28/03/2010
Chinese trade delegation visited Asharqia Chamber and underlined the growing trade relations with the Kingdom
AlNuaim: 153 billion dollar is the trade amount between the two countries
During the conference which was attended by the Chamber Member, Mr.Hassan Misfer Al-Zahrani and the General –Secretary, Mr. Adnan bin Abdullah Al-Nuaim, The President of the Chinese delegation Mr. Wan Jenho, who emphasized that Saudi Arabia and China have enjoyed very strong trading relationship, introducing his delegation, which represents a number of companies in diverse disciplines such as health care for the oil and gas and petrochemicals.
Al-Naim has referred to the Saudi-Chinese relations which improved last year after the visit of the Chinese President, Mr. Hu Jintao to Saudi Arabia and signed a number of bilateral agreements for cooperation in oil and gas, mining, health and railway sectors. These agreements have paved the way for many Chinese companies to enter the Saudi market.
He explained that more than 70 Chinese companies are now active in the Kingdom. They participated in many different construction projects and is currently about 16 thousand Chinese workers in those projects.
And the volume of annual trade has reached more than 153 billion Saudi riyals in Saudi Arabia's exports to China SR 105 billion, while Saudi Arabia's imports from China drew 48 billion riyals.
AlNuaim urged the Chinese companies to take advantage of investment opportunities in Saudi Arabia, especially in the Eastern Region, called the industrial capital of the Gulf and pointed out that Saudi Aramco plans to invest nearly 500 billion riyals in the various development projects in the oil while SABIC will invest more than 80 billion Real in a number of petrochemical projects during the next few years. There is also a huge investment opportunities in Jubail industrial city II, which is expected to attract several billion dollars in foreign investment.
AlNuaim explained that Saudi Aramco and SABIC had significant investments in China, where Aramco has established a joint venture oil refinery in Fujian province, the value of $ 3.5 billion while (SABIC) has signed an agreement with Sinopec petrochemical plants in the province of Tianjin to build a $ 1.7 billion has been China has become one of the most fastest growing polymers market in the world.
