- Under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the Kingdom of Saudi Arabia hosted the Arab-China Business Conference for the first time
- Held under the theme “Cooperation for Prosperity,” more than 4,500 influential participants from 26 countries took part in the conference’s agenda which featured keynote speeches, panel discussions and in-depth sector insights
- The conference concluded with the landmark announcement of the Riyadh Declaration, a nine-segment framework to strengthen economic and investment partnerships between Arab countries and China
- The conference featured the signing of 23MoUs worth a total value of US$10 billion between the public and private sectors within Arab countries and China
- The conference’s closing remarks highlighting the benefits of continued economic collaboration between the Arab world and China
Beirut, Lebanon, June 14, 2023: The 10th edition of the Arab-China Business Conference successfully concluded today in Riyadh, Kingdom of Saudi Arabia. The conference featured 9 panels, 18 workshops, several private meetings and hosted 150 speakers to explore, discuss and amplify Arab-Chinese economic cooperation.
The conference closed with the official announcement of the Riyadh Deceleration, a multimodal framework to strengthen economic and investment partnerships shared between the Arab world and China. The announcement lays the foundation for continued collaboration with a focus on nine points, namely, strengthening economic partnerships, exploring new opportunities for cooperation, supporting entrepreneurship, exchanging research and scientific innovations, organizing training programs to enhance human capital, activating cooperation to achieve market stability, addressing socioeconomic challenges, strengthening economic integration and amplifying renewable energy sources.
Held under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the conference was the largest edition to date and a milestone development in Arab-Chinese economic partnerships. The Arab-China Business Conference welcomed leaders from the public and private sectors, innovators, decision-makers, entrepreneurs, investors and senior officials from 26 countries to explore the future of commercial relations between the Arab world and China.
Hosted in Saudi Arabia for the first time and organized by the Ministry of Investment of Saudi Arabia (MISA), the conference was held in partnership with the General Secretariat of the League of Arab States, the Chinese Council for the Promotion of International Trade, and the Union of Arab Chambers. The two-day conference featured keynote speeches, panel discussions and in-depth sector insights pinpointing means of cooperation in a range of sectors including technology, renewables, agriculture, real estate, minerals, logistics, tourism and healthcare.
The conference’s inauguration speech was delivered by His Highness Prince Faisal bin Farhan bin Abdullah Al Saud, Minister of Foreign Affairs of the Kingdom of Saudi Arabia, during which he emphasized the importance of multilateral economic cooperation between Arab countries and China.
“Our shared ambitions of collaborating for prosperity indicate a joint mutual vision that lays within the economic investment relations between the Arab countries & China, shedding light on how we work together to build a better future for generations to come.”
His Excellency Eng. Khalid Al Falih, Minister of Investment of Saudi Arabia, addressed the benefits of long-term economic cohesion between Arab countries and China during the conference’s opening, stating, “The conference’s theme ‘Cooperation for Prosperity’ confirms the importance, potential, and shared vision for the next frontiers of trade and investment relations between the two regions. Through this conference, we have a remarkable opportunity to launch a new era of cooperation and collaboration fueled by our youth, our innovation and our shared interest for prosperity.”
The first day of the conference featured the signing of US$10 billion worth of investment agreements, spanning more than 30deals across an array of sectors. Amongst the most notable agreements signed was a $5.6 billion agreement between the Kingdom’s Ministry of Investment and Human Horizons, a Chinese developer of autonomous driving technology and electric car manufacturer, under the brand HiPhi, to establish a joint venture for automotive research manufacturing and distribution. Saudi Arabia’s Ministry of Industry, SABATCO and Hong Kong-based Android developer Hibobi Technology Ltd. were among the other organizations who signed agreements during the conference’s opening day.
Day one of the Arab-China Business Conference witnessed a number of key plenary sessions, workshops and special meetings discussing key subjects including environmental, social and governance, supply chain resilience and how collaboration is key to activating opportunities within the industry, mining and mineral industries. Panel discussions during the day also covered important topics such as renewable energy, megaprojects, tourism and investment along China’s Belt and Road Initiative, a global infrastructure development strategy of which more than 150 countries & 30 international organizations have signed cooperative agreements thus far.
In addition to supporting investment opportunities, the closing day’s objective centered not only on financial returns but also on how to build strong, long-term infrastructure and achieve solutions of common interest for both Arab nations and China through strategic collaboration.
The closing day’s agenda centered on ways to build more resilient supply chains connecting the two regions, the evolving digital economy and capital market financing to facilitate the growth of business within Arab countries and China. A presentation was also shared regarding the newly announced special economic zones within Saudi Arabia, regulated by Economic Cities and Special Zones Authority, which seeks to create pathways for inward strategic FDI.
The closing keynote for the Arab-China Business Conference was delivered by Dilma Rousseff, former president of Brazil and current president of the New Development Bank, a multilateral development bank established by Brazil, Russia, India, China, and South Africa (BRICS) to mobilize resources for infrastructure and sustainable development projects in emerging markets and developing economies. The conference’s closing remarks highlighted the benefits of continued economic collaboration between the Arab World and China.
Due to its strategic importance, the conference was a point of attraction for numerous local, regional and international media representatives to cover the future of economic relations shared between the Arab world and China.
The Arab-China Business Conference comes at a time of growing trade between Arab countries and China, which reached US$430 billion in 2022. Trade between China and Saudi Arabia alone exceeded US$106 billion last year, representing a 30% growth rate during 2021.
The eleventh edition of the Arab-China Business Conference is scheduled to take place in China in 2025.
About the Ministry of Investment
The ongoing transformation of Saudi Arabia under the Vision 2030 economic development and diversification plan is unlocking new investment opportunities at an unprecedented pace. The Ministry of Investment of Saudi Arabia (MISA) is facilitating access to these opportunities by developing a vibrant cross-government investment ecosystem, facilitated by Saudi Arabia’s National Investment Strategy.
Through a network of representative offices across the world, MISA partners with businesses of all scales and sizes—from startups to blue-chip multinationals—to help make investing in Saudi Arabia as simple as possible. MISA also plays a leading role in improving Saudi Arabia’s overall business environment by facilitating investment data across regions and sectors, creating investment incentives, spearheading business reforms and opening up investment opportunities.
For more information on MISA, please visit the website or connect with #MISA on Twitter @MISA and LinkedIn.
About Invest Saudi
Overseen by Saudi Arabia’s Ministry of Investment (MISA), Invest Saudi is the Kingdom’s investment attraction and promotion entity charged with communicating and facilitating investment opportunities.
Invest Saudi is the primary point of contact for foreign investors seeking information and assistance before, during and after their entry into Saudi Arabia. It is committed to working in partnership with potential and current investors to make their investment journey a seamless experience.
For more information on Invest Saudi, please visit the website or connect with #InvestSaudi on Twitter and LinkedIn.