China has signed cooperation documents on jointly building the Belt and Road with 18 Arabian Countries, the Ministry of Commerce said Friday.
China-Arab joint efforts to push forward cooperation on the Belt and Road Initiative has reached notable achievements, showing great potential and broad prospect, Vice Minister of Commerce Qian Keming told a press conference of the fourth China-Arab States Expo.
In 2018, bilateral trade volume between China and Arabian countries reached 244.3 billion U.S. dollars, jumping 28 percent year on year.
Chinese enterprises signed 35.6 billion dollars of new project contracts in Arabian countries, with a yearly increase of 9 percent, while direct investment from Chinese companies in Arabian countries totalled 1.2 billion dollars, involving sectors such as energy, infrastructure and manufacturing.
Qian said China will further strengthen connections of development strategies with Arabian countries so as to jointly build the Belt and Road.
Chinese enterprises and financial institutions are encouraged to deepen cooperation with the Arabian side in sectors of port, railway, electricity and telecommunications, said Qian.
More efforts should be made to promote cooperation between the two sides in fields of low-carbon energy, finance and high technologies, he added.
The fourth China-Arab States Expo will be held in Yinchuan city, northwest China’s Ningxia Hui Autonomous Region, from Sept. 5 to 8.
The expo will focus on fields including cross-border e-commerce, infrastructure as well as trade and investment, aiming to promote mutually beneficial cooperation between China and Arabian countries in these areas.