WIC28 IN RIYADH WRAPS UP WITH EMPHASIS ON GLOBAL COLLABORATION, INNOVATION, SUSTAINABILITY

KUALA LUMPUR, Nov 29 (Bernama) -- International collaboration, innovation and sustainability were the key themes of the 28th World Investment Conference (WIC28), hosted by Invest Saudi and the World Association of Investment Promotion Agencies (WAIPA) concluded in Riyadh this week.

The event was held under the patronage of His Royal Highness Crown Prince and Prime Minister, Mohammed bin Salman bin Abdulaziz Al Saud, with Saudi Minister of Investment, Khalid Al-Falih, expressing gratitude for the Crown Prince’s leadership and support.

Minister Khalid Al-Falih noted that the event reaffirmed the collective commitment to shaping a future defined by collaboration, innovation, and resilience, with significant agreements announced, including those under Saudi Arabia's Global Supply Chain Resilience Initiative.

He also thanked WAIPA for partnering in the event, stressing that the insights and partnerships forged would have a lasting impact on global investment.

Across three days, WIC28, under the theme of “Harnessing Digital Transformation and Sustainable Growth”, addressed challenges and opportunities that included digital transformation, sustainability, and localised value chains.

The conference highlighted Saudi Arabia’s Vision 2030 as a transformative framework for aligning global partnerships, technological innovation, and sustainable development, according to a statement.

During the third day of the conference, Saudi Minister of Industry and Mineral Resources, Bandar Ibrahim Alkhorayef, spoke on the ‘Strategic Alliances: Leveraging Partnerships for Investment Success’ panel, underscoring the Kingdom’s commitment to fostering global partnerships.

Saudi Arabia’s incentives, he noted, include its advanced infrastructure, both digital and physical, focused on manufacturing, supply chain, and logistics, which enable investors to reduce costs significantly.

Other sessions at the event included discussions on transparent collaboration and regulatory cohesion, operational excellence in Investment Promotion Agencies, and Saudi Arabia’s efforts to attract investments in specialised industries, particularly advanced manufacturing and renewable energy.

The event, held from Nov 25 to 27, reinforced Saudi Arabia's role as a leader in economic growth and global investment. The location of the next WIC remains undecided.

-- BERNAMA

WENZHOU CONFERENCE ON MARITIME SILK ROAD HIGHLIGHTS COOPERATION, INNOVATION

KUALA LUMPUR, Nov 29 (Bernama) -- As 2024 draws to a close, the Maritime Silk Road marks another significant milestone with the 2024 Mayors Exchange Conference on Maritime Silk Road City Influence, taking place in the historic port city of Wenzhou in east China's Zhejiang Province for three days until Dec 1. 

This conference serves as a key platform to promote the Silk Road Spirit of peace and cooperation, openness and inclusiveness, and mutual benefits among cities along the Maritime Silk Road.

A highlight of the event will be the unveiling of the 2024 top 10 influential cities along the Maritime Silk Road, showcasing the accomplishments and charm of Chinese cities, according to a statement.

Wenzhou, with its rich 2,200-year history as a thriving port city, is a perfect host for the conference. The city’s Shuomen Ancient Port, uncovered through archaeology in 2021, underscores Wenzhou's historical importance to the Maritime Silk Road.

The conference will feature various events and activities that aim to establish a new international platform for communication and cooperation, with the Maritime Silk Road cities as the carrier, to further strengthen exchanges and cooperation in the fields of culture, arts, science education, healthcare, sports, and tourism.

Wenzhou, continuing its role as a bridge for East-West exchange, is committed to innovation and urban development. The city has attracted high-level international institutions and is expanding its transportation infrastructure to enhance connectivity.

It also boasts 30 sister cities, many along the Maritime Silk Road, and has been recognised for its contributions to international relations.

During this year's conference, Wenzhou will continue to invite officials from selected representative cities along the Maritime Silk Road to share their experiences in urban development through roundtable discussions, aiming to explore new opportunities for international cooperation.

