Minister of Industry and Mineral Resources stresses importance of strategic partnership with China’s industrial and mining sector 

RIYADH: Strategic partnership between Saudi Arabia and China in the industrial and mining sector is important and crucial, the Minister of Industry and Mineral Resources Bandar bin Ibrahim Al-Khorayef said.

Cooperation between the two countries has witnessed remarkable growth during the past five years, Al-Khorayef is cited by Saudi Press Agency as saying.

Non-oil exports during 2021 amounted to more than SR36 billion ($9.5 billion), while the Kingdom’s imports from China during the same period reached SR112 billion riyals, Al-Khorayef said.

Topping the list of Saudi’s exports to China were Petrochemicals and minerals as well as heavy machinery, electronics, vehicles and spare parts he explained.

Moreover, joint projects account for an important part of the volume of cooperation between the two countries. The Saudi Industrial Fund, alone, contributes to financing six joint projects.

During the visit of Crown Prince Mohammed bin Salman to China in February 2019, both countries concluded agreements to establish joint projects covering several sectors including manufacturing, petrochemicals, pharmaceutical, and others.

The countries already share a good history of cooperation, Al-Khorayef said, citing the example of the seven Chinese factories operating in different fields in the Saudi Authority for Industrial Cities and Technology Zones

In addition to this, there are an estimated 10 other factories in different stages of planning, construction, and implementation.

Furthermore,  there are approximately 12 projects for the Royal Commission for Jubail and Yanbu with Chinese companies in different stages, some of them are in operation, and others are under procedure or design.