Eighteen projects worth around 30 billion yuan were signed between Chinese, Arab, and other foreign enterprises during the fifth China-Arab States Business Summit & Ningxia Industry Matchmaking Meeting for Chinese and Foreign Enterprises held in Yinchuan, the capital of northwest China's Ningxia Hui Autonomous Region, Sept. 21, 2023. [Photo by Xu Xiaoxuan/China.org.cn]

The fifth China-Arab States Business Summit & Ningxia Industry Matchmaking Meeting for Chinese and Foreign Enterprises was convened Thursday in Yinchuan, the capital of northwest China's Ningxia Hui Autonomous Region. 

The event, as a sideline activity of the sixth China-Arab States Expo, played witness to the signing of 18 projects worth around 30 billion yuan between Chinese, Arab, and other foreign enterprises. The deals related to new energy, intelligent manufacturing, digital agriculture, and big data storage. 

Ren Hongbin, chairman of the China Council for the Promotion of International Trade (CCPIT), expressed his hope at the opening ceremony that Chinese and Arab enterprises can expand cooperation in green and low-carbon development, healthcare, the digital economy, and high-tech evolution while consolidating traditional collaboration in energy and infrastructure construction. 

China is now the Arab states' largest trading partner. Data from the Ministry of Commerce shows that the China-Arab trade volume almost doubled from the 2012 level to $431.4 billion in 2022. In the first half of this year, trade between China and the Arab states reached $199.9 billion.

Located at the crossroads of the Belt and Road, the Arab states were important participants of the ancient Silk Road civilization and are natural partners of the Belt and Road Initiative (BRI). Ningxia, an important stop on the ancient Silk Road, has now become a key window for China to open up to the Arab states and further promote the BRI.

Choosing Ningxia to host the event also aimed to build a platform for domestic and foreign enterprises to explore more targeted and complementary cooperation opportunities in the autonomous region. 

During the industry matchmaking meeting, a host of competitive industries in Ningxia were promoted to attract potential investment and business cooperation, including equipment manufacturing, new materials, digital information, fine chemicals, modern logistics, big health, wine industry, dairy industry, specialty agro-products, and cultural tourism.

In addition, representatives from domestic and foreign enterprises and institutions also visited various leading businesses in energy, material, food, and dairy production in the region to make first-hand evaluations and identify potential areas for collaboration.

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