With the presence of the Custodian of the Two Holy Mosques (may Allah bless him), the Ministry of Commerce and Investment in Saudi Arabia and the Ministry of Commerce of the People's Republic of China sign a cooperation program in the field of trade and investment, including the expansion and development of trade exchange, and taking advantage of the available business opportunities in both sides, to achieve mutual cooperation in the commercial field.
The cooperation program, signed between the two sides, stipulates the rehabilitation of Saudi cadres on foreign trade, in addition to the implementation of business events to enhance the trade cooperation between both sides, as well as the exchange of expertise and information in a number of commercial and investment fields, also the development of foreign trade strategies, attracting investments, marketing research, promoting joint business activities, and other areas to be proposed by both parties.
The Saudi-Chinese Cooperation Program stipulates as well the exchange of publications on the global market, as well as the necessary statistics on intra-regional and international trade, also sharing their expertise to develop an economic and trade database to be used for studying the available markets for their exports, and to enhance their cooperation for enabling their national products and services to have access to such markets, besides boosting the cooperation for developing human resources in the relevant areas, also holding training courses for raising their trade exchange level and searching for any possible ways of developing that, further more studying the global market and export opportunities, then adopting new methods for marketing their national products, as well as ways to prevent harmful practices in business operations, and other courses to be agreed upon by both parties.
According to this program, the Chinese side will present its proposals about the Chinese value-added investments that can be nationalized, and to have factories for them in the Kingdom. The Chinese side is going to hold short-term training courses or any other useful programs in China or in Saudi Arabia to train the Saudi cadres in the relevant areas, taking into consideration boosting the investment cooperation between the two countries.
The two parties also encourage and urge the private sector’s participation in forums, seminars, workshops, and other events to be agreed upon, in the field of developing the trade and investment activities.
It is worth mentioning that this cooperation program will enter into force on the date of signing it, and to be valid for three years, and it is automatically renewed for further consecutive times.