In the presence of a high-level delegation from the Kingdom, the second annual conference of China’s Belt and Road Initiative opened earlier this week in Hong Kong, The event was attended by the Chief Executive of the Hong Kong Government, the Chairman of the Hong Kong Trade Development Council, China’s Vice Minister of Economy, a representative from the Chinese Ministry of Foreign Affairs, and representatives from the governments of several Arab and foreign countries.
Presentation of Investment Opportunities for Chinese Contractors
The Council of Saudi Chambers participated in the conference with a delegation comprising several members of the Saudi-Chinese Business Council, during which Dr. Abdulaziz Jazar, a member of the Business Council, presented a working paper in a special session before the Chinese Contractors Association, outlining the National Transformation Program 2020 and related privatization programs, particularly in the water, electricity, and transportation sectors. The delegation also participated in roundtable discussions on investment opportunities in infrastructure projects, Conference discussions focused on infrastructure projects proposed under the Belt and Road Initiative and ways to strengthen cooperation among various parties to achieve the desired progress in the initiative. These initiatives are in line with the major transformation the Kingdom is undergoing in diversifying its economy, particularly following the launch of Vision 2030, which enhances opportunities for cooperation and partnership between the Kingdom and China through the Silk Road project and helps accelerate and ensure the sustainability of development alike.
Economic corridors connecting 60 countries
The conference discussed the progress made in the “Belt and Road” initiative launched by the Chinese President, which aims to develop and establish trade routes and economic corridors connecting more than 60 countries, It also aims to develop the economies of countries located along what was historically known as the Silk Road, foster trade and economic relations among them, and integrate their economies into the global economy.
It is worth noting that China is a strategic trade partner for the Kingdom, which in turn is considered a pivotal country in the Silk Road initiative due to its location and economic clout in the region. The governments of both countries signed a cooperation agreement in 2006 regarding the implementation of the Belt and Road Initiative, which is being monitored through joint committee meetings. Furthermore, there are common points of convergence between the two countries, as China is considered one of the fastest-developing nations.
Leveraging the Kingdom’s strategic location to connect the world’s continents
Many Saudi business owners see alignment between the goals of the Kingdom’s Vision 2030 and the ”Economic Belt and Silk Road” strategy announced by the Chinese government, particularly regarding the vision’s focus on leveraging the Kingdom’s strategic location to connect the world’s continents and establish it as a global logistics hub. Furthermore, as a key partner, China can play a fundamental role in realizing the Kingdom’s vision and participating in the investment opportunities and projects, given its extensive expertise and capabilities. Work on the projects and sectors proposed by both the Kingdom’s Vision 2030 and the “Belt and Road” initiative is expected to provide a major boost to economic cooperation between the Kingdom and China.
