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Saudi Investment Minister Emphasizes Role of Transportation, Logistics in Driving Global Development

Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)
Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)
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Saudi Investment Minister Emphasizes Role of Transportation, Logistics in Driving Global Development

Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)
Officials take part in the panel discussion at the Global Logistics Forum 2024. (SPA)

Saudi Minister of Investment Khalid Al-Falih emphasized on Sunday the crucial role of transportation and logistics in driving global development.

During the opening session of the Global Logistics Forum 2024, Al-Falih highlighted the strategic significance of the Middle East, which serves as a pivotal link between East and West due to its prime geographical location.

He acknowledged the rapid advancements in Saudi Arabia’s transportation and logistics sectors, underscoring their direct impact on investment and the national economy.

Speaking on the goals of the Kingdom’s Vision 2030, Al-Falih pointed out that the development of the transportation and logistics sectors is key to achieving a qualitative transformation both locally and regionally, empowering the private sector to play a more significant role in these sectors.

The session, “Logistics Builds Nations, and Nations Build Logistics”, included participation from leading Arab ministers, including Saudi Arabia’s Minister of Transport and Logistic Services Saleh Al-Jasser; Egypt’s Minister of Transport Major General Kamel Al-Wazir; the UAE’s Minister of Energy and Infrastructure, Suhail Al Mazrouei; and Oman’s Minister of Transport, Communications, and Information Technology Eng. Saeed Al-Maawali.

Al-Jasser emphasized that the logistics sector is crucial for realizing the objectives of Vision 2030 by prioritizing and enabling projects across various sectors, such as Hajj and Umrah, tourism, trade, industry, and quality of life. Aligning these priorities has significantly contributed to economic growth and development in the Kingdom.

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China’s Deflationary Pressures Build in Sept, Consumer Inflation Cools

People arrive at the Beijing railway station in Beijing on October 10, 2024. (AFP)
People arrive at the Beijing railway station in Beijing on October 10, 2024. (AFP)
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China’s Deflationary Pressures Build in Sept, Consumer Inflation Cools

People arrive at the Beijing railway station in Beijing on October 10, 2024. (AFP)
People arrive at the Beijing railway station in Beijing on October 10, 2024. (AFP)

China's consumer inflation unexpectedly eased in September, while producer price deflation deepened, heightening pressure on Beijing to roll out more stimulus measures quickly to revive flagging demand and shaky economic activity.

Finance Minister Lan Foan told a news conference on Saturday there will be more "counter-cyclical measures" this year, but officials did not provide details on the size of fiscal stimulus being prepared, which investors hope will ease deflationary pressures in the world's second-largest economy.

The consumer price index (CPI) rose 0.4% from a year earlier last month, against a 0.6% rise in August, data from the National Bureau of Statistics (NBS) showed on Sunday, missing a 0.6% increase forecast in a Reuters poll of economists.

The producer price index (PPI) fell at the fastest pace in six months, down 2.8% year-on-year in September, versus a 1.8% decline the previous month and below an expected 2.5% decline.

Chinese authorities have stepped up stimulus efforts in recent weeks to spur demand and help meet an around 5.0% economic growth target for this year, though some analysts say the moves may only offer temporary relief for the economy and stronger measures are needed soon.

The central bank in late September announced the most aggressive monetary support measures since the COVID-19 pandemic, including numerous steps to help pull the property sector out of a severe, multi-year slump, including mortgage rate cuts.

With little new from Saturday's Ministry of Finance briefing, some analysts are now hoping that a meeting of China's parliament expected in coming weeks will unveil more specific proposals.

However, many China watchers say Beijing also needs to firmly address more deeply-rooted structural issues such as overcapacity and sluggish consumption.

Excessive domestic investment and weak demand have pushed down prices and forced companies to reduce wages or fire workers to cut costs.

CPI was unchanged month-on-month, versus a 0.4% gain in August and below an estimated 0.4% increase.

Food prices perked up 3.3% on-year in September compared with a 2.8% rise in August, while non-food prices was down 0.2%, reversing 0.2% uptick in August.

Among non-food items, the decline in energy prices deepened, and tourism prices switched to down from up with declines in airfares and hotel accommodation prices widening, said the NBS in an accompanying statement.

Core inflation, which excludes volatile food and fuel prices, stood at 0.1%, down from 0.3% in August, also hinting that deflation pressures were mounting.