Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman led a senior Saudi delegation to China and Japan, as part of a trip that included the kingdom’s participation at the G20 summit in Hangzhou.
In April, Prince Mohammed launched radical economic reforms designed to develop non-oil industries in Saudi Arabia and attract billions of dollars of foreign investment. Chinese and Japanese banks and companies are also expected to play major roles.
The prince first visited China for talks on economic ties as well as security issues, before visiting Japan and meeting Prime Minister Shinzo Abe. Prince Mohammed then returned to China on 3 September to join the leaders of the world’s twenty biggest economies in the eastern city of Hangzhou. The event embodies an international forum bringing together governments and central bank governors and aims at studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.
Prince Mohammed bin Salman presents his economic reform plan to the G20, which envisages state spending of around 270 billion riyals (€65 billion) in the next five years on projects to diversify the economy. Saudi officials will discuss energy cooperation agreements with China and Japan, including a plan to cooperate with China in storing crude oil, the Saudi cabinet has said.