Beijing, 3 September 2024 (TDI): China and Saudi Arabia have agreed to expand cooperation in new energy sector.
Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, and his economic delegation are currently visiting China and Singapore to explore enhanced bilateral cooperation in new energy and technology sectors.
The visit is set to focus on advancing partnerships in vehicles, automation, and sustainable development.
The delegation’s itinerary includes key meetings in Guangzhou with prominent Chinese companies such as GAC Group, General Lithium, and Huawei.
This visit aligns with Saudi Arabia’s goal to establish itself as a regional hub for automotive innovation and eco-friendly vehicle solutions, according to the Saudi Press Agency (SPA).
“AlKhorayef’s visit aims to deepen industrial collaboration with China, a leader in new technologies,” said Pan Helin, a member of the Expert Committee for the Information and Communication Economy under the Ministry of Industry and Information Technology.
He said that strengthened economic ties are expected to benefit both nations.
Pan emphasized that Chinese green vehicles could support Saudi Arabia’s energy transformation, while Saudi Arabia offers a significant market and investment opportunities for Chinese automakers.
Chines Companies Expand in Saudi Arabia
Chinese photovoltaic (PV) companies are also expanding in Saudi Arabia, with major deals for solar cell production and energy storage projects.
On August 13, China Energy Engineering Corp announced a $972 million agreement for a 2-gigawatt PV project in Saudi Arabia.
Similarly, JinkoSolar signed a contract in July to establish a joint venture for a 10-gW high-efficiency PV module project.
This cooperation aligns with Saudi Arabia’s Vision 2030, which aims to increase the proportion of new energy to 50 percent by 2030.
The partnership also sets a global benchmark for green transformation, fostering the development of the green economy.
In addition, financial market links between China and Saudi Arabia are strengthening.
Also Read More: President Xi Jinping arrives in Saudi Arabia
On July 16, two exchange-traded funds tracking major Saudi companies, including Saudi Aramco, were launched on the Chinese mainland stock market.
China remains Saudi Arabia’s largest trading partner, with bilateral trade exceeding $100 billion in 2023.
Chinese investments in Saudi Arabia last year included $5.6 billion in vehicle manufacturing, $5.26 billion in minerals, and $4.26 billion in semiconductors.
