24 Agreements Signed at Saudi-Chinese Business Council Forum to Boost Economic Cooperation

Beijing, December 4, 2024, SPA -- The Saudi-Chinese Business Council Forum, attended by Minister of Health Fahad Al-Jalajel, convened today to focus on boosting economic collaboration in key sectors, highlighting healthcare, biotechnology, and foreign and private investments to support the goals of Saudi Vision 2030.
The event brought together 25 Saudi and 30 Chinese investors to bolster trade and investment opportunities in the healthcare sector, during which 24 agreements were signed to an audience of 450 investors.
Biotechnology was highlighted as a crucial sector, with Saudi Arabia focusing on localizing vaccine production and pharmaceutical manufacturing in a market valued at over SAR30 billion. The private insurance market in Saudi Arabia is expected to grow fivefold, opening new prospects for investment and strategic partnerships.
Trade and economic relations between Saudi Arabia and China have seen remarkable growth in recent years. In 2023, bilateral trade volume reached SAR70.4 billion, reflecting the robust economic ties between the two nations.
In his remarks, Al-Jalajel said: “The partnership between Saudi Arabia and China is profound, rooted in a mutual commitment to advancing global health and addressing their challenges. Our discussions today shed light on our cooperation, particularly in promoting innovation in biotechnology and robotics and localizing healthcare industries to ensure resilience and sustainability.”
--SPA