XinHua News:China-Saudi Arabia international capacity cooperation ushered in the landing of high-tech projects

China Government：http://www.gov.cn/xinwen/2020-11/19/content_5562751.htm

XinHua News：http://www.xinhuanet.com/2020-11/19/c_1126761838.htm

NOV 20, 2020  Jubail, Saudi Arabia

  Xinhua News Agency, Riyadh, November 19th, the launch ceremony of the ShenGong Project (Saudi)  Plastics New Materials and Electro-Optical Industry Manufacturing Base Project was held on the 18th in the Jubail Industrial City in northeastern Saudi Arabia, in the “Belt and Road” initiative Saudi Arabia’s international production capacity cooperation welcomes the landing of high-tech projects in Saudi Arabia.

  China ShenGong New Material Co., Ltd. signed a land lease agreement with Saudi Arabia’s Jubail and the Royal Commission of Yanbu on the 18th, and signed a memorandum of cooperation with Saudi Silk Road Industrial Services Company.

  Saudi Al Jubail and Yanbu Royal Commission Chairman Abdullah Sadan stated that China has been one of Saudi Arabia’s important partners for the past 20 years. The two sides have maintained close cooperation in the fields of investment, economy and trade. Many Saudi companies have invested in China and have achieved success. Many Chinese investors are also in the Royal Commission The industrial city is in bloom. The Royal Commission will continue to provide support and assistance to Chinese companies investing in Saudi Arabia.

  Chen Weiqing, Chinese Ambassador to Saudi Arabia, said that since the establishment of diplomatic relations 30 years ago, bilateral relations have developed steadily and practical cooperation in various fields has yielded fruitful results. China’s 14th Five-Year Plan and 2035 long-term goals will also create more opportunities for cooperation between China and Saudi Arabia. The Chinese Embassy in Saudi Arabia will continue to promote Chinese companies to strengthen ties with the Royal Commission and seek opportunities for cooperation.

  According to the introduction, this project is based on the resources of Saudi petroleum refining products to develop and produce plastic parts required by specific industries such as aviation and automobiles, as well as supporting the development and production of semiconductor LED light sources, AI control modules, Smart appliances and smart home products. The total investment of the project is estimated to be approximately US$892 million, and the annual output value after completion is approximately US$2.209 billion, which will bring about 10,000 jobs.

  In order to cooperate with the Saudi Arabia project, ShenGong Group will also construct a production and research base for high-end new materials and electronic components in relevant areas of Guangzhou to help high-endNew material industry upstream and downstream supporting manufacturers develop together.