Following the BRICS expansion this year, China has become heavily factored into Saudi Arabia’s 2030 growth plan. Indeed, the Saudi Vision 2030 plan is set to increase cooperation between the two BRICS members. Subsequently, they will continue their momentum into the coming years.
Saudi Arabia was one of the more important additions to the economic alliance. Subsequently, its growing partnership with fellow members appeared to be a massive benefit to its inclusion. Now, it is making good on that potential with what could be a transformative plan.
Also Read: Saudi Arabia and China Partner to Develop New AI System
Saudi Arabia Features China in Saudi Vision 2030 Plan
The growth of the BRICS economic alliance is certainly among the most important geopolitical developments of this year. Moreover, it provided an expanded list of countries that now included economic powerhouses like Saudi Arabia and the United Arab Emirates (UAE).
Now, on the heels of its inclusion in the BRICS, China has been heavily factored into Saudi Arabia’s 2030 growth plan. Specifically, the nations are set to continue their momentum and expand cooperation in the coming years. Therefore, it plays a key role in the Saudi Vision 2030 plan.
Also Read: Saudi Arabia Deficit to Hit $21 Billion Amid Diversification
The economic growth agenda is set to transform the economic and social status of the country. Moreover, it has now included an increased focus on relations with China in both regional and international affairs. The two countries have done business regarding oil for a long time, but this plan could present increased opportunities for cooperation.
Trade between the two countries has increased by 33.1% this year, reaching $116.04 billion in 2022. That figure should only increase as Saudi Arabia is officially set to join the alliance in 2024. The potential for increased trade commitments is undeniable.
Subsequently, Saudi Arabian exports to China have only grown in recent years, making good on the expansion of trade opportunities. Moreover, the country is seeking to modernize its infrastructure and manufacturing, with China set to take part in various projects to that goal.
