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SABIC eyes expansion in Chinese market

english.pudong.gov.cn Updated:2023-09-08

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SABIC holds a ceremony to celebrate the 10th anniversary of its shanghai R&D center. [Photo/WeChat account: pdnews]

SABIC, a global leader in diversified chemicals based in Riyadh, Saudi Arabia, held a ceremony to celebrate the 10th anniversary of its Shanghai Research and Development (R&D) Center and the launch of its first Innovation Day event at its Greater China Headquarters in Shanghai's Pudong New Area on Aug 29.

During the ceremony, SABIC said that it will continue to focus on market-oriented technological innovation, and actively expand its business in China. The company is also looking to further align itself with the development of the Belt and Road Initiative and Saudi Arabia's 2030 Vision.

SABIC was one of the first international companies to forge friendly ties with China. Over the past decade, SABIC has continuously expanded investments and collaborations within China. The company's Shanghai R&D Center now serves as its regional headquarters and one of its most important innovation hubs.

The center has also been fostering partnerships with Chinese universities and research institutions to support China's development.

Wu Qiang, deputy director of Pudong New Area, said that Pudong has in recent years been taking steps to promote high-level reform and opening-up as part of its efforts to drive socialist modernization.

Wang added that Pudong will further optimize its market-oriented, law-based, and internationalized business environment.

Abdulrahman Al-Fageeh, CEO of SABIC, said that the company is looking forward to deepening collaboration with its Chinese partners and contributing to China's economic growth.