China diplomat sees EU-Beijing investment pact by end of 2020

China diplomat sees EU-Beijing investment pact by end of 2020
The Chinese government’s top diplomat, Wang Yi, right, and director of French Institute for International Relations, Thierry de Montbrial, arrive for a press conference in Paris. (AP)
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Updated 31 August 2020

China diplomat sees EU-Beijing investment pact by end of 2020

China diplomat sees EU-Beijing investment pact by end of 2020
  • The two sides agree on the need to address global trade challenges

PARIS: The Chinese government’s top diplomat, State Councillor Wang Yi, said on Sunday it was possible to conclude an EU-China investment accord by the end of 2020. 

“I am thinking of the investment agreement. We have the possibility of concluding it before the end of the year. It is important more than ever to take a step,” Wang Yi said, speaking at the IFRI think tank in Paris, via an interpreter.

Wang Yi said that what was happening in the Xinjiang region and Hong Kong was an internal Chinese matter and that other countries should not interfere.

French Foreign Minister Jean-Yves Le Drian earlier said that in a meeting with Wang-Yi he had reminded him of Paris’ deep concerns about the worsening human rights situation in those two regions. 

Separately, the Financial Times newspaper reported that the Chinese telecoms equipment maker Huawei Technologies Co. Ltd. is focusing on its budding cloud business, which still has access to US chips despite sanctions against the company, to secure its survival. Huawei’s cloud computing business sells computing power and storage to companies, including giving them access to artificial intelligence, and has been growing rapidly, the newspaper reported on Sunday, citing sources.

In January, Huawei put the unit on an equal footing with its smartphones and telecoms equipment businesses, the FT reported.

The unit was stepping up its offerings and Beijing will increasingly support the company through public cloud contracts, according to the report.

The administration of US President Donald Trump has restricted technology exports to Chinese companies in particular, notably Huawei, citing national security risks.


Saudi Arabia’s Amkest Group signs deal with US green energy firm

Amr Khashoggi, Chairman of Amkest Group and Scott Poulter, Chief Executive of Pacific Green Technologies
Updated 05 December 2020

Saudi Arabia’s Amkest Group signs deal with US green energy firm

Saudi Arabia’s Amkest Group signs deal with US green energy firm
  • Its expansion into Saudi Arabia through this joint venture is no surprise since the Kingdom is aiming for 30 percent of its energy to come from renewable sources by 2030

RIYADH: US-based Pacific Green Technologies Inc. (PGTK) has signed a joint venture agreement with Amr Khashoggi Trading Co. Ltd. (Amkest Group) to incorporate a company in Saudi Arabia for the sale of Pacific Green environmental technologies.
Amkest Group, founded in 1983, has a history of success in the Kingdom. Its diverse business portfolio includes construction material production and supply, property development and consulting services.
Commenting on the partnership, Scott Poulter, PGTK’s CEO, said: “Saudi Arabia under its Vision 2030 strategic framework, which calls for 9.5 GW of the Kingdom’s energy to be supplied through renewables by 2030, is set to undergo rapid growth.”
Poulter added: “Pacific Green’s technologies, particularly in the solar power, desalination and battery energy storage system sectors, provide the perfect solution to the Kingdom’s growing demand, and we are excited to leverage Amkest Group’s hard-earned relationships to contribute toward the goals of Vision 2030.”
Amr Khashoggi, chairman of Amkest Group, said: “We believe the combination of our experience and knowledge of the Saudi market, coupled with Pacific Green’s portfolio of technologies, provides the foundation for an incredible partnership and the opportunity to offer multiple complementary technologies.”
Pacific Green is focused on addressing the world’s need for cleaner and more sustainable energy. Its expansion into Saudi Arabia through this joint venture is no surprise since the Kingdom is aiming for 30 percent of its energy to come from renewable sources by 2030.
The deal comes on the back of an expectation that Saudi Arabia will attract more than $20 billion in investments in renewables over the next decade. This forecast was made by the CEO of Saudi National Grid in October, according to a report by S&P Global.