The conference will also release a consensus on cultural exchange and innovative cooperation among Maritime Silk Road Cities, reinforcing the importance of the Silk Road spirit in the 21st century and fostering new opportunities for mutual benefit.

Wenzhou aims to use this conference to strengthen ties with other cities and build a brighter future for the Maritime Silk Road.

-- BERNAMA

NX BANGLADESH CARRIES OUT AID EFFORTS IN FLOOD-STRICKEN AREAS

KUALA LUMPUR, Nov 28 (Bernama) -- Nippon Express Bangladesh Ltd (NX Bangladesh), a group company of Nippon Express Holdings Inc, has carried out a relief distribution programme to assist communities in eastern Bangladesh devastated by severe flooding caused by heavy rains since mid-August.

In a statement, NX Bangladesh said it has distributed food, medical supplies, and conducted other relief efforts in the six sub-districts of Feni District, one of the hardest-hit flood districts.

Four employees transported relief supplies to areas lacking clean water and food due to flooded roads. Together with the residents, they provided food, emergency medicines, oral rehydration solution, drinking water, and other supplies to approximately 100 households.

The floods, which affected over 5.8 million people, damaged infrastructure, including highways, railways, and disrupted communication networks, isolating more than one million people.

NX Bangladesh will continue helping to improve the lives of locals through various initiatives. The entire NX Group sincerely hopes that the disaster-stricken areas will recover and rebuild as soon as possible.

It remains committed to fulfilling its responsibility for social development by connecting people, companies, and communities.

-- BERNAMA

INAUGURAL WIC HIGHLIGHTS SAUDI’S LEADERSHIP IN GLOBAL INVESTMENT OPPORTUNITIES

KUALA LUMPUR, Nov 26 (Bernama) -- The 28th World Investment Conference (WIC) was officially launched today in Riyadh by Invest Saudi and the World Association of Investment Promotion Agencies (WAIPA).

Themed ‘Harnessing Digital Transformation and Sustainable Growth: Scaling Investment Opportunities’, the first day brought together more than 2,000 attendees from 130 countries, including 30 ministers, to explore key strategies for overcoming global investment challenges and unlocking opportunities for the future.

Saudi Minister of Investment, Khalid Al-Falih delivered the opening keynote, highlighting the Kingdom’s transformation under Vision 2030 and its emergence as a global investment hub.

According to a statement, he identified the critical global trends shaping investment, such as the rise of green and blue economies, the impact of new technologies, the reconfiguration of global supply chains, and demographic shifts.

The Minister also shared impressive figures, noting that Saudi Arabia's gross domestic product (GDP) has grown by 70 per cent since the launch of Vision 2030 to US$1.1 trillion, with non-oil economic activities contributing half of that growth, while foreign direct investment (FDI) has tripled, with international investors increasing tenfold. (US$1=RM4.45)

Meanwhile, WAIPA President and Invest India Managing Director and Chief Executive Officer, Nivruti Rai also addressed the audience, highlighting the importance of collaborative global efforts to reshape economics and drive sustainable growth.

Day one panels covered topics such as the evolving role of emerging economies, FDI’s role in economic transformation, industrial policies aligned with investment promotion, and transformative innovations in climate action.

A panel featuring Saudi, Egyptian, and Tunisian ministers discussed how emerging economies are redefining the role of investment promotion agencies (IPAs) and creating new opportunities for FDI amidst challenges like geopolitical shifts and sustainability goals.

The conference also featured a masterclass on artificial intelligence-driven analytics and virtual reality site visits, along with matchmaking sessions that connected investors with small and medium-sized enterprises (SMEs) and government representatives.

Minister Khalid Al-Falih also brought up the topic of supply chain resilience ahead of the Global Supply Chain Resilience Event (GSCRI) being held on the sidelines WIC tomorrow. The second day of the conference will focus on technology innovation, industrial transformation, and sustainable partnerships.

