Saudi Arabia, the world's major oil exporter and also the largest oil supplier to China, continues to strengthen its ties with Asia through trade, cultural, education and financial relationships.
Since the Kingdom of Saudi Arabia and China established diplomatic relations in 1990, bilateral links between the countries have grown significantly in tandem with each other's expanding economies and global presence. China's demand for oil imports has been largely supplied by Saudi Arabia and, at the same time, Saudi Arabia is a substantial importer of Chinese products.
In addition to supplying oil, Saudi Arabian companies, including Saudi Aramco, have formed joint-venture enterprises with Chinese petrochemical companies to further develop China's oil refinement industry. Meanwhile, more than 70 Chinese construction companies, employing about 20,000 mainland staff, are working on Saudi Arabian infrastructure and development projects.
According to Chinese customs data, Saudi Arabian exports to China rose 39 per cent to US$32.81 billion last year compared with the previous year, while its imports from China rose 16 per cent over the same period to US$10.37 billion. At present, Saudi Arabia is China's largest trading partner in west Asia and Africa.
At the same time, trade between Saudi Arabia and Hong Kong also continues to increase. Hong Kong Trade Development Council figures show trade exports from Hong Kong to Saudi Arabia in US dollar terms grew by 5.6 per cent between January and July compared with the same period last year. Exports, which include re-exports, reached US$358 million during the seven-month period. Major products included telecommunication equipment and parts, computers, watches and clocks apparel and textiles and jewellery.
Meanwhile, the Saudi Consul General in Hong Kong, Hammad Al-Rowaily, says the city's financial services, infrastructure and business efficiency also play a key role in supporting the economic ties between Saudi Arabia and China. Visitor arrivals from Saudi Arabia to Hong Kong jumped more then 40 per cent last year to 28,401, up from 19,035 in 2009.