Saudi-Chinese relationship heats up as trade volume increases to $73 billion
Saudi and China's trade relationship has improved dramatically thanks to the strong relationship between KSA's King Abdullah and Chinese President Xi Jinping (Reuters)
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The volume of trade between Saudi Arabia and China has jumped to $73 billion (SR273.7 billion) in 2012, Chinese Ambassador to Riyadh Li Chengwen said.
The Chinese envoy’s remarks came at a reception hosted by Saudi businessman and member of Saudi-Chinese Business Council (SCBC) Saad Al-Ajlan at his house recently in the presence of a group of businessmen, Council of Saudi Chambers (CSC) Head Abduallah Al-Mabti and a Chinese commercial adviser.
The Chinese envoy added that his country is the biggest trade partner with the Kingdom in western Asia and Africa in the last 10 years and the Kingdom is the biggest oil exporter to China.
Economic cooperation and trade exchange between the two countries are enjoying brighter days thanks to support given by Custodian of the Two Holy Mosques King Abdullah and Chinese President Xi Jinping, he was quoted as saying.
Trade between the two countries witnessed a remarkable growth at 14 percent to exceed $73 billion in 2012, he said, adding that some 140 Chinese firms are working in the Saudi market in projects estimated at $18 billion covering a variety of areas such as construction, telecom, infrastructure, and petrochemicals.
Founder of Ajlan Group Abduallah Al-Ajlan touched on his experience with China which, he said, goes back to 1979 before the resumption of diplomatic relations between the two countries in 1990. He said he had imported goods from China, sold them in local Saudi markets and realized big profits.
Meanwhile, a recently-released report says Saudi-Chinese business relations are poised to witness an enormous growth in the future where the volume of trade exchange is to hit $60 billion by 2015.
The report, issued by Deloitte, a major financial firm, highlighted the role to be played by China in global economy, notably in the Gulf region.
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