For place, a heavy tech startup creates wireless charging stations.Engage against more than 70 companies worldwide to earn US$ 1 million in funding.Aphelia Sdn Bhd, a heavy tech startup, was chosen as Malaysia’s local champion and does represent the nation at the Startup World Cup Grand Finale, which will take place…Continue Reading
In order to assist the earth in learning about the features of its businesses, MDEC aims to be a catalyst.6 month event enables numerous meetings to take place around specialized activities.Can a six-week collection of technology events in Malaysia that culminate on Monday, November 6 to Wed, October 8 help propel…Continue Reading
79% of investors view ESG as central to their investment calculus
Playbook offers practical advice on foundational governance principles
AC Ventures, in collaboration with PricewaterhouseCoopers (PwC) Indonesia, has released a playbook on corporate governance tailored for tech startups. Anchored in the Indonesian General Guidelines for Corporate Governance, the playbook offers actional advice on…Continue Reading
Potential to develop impactful innovations to meet energy transition
Committed to building partnerships locally, and regionally for startups
PETRONAS’ accelerator programme, Petronas FutureTech 3.0 selected at its Demo Day today 10 technology-driven startups that have shown the most potential in developing impactful, future-focused and sustainable innovations which are able to meet energy transition…Continue Reading
South Korea and Saudi Arabia announced their intent to “deepen and advance” bilateral relations in a joint statement issued on the occasion of President Yoon Suk Yeol’s visit to Riyadh from October 21-24.
The announcement was a reminder that while the US and Europe focus on the conflict between Israel and the Palestinians, Saudi Arabia’s turn to Asia continues – and that China is not the only East Asian power displacing Western influence in the Middle East.
South Korean President Yoon led a delegation of government officials and business leaders that met with Crown Prince and Prime Minister Mohammed bin Salman and other Saudi counterparts to discuss trade and investment, infrastructure, energy and defense.
The result was a long and detailed list of initiatives building on the “Future-oriented Strategic Partnership” announced by the two sides when the Saudi leader visited Seoul in November 2022. A Strategic Partnership Council will be established to coordinate their joint activities.
The Saudi-Korean Investment Forum 2023 was held during Yoon’s visit, with representatives of both countries’ public and private sectors participating. It resulted in more than 50 agreements ranging from hydrogen energy, water desalination and agriculture to electric vehicles, tourism and cybersecurity. The total value of the deals was reported at $15.6 billion.
The Saudi Arabian Oil Company (Aramco) alone reached 10 agreements with Korean companies covering collaboration in ammonia off-take and logistics, low-carbon energy exploration, information exchange related to Aramco’s Thermal Crude to Chemicals technology and collaboration in venture capital investment and start-up financing.
Four of the agreements were with S-Oil, which is 63.4%-owned by Aramco. Agreements were also clinched with Doosan to establish a casting and forging facility in Saudi Arabia to produce valves, pumps, compressors, gas and wind turbines, and other products; Korea Electric Power Corporation for a study of the ammonia supply chain; POSCO and Hyundai Oilbank to explore potential collaboration in blue hydrogen and ammonia; and the Export-Import Bank of Korea to develop strategic financing.
Separately, Saudi Aramco signed contracts with Hyundai Engineering & Construction for the construction of a gas processing plant and with the Korea National Oil Corporation for a joint oil storage project during Yoon’s visit. South Korea is the third largest buyer of Saudi oil after China and Japan and depends on Saudi Arabia for nearly 40% of its crude oil supply.
Private investments in refining, petrochemicals and hydrocarbon resource technology are a priority for both sides. The joint statement noted that work on the Shaheen petrochemical project in Ulsan has been progressing smoothly since a groundbreaking ceremony last March.
The joint statement laid out a scenario that sums up the Future-oriented Strategic Partnership in the energy sector, with South Korea acknowledging Saudi Arabia’s “pioneering role” in the future of energy and avowing to “strengthen cooperation” across the gamut of nuclear, renewable, wind, solar and clean hydrogen energies.
