Saudi Gazette report

BEIJING — Saudi Arabia and China have signed 24 agreements aimed to further enhance economic cooperation between the two countries. The agreements were signed on the sidelines of the Saudi-Chinese Business Council Forum, which was held in the presence of the visiting Minister of Health Fahd Al-Jalajel in Beijing.

The forum emphasized the importance of strengthening economic partnerships and expanding cooperation horizons to achieve common interests and the future vision that brings the two countries together. Addressing the forum, Al-Jalajel said that the partnership between the Kingdom and China is deep and is embodied in the shared commitment to advancing global health and addressing global health challenges. "Our discussions today highlight our cooperation, especially in the field of encouraging innovation and creativity in the field of biotechnology and robotic technologies, and localizing the healthcare industry to ensure flexibility and sustainability," he said.

The forum focused on enhancing economic cooperation in vital sectors, highlighting healthcare, biotechnology, and foreign and private investments, in support of the goals of the Kingdom's Vision 2030.

Around 25 Saudi investors and 30 Chinese investors attended the forum that aimed at enhancing trade and investment relations in the health sector. The forum addressed the topic of biotechnology, which is one of the priority areas, as the Kingdom seeks to localize vaccine production and drug manufacturing in a market estimated at more than SR30 billion while the private insurance market in the Kingdom is expected to grow fivefold; opening new horizons for investment and strategic partnerships.

In recent years, trade and economic relations between the Kingdom and China have witnessed remarkable development, as the volume of trade exchange between the two countries in 2023 amounted to SR70.4 billion, reflecting the strength of the economic relationship between the two countries.

The Saudi-Chinese Business Council is a pivotal platform for enhancing economic relations, and plays a key role in bringing together Saudi and Chinese companies. The council also contributes to facilitating the exchange of knowledge, promoting joint projects in sectors that rely on advanced technology, and supporting investments that contribute to economic diversification.