New areas of Saudi-Swiss cooperation identified

1 / 2
Saudi and Swiss officials sign an accord during a meeting trade and investment in Jeddah on Tuesday. (Courtesy: MCI)
2 / 2
Saudi Minister of Trade and Investment Majid bin Abdullah Al-Qassabi with Swiss Minister of Economic Affairs and Education Johann Schneider-Ammann during a meeting in Jeddah on Tuesday. (Courtesy: MCI)
Updated 18 July 2017

New areas of Saudi-Swiss cooperation identified

RIYADH: New areas of cooperation in trade were identified on Sunday during a meeting held in Jeddah between Commerce and Investment Minister Majid Al-Qassabi and his Swiss counterpart, Johan Schneider-Ammann.
During the meeting, the Saudi-Swiss sides discussed opportunities between the Kingdom and Switzerland and explored means of developing trade and investment opportunities, especially in the field of non-oil exports, as well as removing any obstacles that may hinder such activities.
There are 113 Swiss companies in the Kingdom, 94 of which are service companies and 19 are industrial. The volume of trade exchange between Saudi Arabia and Switzerland reached SR10.33 billion ($2.75 billion) in 2016.
It was also decided to provide Saudi companies with the latest technologies and expertise to raise the quality of Saudi products and facilitate their entry into European and international markets.
The two sides also stressed the importance of the Saudi-Swiss Business Council’s role in the promotion of business and investment activities between the two countries, and its contribution to current development issues, especially in the fields of high-tech precision industries and the search for specific quality investment opportunities.


China aims for sustained and healthy economic development

Updated 30 October 2020

China aims for sustained and healthy economic development

  • Beijing to let market forces play decisive role in resources allocation, report says

BEIJING: China is targeting sustained and healthy economic development in the five years to 2025, with an emphasis on a higher quality of growth, the Xinhua news agency said on Thursday, citing the ruling Communist Party’s Central Committee.

President Xi Jinping and members of the Central Committee, the largest of the ruling party’s elite decision-making bodies, met behind closed doors from Monday to lay out the 14th five-year plan, a blueprint for economic and social development.

China’s external environment “is getting more complicated,” the agency said, adding, “There is a significant increase in instabilities and uncertainties.”

BACKGROUND

China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

However, the country’s development was still in a period of important strategic opportunities, despite new challenges, it said.

It added that China aims to boost its gross domestic product (GDP) per person to the level of moderately developed countries by 2035, while GDP is due to top 100 trillion yuan ($15 trillion) in 2020.

China will also deepen reforms and let market forces play a decisive role in resources allocation, the agency said.

China will promote a “dual circulation” model, make self-sufficiency in technology a strategic pillar for development, move to develop and urbanize regions, and combine efforts to expand domestic demand with supply-side reforms, it added.

The “dual circulation” strategy, first proposed by Xi in May, envisages that China’s next phase of development will depend mainly on “domestic circulation” or an internal cycle of production, distribution and consumption, backed by domestic technological innovation.