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Saudi Arabia Participates in ‘Summer Davos,’ Launches an Innovative Challenge

The opening ceremony of the 14th annual meeting of the New Champions, known as Summer Davos, in northern China. (EPA)
The opening ceremony of the 14th annual meeting of the New Champions, known as Summer Davos, in northern China. (EPA)
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Saudi Arabia Participates in ‘Summer Davos,’ Launches an Innovative Challenge

The opening ceremony of the 14th annual meeting of the New Champions, known as Summer Davos, in northern China. (EPA)
The opening ceremony of the 14th annual meeting of the New Champions, known as Summer Davos, in northern China. (EPA)

Saudi Arabia intends to launch an innovative challenge for the participants of the 14th edition of the annual meeting of the New Champions of the World Economic Forum (WEF), Davos Summer.

Summer Davos opened in north China's Tianjin Municipality on Tuesday.

The Saudi Ministry of Economy and Planning said it would officially announce ten winners of the creative challenge to enhance food security and improve the supply of healthy and nutritious foods in arid regions.

Last January, the Ministry launched the Food Ecosystems and Arid Climates Challenge in collaboration with UpLink, the WEF open innovation platform, to crowdsource transformative solutions to enhance food security in countries impacted by low rainfall, drought, and desertification.

The challenge is a global call for food entrepreneurs, start-ups, social ventures, and small-medium-sized enterprises to submit solutions incorporating low or high technologies.

The winning cohort will be eligible to access CHF100,000 to scale and implement their venture in regions with arid climates while enhancing their visibility and access to networking opportunities.

The Saudi delegation, which includes six ministers and six deputy ministers, is led by Minister for Economy and Planning Faisal al-Ibrahim, and Minister for Communications and Information Technology Abdullah al-Swaha.

About 1,500 Participants from business, government, international organizations, and academia confirmed their participation in the event themed "Entrepreneurship: The Driving Force of the Global Economy."

On the sidelines of the conference, Ibrahim will hold several high-level bilateral meetings with senior officials participating to discuss boosting economic ties, issues of common interest, and the latest economic developments at a global level.

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China Files Complaint Against Türkiye at WTO

A man phones with his mobile while entering the World Trade Organization (WTO) headquarters in Geneva on April 12, 2022. (Photo by Fabrice COFFRINI / AFP)
A man phones with his mobile while entering the World Trade Organization (WTO) headquarters in Geneva on April 12, 2022. (Photo by Fabrice COFFRINI / AFP)
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China Files Complaint Against Türkiye at WTO

A man phones with his mobile while entering the World Trade Organization (WTO) headquarters in Geneva on April 12, 2022. (Photo by Fabrice COFFRINI / AFP)
A man phones with his mobile while entering the World Trade Organization (WTO) headquarters in Geneva on April 12, 2022. (Photo by Fabrice COFFRINI / AFP)

China has taken the first step in initiating a trade dispute with Türkiye at the World Trade Organization over its tariffs on imports of electric vehicles, the Chinese Foreign Ministry said in a statement on Tuesday.

“The discriminatory measure taken by Turkiye is against WTO rules, and is protectionist in nature. We urge Türkiye to follow WTO rules and immediately correct its measures,” the statement said.

The Turkish government did not immediately respond to a request for comment.

The “request for consultations” filed by China to the WTO is the first formal step in a trade dispute, and sometimes disputes are resolved at this stage.

As it intensifies the push for local production, Türkiye recently announced it would impose strict conditions on the import of plug-in passenger and commercial hybrid vehicles from some countries, including China.

The decision was announced late in September in the country's Official Gazette, taking effect in 30 days and follows a decision in June to limit imports of electric vehicles.

China has faced widespread criticism over its vehicle exports, which many countries claim are heavily subsidized by Beijing.

The European Union in a widely divided move approved last Friday tariffs on electric vehicles manufactured in China, although talks between the duo are expected to continue to find a solution.

Analysts say Ankara is seeking to increase pressure on Chinese carmakers with which it is holding talks about investing in production in Türkiye.

The Chinese-Turkish escalation comes although a Turkish official said his country is in the final stages of talks on a possible investment by Chinese car maker Chery.

Ankara seeks to deepen its ties with Chinese car makers after reaching an investment deal with China's BYD earlier this year.

The Turkish official, who spoke on condition of anonymity late on Monday, did not specify the investment Chery and Ankara were discussing or whether there was a timeline for reaching a final agreement.

In July, Ankara said Chinese electric vehicle manufacturer BYD agreed to build a $1 billion production plant in Türkiye with an annual capacity of 150,000 vehicles.

Türkiye’s presidency said on Saturday that President Recep Tayyip Erdogan had met Chery International President Guibing Zhang on the sidelines of an investment event in Istanbul. Industry and Technology Minister Mehmet Fatih Kacir also attended the talks.

Chery was not immediately available for comment.

Türkiye provides land allocation, extensive tax breaks and various supports for new plug-in hybrid and electric vehicle plant investments.

The investment support program requires minimum 150,000 unit per year production and also allows the investor to sell a set number of cars in local market tariff free.

The country, home to manufacturing facilities of Ford, Stellantis, Renault, Toyota and Hyundai could produce up to 2 million vehicles annually, with a third of the capacity allocated to commercial vehicles, according to data from automotive manufacturers associations.

The Turkish government has been courting Chinese manufacturers to broaden its manufacturing base and accelerate the transition of its automotive industry into electric cars.