To strengthen coordination in the advanced manufacturing sector, the premier companies in both China and Saudi Arabia signed eight agreements during a bilateral business promotion event in Beijing that is part of the ongoing Beijing International Investment and Trade Conference.
The agreements, signed by government institutions from both countries and firms, including Saudi Arabia's National Industrial Development Centre, Midea and Chaifu Robotics, involve partnerships in robotics, smart home, international finance, and advisory services.
Khalid Al-Hmoud, executive vice president of the National Industrial Development Centre (NIDC), stated to China Economic Net (CEN) that the collaboration is a "good alignment" with the Vision 2030 economic diversification program in Saudi Arabia.
"It is a win-win situation between the two countries, where the Chinese manufacturers can reach other markets within the Mena region, not only Saudi Arabia, and Saudi Arabia can develop its industrialisation landscape," Khalid told CEN.
In addition to conventional collaboration in oil, gas, and chemicals, attention is shifting towards high-tech and advanced manufacturing. As an example, Lenovo (the leading PC manufacturer in China) entered into a $2 billion agreement in February with Alat, a subsidiary of the Kingdom's Public Investment Fund (PIF), to use its manufacturer in Riyadh to have a production capacity of millions of PC's starting in 2026.
Through the Vision 2030 effort, the Kingdom will provide other opportunities to diversify and modernize its society, with a goal of tripling its industrial GDP from 276 billion Saudi Riyals (USD 74 billion) by 2030 to 895 billion Saudi Riyals (USD 238 billion).