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Saudi-Indonesian Business Forum Discusses Boosting Joint Business Opportunities

Saudi Minister of Investment Khalid al-Falih with Indonesian officials during the Saudi-Indonesian Business Forum. (Asharq Al-Awsat)
Saudi Minister of Investment Khalid al-Falih with Indonesian officials during the Saudi-Indonesian Business Forum. (Asharq Al-Awsat)
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Saudi-Indonesian Business Forum Discusses Boosting Joint Business Opportunities

Saudi Minister of Investment Khalid al-Falih with Indonesian officials during the Saudi-Indonesian Business Forum. (Asharq Al-Awsat)
Saudi Minister of Investment Khalid al-Falih with Indonesian officials during the Saudi-Indonesian Business Forum. (Asharq Al-Awsat)

Saudi Minister of Investment Khalid al-Falih asserted that Saudi Arabia continues to support and diversify its national economy within the framework of Vision 2030.

Speaking at the Saudi-Indonesian Business Forum, Falih said that improving the business environment and legislation, liberalizing the market and increasing the foreign investments had created many opportunities and improved foreign direct investment (FDI) by 12 percent.

The forum was organized by the Saudi Union of Chambers and attended by Indonesian Coordinating Minister for Maritime and Investments Affairs Luhut Binsar Pandjaitan, Minister of State-Owned Enterprises Erick Thohir, and the Chairman of the Saudi Chambers' Council Ajlan bin Abdulaziz al-Ajlan.

The Saudi minister said it is important to exploit the capabilities of both countries through joint projects, stressing the need to enhance the role of the business sector.

Falih called on the business sectors to translate this partnership into joint business and investments.

The two countries, as influential economic forces of the G20, faced the challenges of the coronavirus pandemic and were able to enhance recovery through various measures and initiatives, stated the minister.

He called for boosting export exchange, in light of the great opportunities provided by the Saudi and Indonesian economies, the promising programs and strong infrastructure.

For his part, Pandjaitan discussed his country's economic, investment and natural potential, saying there were huge investment opportunities in the digital economy, including online shopping and banking.

He explained that his country has made great efforts to recover from the repercussions of the pandemic by supporting the economy and providing financial incentives to support the GDP.

The Minister called on Saudi investors to seize the promising opportunities in Indonesia, especially in transformative industries, hydroelectricity and the digital economy sectors.

Ajlan called for strengthening and activating the efforts of the joint Saudi-Indonesian Business Council.

He said the volume of bilateral trade exchange amounted to $5.4 billion dollars, including non-oil commodities, noting that he looks forward to completing the trade talks with Indonesian counterparts and their participation in the programs and projects of Vision 2030.

During the forum, the Ministry of Investment highlighted its role in serving investors, along with the efforts to boost the investment environment in Saudi Arabia and increase domestic and foreign investments.

It also addressed Vision 2030 and its objectives to boost the contributions of various sectors, such as the small and medium enterprises (SMEs), the private sector, oil and gas, and foreign direct investment.

The presentation also mentioned the incentives to choose Saudi Arabia as an investment destination, such as the innovative reforms brought about by Vision 2030, the encouraging business environment, the strategic location and innovative real estate solutions.

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Business

US Economy Grew at Solid 3% Rate Last Quarter, Government Says in Final Estimate

FILE - The New York Stock Exchange, at rear, is shown on Sept. 24, 2024, in New York. (AP Photo/Peter Morgan, File)
FILE - The New York Stock Exchange, at rear, is shown on Sept. 24, 2024, in New York. (AP Photo/Peter Morgan, File)
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US Economy Grew at Solid 3% Rate Last Quarter, Government Says in Final Estimate

FILE - The New York Stock Exchange, at rear, is shown on Sept. 24, 2024, in New York. (AP Photo/Peter Morgan, File)
FILE - The New York Stock Exchange, at rear, is shown on Sept. 24, 2024, in New York. (AP Photo/Peter Morgan, File)

The American economy expanded at a healthy 3% annual pace from April through June, boosted by strong consumer spending and business investment, the government said Thursday, leaving its previous estimate unchanged.
The Commerce Department reported that the nation's gross domestic product — the nation's total output of goods and services — picked up sharply in the second quarter from the tepid 1.6% annual rate in the first three months of the year, The Associated Press reported.
Consumer spending, the primary driver of the economy, grew last quarter at a 2.8% pace, down slightly from the 2.9% rate the government had previously estimated. Business investment was also solid: It increased at a vigorous 8.3% annual pace last quarter, led by a 9.8% rise in investment in equipment.
The final GDP estimate for the April-June quarter included figures showing that inflation continues to ease, to just above the Federal Reserve’s 2% target. The central bank’s favored inflation gauge — the personal consumption expenditures index, or PCE — rose at a 2.5% annual rate last quarter, down from 3% in the first quarter of the year. Excluding volatile food and energy prices, so-called core PCE inflation grew at a 2.8% pace, down from 3.7% from January through March.
The US economy, the world's biggest, displayed remarkable resilience in the face of the 11 interest rate hikes the Fed carried out in 2022 and 2023 to fight the worst bout of inflation in four decades. Since peaking at 9.1% in mid-2022, annual inflation as measured by the consumer price index has tumbled to 2.5%.
Despite the surge in borrowing rates, the economy kept growing and employers kept hiring. Still, the job market has shown signs of weakness in recent months. From June through August, America's employers added an average of just 116,000 jobs a month, the lowest three-month average since mid-2020, when the COVID pandemic had paralyzed the economy. The unemployment rate has ticked up from a half-century low 3.4% last year to 4.2%, still relatively low.
Last week, responding to the steady drop in inflation and growing evidence of a more sluggish job market, the Fed cut its benchmark interest rate by an unusually large half-point. The rate cut, the Fed’s first in more than four years, reflected its new focus on shoring up the job market now that inflation has largely been tamed.
Some other barometers of the economy still look healthy. Americans last month increased their spending at retailers, for example, suggesting that consumers are still able and willing to spend more despite the cumulative impact of three years of excess inflation and high borrowing rates. The nation’s industrial production rebounded. The pace of single-family-home construction rose sharply from the pace a year earlier.
And this month, consumer sentiment rose for a third straight month, according to preliminary figures from the University of Michigan. The brighter outlook was driven by “more favorable prices as perceived by consumers” for cars, appliances, furniture and other long-lasting goods.
A category within GDP that measures the economy’s underlying strength rose at a healthy 2.7% annual rate, though that was down from 2.9% in the first quarter. This category includes consumer spending and private investment but excludes volatile items like exports, inventories and government spending.
Though the Fed now believes inflation is largely defeated, many Americans remain upset with still-high prices for groceries, gas, rent and other necessities. Former President Donald Trump blames the Biden-Harris administration for sparking an inflationary surge. Vice President Kamala Harris, in turn, has charged that Trump’s promise to slap tariffs on all imports would raise prices for consumers even further.
On Thursday, the Commerce Department also issued revisions to previous GDP estimates. From 2018 through 2023, growth was mostly higher — an average annual rate of 2.3%, up from a previously reported 2.1% — largely because of upward revisions to consumer spending. The revisions showed that GDP grew 2.9% last year, up from the 2.5% previously reported.
Thursday’s report was the government’s third and final estimate of GDP growth for the April-June quarter. It will release its initial estimate of July-September GDP growth on Oct. 30.