"One Belt And One Road" China-Saudi Arabia International Cooperation on Industrial Capacity • ShenGong - Saudi Arabia Capacity Cooperation Project officially to launch

Source：Yinchuan Economic Development Zone  【VIEW】

  As the "One Belt And One Road" construction is progressing in West Asia and Africa, China-Saudi Arabia's international industrial Capacity Cooperation is also moving to a higher level.

  The launching ceremony of ShenGong (Saudi) Plastics New Materials and Electro-Optical Industry Manufacturing Base Project (hereinafter referred to as "SG Saudi Capacity Cooperation Project") was held in Jubal, Saudi Arabia in November 18, 2020. Abdullah Al Sadaan, Saudi Royal Commission President for Al-Jubail and Yanbu, Chen Weiqing, Chinese Ambassadors to K.S.A. jointly attended the launch ceremony. ShenGong Chairman Gui Feng and relevant government leaders from Guangzhou, Yinchuan and other Chinese cities also attended and addressed this ceremony remotely.

  It is reported that the total investment of the project is 892 million US dollars, and the project will be operated according to three phases. 

  This project takes advantage of Saudi’s oil raw material and chemical industry to research and manufacturing plastic components for aviation, automobile and other specific industries. It will also introduce the semiconductor LED light chips, AI control module, and other related downstream industries, researching, developing and manufacturing LED lighting, electrical socket, AI intelligent terminal and other electric products to facilitate the establishment of ShenGong industrial park in Saudi Arabia. As the main part of promoting China-Saudi Arabia international industrial capacity cooperation, Saudi Silk Road Industrial Company will carry out strategic cooperation with SMIM and fully participate in and assist the implementation of SMIM production capacity cooperation projects in Saudi Arabia.

  Director of Management Committee of Yinchuan Economic Development Zone Mai Xin-fu said, "The launch of the SG - Saudi capacity cooperation project marks a new stage and a new journey for China-Saudi Arabia international industrial capacity cooperation in the new material industry, which will bring China-Saudi Arabia production capacity cooperation to a higher level and in a wider range of areas." He also stated that since the launch of China-Saudi Arabia international capacity cooperation in 2016, all parties of cooperation between China and Saudi Arabia have conducted fruitful and in-depth cooperation in the spirit of friendship, mutual benefit and pragmatic, and the smooth launch of this new production capacity cooperation project in Saudi Arabia for deep engineering and new materials. It has laid a good start for the cooperation in various fields between Guangdong and Ningxia provinces and the Special Development Zone for Chinese Enterprises in Jazan Industrial Park in Saudi Arabia.

  As another benchmark project of China-Saudi Arabia international industrial capacity cooperation, the SG-Saudi capacity cooperation project will play a positive role in demonstrating and driving the development of non-oil industries in Saudi Arabia, and at the same time effectively promote the development speed of local and surrounding enterprises, and help achieve high-quality development of the regional economy.

  "In recent years, under the One Belt And One Road initiative and Saudi Arabia's 'Vision 2030', the economic and trade cooperation between the two countries have been developing in a deeper direction. The increasingly close friendly cooperation has enabled the steady and orderly development of China-Saudi Arabia international production capacity cooperation, and a series of achievements have been made." pointed by Gu Xiaobin, chief economist of the Administrative Committee of Guangzhou Development Zone, he committed that in the future, we will continue to work together with the Saudi Royal Commission of Jubal and Yanbu and Yinchuan Economic and Development Zone to provide efficient, convenient and high-quality services for SG - Saudi Arabia capacity cooperation projects, actively promote the project construction, set an example for China-Saudi Arabia international industrial capacity cooperation, and achieve mutual benefit and win-win results!