Riyadh, 8 December 2022 (TDI): Xi Jinping, the President of China, reached Saudi Arabia for China-Arab Summit on a three-day trip that will mostly focus on energy relations.
The President of China’s journey to Saudi Arabia is his first visit since 2016, and it is only President’s third trip abroad since the coronavirus outbreak started.
The Saudi-Chinese Summit, the Riyadh Gulf-China Summit for Cooperation and Development, and the Riyadh Arab-China Summit for Cooperation and Development will take place during his visit.
More than 30 leaders and officials from the two countries and international organizations attended, underscoring the significance of the meetings and their high regional and global profile.
An article headlined “Inheriting friendship spanning thousands of years and working together to achieve a bright future” was published in the Saudi daily and was signed by the President Xi Jinping.
The Saudi and Chinese leaders want to further their strategic cooperation, develop their bilateral ties, and take advantage of the political and economic opportunities it presents to advance their shared interests, as shown by Xi’s visit.
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Along with a strategic partnership agreement and a plan to coordinate the implementation of Saudi Arabia’s Vision 2030 development and diversification project with China’s Belt and Road Initiative, the presidential visit will see the signing of more than 20 initial agreements between the two nations, totaling more than SR110 billion ($29.3 billion).
Saudi Arabia wants to establish a powerful strategic alliance with China to promote investment and trade. Between 2005 and 2020, the Kingdom received more than 20.3 percent of all Chinese investments in the area, totaling $196.9 billion, making it the largest receiver of Chinese investment in the Arab World.
The SABIC-Fujian Petrochemical Industrial Group, a joint venture between the two nations with an estimated value of SR22.5 billion in which SABIC holds a 51 percent stake, is about to go into operation. It will feature a high-capacity plant for the production of petrochemical goods.
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