Companies from China and Arab states reached cooperation projects worth more than 170 billion yuan ($23.2 billion) during the four-day China-Arab States Expo, which ended on Sunday. The expo achieved 403 cooperation projects covering all aspects of business, and reflected thriving cooperation between China and Arab states.
The expo was held in Yinchuan, Northwest China's Ningxia Hui Autonomous Region, from Thursday to Sunday. The event focused on economic and trade cooperation, covering topics around investment, commerce, energy and agriculture, and sought cooperation in the green economy, digitalization and health care.
The four-day event drew participants from more than 50 countries and regions, as well as over 1,000 participating enterprises, and it yielded fruitful results and connected those participators along the Silk Road Economic Belt.
From traditional cooperation areas to new frontiers, the expo summarized new development trends in bilateral partnership. The event offered cloud-based exhibitions and promotions for all visitors, as well as scheduled conferences related to technology transfer, innovation cooperation and high-quality meteorological cooperation.
China is the largest trading partner of the Arab states, with bilateral trade almost doubling from $222.4 billion in 2012 to reach $431.4 billion in 2022.
Investment from both sides is heating up, with China's direct investment in the Arab states increasing by $1.44 billion in the first half of this year, up 7 percent year-on-year, and the Arab states' investment in China increasing by $2.15 billion, according to the Ministry of Commerce.
The 2023 China-Arab States Expo marks the 10th anniversary of the event, and it is coincident with the 10th anniversary of the BRI. Over the past decade, the expo boosted economic, trade and investment cooperation between China and BRI countries, attracted more than 112 countries and regions to participate, and greatly strengthened bilateral ties between China and the Arab countries.