RIYADH — The Federation of Saudi Chambers (FSC) said the volume of trade exchange between Saudi Arabia and China during the past five years (2017-2021) amounted to SR1.2 trillion, which reflects the strength and durability of the strategic economic partnership and the diversity and multiplicity of trade and investment opportunities in the two countries.

In an economic report issued on the occasion of the Chinese president’s visit to Saudi Arabia, the SFC highlighted the growing Saudi-Chinese economic relations and their promising prospects driven by the supportive political will, which provides wide opportunities for economic cooperation and the establishment of trade and investment partnerships between the business sectors of the two countries.

The report praised the Saudi-Chinese economic relations, as a role model for fruitful, constructive cooperation and strategic partnership due to the support of the political leaderships and governments of the two countries, and the reliance of that relationship on a solid base of institutional and regulatory frameworks.

This is represented by the Saudi-Chinese Joint Committee, Saudi Vision 2030 and the "Belt and Road" initiative, in addition to the Saudi-Chinese Business Council, which operates under the umbrella of the Federation of Saudi Chambers, in addition to bilateral cooperation and understanding agreements in various economic fields.

The report also underlined the opportunities for economic integration between the Kingdom and China in light of the Chinese "Economic Belt and Silk Road" initiative, which is consistent in many aspects with the Kingdom Vision 2030 in terms of its directions to exploit the Kingdom's strategic location to connect the continents make it a global logistical center, which enhances opportunities for cooperation and partnership between the two sides.

The report referred to the steady growth in the volume of trade exchange between the Kingdom and China, which amounted to SR304.3 billion in 2021, compared to SR221.6 billion in 2020, an increase of 37%. In the same year, Saudi exports to China hiked by 59% and imports by 12%, the report showed. — SPA