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Saudi Arabia's SWCC and Brazil’s WEG to Collaborate in Electrical Engineering, Energy, and Automation

Saudi Minister of Investment Eng. Khalid Al-Falih meets with a Brazilian ministers in São Paulo, Brazil. Asharq Al-Awsat
Saudi Minister of Investment Eng. Khalid Al-Falih meets with a Brazilian ministers in São Paulo, Brazil. Asharq Al-Awsat
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Saudi Arabia's SWCC and Brazil’s WEG to Collaborate in Electrical Engineering, Energy, and Automation

Saudi Minister of Investment Eng. Khalid Al-Falih meets with a Brazilian ministers in São Paulo, Brazil. Asharq Al-Awsat
Saudi Minister of Investment Eng. Khalid Al-Falih meets with a Brazilian ministers in São Paulo, Brazil. Asharq Al-Awsat

Saline Water Conversion Corporation (SWCC) has signed a memorandum of understanding (MoU) with the Brazilian company WEG, which is specialized in electrical engineering, energy, and automation.

The MoU aims to strengthen strategic cooperation and promote collaboration between the two entities by actively exchanging expertise, studies, research, innovations, and engineering applications in water desalination and its technologies.

The MoU provides opportunities for localization and content enrichment in electrical engineering.
It also focuses on developing and enhancing the efficiency of various electrical systems, such as motors and variable frequency devices.

Moreover, it targets improving the performance of standard low-voltage motors and innovating high-efficiency electrical systems to reduce energy consumption, aligning with the latest models to promote sustainable energy efficiency.

The MoU was signed during the Brazilian-Saudi Investment Forum that was organized by the Saudi Ministry of Investment and witnessed the presence of the Brazilian Vice President and Minister of Development, Industry, Trade, and Services, Geraldo Alckmin, alongside Saudi Minister of Investment Eng. Khalid Al-Falih.

The Forum saw the presence of various prominent figures and the active participation of several government officials, CEOs of major companies, and representatives from the private sectors of both countries.

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WTO Chief Economist Views Geopolitical Tensions as Main Risk to Int'l Trade

Ships and containers are seen at a Chinese port. Reuters file photo
Ships and containers are seen at a Chinese port. Reuters file photo
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WTO Chief Economist Views Geopolitical Tensions as Main Risk to Int'l Trade

Ships and containers are seen at a Chinese port. Reuters file photo
Ships and containers are seen at a Chinese port. Reuters file photo

Geopolitical tensions, notably those in the Middle East, remain the main risk to international trade, World Trade Organization (WTO) Chief Economist Ralph Ossa has said.

Escalating Middle East tensions could lead to supply shortages and a resulting spike in oil prices, Ossa told Xinhua news agency. "Increased oil prices would then affect macroeconomic activity and also international trade."

In a report released in early October, the WTO projected global merchandise trade volume to grow by 2.7 percent in 2024, a slight increase from its April forecast of 2.6 percent.

One significant update in the new report is the regional outlook. "We see Asia doing stronger than we had expected ... Europe was doing weaker than we had expected," said Ossa, adding that "Asia continues to be the main driver of international trade, both on the import side and the export side."

Meanwhile, exports in Asia are expected to grow by 7.4 percent in 2024 compared with a 4.3 percent rise in imports, he said.

"We were expecting a recovery of trade in April, and continue to expect a recovery of trade today, (which) is in large part due to the normalization of inflation and the corresponding easing of monetary policy," Ossa said.

China showed a strong performance on the export side, and the recent stimulus policy carried out by the Chinese government could prop up domestic demand in China and help rebalance international trade, he said.

In order to tackle multiple challenges, Ossa called for defending the multilateral trade system with the WTO at its core, adding that it is also important to make the WTO fit for the 21st century.

Speaking on the impact of artificial intelligence, Ossa highlighted AI's potential to reduce trade costs, overcome language barriers, and expand digitally delivered services.