The Saudi Arabian General Investment Authority (SAGIA) recently hosted 50 Chinese representatives in the SAGIA headquarters. The purpose of this event was to highlight the recent positive advancements in the Tayseer campaign.
This campaign’s aim is to increase the ease of doing business in Saudi for foreign investors. The attendees were introduced to the Ministry of Labour’s (MOL) regulations and the process of obtaining a business license.
Both China and Saudi Arabia are currently trying to increase their economic ties and bilateral trade and investment. In March, King Salman visited China where the two countries signed multiples deals worth $65 billion.
Speaking about the meeting, Ibrahim Al-Suwail, deputy governor of investor services, said: “At SAGIA, we are honored to host representatives from leading Chinese companies in various sectors. It is our aim that we continuously strive to strengthen commercial and investment cooperation between The Kingdom and the People’s Republic of China…Our dialogue with dozens of businessmen today will hopefully be the next step in concluding deals and initiatives in the near future across various fields, such as energy, information technology, transportation and entertainment among others.”
There are currently 192 ongoing projects involving Chinese companies in the Kingdom, valued at SAR9.2 billion.
“As more opportunities under Vision 2030 are unveiled, SAGIA looks forward to working with an even greater number of Chinese companies to help write the next success story between Saudi Arabia and the People’s Republic of China”, said Al-Suwail.
SAGIA has targeted multiple sectors in China to attract them to Saudi Arabia, including;
- Energy and renewable energy
- Downstream Petrochemicals
- Real estate development and investment
- Infrastructure and utilities
- Transportation and logistics
- Tourism and medical tourism
- Shopping and entertainment centers