Under the patronage of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the Kingdom of Saudi Arabia hosted the tenth session of the Arab-China Business Conference, and the eighth session of the Investment Symposium under the slogan “Cooperation for Prosperity”. The event was held in Riyadh from 11th-12th June 2023 and represented the largest economic event of its kind between the Arab world and the People’s Republic of China, and was within the framework of following up the implementation of the activities of the Arab-Chinese Cooperation Forum and complimented the positive results of the ninth session of the Arab-China Business Conference and the seventh session of the Investment Symposium held in China in 2021.

This hosting by the Kingdom of Saudi Arabia, which has been leading the joint Arab action for the coming period since its presidency of the Arab Summit, comes as a continuation of the successful Saudi efforts to host the first Arab-Chinese summit, as its outputs gave a new impetus to Arab-Chinese cooperation in all political, economic and cultural fields, thanks to the sincere desire of both parties to upgrade cooperation to a wider area.

The conference, held under the patronage of His Royal Highness Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, was organized by the Saudi Ministry of Investment in partnership with the General Secretariat of the League of Arab States, the Chinese Council for the Promotion of International Trade (CCPIT), the Union of Arab Chambers, and a number of Arab and Chinese government agencies aims to develop economic relations, promote joint action which is based on common interests, enhancement of economic growth and the creation of an investment environment that will achieve sustainable development goals, implementing the ambitious development visions of the Arab countries, and China’s Belt and Road Initiative.

The conference proceedings were inaugurated with a speech by His Highness Prince Faisal bin Farhan bin Abdullah Al Saud, Saudi Minister of Foreign Affairs, followed by a speech by His Excellency the Secretary-General of the League of Arab States, Mr. Ahmed Aboul Gheit, which was followed by a speech by His Excellency Hu Chunhua, Vice Chairman of CPPCC National Committee and a speech by His Excellency the Saudi Minister of Investment, Eng. Khalid bin Abdulaziz Al-Faleh.

The conference, which is the largest Arab-Chinese gathering for business and investment, was attended by more than (3,500) of Their Highnesses, Excellencies , decision-makers, senior government officials, representatives of government agencies and specialized Arab organizations, leaders and executives, a wide selection of investors, business leaders, specialists, trade and investment development institutions, research, industrial and commercial institutions from the member states of the League of Arab States and the People’s Republic of China, and those interested in Arab-Chinese relations from more than  (26) participating countries, to discuss their strategic visions and present their views on the opportunities and potential of a group of  promising  sectors such as renewable energy, advanced manufacturing, logistics, communications, advanced digital technologies and  others, in order to enhance the Arab-Chinese strategic partnership, and opportunities for alignment with  The Belt and Road Initiative, in the fields of investment, economy and trade, and work to elevate this partnership towards greater prosperity, growth and progress.

The conference, which was attended by more than 150 speakers from ministers and leaders of major companies in China and the Arab countries, discussed over two days common areas of cooperation in the fields of economy, investment, and trade, and held (9) panel sessions. The first session focused on “Investment and Finance with the Belt and Road Initiative”. The second session discussed “Clean and renewable energy – the way to reduce emissions”, given the importance of the tourism sector. The third session was devoted to this sector under the title “Tourism and Leisure for Diversity”. The fourth session focused on “Food Security and Agriculture – a key to unleashing development”, while the fifth session was entitled “Industry, Mining, and Minerals – key sectors for a promising future”.  The Sixth Session was dedicated to “Building Resilience in Logistics, Supply Chains, and Infrastructure”, while the Seventh Session was devoted to “Healthcare, Biopharmaceuticals”, while the Eighth Session was entitled “Digital Economy and Artificial Intelligence – Unleashing Productivity and Growth”. The Ninth Session discussed “The financial sector to support the growth of Arab-Chinese business”, The conference agenda also included holding (18) workshops and a large number of special meetings and side events, aimed at introducing quality projects, innovative modern technologies, and entities that play an important role in intensifying investment and trade cooperation between China and the Arabs, and strengthening current and future joint economic relations.

