Minister of Industry and Mineral Resources, Bandar AlKhorayef, is leading a delegation to Guangzhou, Hong Kong and Singapore from Sep. 1 to 8, 2024. The delegation’s goal is to enhance bilateral relations, attract investments, and explore joint-venture opportunities.
According to a statement from Saudi Industry and Mineral Resources minister’s office, the trip is aimed at improving relations and exploring joint venture opportunities with specific interest in automotive and 4th Industrial Revolution technologies. “The visit of the delegation to China aligns with [the country’s] objective to become a key automotive hub in the region and a leader in innovative [and] eco-friendly vehicle solutions.”
The statement added that meetings in Guangzhou will include discussions with GAC Group, a major electric vehicle (EV) maker, as well as lithium battery producer General Lithium and communication tech giant Huawei.
“Saudi Arabia aims to attract high-quality investments in 12 promising industrial sectors, including automotive, pharmaceuticals, and food, supported by a stimulating investment environment. The visit is expected to result in partnerships that [focus] on mutual growth through high-quality investments, sustainable development, and economic diversification, particularly in strategic industrial sectors.”
According to figures from Saudi Arabia’s Ministry of Industry and Mineral Resources, China is Saudi Arabia’s largest trading partner, with trade exceeding US$100 billion in 2023. The data also shows that Chinese investment in Saudi Arabia last year included US$5.6 billion in original equipment manufacturing for the automotive industry and US$5.26 billion in the minerals sector, with semiconductor investment amounting to US$4.26 billion.
Notable Chinese investments in Saudi Arabia last year included $5.6 billion in automotive manufacturing, $5.26 billion in the minerals sector, and $4.26 billion in semiconductors.
According to official Chinese data, the total value of goods exported to Saudi Arabia from January to July was US$27.55 billion, an increase of nearly 12 per cent compared to the same period last year. Meanwhile, the total value of goods imported from Saudi Arabia decreased by 7.3 per cent compared to the same period last year to US$34.97 billion.
According to Leaders MENA, the delegation’s meeting schedule will include:
Guangzhou
The visit features key meetings in Guangzhou where they will hold meetings with GAC Group, the automotive manufacturer, General Lithium, the automotive battery manufacturer, and Huawei, the global telecommunications and smart solutions giant.
Hong Kong
In Hong Kong, the delegation will meet with the following entities:
- Chief Executive of the Hong Kong Special Administrative Region
- The Department of Trade and Industry
- The Bureau of Innovation, Technology and Industry
- InnoHK Global Research Collaboration Centre
- Hutchison Ports
- The Federation of Hong Kong Industries (FHKI)
- Cyberport, a world-leading provider of advanced technology solutions
- Johnson Electric Group
Singapore
In Singapore, the delegation will meet with key government figures and various entities, as follows:
- Meeting the Deputy Prime Minister and the Minister of Trade and Industry
- Exploring opportunities at Tuas Port, the world’s largest automated port
- Meeting with A*STAR and the Singapore Manufacturing Federation to underscore Saudi Arabia’s commitment to integrating advanced technology and automation in its industrial sectors
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