G7 Leaders Agree to New Initiative to Fight Economic Coercion

Japan's Prime Minister Fumio Kishida (C) hosts a working session as part of the G7 Leaders' Summit in Hiroshima on May 20, 2023. (AFP)
Japan's Prime Minister Fumio Kishida (C) hosts a working session as part of the G7 Leaders' Summit in Hiroshima on May 20, 2023. (AFP)
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G7 Leaders Agree to New Initiative to Fight Economic Coercion

Japan's Prime Minister Fumio Kishida (C) hosts a working session as part of the G7 Leaders' Summit in Hiroshima on May 20, 2023. (AFP)
Japan's Prime Minister Fumio Kishida (C) hosts a working session as part of the G7 Leaders' Summit in Hiroshima on May 20, 2023. (AFP)

Group of Seven leaders on Saturday agreed to a new initiative to counter economic coercion, and pledged action to ensure that any actors attempting to weaponize economic dependence would fail and face consequences.

The initiative, dubbed Coordination Platform on Economic Coercion, will use early warning and rapid information sharing on economic coercion with members meeting regularly for consultations, the leaders said in a statement.

"The world has encountered a disturbing rise in incidents of economic coercion that seek to exploit economic vulnerabilities," the G7 leaders said in a statement following a meeting in Hiroshima, Japan.

The statement did not identify China, but in details released on Friday that outlined the proposed initiative, the British government pointed to attempts by China to use its economic power in political disputes with Australia and Lithuania.

The statement also committed the G7 leaders to deepen cooperation on hardening supply chains and called for a bigger role for lower income countries in promoting economic resilience.

They urged all nations to adhere to principles of "transparency, diversification, security, sustainability, and trustworthiness and reliability" in building supply chain networks.

The group also agreed to deepen cooperation in information sharing as it looks to establish new standards for next generation technologies.



Saudi MODON: Logistics Spaces Allocated in Industrial Cities Exceed 4.8 Million Square Meters

Saudi MODON: Logistics Spaces Allocated in Industrial Cities Exceed 4.8 Million Square Meters
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Saudi MODON: Logistics Spaces Allocated in Industrial Cities Exceed 4.8 Million Square Meters

Saudi MODON: Logistics Spaces Allocated in Industrial Cities Exceed 4.8 Million Square Meters

The Saudi Authority for Industrial Cities and Technology Zones, known as MODON, has expanded its total logistics space in industrial cities across the Kingdom to over 4.8 million square meters.

The increase is in response to the growing demand for its services and to provide a comprehensive range of logistics products, reported the Saudi Press Agency on Thursday.

MODON is participating in the international trade fair, Transport Logistics, Asia's leading trade fair for logistics, transportation, information technology, and supply chain management. The event is taking place in Shanghai, China, from June 25 to 27, 2024.

MODON is participating within the National Industrial Development and Logistics Program (NIDLP) pavilion to promote industrial investment opportunities and logistical projects in industrial cities. They will also be introducing the incentives and capabilities that MODON offers to both local and foreign investors.

Under the vision of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, MODON is responsible for developing and supervising several logistics centers as part of the general plan for logistics centers that was launched in August 2023. The goal is to develop 59 logistics centers with a total area exceeding 100 million square meters.

MODON is committed to supporting and facilitating industrial and logistical investment opportunities. To this end, it provides investors with a comprehensive package of services and products. These include the development and operation of specialized warehouses, dry and refrigerated warehouses, warehouse areas, yards, and centers for shipping truck services.

This comprehensive offering underscores MODON's commitment to providing a conducive environment for industrial and logistical investment.

MODON is diligently following an ambitious plan to develop industrial cities in line with its objectives. These cities are designed to attract investment, empower the industry, and ensure stability.

The developed land areas have expanded, exceeding 209 million square meters. They currently encompass over 6,600 industrial and logistical facilities to enhance local content and maximize exports, all in line with the goals of Saudi Vision 2030.