(MENAFN) China announced it is planning a comprehensive economic strategy for linking the country to major economic countries in Asian, including Saudi Arabia through a railway, which will help in transferring trades and goods among other things, Saudi Gazette reported.
The new strategy is expected to boost the economies of both countries as well as increase joint investments, after the trade exchanges between both countries reaching USD74 billion last year and expectations that it will increase to USD100 billion in the next five years.
The growing economic link between Saudi and China is mainly fueled by trade, which centers on the crude oil and petrochemicals industries.
The two-way trade between Saudi Arabia and China increased almost 58 times in the last two decades, increasing from USD1.28 billion in 1990 to about USD74 billion in 2012, with Saudi Arabia currently being China's top partner in the Middle East and North Africa (MENA) for 11 consecutive years.
The trade between the two sides was helped with China's growing need of oil, with China becoming the second largest destination, after Japan, for Saudi Arabia's oil exports, while China currently stands as being the largest supplier of goods and services to the Kingdom.
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