Saudi and Chinese private-sector firms signed 42 agreements worth USD 1.7 bn, spanning medical equipment, smart equipment, mineral resources, environmentally friendly materials, and advanced manufacturing, Asharq Business reported. The agreements were signed during an official visit by Industry and Mineral Resources Minister Bandar Alkhorayef to Beijing yesterday.

The Kingdom is looking to deepen mining and industrial cooperation with China, to cover not only exploration and raw materials but also related services like technology, finance, and supply chains, Alkhorayef told Asharq Business, noting that five licensed Chinese mining companies are currently operating in the Kingdom.

REMEMBER- China is our biggest trading partner, making up 18% of the Kingdom’s totalforeign trade with a bilateral trade volume exceeding USD 107 bn. The latest data for 2Q showed China maintaining its lead as the destination for 14.2% of our exports and supplying 27.4% of our imports for the quarter.

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