Saudi Arabia’s Minister of Industry and Mineral Resources, Bandar bin Ibrahim AlKhorayef, is leading a delegation on a visit to China and Singapore. The primary focus of this visit is to strengthen cooperation between the two nations in the fields of automotive, automation, and technology.
The trip aims to advance sustainable development and economic diversification for both countries. Chinese experts highlight that this visit could serve as a model for global green transformation, given the potential for new energy collaboration.
During their visit, the delegation will explore key cities in China, including Guangzhou and Hong Kong. In Guangzhou, they are scheduled to meet with representatives from GAC Group, General Lithium, and Huawei. This visit is part of Saudi Arabia’s strategy to become a major hub for automotive innovation and eco-friendly vehicle solutions.
Pan Helin, a member of the Expert Committee for the Information and Communication Economy, explained that this visit is intended to deepen industrial cooperation with China, a leader in new technologies. He added that stronger economic ties will benefit both nations, with Chinese green vehicles helping Saudi Arabia’s energy transition and offering a valuable market and financial support for Chinese automakers.
Chinese photovoltaic (PV) companies have already made significant investments in Saudi Arabia. For example, China Energy Engineering Corp recently signed a $972 million contract for a 2-gigawatt PV project in Saudi Arabia. Additionally, JinkoSolar announced a joint venture to develop a 10-gigawatt high-efficiency PV module project in the country.
This cooperation supports Saudi Arabia’s Vision 2030, which aims to increase the share of new energy to 50 percent by 2030. It also sets a precedent for global green transformation and the development of the green economy.
Furthermore, financial ties between China and Saudi Arabia are strengthening. On July 16, two exchange-traded funds tracking major Saudi companies, including Saudi Aramco, were introduced on the Chinese mainland stock market.
China remains Saudi Arabia’s largest trading partner, with bilateral trade surpassing $100 billion in 2023. Chinese investments in Saudi Arabia included $5.6 billion in vehicle manufacturing, $5.26 billion in the minerals sector, and $4.26 billion in semiconductors, according to the Saudi Press Agency (SPA).