China invests in Belt & Road of Arab countries
China has signed cooperation agreements with 18 Arab countries on jointly building the Belt and Road. This was announced by the Chinese ministry of commerce last week. China-Arab cooperation on the Belt and Road has reached notable achievements, showing great potential and broad prospect, said Vice Minister of Commerce Qian Keming.
This was reported by Xinhua News. Chinese companies invest in sectors of port, railway, electricity and telecommunications. Chinese enterprises signed 35.6 billion dollars of new projects in the Arab region, while direct investment from Chinese companies in Arab countries totalled 1.2 billion dollars. According to Keming, this cooperation should be deepened to include sectors such as low-carbon energy, finance and high technologies.
In 2018, bilateral trade volumes between China and Arab countries reached 244.3 billion dollars, jumping 28 percent year on year. In the first half of this year, the volumes reached 617.5 billion dollars. Especially with Saudi Arabia trade saw a rising line; the volumes grew by 34 per cent last year. This was 11.5 per cent for Russia and 11 per cent for Egypt.
Keming made the remarks during a press conference announcing the fourth China-Arab States Expo. This trade fair will be held in Yinchuan city, northwest China’s Ningxia Hui Autonomous Region, from 5-8 September.