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Macron Meets with Saudi Businessmen to Promote Bilateral Investments

Macron met on Saturday with a group of Saudi businessmen (X)
Macron met on Saturday with a group of Saudi businessmen (X)
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Macron Meets with Saudi Businessmen to Promote Bilateral Investments

Macron met on Saturday with a group of Saudi businessmen (X)
Macron met on Saturday with a group of Saudi businessmen (X)

French President Emmanuel Macron held an extensive discussion session with a group of prominent Saudi business leaders, in the presence of Saudi Minister of Investment Eng. Khalid Al-Falih with the aim to foster and expand mutual investments between the two countries.

In remarks on X, Al-Falih said Saturday that during his visit to France, he participated in a workshop for the Global Green Neighborliness Initiative and held meetings with CEOs of major French companies to stimulate and enhance joint investments.

Additionally, Al-Falih met with France’s Minister for Europe and Foreign Affairs, Jean-Noël Barrot, who hosted a reception for Saudi and French companies.

In a separate meeting of the Saudi-French Ministerial Committee for the Development of AlUla, Al-Falih, along with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud and Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan, reviewed the progress and achievements of the Royal Commission for AlUla.

The commission aims to position this unique site as a global destination for investments in tourism and cultural heritage.

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IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
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IMF Warns Asia Retaliatory Tariffs Could Undermine Growth

A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)
A man walks with his bicycle along a crosswalk in Beijing, China, 16 November 2024. (EPA)

The International Monetary Fund (IMF) warned on Tuesday that "tit-for-tat" tariffs could undermine Asia's economic prospects, raise costs and disrupt supply chains even as it expects the region to remain a key engine of growth for the global economy.

"The tit-for-tat retaliatory tariffs threaten to disrupt growth prospects across the region, leading to longer and less efficient supply chains," IMF Asia-Pacific Director Krishna Srinivasan said at a forum in Cebu on systemic risk.

Srinivasan's remarks come amid concerns over US President-elect Donald Trump's plan to impose a 60% tariff on Chinese goods and at least a 10% levy on all other imports.

Tariffs could impede global trade, hamper growth in exporting nations, and potentially raise inflation in the United States, forcing the US Federal Reserve to tighten monetary policy, despite a lackluster outlook for global growth.

In October, the European Union also decided to increase tariffs on Chinese-built electric vehicles to as much as 45.3%, prompting retaliation from Beijing.

The IMF's latest World Economic Outlook forecasts global economic growth at 3.2% for both 2024 and 2025, weaker than its more optimistic projections for Asia, which stand at 4.6% for this year and 4.4% for next year.

Asia is "witnessing a period of important transition", creating greater uncertainty, including the "acute risk" of escalating trade tensions across major trading partners, Srinivasan said.

He added that uncertainty surrounding monetary policy in advanced economies and related market expectations could affect monetary decisions in Asia, influencing global capital flows, exchange rates, and other financial markets.