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China’s trade with Arab states rises to $239.8 billion in 2020

China’s trade with Arab states rises to $239.8 billion in 2020

QNA
Beijing
Chinese Vice Minister of Commerce Qian Keming said that the bilateral trade volume between China and Arab countries reached $239.8 billion last year, with China being the largest trading partner of Arab countries.
In a press statement, Keming said that Chinese exports to Arab countries amounted to $123.1 billion in 2020. Despite the impact of the epidemic, China’s total exports to Arab countries increased 2.2 percent in 2020 compared to the previous year.
Chinese Vice Minister of Commerce pointed out that the most exported goods are high-tech products and mechanical and electrical products, accounting for as much as 67.4 percent of the total.
Keming stated that the balance of Chinese direct investment in the Arab countries amounted to $20.1 billion until the end of 2020, while the total investments of Arab countries in China amounted to $3.8 billion. These investments cover many areas, such as oil and gas, infrastructure, manufacturing and logistics services, electric power and others.
Keming added that there is great potential for cooperation between China and Arab countries, especially under the joint construction of the Belt and Road, and in the future the two sides will expand cooperation in new areas such as digital economy, new energy and artificial intelligence.
It is worth noting that a number of major investment projects, such as the Suez Economic and Trade Cooperation Zone (SETC) in Egypt, have become prominent projects to promote transformation and bilateral economic and trade cooperation in the new era, Keming said.
The fifth China-Arab States Expo is scheduled to be held in Yinchuan from August 19-22 under the title of deepening economic and trade cooperation and jointly building the belt and road.

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