The Chinese Ministry of Commerce said, Monday, that the bilateral trade volume between China and the Arab countries reached USD 239.8 billion in 2020, making China the largest trading partner of the Arab countries.

In a press conference, Chinese Vice Minister of Commerce Qian Keming said that Chinese exports to Arab countries reached USD 123.1 billion in 2020, with an increase of 2.2 percent, despite the effects of COVID-19.

The shares of mechanical and electrical products, high-tech and modern products recorded an increase of 6.1 percent and 3.3 percent, respectively, as they together constituted 67.4 percent of the total exports, he said.

He also added that the balance of direct Chinese investment in the Arab countries amounted USD 20.1 billion until the end of 2020, while the total investments of Arab countries in China reached USD 3.8 billion.

Qian pointed out that there are huge potentials for cooperation between China and Arab countries, especially with “Belt and Road” initiative, where the two sides will in the future expand cooperation in new areas, digital economy, new energy and artificial intelligence.

The Fifth China-Arab State Expo is scheduled to be held in Yinchuan, the Ningxia Hui autonomous region, in August, to further enrich the cooperation content of the Belt and Road Initiative.
Source: Kuwait News Agency (KUNA)