(MENAFN) Saudi Arabia's ambitions to advance its automotive industry are poised for a major boost with an upcoming ministerial visit to East Asia. Minister of Industry and Mineral Resources, Bandar Alkhorayef, will lead a delegation to China and Singapore from September 1 to 8. This high-profile visit is strategically designed to enhance bilateral relations, attract investment to Saudi Arabia, and explore potential joint ventures in the industrial sector. The trip reflects the Kingdom's broader goal of becoming a significant player in the global automotive market and advancing innovative, eco-friendly vehicle solutions.

Saudi Arabia's automotive sector holds substantial sway in the region, representing 40 percent of total sales in the Middle East and North Africa. This visit is part of the Kingdom’s broader strategy to establish itself as a central hub for automotive manufacturing and innovation. Such efforts are integral to Saudi Vision 2030, which aims to diversify the national economy and position Saudi Arabia as a leading force in global industrial development.

The visit underscores the deepening strategic relationship between Saudi Arabia and China, a partnership that has flourished for over 80 years. This relationship has seen rapid growth across economic, developmental, and cultural dimensions, with China emerging as Saudi Arabia’s largest trading partner. In 2023, bilateral trade exceeded USD100 billion, underscoring the economic significance of their alliance.

In recent years, Chinese investments in Saudi Arabia have been substantial, highlighting the depth of economic collaboration. Last year alone, notable Chinese investments included USD5.6 billion in automotive manufacturing, USD5.26 billion in the minerals sector, and USD4.26 billion in semiconductors. This visit aims to build on these investments, further strengthening the economic ties between the two nations and supporting Saudi Arabia's vision for an advanced, diversified economy.

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