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RIYADH — Saudi Arabia is set to embark on a high-profile economic visit to East Asia, led by Minister of Industry and Mineral Resources, Bandar AlKhorayef, from Sep. 1 to 8, 2024.
The delegation aims to enhance bilateral relations, attract investments, and explore joint-venture opportunities in China and Singapore, aligning with Saudi Vision 2030’s goals to diversify the economy and establish the Kingdom as a global leader in industrial development.
The visit includes strategic meetings with senior government officials and leading global companies in automotive, automation, and technology sectors.
Key stops in China, including Guangzhou and Hong Kong, will involve discussions with major players such as GAC Group, General Lithium, and Huawei.
The delegation will also engage with Hong Kong’s top industrial leaders and visit Hutchison Ports, Cyberport, and Johnson Electric.
In Singapore, the delegation will meet with key government figures, including the Deputy Prime Minister and the Minister of Trade and Industry, and explore opportunities at Tuas Port, the world’s largest automated port. Meetings with A*STAR and the Singapore Manufacturing Federation will further highlight Saudi Arabia’s commitment to integrating advanced technology and automation in its industrial sectors.
Saudi Arabia’s robust relationship with China spans over 80 years, with trade between the two nations surpassing $100 billion in 2023. Significant Chinese investments in Saudi Arabia include $5.6 billion in automotive manufacturing and $5.26 billion in the minerals sector, highlighting the strong economic synergy between the two countries.
Hong Kong and Saudi Arabia also share strong economic ties, with Saudi non-oil exports to Hong Kong reaching $267 million in 2023, and imports from Hong Kong totaling $1.78 billion.
Meanwhile, Singapore’s advanced economy and innovative approach to automation and technology present significant opportunities for collaboration, particularly within Saudi Arabia’s ambitious “Future Factories” initiative, which aims to automate 4,000 factories by 2030.
The automotive sector remains a focal point of Saudi Arabia’s national industry strategy. The Kingdom recently launched its first electric vehicle brand, “Ceer,” and opened its first EV factory, “Lucid,” targeting production of over 300,000 cars annually by 2030. These initiatives align with Saudi Arabia’s goal to become a regional hub for advanced automotive technologies and eco-friendly vehicle solutions.
Saudi Arabia’s delegation will also explore partnerships with key technology companies, including Huawei, to discuss opportunities in smart solutions and Fourth Industrial Revolution technologies. These collaborations aim to enhance Saudi Arabia’s position as a leader in technological innovation and industrial automation.
As Saudi Arabia continues to attract high-quality investments in promising industrial sectors such as automotive, pharmaceuticals, and food, the visit is expected to bolster economic diversification, sustainable development, and mutual growth. The Kingdom’s dynamic workforce, strategic location, and investment-friendly environment make it an ideal destination for Chinese and Singaporean companies seeking to expand their global footprint. — SG