During the conference, 23 agreements and memorandums of understanding were signed between the two sides, with a total value of more than 10 billion US dollars. Both sides also look forward to completing the negotiation of free trade agreements between China and the Arab countries and updating mutual investment protection and promotion agreements between China and the Arab countries.

The Chinese side and the Arab countries praised the distinguished levels achieved by international trade between the Arab countries and the People’s Republic of China in 2022, where the volume of trade exchange between them reached about (1.6) trillion riyals (430 billion dollars), with a growth of (31%) compared to 2021, and expressed their aspiration to increase this percentage in order to achieve the ambition of the private sector on both sides. The balance of foreign direct investment in China, in 2021, amounted to about three trillion and six hundred billion dollars, (12%) of which are from the Arab world.  It includes outstanding successes in the fields of energy and petrochemicals, with a tendency to enhance these successes to include other sectors, and while Chinese foreign direct investment abroad grew at a rate of (20%) annually, the Arab world received only ($ 23 billion), which the Arab countries aspire to increase.

At the conclusion of the tenth session of the Conference of Arab and Chinese Businessmen and the eighth session of the Investment Symposium, the Arab and Chinese sides reached the following consensuses:

1. Strengthening economic, trade, investment, financial and other partnerships related to economic affairs between the Arab countries and the People’s Republic of China based on comprehensive cooperation and joint development for a better future, upgrading them to serve common interests and contributing to achieving the aspirations of both sides within the framework of the visions and strategies of Arab countries and the Chinese Belt and Road Initiative, continuing to work to address common development challenges, and calling for the launch of a new modern Silk Road.

2. Explore further opportunities to enhance cooperation and investment in all economic fields, including quality projects of priority for both sides.

3. Continuing effective participation in Arab-Chinese- cooperation in qualitative fields such as energy, renewable energy, digital economy, entrepreneurship, investment, and small and medium enterprises (SMEs), and encouraging operating companies and specialized institutions from both sides to enhance communication and cooperation in the fields of advanced and vital industries, communications, artificial intelligence, cybersecurity, industrial Internet, e-commerce, smart cities, and others.

4. Encouraging companies and research and development institutions from both sides to communicate periodically, to contribute to economic transformation and diversification, enhance the exchange of information on investment projects, their legal frameworks, and investment policies related to those projects, work to promote them and provide the necessary support for them, and benefit from the leading Chinese experience in the field of scientific research and innovation.

5. Emphasizing the importance of human resources in the Arab world to unleash the potential of cooperation between the Arab countries and the People’s Republic of China, exchange experiences, and organize training courses for technical training and capacity building.

6. Appreciating the response of Arab and Chinese industrial and commercial bodies to the calls of governments, and their role in deepening solidarity, cooperation, and political support, enhancing information exchange, resuming the movement of people exchange appropriately and regularly, accelerating the pace of resumption of work and production, and working to stabilize financial markets and supply chains.

7. Work to address the negative effects of the Corona pandemic, the global economic recession, and the repercussions of the Ukrainian crisis as a priority for the international community and economic recovery.

8. Work to strengthen the multilateral trading system in accordance with the rules and principles of the World Trade Organization.

9. Emphasizing the importance of reducing carbon emissions committed by both Arab countries and China until 2060, which is expected to lead to the addition of about (1000) gigawatts of renewable energy to be added to the Arab region and the African region, which gives the private sector in the Arab world and China opportunities to expand investments in the value chain in this field.

The participants in the conference expressed their sincere thanks and appreciation to the leadership of the Kingdom of Saudi Arabia for sponsoring and hosting the tenth session of the Arab and Chinese Businessmen Conference and the eighth session of the Investment Symposium, and its support for this conference, which with the participation of both sides contributed to the success of its work and the achievement of tangible results that benefit their economies.

The two sides agreed to hold the eleventh session of the Arab and Chinese Businessmen Conference and the ninth session of the China Investment Symposium in 2025.