by Liao Yifan

 

YINCHUAN, Sept. 21 (China Economic Net) - The plenary session of the fifth China-Arab States Business Summit and Ningxia Industry Matchmaking Meeting for Chinese and Foreign Entrepreneurs concluded in Ningxia Hui Autonomous Region on Thursday.

 

Political, business and academic representatives from China and Arab states attended the summit, which was themed "Working Together to Create a Bright Future in China-Arab Industrial Cooperation," either online or offline.

 

Sponsored by China Council for the Promotion of International Trade (CCPIT), Secretariat of the League of Arab States, General Union of Chambers of Commerce, Industry and Agriculture for Arab Countries, as well as the People's Government of Ningxia Hui Autonomous Region, the summit served as a platform for business-oriented cooperation and exchange within the framework of the China-Arab States Expo.

 

"China will strengthen business ties with Arab countries by closely collaborating in key areas such as green energy, agriculture, transportation, infrastructure, and tourism," said Ren Hongbin, President of CCPIT, during his opening speech at the summit.

 

"China-Arab States Expo is a unique opportunity to expand the horizons and areas of cooperation between the two sides. Since it was first held in 2013, each expo has explored new areas of cooperation and investment for the two sides and played an important role in promoting China-Arab trade exchanges,” said H.E. Dr. Ali Al Malki, Assistant Secretary General for Economic Affairs, League of Arab States.

 

According to the Ministry of Commerce, China is currently the largest trading partner of the Arab states. China-Arab trade volume almost doubled from the 2012 level to USD 431.4 billion in 2022. In the first half of this year, trade between China and the Arab countries reached USD 199.9 billion.

 

In 2022, China's new direct investment in Arab countries reached USD 2.62 billion, representing a year-on-year increase of 13.3 percent. Conversely, new investment from Arab countries in China amounted to USD 1.05 billion, marking a year-on-year increase of nearly nine times.

 

Zhao Jinping, the former director-general of the Department of Foreign Economic Relations at the Development Research Center of the State Council, delivered a keynote speech at the summit. He discussed the positive impact of the growth in China-Arab trade on the stability of the regional supply chain. He al

 

The summit also witnessed 18 project cooperation agreements with a total value of RMB 30 billion yuan and project signings.