Lv Xinhua, chairman of the Council for Promoting South-South Cooperation (CPSSC), addresses a meeting in Riyadh, Saudi Arabia, July 25, 2019. China's investment in Saudi Arabia, previously dominated by large-scale infrastructure projects, will shift to small and medium-sized enterprises to explore the Saudi market, said Lv Xinhua, chairman of the Council for Promoting South-South Cooperation (CPSSC). During the meeting held on Thursday in Riyadh at the Saudi Arabian General Investment Authority (SAGIA), Lv hailed the achievements made in the development of Chinese-Saudi economic and trade relations. (Xinhua/Tu Yifan)
RIYADH, July 26 (Xinhua) -- China's investment in Saudi Arabia, previously dominated by large-scale infrastructure projects, will shift to small and medium-sized enterprises to explore the Saudi market, said Lv Xinhua, chairman of the Council for Promoting South-South Cooperation (CPSSC).
During a meeting held on Thursday in Riyadh at the Saudi Arabian General Investment Authority (SAGIA), Lv hailed the achievements made in the development of Chinese-Saudi economic and trade relations.
"China and Saudi Arabia actively carry out investment and economic and trade cooperation and achieve mutual benefit and a win-win relationship," he said.
Lv, who heads a Chinese delegation to the kingdom, said China's investment in Saudi has been dominated by large-scale infrastructure projects, and now it is important to also attract excellent small and medium-sized enterprises to invest here, which will further boost the rapid development of bilateral economic and trade relations.
Chen Weiqing, Chinese ambassador to Saudi Arabia, said that with Saudi Arabia vigorously pursuing economic and social reforms, the local business environment continues to optimize.
Many Chinese companies are enthusiastic about investing here, and China's investment in the kingdom is extending from the traditional fields, such as petrochemical industry and contracting projects, to emerging industries such as e-commerce, financial technology, and Internet entertainment, said the ambassador.
Sultan Mofti, SAGIA's deputy governor for investment attraction and development, said the synergy between the Saudi Vision 2030 and the Belt and Road Initiative brings abundant opportunities for the two countries for cooperation. Saudi Arabia hopes to further enhance cooperation and strengthen bilateral relations.
"SAGIA is willing to help all Chinese investors in exploring and understanding about the investment opportunities in Saudi Arabia," Mofti added.
