The Arab-China Business Conference is an event that brings together business professionals from China and the Arab world to explore investment opportunities and strengthen economic ties. The 10th edition of the conference was held in Riyadh, Saudi Arabia, and Chinese businessmen who attended expressed optimism about the potential for increased cooperation between China and the Arab world. They urged Chinese companies to explore opportunities in Saudi Arabia, which is rapidly transforming into an economic powerhouse.
Lin Shunjie, chairman of China International Exhibition Center Group, was among the Chinese businessmen who attended the conference. He said that his visit to the Kingdom had opened doors to new business opportunities between China and the Arab world. Lin noted that the trade volume between China and the Arab world is steadily increasing, and called for strategies to encourage Chinese companies to make more investments in the Arab world, particularly in Saudi Arabia. He also emphasized the importance of energy transition and the use of clean energy, and suggested that China and the Arab world can increase cooperation on renewables.
Jessica Wong, managing partner of eWTP Arabia Capital, also attended the conference and spoke about the rising number of Chinese companies in Saudi Arabia. She said that by having a commitment to the local market and building trust with local partners, Chinese companies can achieve successful benchmarks in the Kingdom. Wong stressed the need for joint efforts and shared experiences for a fruitful outcome.
The conference served as a platform for members of the business communities from both sides to meet and share ideas. It showcased investment opportunities in the region and aimed to bring China and the Arab world closer together. The two-day event was a success, with many attendees expressing optimism about the potential for increased economic cooperation between China and the Arab world.
China is the world’s second-largest economy, and its growing influence is being felt around the world. The country has been investing heavily in infrastructure projects in developing countries, including those in the Arab world. This has led to increased economic ties between China and the region, with many Arab countries looking to China for investment and trade opportunities.
Saudi Arabia is one of the countries that has been actively seeking Chinese investment. The Kingdom is undergoing a massive transformation under its Vision 2030 plan, which aims to diversify the economy away from oil and create new industries and jobs. Chinese companies have been invited to participate in this transformation, and many have already established a presence in the Kingdom.
One area of potential cooperation between China and Saudi Arabia is in the development of industrial parks. The Kingdom is developing several industrial parks that offer incentives to foreign investors, including tax exemptions, customs exemptions, and streamlined procedures for obtaining permits and licenses. Chinese companies could take advantage of these privileges to establish operations in the Kingdom and tap into its growing market.
Another area of potential cooperation is in the energy sector. Saudi Arabia is a major producer of oil and gas, while China is the world’s largest consumer of energy. The two countries could work together to improve the added value from the upstream to the middle stream, and even to the downstream, by moving more production facilities from China to Arab countries. This would help to create jobs and boost economic growth in the region.
Renewable energy is also a fast-growing sector with huge investment potential. China has been investing heavily in renewable energy projects, and could share its expertise with Arab countries that are looking to develop their own renewable energy industries. Saudi Arabia has set ambitious targets for renewable energy, including plans to generate 50% of its electricity from renewables by 2030. Chinese companies could play a key role in helping the Kingdom achieve these targets.
In conclusion, the Arab-China Business Conference was a successful event that brought together business professionals from China and the Arab world to explore investment opportunities and strengthen economic ties. Chinese businessmen who attended expressed optimism about the potential for increased cooperation between China and Saudi Arabia, particularly in the areas of industrial parks, energy, and renewables. As China’s influence continues to grow around the world, it is likely that economic ties between China and the Arab world will continue to strengthen in the coming years.