China Saudi Arabia international production capacity cooperation high tech project phase II starts

The foundation laying ceremony for the second phase of the Shenzhen Saudi Arabia new plastic materials and electronic optics industry manufacturing base project, a high-tech project of China Saudi Arabia cooperation, was held in Jubail, Saudi Arabia on the 1st, marking a new step in the production capacity cooperation between China and Saudi Arabia.

At the commencement ceremony on the same day, China Shengong new energy Co., Ltd., Saudi Basic Industries Co., Ltd. and other Sino Saudi enterprises also signed five key cooperation projects, with a total investment of US $1 billion, involving new materials, medical devices, industrial Internet, circular economy, green energy and other fields.

Abdallah sadan, chairman of Saudi Arabia's Jubail and Yanbu Royal Committee, said that the Saudi project of Shenzhen Engineering Co., Ltd. was launched in Saudi Arabia in November last year. At present, the first phase of the project has reached the production conditions, and the second phase of the project has begun, which is really efficient. Saudi Arabia wants to attract more Chinese investment.

Gu Xiaobin, chief economist of Guangzhou Development Zone Management Committee, one of the Chinese representatives of China Saudi Arabia production capacity cooperation project, said: in recent years, China Saudi Arabia production capacity cooperation has been developing steadily, and Shenzhen Saudi Arabia project is progressing smoothly, which will provide strong support for China Saudi Arabia production capacity cooperation.

According to reports, the Saudi Arabia project of szech was officially launched in Jubail park on November 18, 2020. Up to now, the first phase of the project has been put into operation, and it is planned to put into operation this month. The second phase is expected to be completed in 2023. The project uses Saudi Arabia's rich resources of petroleum refining and chemical products to develop and produce new plastic modified materials to meet the needs of aviation, automobile and other specific industries. The total investment of the project is about 892 million US dollars, and the annual output value after completion is about 2.209 billion US dollars, driving about 10000 employment.

Shengong Saudi Arabia project is also a demonstration project of domestic and international double cycle development. The project transports Saudi materials back to Guangzhou and processes them into parts. On the one hand, it meets the demand of domestic high-tech industry for upstream new materials and fills the shortage of domestic high-end new materials such as 3D printing, medical and new energy; On the other hand, combined with supporting R & D and production of semiconductor LED light source, AI control module, intelligent electrical appliances and smart home and other products, the spare parts will be transported to Saudi Arabia and assembled into finished products, radiating the Middle East, Europe and other markets, and Chinese brands will enter the foreign market.

Source: Xinhuanet