Guangzhou, China, December 15, 2022 /PRNewswire/ — “We have the stereotype that Arab countries have nothing but sand, oil and camels. Saudi Arabia, found that there are great opportunities for downstream industrial development here.be mutually beneficial China Arab countries will cooperate further,” he said. Lee CheolCEO and Director of Saudi Silk Road Industrial Service (SSRIS).
Seven joint projects were signed at the SSRIS conference in Riyadh. Photo provided to his GDToday.
At the 1st China Gulf Cooperation Council (GCC) Summit, five priority areas were highlighted for cooperation over the next three to five years. December 9, namely energy, finance and investment, innovation and new technology, aerospace, and language and culture.Meanwhile, SSRIS held an investment conference, during which 7 cooperation projects were signed Riyadh, Saudi Arabia with a total investment of more than US$1 billion.
Joint platform connects Chinese manufacturers with Arabian raw material providers
Mr. Li introduced that SSRIS is a joint venture invested by a state-owned enterprise in Guangzhou Development Zone. Founded in 2019, the company China and Arab countries.
“The company is registered in Riyadhthe capital of Saudi Arabia, under the auspices of the Chinese and Saudi governments. The Chinese party holds a 60% stake in him and each Saudi party holds a 20% stake in him, allowing him to connect with local businesses and provide investment services to them. will be,” Li elaborated.
The Shengong Saudi Project is one of seven projects signed at the SSRIS conference. It promotes further cooperation between Shengong New Materials (Guangzhou), a company based in the Guangzhou Development Zone, and a Saudi Aramco development company.
Gui Feng, Chairman of Shengong New MaterialsGuangzhou) and Shengong Saudi Project Director introduced that Shengong has set up a new material change and LED lighting manufacturing factory in Saudi Arabia to produce new materials. China Utilizing Saudi Arabia’s abundant petrochemical resources and advanced manufacturing technology Chinese Canton.
“We will send the product back ChinaSome are sold, while others are processed into automotive parts, LED lighting products, waterproof building materials, and more. GuangzhouWe sell finished products at . middle east When Europesaid Guy.
“Our project has received positive feedback from the market and we are still focused on expanding production and improving product quality thanks to the services of SSRIS and the support of Guangzhou Development Zone.”
China-Arab cooperation upgrades the industrial chain of both sides
The successful implementation of the Shengong Saudi Project’s first and second phrases gives Gui confidence in further investment. The company signed a new contract to expand its business scope. December 5th.
According to Gui, the total investment in the Shengong Saudi Project is about US$892 millionthe annual output after completion is about US$2.29 billionwhich is expected to create 10,000 jobs.
In addition to the Shengong Saudi project, a total of 7 China-Saudi Arabia Cooperation project signed December 5th of Riyadhautomobile manufacturing, new materials, intelligent equipment, and food, with a total investment of US$1 billion.
Xiao Yingyue, chief economist of the Guangzhou Development Zone Development and Reform Bureau, said these projects Saudi Arabiapromote economic exchanges and employment, and present a good model of win-win cooperation.
Xiao emphasized that Arab countries have seen tremendous market demand for electric vehicles, renewable energy, smart devices and consumer electronics in recent years. “More and more Chinese companies are showing interest in investing in Arab countries.”
“Arab countries have well-developed energy industries covering petrochemicals, mining, steel and construction materials. is underdeveloped. China‘ said Mr. Lee.
According to the Guangzhou Development Zone Management Committee, they have established a cooperation platform and Saudi Arabia Provide companies with partner matching, project negotiation and policy consultation services during the Covid-19 pandemic.
“now China has coordinated its response to COVID-19 to facilitate an orderly return to normal life and production.Some of my Arabian business partners are planning to visit China Looking forward to more cooperation opportunities in the near future. We are confident that we will further develop our business with Arab countries,” Gui said.
Photo – https://mma.prnewswire.com/media/1968783/Image1.jpg
SourceGDToday
