On December 8, 2023, the signing ceremony of the strategic cooperation agreement between Dongfang Electronics Co., Ltd. (DFE) and System House Factory for Electrical Panels (SEP) took place in Yantai Dongshan Hotel. Jiang Cheng, member of the Standing Committee of CPC Shandong Provincial Committee and Secretary of CPC Yantai Municipal Committee, attended and witnessed the signing; Yu Shengtao, member of the Standing Committee of CPC Yantai Municipal Committee and Vice Mayor of Yantai, and Bruno Stocchi, General Manager of SEP, delivered speeches; and Yu Feng, member of the Standing Committee and Secretary General of CPC Yantai Municipal Committee, attended the ceremony.

Yu Shengtao said that on the occasion of the 10th anniversary of the Belt and Road Initiative (BRI), the strategic cooperation agreement between DFE and SEP is a practical step for Yantai's state-owned enterprises to actively participate in the BRI, and also an important event for Yantai to promote the green, low-carbon and high-quality development of the energy and power industries. The two sides are expected to work together and deepen cooperation in electric power and energy through "product + service", localized production and other means, and create a model project for the cooperation between China and Saudi Arabia under the BRI.

Bruno Stocchi said that Saudi Arabia is currently striving to achieve the Saudi Vision 2030, and promoting new energy development and power system upgrading, which provides abundant opportunities for cooperation between the two sides. He said that Yantai is a fruitful practitioner and promoter of the BRI, and he believed that the two sides will deepen cooperation, make steady progress, and make positive contributions to the cooperation between China and Saudi Arabia under the BRI.