Saudi Arabia and China Strengthen Economic Ties with 24 New Agreements

KSA, 5 December, 2024 : Saudi Arabia and China have signed 24 agreements to enhance economic collaboration during the Saudi-Chinese Business Council Forum held in Beijing. The forum, attended by Minister of Health Fahd Al-Jalajel, emphasized strengthening economic partnerships and expanding cooperation, particularly in healthcare and biotechnology.

Al-Jalajel highlighted the shared commitment to advancing global health and fostering innovation in biotechnology and robotics. He also underscored efforts to localize the healthcare industry, supporting sustainability and flexibility.

The forum attracted 25 Saudi and 30 Chinese investors, focusing on trade and investment opportunities in the health sector, including vaccine production and drug manufacturing. Saudi Arabia’s healthcare market is valued at over SR30 billion, with the private insurance market projected to grow fivefold.

Trade between Saudi Arabia and China reached SR70.4 billion in 2023, reflecting robust economic ties. The Saudi-Chinese Business Council serves as a vital platform for fostering partnerships, knowledge exchange, and joint projects in advanced technology and economic diversification.