On the latter, the two sides signed the Hydrogen Oasis Initiative (H2Oasis) to strengthen their partnership and support project developments in the fuel.
Moreover, Hyundai Motor and Saudi Arabia’s Public Investment Fund will form a joint venture to build an auto-assembly plant in Saudi Arabia with a capacity of 50,000 internal combustion engine and electric vehicles per year. Production is scheduled to begin in 2025.
Naver, South Korea’s largest internet company, signed an agreement with the Saudi Ministry of Municipal and Rural Affairs and Housing and Ministry of Investment to create a cloud-based digital twin platform for smart city urban planning, monitoring and disaster prevention in the cities of Riyadh, Medina, Jeddah, Dammam and Mecca.
Naver senior executive Chae Seon-ju hopes that “Naver will serve as a bridge for the export of Korean IT [information technology] startups to the Middle East.” His efforts should be supported by cooperation between the two countries in the protection of intellectual property.
The joint statement notes that the dispatch of South Korean experts has contributed to the development of Saudi Arabia’s National IP Strategy of Saudi Arabia and capacity-building for Saudi patent examiners.
In addition, a South Korean consortium led by food and beverage company Nongshim will provide “smart farm” infrastructure to Saudi Greenhouse for year-round production of strawberries. Temperature, humidity and sunlight in the indoor gardens are monitored and regulated automatically.
The two countries also celebrated the 50th anniversary of Korea-Saudi cooperation in the field of construction and agreed that South Korea would support Saudi Arabia’s large-scale economic development projects.
These include the NEOM industrial, residential and recreation project in the northwest of the country, which will be powered by renewable energy, and the Red Sea tourism project along the coast.
The joint statement does not provide much detail on military matters, but does contain a brief section entitled “Strengthening Cooperation in the fields of Defense, Defense Industry and Combating Terrorism.”
President Yoon was reported to have had a successful meeting with Saudi Defense Minister Khalid bin Salman Al Saud and Minister of National Guard Abdullah bin Bandar bin Abdulaziz Al Saud.
According to South Korea’s Yonhap news agency, Defense Minister Khalid “said that the two countries’ defense industry cooperation, which is close to producing results, will be a new milestone in their partnership. He also expressed hope for next-generation defense industry cooperation and proposed a comprehensive partnership that includes technological collaboration and joint production.”
Yoon’s office told the media that he had “called for deepening the scope of defense cooperation to include defense training, joint exercises, visits to military bases and people-to-people exchanges.”
His security advisor Kim Tae-hyo said that discussions in areas including missile defense and artillery are “in the final stage,” according to Yonhap.
This is the realpolitik side of Saudi Vision 2030, the long-term national development strategy developed by Prime Minister Mohammed bin Salman and his Council of Economic and Development Affairs to build “a vibrant society, a thriving economy and an ambitious nation.”
“In order to achieve a thriving economy, the kingdom will diversify its economy and create dynamic job opportunities… through commitments to education, entrepreneurship and innovation, unlocking underdeveloped industries such as manufacturing, renewable energy and tourism,” the vision statement says.
This is not the vision of a Saudi society that wants or needs to choose between only the US or China. And it’s a vision that fits with South Korea’s own modernization ambitions in an increasingly multipolar world.
Follow this writer on Twitter: @ScottFo83517667
JC3’s Greening Value Chain program will be used to help Entrepreneurs with funding and power development.Businesses will benefit from the platform’s ability to speed up decarbonization processes and optimize their coal reporting requirements.A Centralized Sustainability Intelligence ( CSI ) Platform is being developed by Bursa Malaysia for use by both publicly…Continue Reading
committed to promoting creativity and enhancing healthcare access in Indonesiadid assist businesses in addressing opportunities and challenges in medicalLeading venture capital firm East Ventures, based in Indonesia and Southeast Asia, announced the launch of its first healthcare-focused fund, the US$ 30 million( RM143 million ) & nbsp, which is committed to…Continue Reading
Mr. Subianto has a lengthy military and political career at the age of 72. & nbsp,
But, Mr. Raka, who has only served as Solo’s president since February 2021, is still a young politician. & nbsp,
Prior to that, he was an entrepreneur who founded a number of mobile apps and businesses.