-- BERNAMA 

TABREED LEADS CRITICAL GLOBAL DIALOGUE ON SUSTAINABLE COOLING AT COP29 IN BAKU

KUALA LUMPUR, Nov 25 (Bernama) -- Tabreed, the United Arab Emirate’s international district cooling company, has successfully wrapped up its week-long activities at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan.

During the event, the company’s representatives delivered keynote addresses, participated in panel discussions, and presented their expertise, emphasising Tabreed’s leadership in the district cooling industry and its readiness to expand into new regions like Southeast Asia.

Tabreed chief executive officer, Khalid Al Marzooqi, highlighted the critical role of district cooling in achieving net-zero emissions, underscoring the company's ongoing commitment to global sustainability events like COP.

“District cooling’s energy efficiency brings huge benefits through large scale avoidance of carbon emissions, making it an essential player in the drive for net-zero,” he said in a statement.

Following a successful collaboration during COP28 in Dubai, Tabreed once again supported the United Nations Environment Programme (UNEP)-led Cool Coalition as a Silver Sponsor of the Buildings and Cooling Pavilion in the Blue Zone.

As a strong advocate for UNEP's Global Cooling Pledge, Tabreed continues to lead the charge on decarbonisation, with this year’s pavilion hosting sessions focused on sustainable cooling practices for global legislators and developers.

During the event, Tabreed also showcased its award-winning G2COOL geothermal plant, which has garnered significant attention across Southeast Asia in recent months, due to its environmental and operational benefits, while interacting with audiences worldwide about the innovation.

-- BERNAMA

NURSERY RHYME INITIATIVE CELEBRATES 18 YEARS OF INSPIRING CREATIVITY, CULTURAL EDUCATION

KUALA LUMPUR, Nov 25 (Bernama) -- A nursery rhyme creation and promotion activity called "China in Children's Chorus", which was introduced in 2006 in Tongzhou District, Nantong City, Jiangsu Province, has caused a warm response in the local area.

According to a statement, the activity has also gradually developed into a bright business card for children's aesthetic education nationwide in the following 18 years.

Continuously being held since its inception, the activity attracted a wide participation of more than 7,000 primary and secondary schools inside and outside Jiangsu Province, and a total of 530,000 nursery rhyme works have been collected.

Children not only learn to create nursery rhymes, but also show their observation and creativity through this platform. They record the changes of society and the development of the times from their own perspective.

At present, the "China in Children's Chorus" activity has formed a brand of ideological education and art cultivation for children with Jiangsu as the centre and radiating influence to the whole country.

In the future, the activity will continue to adhere to the original intention to provide more opportunities for children to show themselves and create art, thereby nursery rhymes, a traditional art form, can shine more brilliantly in the new era.

-- BERNAMA

BEST'S MARKET SEGMENT REPORT: AM BEST MAINTAINS POSITIVE OUTLOOK ON DELEGATED UNDERWRITING AUTHORITY ENTERPRISES SEGMENT

OLDWICK, N.J., Nov 22 (Bernama-BUSINESS WIRE) -- AM Best is maintaining its market segment outlook for the delegated underwriting authority enterprise (DUAE) segment at positive, citing its sustained growth and niche expertise, despite potential issues that could arise from capacity challenges and rapid growth.

The DUAE distribution channel continues to increase its market share, supported by strong and sustained premium growth globally. According to the Best’s Market Segment Report, “Market Segment Outlook: Delegated Underwriting Authority Enterprises,” capacity for the DUAE segment has benefited from ongoing material growth in the excess and surplus (E&S) market, as elevated catastrophe activity and the regulatory environment continue to direct more premiums into surplus line businesses.

“The general optimism among insurers and reinsurers about DUAEs persists, with more strategic partnerships being formed between carriers and DUAEs,” said Yizhou Hong, senior financial analyst, AM Best. “These partnerships are generally longer-term and allow capacity support across lines of business, industries, and geographies, instead of simply by program.” 

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