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Eurasia
21/12/2023 07:00
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef said that King Abdullah Economic City has attracted electric car makers and the ministry is working with these companies to develop value chains.
Alkhorayef added in an interview with Al-Arabiya Business, on the sidelines of the Saudi Budget Forum 2024, that Saudi Arabia aspires to raise the contribution of the industrial sector to 15% of GDP from 9% currently.
Alkhorayef revealed that Saudi Arabia aims to raise merchandise exports to more than 557 billion riyals (148 billion USD) in 2030, compared to less than 300 billion riyals (79 billion USD) now.
He explained that "when studying some industrial sectors, we find it important to completely restructure the sector so that it can achieve the targets," adding: "We studied the entire steel sector and identified a set of requirements, including the creation of a large company that can enter the entire supply chain, and this resulted in the separation of (Hadid) from (SABIC) and entering with (Al Rajhi) to be a large national company targeting types of important products to provide for various industries such as cars, equipment or renewable energy."
Mongolia has reached a critical juncture and is undergoing a process of foreign policy modernization. The burgeoning relations between Ulaanbaatar and Central Asian states signifies a strategic initiative aimed at balancing its partnerships with Russia and China. Since 2020, Mongolia has augmented its diplomatic activities with Central Asian countries, as evidenced by the Mongolian President's visit to Uzbekistan and Kazakhstan in 2024. Notwithstanding the prevailing positive development dynamics, economic relations between Mongolia and Central Asia remain modest but growing, particularly in trade with Kazakhstan, Kyrgyzstan, and Uzbekistan, where exports have increased significantly.
Sri Lanka is the only country in the Asia region currently engaged in discussions with US officials to renegotiate tariffs imposed under US President Donald Trump’s administration, according to deputy economic minister.
China confirmed on Friday details on the framework of a trade deal with the United States, saying Washington would lift "restrictive measures" while Beijing would review and approve items under export controls.