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An aerial view of Riyadh, capital of Saudi Arabia Photo: VCG

As Saudi Arabia's Minister of Industry and Mineral Resources Bandar bin Ibrahim AlKhorayef and an economic delegation embarked on a visit to China and Singapore, Chinese experts said on Monday that the visit to China will focus on enhancing bilateral cooperation in the vehicle, automation and technology sectors.

The visit will promote mutual growth in sustainable development and economic diversification. Moreover, the two sides have wide scope for new-energy cooperation, which has set an example for the global green transformation, analysts noted.

According to the Saudi Press Agency (SPA), the delegation will visit Chinese cities including Guangzhou in South China's Guangdong Province and Hong Kong.

Key meetings in Guangzhou will include discussions with GAC Group, General Lithium and Huawei. The visit by the Ministry of Industry and Mineral Resources' delegation to China aligns with Saudi Arabia's objective to become a key automotive hub in the region and a leader in innovative, eco-friendly vehicle solutions, the agency said.

"AlKhorayef 's ongoing visit is aimed at deepening cooperation in the industrial field with China, a major industrial manufacturing country fueled by new technologies. The enhanced bilateral economic ties will achieve win-win results," Pan Helin, a member of the Expert Committee for the Information and Communication Economy under the Ministry of Industry and Information Technology, told the Global Times on Monday.

Pan noted that Chinese green cars will promote Saudi Arabia's energy transformation, while for Chinese automakers, the Middle Eastern country can provide a broad market as well as capital support, which is beneficial for both sides.

A number of Chinese photovoltaic (PV) companies have set foot in the Middle Eastern country, signing big deals to expand solar cell production and launch local energy storage projects.

China Energy Engineering Corp said on August 13 that it had signed a $972 million deal for a 2-gigawatt PV project in Saudi Arabia. JinkoSolar said on July 16 that it had signed a contract with Saudi Arabia to establish a joint venture to build a 10-gW high-efficiency PV module project there. 

Cooperation in the new-energy sector with China will help diversify Saudi Arabia's economy, which is also in line with the country's Vision 2030 goals, which plan to increase the proportion of new energy to 50 percent by 2030 in Saudi Arabia.

"Bilateral collaboration also sets an example for the global green transformation, further promoting the development of the global green economy," Pan noted.

Links between the financial markets in China and the Middle Eastern country are also being enhanced. Two exchange-traded funds tracking large Saudi companies, including Saudi Aramco, made successful debuts on the Chinese mainland stock market on July 16.

China is Saudi Arabia's largest trading partner, with bilateral trade exceeding $100 billion in 2023. Chinese investments in Saudi Arabia in 2023 included $5.6 billion in original equipment manufacturing for the vehicle industry and $5.26 billion in the minerals sector, with semiconductor investments amounting to $4.26 billion, according to the SPA.