a high-profile meeting with Saudi and Chinese entrepreneurs in the Kingdom.
Minister of Commerce and Industry Tawfiq Al-Rabiah and the Chinese side signed a memorandum of understanding (MoU) on the protection of the Saudi consumer. Its aim is to check the entry of counterfeit goods and safeguard the interest of the business community on both sides.
Later, addressing the entrepreneurs, Chengwen said: “You have to work hard. Our businesses can develop only on the basis of mutual respect and innovation thanks to the rapidly growing relationship and mutual confidence.” And to underline his firm commitment to the deal, Chengwen said those found guilty of violating the accord “will be blacklisted.”
As for the one belt and road policy, he said it will help the Kingdom and the region as well as China to accelerate the pace of development and make their economies sustainable.
He added: “Last year also marked the 25th anniversary of establishing diplomatic relations between China and the Kingdom. In the past 25 years … the two nations have become strategic partners and have achieved fruitful results of cooperation in various fields.
“Mutual respect is a major premise of Sino-Saudi relations. Despite different national conditions, China and the Kingdom adhere to the principle of mutual respect and equality. We respect for each other’s cultural traditions, social systems and core interests and concerns,” Chengwen added.
He said: “Representing Chinese civilization and the Islamic civilization separately, we both advocate respect, harmony and dialogue among civilizations. The friendly relationship between China and the Kingdom becomes a model of accommodation between different civilizations. Mutual respect and tolerance between China and the Kingdom guarantees the right direction of Sino-Saudi relations.”
The ambassador said China is counting on the pivotal role of the Kingdom in lending a new momentum to the initiative of peace, cooperation, tolerance and mutual learning to revive the Silk Road, one of the most important trade crossings in the continents of the ancient world, Asia, Europe and Africa.
“China is working to establish the free trade area of the Asia-Pacific in the current year. Approval of APEC members in the roadmap represents a historic step for the official launch of this process and emphasizes the APEC confidence and determination to push forward regional economic integration,” Chengwen added.
On Chinese-Arab level, he said that in building a belt and the road they will make the Arab states led by Saudi Arabia the focal point in this great road linking the continents of Asia, Europe and Africa.
On the Group of 20 nations summit (G-20) in Australia, the ambassador stressed that the Kingdom is the only Arab country in the G-20, which has an important place in the global economic structure and energy.
In this context, CRCC Saudi Branch is implementing five projects in Saudi Arabia, including Riviera-1 Compound Alkhobar project.
They include development of the Ministry of Interior's Security Headquarters (phase five); renovation of 78.4 km railway line number two between Dammam and Riyadh; expansion of Dhahran Residential Community – 240 residential villas (package number four), Dhahran Camp, and renewal of 91 km of mainline number two between Dammam and Riyadh, with a contract value totaling $ 3 billion.
As cooperation between China and Saudi Arabia deepens, CRCC sees more opportunities to get involved in various infrastructure projects here. It is contributing to the Kingdom’s prosperity, enhancing bilateral economic cooperation by building a bridge along the Silk Road Economic Belt and the 21st-Century Maritime Silk Road for the realization of the China Dream and the Global Dream.