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‘Transforming for Inclusive Growth’ Prelude to Opening of G20 Business Group Summit

Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)
Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)
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‘Transforming for Inclusive Growth’ Prelude to Opening of G20 Business Group Summit

Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)
Business Group Logo (B20) at the G20 Summit (Asharq Al-Awsat)

The Kingdom of Saudi Arabia is scheduled to host activities of the G20 business group Summit (B20) in its capital, Riyadh, this week.

This year, the summit will be held under the slogan “Transforming for Inclusive Growth.”

Saudi Arabia has assigned six task-force teams to work on priority fields and a specialized action council to empower women in the fields of work.

Preparations are ongoing to host meetings of the business group, which is a platform for entrepreneurs to present their visions and ideas to leaders at the G20 summit.

The Kingdom will launch this two-day mega event with opening activities in Riyadh on January 15. It officially assumed presidency of the G20 in December 2019 and will preside it until its annual two-day summit, which is scheduled to take place in Riyadh on November 21, 2020.

The Business Group is the official platform for the business community at the G20. It acts as a representative of the private sector, representing the global business community in all member states and all economic sectors.

The group was formed in 2010, to be the first business community working group of the G20.

According to B20 Chair Yousef Abdullah al-Benyan, vice chairman and CEO of SABIC and a member of the Investment Committee, the business group is committed to promoting inclusiveness and working according to a deliberate approach.

He said this would help recommendations achieve a tangible impact on the future needs of various businesses, regardless of their size, whether they are within SMEs or startups, and without geographical boundaries.

The main themes in this year’s B20 meetings include digitization, energy, sustainability, climate, finance, infrastructure, trade and investment, integrity and compliance, and the future of work and education, Benyan explained.

He stressed that this represents a unique opportunity for the business community to share best practices in these areas that are crucial for growth.

“These themes will address priority areas and identify and implement potential solutions to achieve the goals. We can benefit from many examples of how to improve and make business more efficient,” he noted.

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Tesla's China Sales Have Best Month of the Year in August

FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
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Tesla's China Sales Have Best Month of the Year in August

FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo
FILE PHOTO: A staff member attends to customers inside a Tesla Model Y car at a showroom of the US electric vehicle (EV) maker in Beijing, China, Feb. 4, 2023. REUTERS/Florence Lo/File Photo

Tesla's sales in China logged their best month for the year so far in August, with the US electric vehicle maker benefiting from brisk sales in smaller cities.
Tesla said it sold more than 63,000 cars in the world's biggest auto market last month, a hefty 37% jump from July, but probably still down from August last year when it sold 64,694.
While an encouraging improvement, its performance lags major Chinese rivals by a wide margin.
BYD, the world's biggest EV maker, said its China passenger vehicle sales surged 35% in August from a year earlier to a record monthly high of 370,854. Other local EV competitors including Leapmotor and Li Auto also reported higher sales.
Like many other automakers, Tesla has been badly bruised by a protracted price war in China where economic growth has also been sluggish and consumer confidence fragile. Its China sales declined 5% for the first half of the year.
Although Tesla has cut its local sales force as part of a global downsizing, a number of factors have helped recent sales momentum.
Tesla has since April offered zero-interest loans of up to five years for buyers, while several local governments have made its cars eligible for official car purchases in recent weeks.
It also received a key regulatory nod earlier this year, with the country's top auto industry association saying that data collection by Tesla vehicles was compliant with regulations, allowing Tesla cars to enter some government compounds that they used to be banned from.
An analysis by China Merchants Bank International of Tesla's China sales in July showed a 78% year-on-year increase in deliveries in so-called tier-three cities while its sales in second-tier cities such as Hangzhou and Nanjing rose 47%.
Separate data from the China Passenger Car Association for Tesla China-made vehicles which includes exports showed sales grew 3% in August from a year earlier to 86,697 units.
Deliveries of its China-made Model 3 and Model Y vehicles rose 17% from July.
Tesla plans to produce a six-seat variant of its Model Y car in China from late 2025, two people with direct knowledge of the matter said. The move is aimed at increasing the appeal of its best-selling yet aging EV.