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Saudi Commerce Minister Leads Delegation to Boost Trade with South Korea

Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)
Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)
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Saudi Commerce Minister Leads Delegation to Boost Trade with South Korea

Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)
Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea. (SPA)

Saudi Commerce Minister Dr. Majid bin Abdullah Al-Qasabi arrived in Seoul on Monday, leading a Saudi delegation on a three-day visit to bolster trade ties with South Korea.

The delegation, comprising officials from 10 government agencies and 55 business leaders from major national companies, aims to reinforce economic partnerships and participate in the Saudi-Korean Business Forum.

During a meeting with Korean Prime Minister Han Duck-soo, Al-Qasabi highlighted the importance of strengthening commercial ties between the two countries in line with the directives of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.

The discussions centered on the progress in free trade agreement talks between South Korea and the Gulf Cooperation Council, as well as the impact of Saudi Arabia's Vision 2030 reform agenda on potential business opportunities for collaboration.

Saudi Ambassador to South Korea Sami bin Mohammed Al-Sadhan was present at the meeting.

Al-Qasabi also discussed with the Korean Minister of Small and Medium Enterprises and Startups, Oh Young-ju, to explore opportunities for knowledge sharing and talent exchange, drawing on Seoul’s experience in developing small and medium enterprises (SMEs).

He met with Naver CEO Choi Soo-yeon to discuss the company's plans to enter the Saudi market and collaborate on expanding e-commerce in the Kingdom.

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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
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Russia's Central Bank Holds Off on Interest Rate Hike

People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)
People skate at an ice rink installed at the Red Square decorated for the New Year and Christmas festivities, with the St. Basil's Cathedral, left, and the Kremlin, right, in the background in Moscow, Russia, Friday, Dec. 20, 2024. (AP Photo/Alexander Zemlianichenko)

Russia's central bank has left its benchmark interest rate at 21%, holding off on further increases as it struggles to snuff out inflation fueled by the government's spending on the war against Ukraine.
The decision comes amid criticism from influential business figures, including tycoons close to the Kremlin, that high rates are putting the brakes on business activity and the economy.
According to The Associated Press, the central bank said in a statement that credit conditions had tightened “more than envisaged” by the October rate hike that brought the benchmark to its current record level.
The bank said it would assess the need for any future increases at its next meeting and that inflation was expected to fall to an annual 4% next year from its current 9.5%
Factories are running three shifts making everything from vehicles to clothing for the military, while a labor shortage is driving up wages and fat enlistment bonuses are putting more rubles in people's bank accounts to spend. All that is driving up prices.
On top of that, the weakening Russian ruble raises the prices of imported goods like cars and consumer electronics from China, which has become Russia's biggest trade partner since Western sanctions disrupted economic relations with Europe and the US.
High rates can dampen inflation but also make it more expensive for businesses to get the credit they need to operate and invest.
Critics of the central bank rates and its Governor Elvira Nabiullina have included Sergei Chemezov, the head of state-controlled defense and technology conglomerate Rostec, and steel magnate Alexei Mordashov.
Russian President Vladimir Putin opened his annual news conference on Thursday by saying the economy is on track to grow by nearly 4% this year and that while inflation is “an alarming sign," wages have risen at the same rate and that "on the whole, this situation is stable and secure.”
He acknowledged there had been criticism of the central bank, saying that “some experts believe that the Central Bank could have been more effective and could have started using certain instruments earlier.”
Nabiullina said in November that while the economy is growing, “the rise in prices for the vast majority of goods and services shows that demand is outrunning the expansion of economic capacity and the economy’s potential.”
Russia's military spending is enabled by oil exports, which have shifted from Europe to new customers in India and China who aren't observing sanctions such as a $60 per barrel price cap on Russian oil sales.