According to political analyst Mr. Wawan Mas’udi, who is known by his nick name,” Prabowo needs to get the total support from Jokowi to win.” & nbsp,
The professor of the social and political staff at Yogyakarta’s University of Gadjah Mada added,” To get that, the best way is to get the closest determine who best represents Jokowi, in this framework, Gibran especially since he can now work.”
More than half of the available 204.8 million voters, who range in age from 17 to 42, are young, according to researchers, which is another factor in their decision to support Mr. Raka.
According to Mr. Ujang Komarudin, a political scientist from the University of Al Azhar Indonesia,” Mr. Raka is expected to win the vote of younger people or first-time electors.” & nbsp,
Because younger people need to be approached by a young person who understands their speech, I believe he will attract the attention of children and win their support.
According to Mr. Mas’udi, the current leader has an equal stake in the election, whereas Mr Subianto chose Mr Raka to win the support of Jokowi’s sizable supporters. & nbsp,
He thinks Jokowi wants to preserve his reputation, and Mr. Subianto may promise to carry out his plans. & nbsp,
Jokowi needs assurance that some national strategic programs will be finished, and Mr. Subianto can provide that assurance. There are many such programs that have not yet been finished.
There are actually various VP options for Prabowo, but in the present context, this is toxic and harmful to the politics we are building, said Mr. Mas’udi. & nbsp,
Another names, including East Java Governor <a href="https://id.wikipedia.org/wiki/Khofifah_Indar_Parawansa”>Khofifah Indar Parawansa and Minister of State-owned Enterprises Erick Thohir, were being touted as potential running mates for Mr. Subianto, according to Mr Mas’udi.
According to pollster Lembaga Survei Indonesia (LSI), Mr Subianto’s electabilitywouldbe higher if paired with Mr Thohir compared to Mr Raka or Mdm Parawansa.
However, the second-largest social gathering, Golkar, which is allied with Mr. Subianto’s group Gerindra, rejected the union of those two. & nbsp,
Every social group in Gerindra’s alliance could agree on Mr. Raka as the only candidate, according to Mr Mas’udi.
Jokowi told reporters on Sunday night, days before the statement, that he had given his brother the go-ahead to run. & nbsp,
He told reporters when asked if he agreed that his son does work,” A parent’s job is to beg for their children and give their gifts.”
Panelists promote the proper” thinking, plan, and help infrastructure.”The Ministry of Economy views KL as a business hub because it is located between China, India, watts, SEA, and nbsp.Key participants in Malaysia’s business ecosystem gathered on October 17 at the Entrepreneurs Summit IV in Kuala Lumpur to encourage entrepreneurs to be…Continue Reading
China’s importance in global business is largely due to its position as the second-largest economy in the world and its roughly 19 % contribution to the global GDP.
Foreign businesses find the American business appealing despite the political complexities, emphasizing the advantages of economic cooperation for both parties. The continued Chinese investments in India are proof of how interconnected the world economy is, which frequently goes beyond political disagreements.
It is clear that there is a delicate balance between national interests and financial opportunities, and both countries are still attempting to understand this precarious relationship in the name of shared economic development.
Envision, a Chinese firm, has emerged as India’s top wind turbine supplier, which is indicative of an overall trend of successful Foreign businesses making their level in different industries. This victory is not the only one; additional Chinese businesses in a variety of companies have used comparable tactics.
For instance, Goldwind, another Chinese manufacturer of original equipment( OEM ), recently claimed the largest market share worldwide, highlighting the achievements of Chinese businesses in the wind-turbine sector. Their leadership roles are influenced by competitive pricing, modern know-how, and early market entry.
