Hospitality extended to Chinese companies

Saudi Arabia is a land of new promises to potential investors and business partners, thanks to its reform in line with Vision 2030, Saudi Minister of Investment Khalid A.Al-Falih said.

The kingdom will be a growth platform for Chinese companies not only to address the significant Saudi market. But more importantly, "Saudi Arabia will become a hub and a platform to reach the broader region, not just the Middle East, but the entire continent of Africa", the minister said.

Saudi Arabia, which is near the east coast of Africa along the narrow Red Sea, has strong political and cultural ties with Africa that allows Chinese and other foreign companies to add value to what they do in manufacturing, logistics, services, customization, and then reach these growing markets, he said.

"In general, Saudi Arabia has always been an open market economy," Al-Falih said. "Our environment is extremely friendly to investors."

In an interview with China Daily last Thursday, Al-Falih said they are very proud that Chinese companies are finding Saudi Arabia to be a hospitable environment for investment.

Over 600 reforms have been initiated since Vision 2030 was introduced, the minister told China Daily.

Unveiled in 2016, Saudi Arabia's Vision 2030 is its own pathway to the future, representing a transformative and deeply ambitious plan to unlock the kingdom's vast potential by creating a diversified, innovative and world-leading nation for the benefit of future generations. Since then, the kingdom has witnessed both unprecedented change and remarkable growth.

Currently in the second stage of implementing the vision, the kingdom is maintaining momentum to continue the reforms. It is using its investment power to create a more diverse and sustainable economy integral driver of international trade to connect the three continents of Africa, Asia and Europe.

The reforms are to better implement rules to make doing business faster, easier to understand, and also available in foreign languages to foreign investors, he said. The Ministry of Investment became a full-fledged ministry in 2020 to work on investor protection and support, business and investment development, incentives and regulations, among others.

The kingdom also established a legal system built to protect investors. "We have arbitration dispute resolution, and of course, all sectors are open to foreign investors. There are essentially no restrictions on foreign investments," the minister said.

Al-Falih, former CEO and chairman of Aramco and Saudi energy minister, said they have worked with Chinese businesses both in China and Saudi Arabia.

"I expect to see Saudi and Chinese entities partnering together more and more to go around the world and help achieve the Vision 2030 objectives, as well as the Chinese Belt and Road strategy objectives," he said.

Yang Han contributed to this story.

Contact the writers at wen@chinadailyhk.com.