Saudi Arabia and China have signed 24 agreements to further enhance economic cooperation between the two countries.

The agreements were signed on the sidelines of the Saudi-Chinese Business Council Forum, attended Saudi’s Minister of Health, Fahd Al-Jalajel, in Beijing.

The forum emphasized the importance of strengthening economic partnerships and expanding cooperation horizons to achieve common interests and the future vision that brings the two countries together.

Addressing the forum, Al-Jalajel said the partnership between the two countries is deep, and embodies their shared commitment to advancing global health.

“Our discussions today highlight our cooperation, especially in the field of encouraging innovation and creativity in the field of biotechnology and robotic technologies, and localizing the healthcare industry to ensure flexibility and sustainability,” he said.

The forum focused on enhancing economic cooperation in vital sectors such as healthcare, biotechnology, and foreign and private investments, in support of the Kingdom’s Vision 2030.

Around 25 Saudi investors and 30 Chinese investors attended the forum.

The forum addressed the topic of biotechnology, which is one of the priority areas, as the Kingdom seeks to localize vaccine production and drug manufacturing in a market estimated at more than SR30 billion while the private insurance market in the Kingdom is expected to grow fivefold, thereby opening new horizons for investment and strategic partnerships.

In recent years, trade and economic relations between the Kingdom and China have witnessed remarkable increase, with the volume of trade between the two countries in 2023 amounting to SR70.4 billion.

The Saudi-Chinese Business Council is a pivotal platform for enhancing economic relations, and plays a key role in bringing together Saudi and Chinese companies.

The council also contributes to facilitating the exchange of knowledge, promoting joint projects in sectors that rely on advanced technology, and supporting investments that contribute to economic diversification.