New Saudi-China platform aims to boost investment and innovation

SPA

The launch of the Saudi Arabia-China Entrepreneur Association (SCEA) in Riyadh will strive to promote cross-border investment and foster innovation, state-owned Saudi Press Agency (SPA) reported.

SCEA is a non-profit organisation supported by the Ministry of Communications and Information Technology, Saudi Federation for Cybersecurity, Programming, and Drones (SAFCSP), and operated by eWTP Arabia Capital (eWTPA).

SCEA, officially launched at the LEAP 2023 technology conference, aims to promote constructive engagement between business leaders in Saudi Arabia and China, encourage cross-border investment, foster innovation, and promote social responsibility and public welfare.

The association will serve as a valuable platform for members to share insights, collaborate, and exchange best business practices.

Faisal AlKamisi, chairman of SAFCSP, said: “China is a strategic partner for Saudi Arabia in terms of technology and innovation. This association will take our collaboration to the next level and provide the broader Saudi-China business community with a forum to share valuable experiences.”

Jerry Li, founder and managing partner of eWTPA, noted that SCEA aligns with Saudi 2030 Vision and will enable cross-border investment and collaboration.

The launch of SCEA marks a significant milestone in the growing private sector engagement between China and Saudi Arabia following President Xi’s recent state visit.

SCEA will play a pivotal role in driving continued progress and contributing to the digital transformation of Saudi Arabia and China. The establishment of the new association reflects the growing private sector engagement between the two countries, marking a new chapter in the bilateral relationship.

In December 2022, China’s trade with Saudi Arabia exceeded Riyadh’s with the US and Europe combined for the first time in 2021.

Asia House, an independent think tank and advisory service, expected the UAE’s trade with China to overtake that of Western economies.

The difference between UAE’s trade with China and with the US, the UK and Europe combined is narrowing and now stands at approximately $3.4 billion. In 2010, the difference was $28 billion.