"We aspire to increase Chinese investments in the kingdom, especially in the new promising areas of the economy."
RIYADH, Sept. 12 (Xinhua) -- China and Saudi Arabia have bright prospects for investment cooperation with the rapid development of bilateral relations in recent years, Khalid Al-Falih, Saudi Arabia's Minister of Investment, said on Wednesday.
In an interview with Xinhua, the Saudi minister said investment cooperation between Saudi Arabia and China continues to develop with promising opportunities for both countries in various sectors.
Al-Falih said China is the largest trade partner of Saudi Arabia, with bilateral trade volume surpassing 100 billion U.S. dollars last year and the momentum "has continued into the first half of this year."
Highlighting the expansion of bilateral investment cooperation, he said companies like the Saudi Public Investment Fund, Aramco, and SABIC as well as those in the private sector have made substantial investments in China.
"There are also cooperations between Saudi and Chinese companies in third countries, such as ACWA Power, which focuses on renewable energy, clean energy, and water desalination," he added.
He said around 750 Chinese companies are currently operating in Saudi Arabia, contributing to major construction projects, including the Neom megaproject.
"We aspire to increase Chinese investments in the kingdom, especially in the new promising areas of the economy," said Al-Falih.
He stressed Saudi Arabia's attractive investment environment bolstered by legislative and regulatory reforms.
"We welcome Chinese investors to explore the great opportunities available in the kingdom, which are valued at about 3 trillion dollars through the National Investment Strategy and the Invest Saudi platform," he said.■