The need for countries to place themselves within the changing dynamics of international commerce is emphasized by the economic environment, which is marked by fierce international competitors. Due to international development and cutting-edge product offerings, Taiwanese businesses like Envision and Goldwind have achieved global success by securing sizable orders and growing their market share.
India’s intricate relationship with China, particularly in the area of technology, reflects a complex interaction between economic factors and security requirements. China’s impact in the Indian technology field is rooted in pre-existing collaborations and strategic partnerships, despite political unrest and bans on particular apps like TikTok.
India’s approach to technical collaboration may be rational, balancing security and economic concerns while allowing for some areas of cooperation while protecting important ones.
Additionally, while broader scientific collaboration may continue, the ban on particular apps may address urgent security concerns. This fluid relationship emphasizes the complex nature of the relationship between China and India, where strategic considerations and economic interdependence coexist.
Foreign investments in India have significantly increased since 2014, driven by a number of elements. China is attracted to India’s growing industry, particularly in businesses and technology, which is driving up the number of private equity investments. Political factors, like the China-Pakistan Economic Corridor, have increased China’s involvement in forging economic ties with its neighbors, which has an impact on its investments in India.
Moreover, China is eager to capitalize on India’s technology and innovation sectors, which is motivating sizable new investments. Foreign companies effectively diversify their investments in response to changes in the world economy, and India has become a popular location for this diversification, bringing in tens of thousands of new investors.
India and China achieved a report bilateral trade size of US$ 135.98 billion in the prior year, an 8.4 % increase over the past month. This was despite underlying conflicts brought on by the military conflict in eastern Ladakh in May 2020. Two important improvements, though, could have a economic impact.
India’s silicon plans and industries may be disrupted if China implements export restrictions on chromium and germanium in July of this year. This could have an impact on the economy by raising prices and disrupting the supply chain. In response, India imposed import restrictions on notebooks and tablets in August to support domestic production in line with the” Make in India” program.
While this proceed aims to increase production powers, it could cause short-term disruptions, necessitating careful supervision during the transition period to reduce negative effects. The India-US Initiative on Critical and Emerging Technology and other strategic partnerships, such as domestic semiconductor manufacturing features, will have an impact in the long run.
Foreign investments in India most assuredly aim to diversify, gain access to a sizable consumer market, and position themselves strategically. Despite their political differences, the two countries’ economic interdependence is critical. These investments highlight the intricate nature of economic ties in the face of political challenges and may help India create jobs, transfer technology, and develop its economy as a whole.
Furthermore, the economic justification for Chinese investments goes beyond short-term profits. As a major international economic player in important sectors, China aims to expand its investment portfolio and secure proper positions. India is a desirable location for long-term investments due to its growing business, statistical income, and expanding middle class.
Despite geopolitical tensions, both countries are aware of the potential for shared financial advantages, which encourages ongoing funding and collaboration.
Due to increased worries about national security, the thorough analysis of Chinese funding proposals calls for careful attention. The government’s dedication to making sure that Chinese purchases, in particular, are in line with Indian security and economic needs is reflected in the investigation.
Additionally, the discussions surrounding Chinese funding proposals highlight how regulatory systems are changing as a result of geopolitical realities.
Political agreements, shared economic interests, and geopolitical challenges are all intricately entwined with the future of India-China business relations. New challenges China faces, such as the financial consequences of its zero-Covid policies earlier this year, add to the relationship’s complexity.
The current situation differs from traditional trends where changes in India-China business policies followed boundary tensions. A corporate strategy to challenge China’s hegemonic position in global trade is reflected in recent changes to trade policies.
India needs to put a varied approach into place, such as diversifying supply stores, fostering local business, and establishing strategic alliances. By reducing its emphasis on Chinese goods, India is protected from possible disruptions and given more authority over crucial elements.
Fostering local capabilities also supports India’s objectives of self-reliance in developing and sustainable economic growth. China’s financial difficulties have global ramifications, highlighting the importance of the India-China economic partnership and the need for cautious decision-making and proactive financial strategies to navigate complexities.