Riyadh, 14 June 2023 (TDI): The Saudi investment ministry made a groundbreaking announcement on June 12 during the 10th Arab-China Business Conference, revealing its intention to establish a modern “Silk Road” between China and Arab countries.

This initiative aims to foster economic diversification in Saudi Arabia while simultaneously empowering the country’s youth with enhanced skills and opportunities.

The conference, which commenced in Riyadh on June 11, has become the largest event of its kind since its inception in 2005, attracting over 3,000 participants this year.

The first day of the conference witnessed the signing of more than 30 groundbreaking agreements, valued at over 70 billion yuan (approximately 9.8 billion U.S. dollars), showcasing the immense potential for economic and investment cooperation between China and Arab countries.

The economic and trade collaboration between China and Arab countries is marked by a high level of complementarity. The outcomes of this conference reflect the expansion of cooperation beyond traditional oil and gas energy sectors, encompassing science and technology, renewable energy, minerals, supply chains, tourism, and healthcare.

Notably, Saudi Minister of Investment Khalid Al-Falih, Foreign Minister Faisal bin Farhan Al Saud, and several senior Saudi officials expressed their commitment to strengthening relations with China during the conference. Al-Falih also conveyed his eagerness to visit China at the earliest opportunity.

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Highlighting the synergies between Saudi Arabia’s “Vision 2030” and China’s Belt and Road Initiative, Saudi Energy Minister Abdulaziz bin Salman Al Saud emphasized the importance of collaboration over competition.

The establishment of a modern “Silk Road” between China and Arab countries not only promises economic diversification for Saudi Arabia but also signifies a significant step towards reinforcing bilateral ties and promoting mutually beneficial cooperation across various sectors.