Updates from Sudan!
China’s central bank conducted 160.8 billion yuan (about US$22.58 billion) of seven-day reverse repos at an interest rate of 1.7 percent Thursday.
Xinhua News Agency quoted the People’s Bank of China as saying that the move aims to keep liquidity reasonable and ample in the banking system.
A reverse repo is a process in which the central bank purchases securities from commercial banks through bidding, with an agreement to sell them back in the future.
Source: Emirates News Agency
Economic and trade cooperation between China and the Association of Southeast Asian Nations (ASEAN) has achieved fruitful results over the past decade, officials with the Chinese Ministry of Commerce said on Wednesday.
Speaking at a press conference, officials from the ministry said that trade between China and ASEAN had experienced an average annual growth rate of 7.5 percent since 2013.
China has remained ASEAN’s largest trading partner for 15 consecutive years, while ASEAN has remained China’s largest trading partner for four consecutive years with the cumulative two-way investment between China and ASEAN countries exceeding US$400 billion by July this year, China Central Television (CCTV) quoted the officials as saying.
The officials also said that the 21st China-ASEAN Expo will be held in Nanning, south China’s Guangxi Zhuang Autonomous Region, from 24th to 28th September. The 21st China-ASEAN Business and Investment Summit will also be held in Nanning during the period.
Source: Emirates News Agenc
y
A sharp rise has been recorded in Vietnam’s foreign trade over the past few months, and if this upward trend is sustained, this year’s foreign trade turnover is likely to break the record of US$732 billion set in 2022, Vietnam News Agency (VNA) reported on Thursday.
The last two months witnessed monthly exports and imports exceeding $70 billion. In particular, the sum was estimated at $70.11 billion in July and $70.65 billion in August.
In 2022, the trade value hit $732 billion, but none of that year’s months saw the figure reaching $70 billion.
If the monthly turnover of $70 billion is maintained, total exports and imports for the whole 2024 may exceed $790 billion. If some industries are unable to maintain their performance, the figure may stand at $785-786 billion.
Source: Emirates News Agency
The Ministry of Energy and Infrastructure (MoEI) has launched Data Bridge, a project that creates a digital connection with all entities involved in the Ministry’s services.
Through the project, MoEI can offer proactive services, request data only once, and exchange digital documents in real time. It is a transformational project under the federal government performance agreements 2023-2024.
Data Bridge will facilitate the customer’s journey, reduce the number of documents required for the transaction, and cut down the time needed to deliver the service. It is a major step in eliminating government bureaucracy in the Ministry’s processes.
It also aims to increase the number of government entities that exchange digital documents with MoEI to 50, achieve 100% digital connection with these entities, raise customers’ happiness for providing data once to 90% by the end of 2025, and reduce the number of documents by half by the end of next year.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastru
cture, said, ‘The Data Bridge project is a major step in the digital transformation of the energy and infrastructure sectors, allowing real-time access to information and enabling an informed decision-making process. With this project, we commence a new era of collaboration and integration among concerned entities. It will have a positive impact on the economy as it improves the efficiency of services and enhances the competitiveness of the energy and infrastructure sectors.’
To ensure the success of the project, a number of agreements were signed between MoEI and government and private entities to integrate the new system with existing systems and facilitate the connection.
Source: Emirates News Agency
Geneva – The sustainability of migrant remittances to serve the development of countries of origin depends on a strong mobilization of all stakeholders, both at national and international levels, participants in a high-level panel organized by Morocco as part of the World Trade Organization (WTO) Public Forum said in Geneva on Wednesday.
Governments, international organizations, as well as national, regional, and international financial institutions, are called upon to work towards guaranteeing the sustainability of these flows, which are hampered by high costs and long delays, underlined the speakers, representing, among others, the WTO, the World Bank, the International Labor Organization (ILO), the International Organization for Migration (IOM), and Morocco’s Central Bank, “Bank Al Maghrib.”
For WTO Deputy Director General Xiangchen Zhang, the issue of migrant remittances is of vital importance for many developing countries, particularly in Africa.
“It is linked not only to trade and financial services
and the movement of people, but also to sustainable development,” he said, noting that the WTO cannot deal with this issue on its own.
“We need collective action by international organizations and financial institutions,” stressed the official, while expressing his appreciation for the initiative of Morocco’s Permanent Mission to the UN in Geneva and the WTO in choosing this topic for the panel organized as part of the WTO Public Forum.
