Beijing Says Samsung Encouraged to Invest More in China

FILE PHOTO: The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman/File Photo
FILE PHOTO: The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman/File Photo
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Beijing Says Samsung Encouraged to Invest More in China

FILE PHOTO: The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman/File Photo
FILE PHOTO: The logo of Samsung is seen on a building during the Mobile World Congress in Barcelona, Spain February 25, 2018. REUTERS/Yves Herman/File Photo

Chinese Premier Li Qiang told Samsung Chairman Jay Y. Lee on Sunday that China welcomed further investment by the Korean conglomerate, state news agency Xinhua reported, as foreign businesses in the Chinese market struggle to navigate geopolitical uncertainties.
The meeting in Seoul between China's second highest-ranking official and the Korean executive took place ahead of a summit between Li, South Korean President Yoon Suk Yeol and Japanese Prime Minister Fumio Kishida, the first three-way talks by the Asian neighbors in more than four years, Reuters reported.
Samsung Electronics has over the past six years invested $24 billion in the Chinese market, a company executive was quoted as saying in a November report by state-run China Daily.
But the Korean tech giant has seen its business face growing challenges amid US-China tensions as it navigates export controls Washington has rolled out to cut off China's access to cutting-edge chips.
Li's choice to meet with a Samsung executive echoed earlier remarks the Chinese leader gave during a bilateral meeting with Yoon, where he encouraged more Korean enterprises to invest and do business in China and urged Beijing and Seoul to cooperate on maintaining the stability of industrial supply chains.



Saudi EXIM Bank Signs MOU with OPEC Fund for International Development

Saudi EXIM Bank Signs MOU with OPEC Fund for International Development
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Saudi EXIM Bank Signs MOU with OPEC Fund for International Development

Saudi EXIM Bank Signs MOU with OPEC Fund for International Development

The Saudi Export-Import Bank (EXIM) and the OPEC Fund for International Development have signed a memorandum of understanding (MOU) to enhance cooperation, support development initiatives, and promote Saudi non-oil exports in mutually beneficial markets. The agreement, inked during the 2024 OPEC Development Forum in Vienna, was signed by CEO of Saudi EXIM Eng. Saad bin Abdulaziz Al-Khalab and the Director General of the OPEC Fund for International Development, Dr. Abdulhamid Alkhalifa.
Eng. Al-Khalb emphasized that the MOU reflects Saudi EXIM's commitment to forging robust international partnerships and contributing to sustainable development efforts in collaboration with the global community. The initiative aims to bolster Saudi non-oil exports in international markets, thereby supporting local investors and strengthening the non-oil national economy in alignment with Saudi Vision 2030 goals.
He praised the OPEC Fund for International Development's role in promoting economic growth across more than 70 countries worldwide and highlighted the EXIM Bank's enthusiasm for its pivotal role in these initiatives.
During the forum, Eng. Al-Khalb led Saudi EXIM's delegation in exploring opportunities for international development initiatives, enhancing trade relations, and establishing partnerships to facilitate Saudi non-oil exports. He held meetings with various ministers and CEOs of international commercial and development institutions, including discussions with Minister of State for Financial Affairs in the Maldives Hussain Adam on enhancing cooperation for Saudi exports in Asian markets. Additionally, he met with CEO of Africa 50 Alain Ebobisse to explore collaboration opportunities for Saudi exports in African markets, as well as discussions on expanding exports to Latin America and the Caribbean.