Revival of Silk Route to give new impetus to region’s growth: Minister
4 Min Read
While China looks to strengthen its trade ties with the Arab world, the Kingdom may serve as its gateway, as per Saudi Arabia's investment minister, Khalid Al-Falih.
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Saudi Investment Minister Khalid Al-Falih speaking at a news conference (AFP)
Saudi Arabia declared the revival of the Silk Route on the margins of a significant business event that got underway in Riyadh on Sunday to strengthen trade cooperation with China.
Speaking at the conference, Saudi Arabia's investment minister, Khalid Al-Falih, stated that while China looks to strengthen its trade ties with the Arab world, the Kingdom may serve as its gateway.
It is worth noting that Saudi Arabia accounted for 25% of the $432 billion in commerce between China and Arab nations last year.
The Minister added in a statement that the plan to revive the Silk Route is consistent with Saudi Arabia's future vision, which aims to diversify its economy and employ contemporary technologies to improve the abilities of its young.
The volume of trade between Saudi Arabia and China scored $106 billion in 2022, marking a 30% increase over 2021.
Al-Falih went on to say that ties between the Kingdom and China have grown “exponentially” in the past few decades. “Now, we are committed to working as a bridge that will link the Arab world to China,” he added at the Arab-China Business Conference.
The Minister stressed, “China plays a leadership role in advanced technology and innovation. We, in the Arab world, have the determination, human and monetary capital to support this field.”
Saudi Arabia's Foreign Minister, Prince Faisal bin Farhan, also highlighted that China has enormous investment prospects in Arab countries and that the countries in the area may benefit from China's technical know-how to create a brighter future.
“Chinese technologies and competencies will enable us to build our futures and our economies for the next generations,” he added.
Prince Faisal noted that China, the second-largest Asian country, is the main trading partner for Arab nations, noting that overall commerce between the two regions increased by 31% in 2018 compared to 2021.
The Foreign Minister continued by saying that occasions like the Arab-China Business Conference will strengthen the two regions' commercial ties.
“Our gathering today is an opportunity for working to enhance the Arab-Chinese historical relationship, and to build a mutual joint future for a new era that will bring good to all of our people, keeping the peace and development in the world,” Prince Faisal said on the opening day of the event.
He said the 2022 visit of Chinese President Xi Jinping to Riyadh was vital in fostering relations between Saudi Arabia and the second-largest economy in the world.
“The successful visit of Xi Jinping, the Chinese president, to Riyadh in 2022 increased the depth of the relationship between the countries in all sectors and fields; political, economic, investment as well as commercial,” added Prince Faisal.
Vice-chairman of the National Committee of the Chinese People's Political Consultative Conference Hu Chunhua concurred that while the globe faced several economic issues, commerce between Arab countries and China increased.
“This is the 10th round of the Belt and the Road Initiative. The Arab countries are natural partners of this initiative because of their geographical location,” said Chunhua.
The BRI is a worldwide infrastructure development initiative that the Chinese government proposed in 2013 to invest in more than 150 nations and international organizations. It is widely regarded as the cornerstone of Xi's foreign policy.
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