New Silk Road to strengthen Sino-Arab ties

New Silk Road to strengthen Sino-Arab ties

SAUDI Arabia and China plan not only in linking their roads but also to strengthen their bilateral ties through trade and investments.

Saudi officials announced the launch of a new modern Silk Road connecting the Arab world and China.

The oil-rich kingdom hosted the Arab-China Business Conference held in Riyadh on Sunday.

Saudi Investment Minister Khaled Al-Falih spoke of the blossoming trade exchange with China and acknowledged the promising opportunities it brings for the investments of both countries.

Saudi Foreign Minister Prince Faisal bin Farhan underlined the willingness of Arab countries and China to develop their partnership and cooperation as well as Beijing’s role of being the largest economic partner in the region, with bilateral trade exchange reaching $430 billion in 2022.

The 10th edition of the conference was held under the slogan “Cooperation for Prosperity,” with the participation of thousands of participants from 23 countries, including Kuwait.

China is Saudi Arabia’s largest importer of oil and also its largest trading partner.

In December 2022, Chinese President Xi Jinping visited Riyadh where several agreements were signed between the two countries, and marked a new era of Chinese-Arab partnership.

Trade exchanges between China and Arab states date back more than 2,000 years ago through the so-called Silk Road, an ancient trade route that starts in north-central China and links the Western world with the Middle East and Asia.

Closer ties between Saudi Arabia and China raised prospects of a successful negotiation for a free trade deal between the two countries.

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