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Monday, 20 May 2024
Chinese-Arab Trade Hit $244 Bn in 2018
Chinese-Arab Trade Hit $244 Bn in 2018

The third round of the four-day China-Arab States Business Summit was concluded Friday in Yinchuan, capital of northwest China's Ningxia Hui Autonomous Region.

The summit was held on the sidelines of the fourth China-Arab Expo, entitled “Promoting Economic and Trade Exchanges and Propelling Practical Cooperation.”

The event was attended by around 500 representatives from government agencies, chambers of commerce, business associations and enterprises from China and Arab states, as well as other countries along China’s Belt and Road Initiative (BRI).

It was organized by the China Council for the Promotion of International Trade (CCPIT), Ningxia Region’s government, the Secretariat of the Arab League and the General Union for the Chambers of Commerce, Industry and Agriculture in Arab Countries.

Vice Chairman of the CCPIT Chen Jian’an said the BRI is a new platform for Chinese-Arab cooperation, thanks to the strong bilateral economic integration.

“We are willing to promote external trade and two-way investments with Arab states in order to pursue win-win cooperation so that businesses can conduct exchange and dialogues,” Jian’an said during his opening speech.

He noted that the volume of trade between China and Arab countries amounted to $244.3 billion in 2018.

Chinese companies also signed $35.6 billion worth new contracts for construction projects in Arab countries and invested $1.2 billion directly in Arab countries during the same year.

Head of the Arab League’s Representative Office in Beijing Mahmoud Hussein El Amin said in a speech that the BRI is one of the most significant initiatives over the past decades, given its inclusiveness and concept that combine innovation and development.

He pointed out that this initiative has contributed to facilitating the flow of goods, services and trade exchange, adding that it will change the nature and size of fruitful cooperation and bolster development and well-being in large parts of the world.

“The Arab League, as an institution for joint Arab action, will continue its efforts to enhance dialogue, cooperation and communication to implement development strategies and policies and to promote cooperation and coordination between the BRI and development policies for both sides,” Amin stressed.