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11/02/2024 03:33:55 pm

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China, Saudi Arabia Sign 14 Economic Deals During President Xi Jinping's Historic Visit

China, Saudi Arabia

(Photo : Reuters) Chinese President Xi Jinping and Saudi Arabia monarch King Salman have signed economic deals and memoranda of understanding as both nations stregthen diplomatic ties.

Chinese President Xi Jinping and  Saudi Arabia monarch King Salman bin Abdulaziz Al Saud have inked 14 economic deals and memoranda of understanding covering energy, industrial capacity cooperation as well as the Belt and Road initiative, among others, during the President's first stop in his five-day Middle East tour.

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The state-run Saudi Press Agency has reported that the deals signed by President Xi and King Salman on Tuesday included establishing guidelines for consultations on fighting terrorism and establishing bilateral cooperation in building a nuclear reactor.

The two nations also signed agreements on telecommunication, energy, and aviation, Xinhua reported.

Xi's five-day, 3-nation tour in the Middle East is his first visit to the region as president of the world's largest country. He will also make stops in Egypt and Iran.

Political observers say the President's state visit is a way to raise China's political presence in the troubled region and signal a confirmation of support to diplomatic ties with the Saudi Arabian government which was forged 26 years ago.

"Since China and Saudi Arabia forged diplomatic ties 26 years ago, our relationship has developed by leaps and bounds, with mutual political trust deepening continuously and rich results in cooperation in various fields," Xi said in his remarks as reported  by China's official Xinhua news agency.

Xi said he expected a 'fruitful outcome' from his visit such as elevating mutual cooperation in various sectors to a whole new level and strengthening the collective cooperation between China and GCC nations.

The GCC nations comprise the six-nation Gulf Cooperation Council to which Saudi Arabia belongs.

China and Saudi Arabia released a joint statement voicing willingness to build a strong, comprehensive and effective strategic partnership as well as boost diplomatic ties which includes pursuing their joint development strategies.

Diplomatic ties were forged between Beijing and Riyadh in 1990. Annual trade between the two nations has reached a peak of $69.1 billion in 2014.

President Xi, together with the monarch, will attend an inauguration of an energy research center in Riyadh on Wednesday

Following the inauguration, the two leaders will proceed to the remote Gulf Coast to open a refinery which is a joint venture of state-owned Saudi Aramco and China Petrochemical Corporation.

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