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Saudi Investment Authority hosts Chinese businessmen delegation

Saudi Investment Authority hosts Chinese businessmen delegation

RIYADH: The Saudi Arabian General Investment Authority (SAGIA) announced recently hosting a delegation of over 50 representatives from Chinese businesses in the sector’s headquarters in Riyadh, said the Saudi Press agency on Thursday. Aiming to highlight positive nation-wide developments led by SAGIA, the representatives introduced to the Ministry of Labor’s regulations as well as the procedure for obtaining business licenses. The meeting came as both China and Saudi Arabia take significant strides to boost economic ties and enhance bilateral trade and investment. In March, the Custodian of the Two Holy Mosques, Saudi King Salman bin Abdulaziz visited China where multiple agreements were signed between the two countries valued at $65 billion.

“At SAGIA, we are honored to host representatives from leading Chinese companies in various sectors,” SAGIA’s Investor Services Deputy Governor Ibrahim Al Suwail said.“It is our aim that we continuously strive to strengthen commercial and investment cooperation between The Kingdom and the People’s Republic of China through extending Chinese companies the information, assistance, and opportunity to participate in Vision 2030,” he added. “Our dialogue with dozens of businessmen today will hopefully be the next step in concluding deals and initiatives in the near future across various fields, such as energy, information technology, transportation and entertainment among others.” Currently, there are 192 ongoing projects involving Chinese companies in the Kingdom valued at SAR 9.2 billion, approximately $2.5 billion . “Although we have seen a healthy amount of inward investment from China, we believe this is just the start of a very mutually beneficial relationship with the Chinese business community,” Al Suwail commented on the expected increase in economic exchange. “As more opportunities under Vision 2030 are unveiled, SAGIA looks forward to working with an even greater number of Chinese companies to help write the next success story between Saudi Arabia and the People’s Republic of China.”