Analysis of Saudi Arabia industrial structure transformation and opportunities for resource industry cooperation in under the background of low oil prices

This paper，taking Saudi Arabia as the research object，analyzes the influence of the global oil price decline to the petroleum exporting countries.It is found that the decline in oil prices has resulted in the sharp decrease in trade income，the slowdown in economic growth，the deficit in the government’s budget and the drop in foreign exchange reserves，which further led to the consumer market downturn，deflation and higher unemployment.Reducing the dependence of economic development on oil and gas exports and transforming industrial structure is the inevitable choice for Saudi Arabia’s future development.In light of relevant government planning and local market demand，author further studies the opportunities for Saudi Arabia’s cooperatio0n in resources industry，concluding that “Saudi Arabia 2030 vision” and “the Belt and the Road” strategy fit perfectly.The two countries have good potential for cooperation in mineral resources development，smelting and processing，renewable energy and infrastructure construction.