Business / Industries

Trans-Asia rail key to boost Saudi economic ties with China

(Xinhua) Updated: 2014-11-19 16:04

RIYADH - China has set a comprehensive economic strategy for linking the country to major economic countries in Asian, including Saudi Arabia through a railway, according to Al Eqtisadiya newspaper Wednesday.

Saudi Arabia is among top candidates by China because of the strong economic ties between the two countries, a Chinese government source told the newspaper, adding the determination of China to implement the project in the coming phase as the railway won't be limited to trades and transfer of goods.

He highlighted that the strategy will boost economies of both countries and joint investments. Trade exchanges between Saudi Arabia and China reached $74 billion last year. The trade exchange is expected to increase to $100 billion in the next five years, he estimated.

Chinese investments in Saudi Arabia are growing and developing as many Chinese investors have invested here or form partnerships with Saudi partners.

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