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Chinese Vice Minister of Commerce Qian Keming said the bilateral trade volume between China and Arab countries reached $ 239.8 billion last year, with China being the Arab countries’ largest trading partner.
Qian added that Chinese exports to Arab countries amounted to $ 123.1 billion in 2020, an increase of 2.2% year on year, despite the effects of the COVID-19 pandemic, Xinhua reported. Monday.
Chinese Vice Minister of Commerce said the shares of mechanical and electrical products and high-tech and modern products increased by 6.1% and 3.3% respectively, accounting for 67.4% of total exports.
Qian added that the balance of Chinese direct investment in Arab countries stood at $ 20.1 billion until the end of 2020, while the total investment of Arab countries in China stood at 3.8. billion dollars, because these investments cover many areas, such as oil and gas, infrastructure, manufacturing, logistics and electric power, and others.
It should be noted that a number of large investment projects, such as the Suez Zone for Economic and Trade Cooperation in Egypt, have become important projects to promote transformation and promote bilateral economic and trade cooperation in the new era, said Qian.
The vice minister also said that there is huge potential for cooperation between China and Arab countries, especially in the joint construction of the Belt and Road, and that in the future the two sides will extend their cooperation in new areas such as the digital economy, new energies and artificial intelligence.
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