Chinese premier encourages Saudi companies to continuously deepen presence in Chinese market

Chinese Premier Li Qiang speaks at a meeting with representatives of the Saudi business community in Riyadh, Saudi Arabia, Sept. 11, 2024. (Xinhua/Rao Aimin)

Chinese Premier Li Qiang on Wednesday urged Saudi companies to deepen their involvement in the Chinese market, and invest with greater confidence.

Li made the remarks in a meeting with representatives of the Saudi business community including Saudi Public Investment Fund, Saudi Arabian Oil Company, Saudi Basic Industries Corporation, ACWA Power, and the Ajlan & Bros Holding Group. Saudi Minister of Commerce Majid bin Abdullah Al-Qasabi, Minister of Investment Khalid Al-Falih, and representatives from the China-GCC (the Gulf Cooperation Council) joint investment commission also attended the meeting.

During the meeting, Li said that in recent years, under the strategic guidance of Chinese President Xi Jinping and Saudi King Salman bin Abdulaziz Al Saud, the political relationship between China and Saudi Arabia has remained stable, their development strategies are well-aligned, and the practical cooperation between the two countries has yielded fruitful results, with economic and trade cooperation in particular maintaining a strong momentum.

Against the backdrop of accelerating changes in the world unseen in a century and insufficient momentum for global economic recovery, there is increasing instability and uncertainty in international economic and trade cooperation, and entrepreneurs are keenly interested in finding the next promising investment destinations, said the Chinese premier.

China is comprehensively advancing Chinese modernization by promoting high-quality development, continuously unlocking the demand of a large-scale market of over 1.4 billion people, Li said, adding that the country is steadily pushing forward the digital, intelligent, and green transformation and upgrading its industries.

Technological innovation in such fields as artificial intelligence, cloud computing, and bio-medicine remains vibrant, which will create new economic growth drivers and foster numerous high-growth companies, Li said.

This will provide broader market opportunities and investment prospects for businesses from various countries, including Saudi Arabia, Li said, encouraging more Saudi enterprises to visit China and better share the dividends of China's development.

The China-Saudi Arabia economic and trade cooperation is facing many favorable conditions for further deepening, Li pointed out, adding that entrepreneurs from both countries should seize the opportunities and play a bigger role.

He encouraged Saudi companies to expand and strengthen cooperation with China in traditional sectors such as oil and gas, petrochemicals, infrastructure, and trade, while enhancing cooperation in emerging and future industries like the digital and green economies.

Furthermore, Li said, the Saudi companies should actively serve as bridges to enhance friendship and mutual understanding between China and Saudi Arabia, and advance the China-Saudi Arabia comprehensive strategic partnership to new heights.

The Chinese government is committed to building a top-tier business environment that is market-driven, law-based and internationally oriented, Li added.

China will further relax market access, fully lift restrictions on foreign investment in the manufacturing sector, accelerate the opening of service sectors like telecommunications, and provide robust support for foreign enterprises, helping them establish a stronger presence in the country and achieve success in China, said the Chinese premier.

Hailing China as an important economic and trade partner for Saudi Arabia, representatives from the Saudi business community said that, in recent years, bilateral trade has repeatedly reached new heights, two-way investment has grown rapidly, and practical cooperation has yielded fruitful results.

President Xi's successful state visit to Saudi Arabia in 2022 has injected strong impetus into the development of bilateral relations, and the Belt and Road Initiative closely aligns with Saudi Vision 2030, said the representatives.

The Saudi business community is optimistic about China's economic development prospects and full of confidence in development in China, and is poised to seize opportunities, continue investing in China, leverage complementary advantages, innovate cooperation models, and deepen cooperation in such areas as energy, new energy, finance, electric vehicles, and the digital economy, they said.