Prince Mohammed’s visit to spur Saudi-Chinese business

The Saudi Chinese Business Council will hold its regular meeting next week in China’s capital Beijing. The meeting will be chaired by Prince Mohammad bin Salman, deputy crown prince and minister of defense.

The council is expected to discuss ways of improving and strengthening bilateral relations in the fields of economy and development.
A number of agreements will be signed by the two countries, including a memorandum of understand for cooperation in the power sector and a memorandum of cooperation in the area of oil storage.
Mohammad Al-Ajlan, deputy chairman of the Saudi-Chinese Business Council, was quoted by a local newspaper as saying that Prince Mohammed’s visit and chairing of the meetings of the business council are seen as of utmost importance.
The visit, whose agenda of discussion will cover economic, political and military aspects, is important because China is a country that plays a major role in world economy.
Al-Ajlan said that China regards the Kingdom as a very important country that is a reliable supplier of oil and petrochemical products to China.
The two countries have signed many partnerships agreements in the field of oil and petrochemical industry.
Al-Ajlan said that during the meeting, a number of agreements will be signed regarding investments in Saudi Aramco and SABIC.
An agreement will also be signed with Al-Ajalan group.
Al-Ajlan said that there will be several meetings between Saudi businessmen and chief executives of various companies of China.
Current bilateral trade is worth $74.4 billion. The balance of payments is in favor of Saudi Arabia with the Kingdom's exports to China worth $54.9 billion and imports from China worth $18.4 billion.
The Kingdom exports 45 million tons of oil to China every year. Around 150 Chinese investment companies work in the Kingdom for a business volume of $700 million.

Source: Arab News