Presiding over the opening of the panel, held under the theme “Migrant remittances, inclusive trade, and development,” Morocco’s Ambassador and Permanent Representative to the UN-Geneva and the WTO, Omar Zniber, underlined the importance of this theme for member states.
He called for greater cooperation between the various international organizations and financial institutions, which has become more necessary than ever in a rapidly evolving geopolitical, economic, trade, and technological environment.
As part of this transformation of value chains and/or world trade in gen
eral terms, there is a need to re-globalize, the diplomat pointed out. To achieve this, states as well as international decision-makers “must make informed decisions, particularly developing and least-developed countries, with a view to keeping pace with this transition and facing up to the many challenges it entails,” he explained.
Improving the transparency of the remittance system, promoting fair competition, strengthening the digitization and interconnection of platforms, and introducing tax incentives are just some of the measures recommended by this high-level panel to meet the challenge of financial inclusion for migrants.
The event, which coincides with the 30th anniversary of the Marrakech Accords establishing the WTO, was selected from a record 300 applications received for the 2024 Public Forum, one of the WTO’s biggest awareness-raising events.
Source: Agence Marocaine De Presse
ABU DHABI: The Abu Dhabi Businesswomen Council, a subsidiary of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), in collaboration with ETHER by Cloud Spaces, has launched six innovative brands owned by Emirati female entrepreneurs.
This initiative is part of a strategic partnership between the two entities designed to empower women in the retail sector, both locally and internationally.
The partnership, which commenced a year ago, has successfully launched 18 home grown brands to date in three batches, offering Emirati women entrepreneurs a platform to enter the competitive retail space.
By showcasing their unique products at the ETHER store in Yas Mall, Abu Dhabi, these entrepreneurs are reaching broader audiences and cementing their presence in key commercial markets across the UAE.
Nema F. Al Aghbari, Marketing and Membership Manager at the Abu Dhabi Businesswomen Council, said, “The launch of the third round of Abu Dhabi based female-owned startups highlights our unwavering commitment to foster
ing the growth of women in business. We’re very proud of the work they’ve done thus far, these entrepreneurs are entering innovative and sustainable fields, contributing fresh perspectives to the market. Notably, our partnership with ETHER by Cloud Spaces has been vital in providing them with the tools and guidance needed to excel. The new brands unveiled at the ETHER shop are a testament to the endless creativity, innovation, and entrepreneurial spirit of our female entrepreneurs in Abu Dhabi. We’re delighted to not only celebrate the launch of the six brands, but also celebrate the diverse talents and passions of their female founders.’
Malak Smejkalova, Senior Director of Innovation at ETHER by Cloud Spaces, commented, ‘The newly launched brands, which were unveiled at the ETHER shop, are a testament to the creativity and drive of female entrepreneurs right here in Abu Dhabi. I am in awe of the hard work and dedication this amazing group of women are putting in. We look forward to welcoming guests into ET
HER to view the new collections, we have everything from handmade candles to fabrics to plant-based, sustainable beauty products.’
Source: Emirates News Agency
Urumqi Diwopu International Airport in northwest China’s Xinjiang Uygur Autonomous Region added or resumed four international passenger and cargo routes in the first week of September, according to relevant authorities.
According to Xinhua News Agency, these air routes are a direct flight from Urumqi to Moscow; a direct tourist charter flight from Kuala Lumpur in Malaysia to Urumqi; a direct cargo flight from Urumqi to Baku in Azerbaijan and a direct flight from Urumqi to Armenia.
Since the beginning of this year, Xinjiang, which is located in the core area of the Belt and Road, has added or resumed eight international passenger routes and nine international cargo air routes, promoting transport connectivity and accelerating the expansion of the “Air Silk Road”.
So far, Urumqi Diwopu International Airport has opened international passenger routes from Urumqi to 20 regions in 16 countries including Kyrgyzstan, Turkmenistan and Tajikistan.
There are 13 international cargo transport routes from this airport
covering 12 countries in Central Asia, South Asia, West Asia and Europe. The main imported commodities include camel milk, clothing, shoes and boots, cherries and the main export commodities are fresh-cut flowers, medicines, and clothing, among other items.
Source: Emirates News Agency