Saudi Arabia to Adopt Strategy to Stimulate Development, Innovation and Research

 The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)
The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)
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Saudi Arabia to Adopt Strategy to Stimulate Development, Innovation and Research

 The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)
The Sustainable Partnership Conference was launched on Wednesday in Riyadh, in the presence of Saudi ministers. (Asharq Al-Awsat)

Senior Saudi government officials revealed serious trends towards activating development, innovation and research within the framework of the country’s transformation plan, disclosing the imminent completion of a strategy dedicated to research and development.

The Ministry of Education launched on Wednesday in Riyadh, the first dialogue conference, entitled “Integration and Sustainable Partnerships, which underlined the possibility of developing the research and innovation system in Saudi universities to contribute to the Kingdom’s investments and economy.

The speakers, including ministers and officials, called for the importance of integration between various sectors, by linking the research and innovation system in universities with the private sector to help achieve the goals of the Kingdom’s Vision 2030.

In this context, Saudi Minister of Investment Eng. Khalid Al-Falih disclosed the imminent completion of an integrated strategy for research and development in the Kingdom.

He added that public spending on universities in research and development must be commensurate with the capabilities of universities, which gives them a great responsibility to gain government’s confidence.

Al-Falih underlined the need to transform research minds in Saudi universities into an investment value, pointing to the importance of investing in research, development and innovation, to further boost the overall economy.

For his part, Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef stated that the innovation strategy would support the domestic product and increase the Kingdom’s exports.

A budget will be allocated for research and development in all government agencies, he revealed, pointing to important elements that encourage the Kingdom to have ambitions goals.

Al-Khorayef noted that restructuring the research, development and innovation system and achieving harmony between all sectors contributed to enhancing opportunities and strengthening economic returns. In this regard, he stressed the importance of linking research and innovation with industry, energy, military and technical industries.

Minister of Economy and Planning Faisal Al-Ibrahim stated that the ministry was keen to achieve the sustainable development goals, and was in charge of coordinating efforts in the public and private sectors, to achieve the goals of Vision 2030.

Minister of Education Youssef Al-Bunyan affirmed that Saudi Arabia has valuable opportunities to compete in the global market.

“We have promising opportunities for training and employing young people, to create an innovative generation,” he told the conference.



China Exports Beat Forecasts in June after US Tariff Truce

A container ship arrives at the port in Lianyungang, in China's eastern Jiangsu province on July 14, 2025. (Photo by AFP)
A container ship arrives at the port in Lianyungang, in China's eastern Jiangsu province on July 14, 2025. (Photo by AFP)
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China Exports Beat Forecasts in June after US Tariff Truce

A container ship arrives at the port in Lianyungang, in China's eastern Jiangsu province on July 14, 2025. (Photo by AFP)
A container ship arrives at the port in Lianyungang, in China's eastern Jiangsu province on July 14, 2025. (Photo by AFP)

China's exports rose more than expected in June, official data showed Monday, after Washington and Beijing agreed a tentative deal to lower swingeing tariffs on each other.

Data from the General Administration of Customs said exports climbed 5.8 percent year-on-year, topping the five percent forecast in a Bloomberg survey of economists, said AFP.

Imports rose 1.1 percent, topping the 0.3 percent gain predicted and marking the first growth this year.

China's exports reached record highs in 2024 -- a lifeline to its slowing economy as pressures elsewhere mounted.

Beijing's efforts to sustain growth have been hit by a bruising trade war with the United States, driven by President Donald Trump's sweeping tariffs, though the two de-escalated their spat with a framework for a deal at talks in London last month.

Monday's customs figures showed Chinese exports to the United States surged 32.4 percent in June, having fallen the month before, according to an AFP calculation based on official data.

"Growth in export values rebounded somewhat last month, helped by the US-China trade truce," Zichuan Huang, China economist at Capital Economics, said.

"But tariffs are likely to remain high and Chinese manufacturers face growing constraints on their ability to rapidly expand global market share by slashing prices," Huang said.

"We therefore expect export growth to slow over the coming quarters, weighing on economic growth," she added.

Customs official Wang Lingjun told a news conference on Monday that Beijing hoped "the US will continue to work together with China towards the same direction", state broadcaster CCTV reported.

The tariff truce was "hard won", Wang said.

"There is no way out through blackmail and coercion. Dialogue and cooperation are the right path," he added.

Stuttering growth

Analysts say China's economy is expected to have expanded more than five percent in the second quarter thanks to its strong exports. Official figures are due to be released on Tuesday.

But they also warn Trump's trade war could cause a sharp slowdown in the final six months of the year.

Beijing is targeting an overall expansion of around five percent this year -- the same as last year but a figure considered ambitious by many experts.

First-quarter growth came in at 5.4 percent, beating forecasts and putting the economy on a positive trajectory.

Beijing has struggled to sustain growth since the pandemic as it battles a prolonged debt crisis in the property sector, chronically low consumption and high youth unemployment.

Data released last week showed that consumer prices edged up in June, barely snapping a four-month deflationary dip, but factory gate prices dropped at their fastest clip in nearly two years.

Many economists argue that China needs to shift towards a growth model propelled more by domestic consumption than the traditional key drivers of infrastructure investment, manufacturing and exports.

Beijing has introduced a slew of measures since last year in a bid to boost spending, including a consumer goods trade-in subsidy scheme that briefly lifted retail activity.