RIYADH: Saudi Arabia and China agreed to strengthen their strategic ties and expand commercial ties during the three-day state visit of Chinese President Xi Jinping.
Xi and his delegation held talks with Saudi Arabia’s King Salman, Crown Prince Mohammed bin Salman and heads of key ministries, resulting in 35 MoUs and deals worth $30 billion.
The two sides signed a Comprehensive Strategic Partnership Agreement, pledging to uphold each other’s core interests, sovereignty and territorial integrity, and the principle of non-interference in the internal affairs of states.
Addressing the media at the conclusion of Xi’s visit on Friday, Saudi Minister of Foreign Affairs Prince Faisal bin Farhan said deepening ties with China does not mean the kingdom is turning its back on the US and other Western allies. .
He added: “Saudi Arabia’s main focus is on how to grow economically, and working with strategic partners we will continue to find ways to enhance bilateral cooperation with all of us.
The Kingdom is a member of the G20 and aims to become one of the top 15 economies globally. We have to be open to cooperation with everyone.
“There is no doubt that working closely with the world’s second largest economy is important for Saudi Arabia’s development, but this does not mean that we cannot continue to work with the world’s largest economy.
“We strive to work with all the major economies around the world and others. By working with various partners, it will ensure the transition of the kingdom to another level of development which is not limited to the decline in opportunities from one country to another. Can’t be from
“We have to be open to co-operating with others and to achieve mutual benefits has been the philosophy of the Kingdom.”
The Saudi side reaffirmed its adherence to the One-China principle during the summit, while the Chinese side expressed support for the kingdom in maintaining its security and stability, and deterred those targeting civilians, civilian infrastructure, territories and Saudi interests. Rejected any attack.
“We are looking for ways to enhance our Comprehensive Strategic Partnership with China and develop it beyond trade,” Prince Faisal said. “The partnership supports the development of the Kingdom and serves its interests.”
With regard to regional and international issues, the two sides welcomed the first China-GCC summit and the first Arab-Chinese summit, both of which were also held in Riyadh on Friday.
The two sides stressed the importance of enhancing cooperation through the high-level Saudi-Chinese Joint Committee to achieve common goals, enhancing cooperation and intensifying communication between the government and the private sectors.
Both sides emphasized the importance of stability in global oil markets and agreed to explore common investment opportunities in petrochemicals and enhance cooperation in solar, wind and other sources of renewable energy.
They also agreed to cooperate on hydrocarbons, energy efficiency, localization of energy sector components and supply chains, besides developing technologies such as peaceful uses of nuclear energy and artificial intelligence.
In particular, the delegations stressed the importance of deepening cooperation with regard to the Belt and Road Initiative, including engaging in energy and investment partnerships and making use of the Kingdom’s location as a regional hub.
The two sides welcomed the signing of the “Reconciliation Plan” between the Kingdom’s Vision 2030 social reform and economic diversification agenda and China’s Belt and Road Initiative.
Xi announced the launch of the Belt and Road Initiative – formerly known as One Belt One Road – in 2013.
A modern-day reimagining of the ancient Silk Road seeks to link markets and manufacturers in East Asia to markets in Europe through a vast logistics and digital network running through Central Asia, the Middle East and North Africa.
China’s Belt and Road Initiative shares the same goal of promoting interconnectivity through cooperation in energy, trade, investment and technology, similar to Saudi Arabia’s Vision 2030 agenda, which was launched in 2016 by the Saudi Crown Prince.
Fastfact
, Saudi and Chinese officials signed a comprehensive strategic partnership agreement to support each other’s core interests.
• Saudi Minister of Foreign Affairs Prince Faisal bin Farhan said that deepening ties with China does not mean the Kingdom is turning its back on the US.
• Chinese President Xi Jinping and his delegation attended the summit on Friday along with GCC representatives and Arab heads of state.
China is Saudi Arabia’s largest trading partner. According to Reuters news agency, bilateral trade between the two countries is set to reach $87.3 billion in 2021, with Chinese exports reaching $30.3 billion and China’s imports from Saudi Arabia totaling $57 billion.
China’s main exports to Saudi Arabia are textiles, electronics and machinery, while China mainly imports crude oil and primary plastics from the Kingdom. According to Chinese customs data, in the first 10 months of 2022, China’s Saudi oil imports reached 1.77 million barrels per day, worth $55.5 billion.
The delegations agreed to increase non-oil trade volume, enhance joint investment, increase capacity for commercial airlines, spur private sector investment and create an attractive investment climate.
In particular, they agreed to deepen cooperation in the automotive industry, supply chain, logistics, water desalination, infrastructure, manufacturing, mining and the financial sector.
The Saudi side said it hopes to attract Chinese expertise to participate in the Kingdom’s upcoming mega-projects and for Chinese companies to open regional headquarters in Saudi Arabia.
The two sides also welcomed agreements related to hydrogen energy, judiciary, Chinese language education, housing, direct investment, radio and television, digital economy, economic development, standardization, news media, tax administration and anti-corruption.
The Chinese delegation also expressed willingness to deepen investment cooperation in digital economy and green development, enhance cooperation in e-commerce, and explore means of joint economic and trade cooperation with Africa.
With regard to the shared challenge of climate change, the Chinese delegation welcomed the Kingdom’s Saudi Green Initiative and the Middle East Green Initiative, and expressed its support for Saudi Arabia’s application of the circular carbon economy.
They also agreed to urge developed countries to take seriously their historical responsibilities through meeting their obligations to reduce emissions significantly before the target date, and to support developing countries through financial, technical and capacity-building assistance. Help
Both sides stressed the need to strengthen partnership in communications, digital economy, innovation and space to achieve better digital infrastructure for future generations in both countries.
They stressed the importance of enhancing cooperation and joint action on the air and sea transport sectors, development of modern transport means and railways, and expediting the completion of studies on the Saudi land bridge project.
Both delegations reaffirmed their determination to develop cooperation in defense to combat organized crime, terrorism and cyber crimes.
They stressed the importance of strengthening health cooperation to deal with current and future health threats and pandemics, and agreed to develop cooperation in the areas of heritage, culture, sports, tourism and science.