On June 11 and 12, 2023 local time, the 10th Entrepreneur Conference and 8th Investment Seminar of China-Arab States Cooperation Forum was held in Riyadh, capital of Saudi Arabia, attended by more than 3,000 delegates from more than 20 countries. Vice Chairman of the National Committee of the Chinese People's Political Consultative Conference Hu Chunhua, Vice Chairman of the China Council for the Promotion of International Trade Chen Jian 'an and other government officials and a number of Chinese entrepreneurs attended the conference. Saudi Foreign Minister Saud al-Faisal, Secretary General of the League of Arab States Ahmed Aboul Gheit, Saudi Investment Minister Khalid al-Falih and other officials attended the opening ceremony and delivered keynote speeches.

  The focus is on constructing the future

The two-day conference, themed "China-Arab States Collaborating for Prosperity," will facilitate exchanges and discussions on trade, finance, infrastructure, energy, and green industries. Saudi Foreign Minister Saud al-Faisal emphasized the significance of this conference as a crucial platform to deepen the traditional friendship between China and Arab countries. He also expressed his commitment to promoting joint efforts towards building a common future that benefits both peoples while actively safeguarding world peace and development. Secretary General of the Arab League Ahmed Aboul Gheit pointed out that China-Arab cooperation led by the Belt and Road Initiative (BRI) and Global Development Initiative has created valuable opportunities for technology transfer and investment attraction in the Arab region. Saudi Investment Minister Khalid Al-Falih acknowledged China's importance as an essential development partner of Arab countries with steadily increasing trade exchanges painting a bright prospect for future investment cooperation.

It is noteworthy that the conference stands as the largest to date, witnessing the signing of over 30 economic and investment cooperation agreements valued at more than 70 billion yuan on its inaugural day. These agreements span across diverse sectors including renewable energy, agriculture, real estate, minerals, supply chain management, tourism, and healthcare. Furthermore, representatives from 22 European Union countries actively engaged in extensive negotiations with Chinese enterprises during this event, yielding remarkable outcomes.

      Great advantage  Zhonghuan power

Zhonghuan International, as an excellent representative of China-saudi production capacity and a representative of Chinese enterprises in key industries, participated in the event and signed contracts at the conference. Zhonghuan International Group and AMR ALuwlaa Company signed a $533 million project cooperation agreement to jointly design, plan, invest, build and operate the direct reduced iron production project in Saudi Arabia and other green steel projects in Yanbu Industrial City, Saudi Arabia.

Zhonghuan's independent innovation CarNeuTECtm-DRI green iron making process belongs to the gas-based direct reduced iron (DRI) process, which is an innovative and environmentally friendly method primarily developed for producing DRI using iron ore and natural gas. This process offers several advantages: it yields DRI with minimal residual metal elements such as copper, nickel, chromium, tin, etc., thereby enhancing steel quality and product competitiveness; it reduces nitrogen content in steel by utilizing DRI, leading to improved steel quality; it utilizes relatively lower-grade iron ore for production, resulting in enhanced production efficiency and reduced energy consumption; moreover, the unique gas cycle process incorporates CO2 recovery cycle during production, effectively reducing overall carbon emissions by over 50% compared to other processes.

As a model of production capacity in China and Saudi Arabia, based on continuous process innovation and breakthroughs, Zhonghuan closely aligns with the national development strategy and expands internationally with its superior technology. On the path of production capacity cooperation, Zhonghuan assists Saudi Arabia in environmental protection disposal for green industries and upgrades recycling processes. In future development, Zhonghuan will adhere to the concept of complementary advantages, pragmatic innovation, and win-win cooperation while earnestly implementing and accelerating promotion to make greater contributions to the bright future of China-Saudi Arabia cooperation.

The news was widely covered by both Chinese and international media.

The basic information of the "China-Albania Entrepreneurs Conference and Investment Seminar"

The China-Arab States Entrepreneurs Conference and Investment Seminar is an important institutional event within the framework of the China-Arab States Cooperation Forum, co-hosted by the China Council for the Promotion of International Trade and the Secretariat of the League of Arab States. In 2005, Beijing hosted the first China-Arab States Business Conference. This conference is held alternately between China and Arab countries every two years, with a focus on promoting bilateral economic and trade relations development. Currently, China has become Arab countries' largest trading partner, with bilateral economic and trade volume expected to reach 430 billion U.S. dollars in 2022.