Transportation sector offers huge opportunities, say experts

Updated 13 November 2012

Transportation sector offers huge opportunities, say experts

DAMMAM: An ongoing conference and exhibition on the Kingdom’s transportation industry has attracted key players in the region and abroad.
Mohammed K. Al-Suwaiket, the assistant deputy minister of transport, inaugurated the three-day Saudi Transtec 2012 at the Dhahran International Exhibitions Center on Sunday. He described the transportation sector as dynamic and vibrant.
International Exhibition Services Managing Director Piero A. Zipoli echoed his sentiments. “The Kingdom continues to work on building an infrastructure of multimodal transportation, making it an attractive prospect for investors,” he said. “Saudi Arabia is making great strides to establish itself as a key global transport and logistics hub.”
According to Mohammed H. Al-Hussaini, managing director of Dhahran International Exhibitions Company, the exhibition has provided a perfect platform for companies to showcase their products and services and to present their expertise through conference presentations.
Al-Suwaiket took a tour of the exhibition and presented awards to key companies with a view to recognizing their support to the third edition of the conference and exhibition.
A number of senior industry representatives and diplomats attended the opening ceremony. Prominent among them were Mohammed Abdul Rahman Al-Manie, chairman of the National Transport Committee at the Council of Saudi Chambers of Commerce and Industry; Feroz Siddiqui, commercial attache at the Singapore Embassy; Joey Hood, US consul general; David Harries, head of British Trade Office; and Edward Burton, president and managing director, US-Saudi Arabian Business Council.
Speakers at the conference sessions highlighted business solutions and initiatives and supply chain challenges and solutions.
“In an increasingly competitive market for transport, companies are implementing alternative business solutions and initiatives and managing supply chain solutions and their effective implementation, which is key to any business,” said one of the speakers.
A high-power panel of industry representatives from Saudi Miebach, Hala Supply Chain, Four Winds, the US-Saudi Arabian Business Council, the Supply Chain & Logistics Group, Kale Logistics Solutions and Olayan Financing focused on how to overcome supply chain challenges and how to minimize unnecessary increases in costs and risks.
Companies from Asia, Europe and the Middle East are providing a broad international presence at the exhibition. The participating industries at the exhibition include freight, shipping, aviation, ports, cargo, railways, materials handling equipment and service providers
Designed for decision-makers looking for solutions, Saudi Transtec 2012 ends today.


China suspends planned tariffs on some US goods

Updated 10 min 33 sec ago

China suspends planned tariffs on some US goods

  • Chinese tariffs were supposed to target goods ranging from corn and wheat to vehicles and auto parts
  • Beijing agreed to import at least $200 billion in additional US goods and services over the next 2 years

SHANGHAI: China has suspended additional tariffs on some US goods that were meant to be implemented on Dec. 15, the State Council’s customs tariff commission said on Sunday, after the world’s two largest economies agreed a “phase one” trade deal on Friday.
The deal, rumors and leaks over which have gyrated world markets for months, reduces some US tariffs in exchange for what US officials said would be a big jump in Chinese purchases of American farm products and other goods.
China’s retaliatory tariffs, which were due to take effect on Dec. 15, were meant to target goods ranging from corn and wheat to US made vehicles and auto parts.
Other Chinese tariffs that had already been implemented on US goods would be left in place, the commission said in a statement issued on the websites of government departments including China’s finance ministry. “China hopes, on the basis of equality and mutual respect, to work with the United States, to properly resolve each other’s core concerns and promote the stable development of US-China economic and trade relations,” it added.
Beijing has agreed to import at least $200 billion in additional US goods and services over the next two years on top of the amount it purchased in 2017, the top US trade negotiator said Friday.
A statement issued by the United States Trade Representative also on Friday said the United States would leave in place 25% tariffs on $250 billion worth of Chinese goods.