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Xiao Yaqing meets with Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources, Saudi Arabia

Updated: 2017-07-11 (en.sasac.gov.cn)

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On May 15, 2017, SASAC Chairman Xiao Yaqing met with Khalid A. Al-Falih, Minister of Energy, Industry and Mineral Resources, Saudi Arabia.

Xiao Yaqing expressed his welcome to Khalid A. Al-Falih and said SASAC and Chinese central SOEs have established good long-term cooperation relationship with Saudi Arabia which will be further promoted through minister’s visit to China. The cooperation between Chinese central SOEs and Saudi Arabia has broad prospects. On one hand, the Belt and Road Initiative is well connected with the "Vision 2030" proposed by Saudi Arabia. On the other hand, to further enhance their efficiency and competitiveness and to preserve and increase the value of state-owned assets, Chinese central SOEs should follow the trend of globalization and promote international operation. SASAC is willing to build a communication mechanism with Saudi Ministry of Energy, Industry and Mineral Resources in order to regularly or irregularly exchange our views in investment opportunities, policies and environment. It would not only diversify the cooperation projects between two countries, but also help to duly solve the problems amid projects implementation. Xiao Yaqing said, Saudi Arabia has steady political and social environment, which provides lots of cooperation opportunities in tapping resources potentials and extending industrial chain. Petroleum and petrochemical in particular, will produce more cooperation opportunities as China’s demand increases.

Al-Falih said Saudi Arabia and China share time-honored friendship. Past cooperation have proved that China has friendly business environment for Saudi enterprises, who are willing to create value for Chinese partners, market and consumers. Saudi Arabia also has friendly business environment and would like to have more Chinese investors. Saudi Arabia is currently providing massive business opportunities in petroleum and petrochemical, nuclear power and renewable energy, infrastructure construction, defense, aerospace and aviation, and consumer goods. The gross value is expected to reach 2 trillion US dollars. In the long run, the potentials of bilateral cooperation is yet to be fully tapped. Al-Falih said Saudi Ministry of Energy, Industry and Mineral Resources would help to promote the implementation of the Belt and Road Initiative. Meanwhile, they would also help to accelerate government and enterprises’ decision-making process and adopt more flexible approaches. Saudi Arabia fully believes in Chinese government and would like to make more contributions to the development of China’s remote areas.

During the meeting, Xiao Yaqing and Al-Falih also exchanged views on topics such as building communication mechanism and international oil price, etc..

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