Saudi Minister of Industry and Mineral Resources Concludes Official Visit to China

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
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Saudi Minister of Industry and Mineral Resources Concludes Official Visit to China

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)
Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, chaired the Kingdom’s delegation to China.(SPA)

Saudi Minister of Industry and Mineral Resources, Bandar bin Ibrahim Al-Khorayef, concluded his official visit to China, which lasted for eight days, during which he met with Chinese ministers, officials, and investors, SPA said on Tuesday.

He visited companies and factories in four Chinese cities, chairing the Kingdom’s delegation, which participated as a guest of honor in the conference of China and Arab countries.

During his visit, Al-Khorayef met with the Minister of Industry and Information Technology of the People's Republic of China, Jin Zhuanglong, and discussed with him the ways for enhancing cooperation and partnership between the two countries in the industrial sector, exchanging expertise and technology, and expanding mutual investment opportunities between the two nations.

He also met with the Chinese Minister of Natural Resources, Wang Guanghua, and Li Jinfa, the vice president of China Geological Survey, and discussed with them the opportunities and challenges facing the mining sector and enhancing cooperation to increase growth in the mining and metals industry in the region.

The industry minister also discussed with the President of China Mining Association (CMA), Peng Qiming, and the Director of the China Nonferrous Metals Industry Association, GE Honglin, the efforts to promote economic growth and infrastructure development in the mining sector.

Khalid Al-Salem, the president of the Royal Commission for Jubail and Yanbu, Khaled Al-Mudaifer, the vice minister for mining affairs, and several leaders of the industry and mineral wealth system accompanied the minister of industry and mineral resources during his visit.

The visit aims to discuss many issues of interest to the countries, especially in the industrial and mining sectors, and to expand the horizons of strategic cooperation between the two friendly countries.



Greek Government Debt Upgraded to Investment Grade, Closing Door on Painful Era

FILE - Greek Prime Minister Kyriakos Mitsotakis speaks in parliament ahead of the submission of a no-confidence motion by opposition parties over the government's handling of Greece's worst rail disaster two year ago, in Athens, Wednesday, March 5, 2025. (AP Photo/Thanassis Stavrakis, File)
FILE - Greek Prime Minister Kyriakos Mitsotakis speaks in parliament ahead of the submission of a no-confidence motion by opposition parties over the government's handling of Greece's worst rail disaster two year ago, in Athens, Wednesday, March 5, 2025. (AP Photo/Thanassis Stavrakis, File)
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Greek Government Debt Upgraded to Investment Grade, Closing Door on Painful Era

FILE - Greek Prime Minister Kyriakos Mitsotakis speaks in parliament ahead of the submission of a no-confidence motion by opposition parties over the government's handling of Greece's worst rail disaster two year ago, in Athens, Wednesday, March 5, 2025. (AP Photo/Thanassis Stavrakis, File)
FILE - Greek Prime Minister Kyriakos Mitsotakis speaks in parliament ahead of the submission of a no-confidence motion by opposition parties over the government's handling of Greece's worst rail disaster two year ago, in Athens, Wednesday, March 5, 2025. (AP Photo/Thanassis Stavrakis, File)

Greece’s center-right government on Saturday welcomed a credit rating upgrade by Moody’s, the last major ratings agency to lift junk status on government bonds that began 15 years ago during a severe debt crisis.
“(This) upgrade marks the closing of a great cycle for the Greek economy and certifies the country’s return to European normality,” Finance Minister Kostis Hatzidakis said, describing the action as “a success not only of the government, but of all Greeks.”
Moody’s announced the upgrade to Baa3 from Ba1 late Friday. It cited public finances that “have improved more quickly than we had expected” as a key factor in its decision, The Associated Press reported.
The agency highlighted the government’s policy stance, institutional improvements and stable political environment, saying it expects Greece to “continue to run substantial primary surpluses which will steadily decrease its high debt burden."
Although ratings agencies began returning Greece to investment grade in late 2023, the good news was met with relief by a government that has been hammered for weeks by strikes and protests over its handing of a deadly rail disaster two years ago.
Hatzidakis made the remarks hours before handing over the portfolio to Cabinet colleague Kyriakos Pierrakakis at a swearing-in ceremony later Saturday, a day after the government announced a reshuffle.
“Moody’s upgrade of Greece to Baa3 marks the final step in restoring our investment grade by all major rating agencies, highlighting Greece’s significant progress,” Prime Minister Kyriakos Mitsotakis said in an online post Saturday.
“We remain fully committed to reforms that attract investment, create jobs, and drive sustainable growth,” he said.
Greece spiraled into crisis in 2010 and received three international bailouts to avoid bankruptcy and repair its public finances through successive and grueling austerity programs imposed by European Union lenders and the International Monetary Fund.
National debt as a percentage of gross domestic product peaked in 2020, rising above 200%, but has been steadily falling since and is expected to drop below 150% this year, according to Greek central bank projections.
Moody’s praised the government’s ongoing debt reduction efforts.
“Over a number of years, the Greek public finances have outperformed our baseline expectations, which increases our confidence that Greek debt will remain on a firm downward path,” it said.
“These improvements are due to both ongoing expenditure restraint and tax revenues that are rising quickly in light of ongoing institutional improvements in tax compliance and collection.”