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Saudi Arabia and China eye deals that worth USD 65 bln
China and Saudi Arabia signed 14 agreements and memorandums of understanding (MOU) on March 16 to deepen cooperation in such areas as energy, investment, finance, culture and aerospace.

Updated:1489996735Source:Lifeofguangzhou.com

China and Saudi Arabia signed 14 agreements and memorandums of understanding (MOU) on March 16 to deepen cooperation in such areas as energy, investment, finance, culture and aerospace.

Among the 14 cooperative documents, one is an MOU on production capacity and investment cooperation that has 35 big projects involving 65 billion U.S. dollars, the Foreign Ministry said.

The signing of the cooperative documents in Beijing was witnessed by President Xi Jinping and Saudi Arabian King Salman bin Abdulaziz al-Saud. The king is leading a huge delegation on a state visit to China, the world's second-largest economy, from March 15 to 18.

China is a reliable and stable market for Saudi Arabia's crude oil exports, and the two countries should make joint efforts to deepen energy cooperation, Xi told the Saudi king.

China became Saudi Arabia's largest trading partner in 2015, and Saudi Arabia has been China's biggest crude oil supplier and largest trading partner in western Asia for years.

China and Saudi Arabia should also deepen cooperation in areas including telecommunications, aerospace, culture, education, health, science and technology, tourism, media and security, Xi said. The two sides should also explore establishing platforms for finance and investment cooperation, he added.

Xi said China would like to work with all countries along the routes of the Belt and Road Initiative, including Middle Eastern nations, to jointly implement the initiative.

King Salman's trip to China, the first by a Saudi king in 11 years, returns the favor after Xi visited the kingdom in January last year as part of the first state visit to the Middle East by a Chinese leader in seven years.
Editor:Joanna You
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