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Saudi Arabia, Japan Sign Memorandum of Cooperation in Mining, Mineral Resources

The officials sign the memorandum of cooperation in Riyadh. (SPA)
The officials sign the memorandum of cooperation in Riyadh. (SPA)
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Saudi Arabia, Japan Sign Memorandum of Cooperation in Mining, Mineral Resources

The officials sign the memorandum of cooperation in Riyadh. (SPA)
The officials sign the memorandum of cooperation in Riyadh. (SPA)

Saudi Minister of Industry and Mineral Resources Bandar Ibrahim Alkhorayef and Japanese Minister of Economy, Trade, and Industry Saito Ken signed on Monday a memorandum of cooperation between their respective ministries in mining and mineral resources at the ministry's headquarters in Riyadh.

The memorandum aims to bolster collaboration between both sides in the field of mining and mineral resources. This encompasses joint training programs to enhance human capital, exchanging professional visits and technical experts, and sharing experiences and information such as studies, policies, and regulations related to mining and mineral resources.

Additionally, the Japanese Ministry of Economy, Trade, and Industry intends to facilitate opportunities for joint investments in mining and mineral resources within Saudi Arabia or other third countries, in compliance with respective regulations, laws, and procedures.

The two ministers also witnessed the signing of a cooperation agreement between Manara Minerals Company and the Japan Organization for Metals and Energy Security (JOGMEC), an organization affiliated with the Japanese government. JOGMEC was established in 1967 and restructured in 2004 to ensure a stable supply of oil, natural gas, and mineral resources to meet Japan's energy and resource needs.

The memorandum aims to promote cooperative investments in mines and establish projects in third countries, with a particular focus on Africa and Latin America.

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UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
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UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)

Global economic growth is projected to remain at 2.8% in 2025, unchanged from 2024, held back by the top two economies, the US and China, according to a United Nations report released on Thursday.

The World Economic Situation and Prospects report said that "positive but somewhat slower growth forecasts for China and the United States" will be complemented by modest recoveries in the European Union, Japan, and Britain and robust performance in some large developing economies, notably India and Indonesia.

"Despite continued expansion, the global economy is projected to grow at a slower pace than the 2010–2019 (pre-pandemic) average of 3.2%," according to the report by the UN Department of Economic and Social Affairs.

"This subdued performance reflects ongoing structural challenges such as weak investment, slow productivity growth, high debt levels, and demographic pressures," Reuters quoted it as saying.

The report said US growth was expected to moderate from 2.8% last year to 1.9% in 2025 as the labor market softens and consumer spending slows.

It said growth in China was estimated at 4.9% for 2024 and projected to be 4.8% this year with public sector investments and a strong export performance partly offset by subdued consumption growth and lingering property sector weakness.
Europe was expected to recover modestly with growth increasing from 0.9% in 2024 to 1.3% in 2025, "supported by easing inflation and resilient labor markets," the report said.

South Asia is expected to remain the world’s fastest-growing region, with regional GDP projected to expand by 5.7% in 2025 and 6% in 2026, supported by a strong performance by India and economic recoveries in Bhutan, Nepal, Pakistan and Sri Lanka, the report said.

India, the largest economy in South Asia, is forecast to grow by 6.6% in 2025 and 6.8% in 2026, driven by robust private consumption and investment.
The report said major central banks are likely to further reduce interest rates in 2025 as inflationary pressures ease. Global inflation is projected to decline from 4% in 2024 to 3.4% in 2025, offering some relief to households and businesses.
It calls for bold multilateral action to tackle interconnected crises, including debt, inequality, and climate change.
"Monetary easing alone will not be sufficient to reinvigorate global growth or address widening disparities," the report added.