Vietnam Puts Typhoon Losses at $1.6 Billion

Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)
Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)
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Vietnam Puts Typhoon Losses at $1.6 Billion

Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)
Residents clean up after flood waters receded in Hanoi on September 13, 2024. (Photo by NHAC NGUYEN / AFP)

Typhoon Yagi caused $1.6 billion in economic losses in Vietnam, state media said Monday, as the UN's World Food Program said the deadly floods it triggered in Myanmar were the worst in the country's recent history.

Yagi battered Myanmar, Vietnam, Laos and Thailand with powerful winds and a huge dump of rain over a week ago, triggering floods and landslides that have killed more than 400 people, according to official figures.

It tore across Vietnam's densely populated Red River delta -- a vital agricultural region that is also home to major manufacturing hubs -- damaging factories and infrastructure, and inundating farmland.

The typhoon caused an estimated 40 trillion dong ($1.6 billion) in economic losses, state media reported, citing an initial government assessment.

The death toll in Vietnam stands at 292, with 38 missing, more than 230,000 homes damaged and 280,000 hectares of crops destroyed, according to authorities.

In Myanmar, the ruling junta has reported 113 fatalities and said that more than 320,000 people have been forced from their homes into temporary relief camps.

"Super Typhoon Yagi has affected most of the country and caused the worst floods we have seen in Myanmar's recent history," Sheela Matthew, WFP's representative in Myanmar, said in a statement, without giving precise details.

Exact details of the impact on agriculture were not yet clear, she said.

"But I can say for sure that the impact on food security will be nothing less than devastating," Matthew added.

Severe flooding hit Myanmar in 2011 and 2015, with more than 100 deaths reported on both occasions, while in 2008 Cyclone Nargis left more than 138,000 people dead or missing.

The latest crisis has prompted the junta to issue a rare appeal for foreign aid, with neighbor India responding with 10 tons of materials, including dry rations, clothing and medicine.



Saudi-Egyptian Investment Protection Deal to Be Implemented within 2 Months, Says Egypt PM

Egyptian Prime Minister Dr. Mostafa Madbouly speaks at the meeting with the Saudi private sector at the Federation of Saudi Chambers in Riyadh on Monday. (SPA)
Egyptian Prime Minister Dr. Mostafa Madbouly speaks at the meeting with the Saudi private sector at the Federation of Saudi Chambers in Riyadh on Monday. (SPA)
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Saudi-Egyptian Investment Protection Deal to Be Implemented within 2 Months, Says Egypt PM

Egyptian Prime Minister Dr. Mostafa Madbouly speaks at the meeting with the Saudi private sector at the Federation of Saudi Chambers in Riyadh on Monday. (SPA)
Egyptian Prime Minister Dr. Mostafa Madbouly speaks at the meeting with the Saudi private sector at the Federation of Saudi Chambers in Riyadh on Monday. (SPA)

Egyptian Prime Minister Dr. Mostafa Madbouly announced on Monday that the Saudi-Egyptian Investment Protection Agreement has been finalized and will be activated within two months. He also stated that the remaining challenges facing Saudi investors in Egypt will be resolved by the end of this year.

Speaking during a meeting with the Saudi private sector at the Federation of Saudi Chambers in Riyadh, Madbouly emphasized the Egyptian government’s commitment to support Saudi investments.

He said a special unit within Egypt's Ministry of Investment will be dedicated to overseeing Saudi investments, and the government has already resolved 90 issues affecting Saudi investors, leaving only 14 outstanding.

Ministers and officials from the public and private sectors attended the meeting.

Madbouly highlighted Egypt's recent reforms and incentives in various sectors, including development, real estate, industry, agriculture, tourism, and renewable energy. He noted that Egypt has successfully managed challenges related to financial and monetary policies, particularly the exchange rate of the Egyptian pound.

Minister of Commerce Majid Al-Qasabi underscored the intense efforts to improve the business environment between Saudi Arabia and Egypt, adding that the activation of the Saudi-Egyptian Investment Protection Agreement will further strengthen economic ties.

Minister of Investment Khalid Al-Falih praised the close cooperation between Saudi Arabia and Egypt, describing their relationship as a model for Arab cooperation that promotes regional economic growth.

He noted that trade between the two countries exceeded SAR 124 billion during 2022 and 2023 and that 5,767 licenses have been granted to Egyptian investors in the Kingdom.

The meeting also highlighted new developments in Saudi-Egyptian economic relations, focusing on opportunities for integration, cooperation to access African markets, and comparative advantages in various investment sectors.

Earlier, Madbouly met with Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef for talks on boosting cooperation and integration in the industrial and mining sectors.

They also discussed prospects for their development through the exchange of expertise and knowledge.

They explored the development of appropriate solutions to address challenges in order to maximize the benefits of both sectors.

In addition, they discussed strategies to support and incentivize private sector investment in strategic areas within the industrial and mining sectors, such as food industries, which would contribute to achieving food security in Saudi Arabia and Egypt.