Saudi-China trade reaches $25 bln in H1 2018

The Saudi-Chinese trade increased by 14 percent year-on-year (YoY) to $24.5 billion in H1 2018, and Chinese firms operating in the Kingdom rose to 152 companies, Ambassador of China to Saudi Arabia Li Huaxin told Al-Eqtisadiah newspaper.

Saudi imports from China, which amounts to $7 billion year-to-date, include textile, machinery and construction materials among others, he said, adding that China vows to be a strong trusted partner to the Kingdom.

China plans to inject an initial investment of $1 billion (total investment reaches $3.5 billion) in a mega petrochemicals project in Jazan, hopefully by the beginning of 2019, he said. The far eastern giant will start building a tyre plant.

Last week during the opening of the Treasures of China exhibition, which runs until Sept. 27 at the National Museum in Riyadh, Huaxin stressed the importance of also promoting cooperation in culture and archaeology.