Saudi Arabia’s Finance Minister Mohammed Al-Jadaan said his party welcomed Chinese
investment in Saudi Arabia’s fast-growing non-oil sector.
Saudi Arabia’s non-oil sector achieved 6.1 percent growth in the second quarter of this year, as the
country continues to reduce its dependence on oil, Al-Jadaan told Xinhua in a recent interview.
Al-Jadaan said banking, digitalization and technology, as well as manufacturing and mining are the
sectors that the Kingdom of Saudi Arabia is focusing on to diversify its economy. He added that the
opportunities in these areas are “huge.”
“China is our biggest trading partner. At least four ministers visited China this year to talk to
Chinese business people, covering the fields of infrastructure, technology and petrochemicals,” he
said.”I think the best way is to work together and help the world economy grow,” said Al-Jadaan, who
also called on countries to avoid fragmentation and trade restrictions.
He added that Saudi Arabia is also looking for new investment opportunities in China.
“We are investing in petrochemical, digital and technology companies, and we are trying to find
ways to invest in new sectors, including electric vehicles and renewable energy,” he said.
“I am very confident in how China’s economy is being managed,” said Al-Jadaan, who also cited
China’s solid growth performance in recent decades.
He said China has more growth potential in technology and digitalization.
“I think the best way is to work together and help the world economy grow,” said the Saudi finance
minister, who called on countries to avoid fragmentation and trade restrictions.
Al-Jadaan also defended China regarding the so-called “debt trap” theory. “China goes to Africa
and Asia when they need help. So for us, to come out and criticize China, it’s not fair,” he said.
For this reason, he said that countries need to work together instead of being hostile to China. “We
need to work with China to help low-income countries restructure their debt,” said Al-Jadaan.
Source : Antara