In an effort to strengthen their economic partnership, Saudi Arabia and China have inked 24 accords. The agreements were made in Beijing during the Saudi-Chinese Business Council Forum, which was attended by visiting Health Minister Fahd Al-Jalajel.
The event underlined the significance of fortifying economic ties and broadening the scope of cooperation to realize shared interests and the future vision that unites the two nations. Speaking at the forum, Al-Jalajel stated that the Kingdom and China have a strong connection exemplified by their shared dedication to promoting and resolving global health issues. “Our conversations today demonstrate our collaboration, particularly about fostering creativity and innovation in the biotechnology sector.
The meeting, which aimed to improve trade and investment partnerships in the health sector, was attended by about 25 Saudi investors and 30 Chinese investors. As the Kingdom looks to localize vaccine production and drug manufacturing in a market valued at over SR30 billion, and as the Kingdom’s private insurance market is predicted to grow fivefold, the forum focused on biotechnology, one of the priority areas. This will open up new opportunities for investment and strategic partnerships.
Trade and commercial ties between the Kingdom and China have grown significantly in recent years; in 2023, trade between the two nations totaled SR70.4 billion, demonstrating the strength of their economic ties.
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