Saudi Arabia Strengthens Partnerships in Innovation, Technology with G20

Saudi Arabia seeks to activate global partnerships in digital and space economies (Asharq Al-Awsat)
Saudi Arabia seeks to activate global partnerships in digital and space economies (Asharq Al-Awsat)
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Saudi Arabia Strengthens Partnerships in Innovation, Technology with G20

Saudi Arabia seeks to activate global partnerships in digital and space economies (Asharq Al-Awsat)
Saudi Arabia seeks to activate global partnerships in digital and space economies (Asharq Al-Awsat)

Saudi Arabia is seeking to advance its partnership in the field of innovation and technical and digital transformation with a number of G20 countries.

Following discussions on cooperation opportunities with Britain and France, the Saudi Minister of Communications and Information Technology, Eng. Abdullah Al-Swaha, held in the Italian city of Trieste on Thursday, a series of meetings with the ministers of Italy, Japan, Germany Singapore and South Africa, to enhance partnership in the fields of technology, innovation and space.

Saudi Arabia has strengthened its position as a global leader in the digital economy, innovation and future markets. In his speech during his participation in the meeting of the Ministers of Digital Economy of the G20, Al-Swaha emphasized the efforts undertaken by the Kingdom to protect the planet through the green Saudi initiatives and the green Middle East.

He pointed to NEOM - the largest global platform for innovators and creators - noting that it was a vivid example of harmonizing regulation and innovation to achieve the welfare of societies and preserve the environment.

He also said that bridging the digital gap globally was the way to achieve inclusiveness and prosperity of societies.

On the sidelines of the meeting, Al-Swaha met with the Italian Minister of Economic Development and Innovation, Giancarlo Giorgetti, with whom he discussed strengthening cooperation in communications, information technology and space.

He also met with Peter Altmaier, the German Federal Minister for Economic Affairs and Energy, and reviewed efforts made by the Kingdom to accelerate the process of digital transformation, stimulate entrepreneurship, and support the research, development and innovation system.

In the same context, Al-Swaha held extensive discussions with the Japanese Minister of Internal Affairs and Communications, Takeda Ryota, and his counterparts from Singapore and South Africa.



Russia's Economy Minister Says the Country is on 'the Brink of Recession'

People gesture as they shop in a supermarket in Moscow, Russia June 26, 2024. REUTERS/Maxim Shemetov/File Photo
People gesture as they shop in a supermarket in Moscow, Russia June 26, 2024. REUTERS/Maxim Shemetov/File Photo
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Russia's Economy Minister Says the Country is on 'the Brink of Recession'

People gesture as they shop in a supermarket in Moscow, Russia June 26, 2024. REUTERS/Maxim Shemetov/File Photo
People gesture as they shop in a supermarket in Moscow, Russia June 26, 2024. REUTERS/Maxim Shemetov/File Photo

Russia's economy is “on the brink of going into a recession,” the country's economy minister said Thursday, according to Russian media reports.

Economy Minister Maxim Reshetnikov delivered the warning at the St. Petersburg International Economic Forum, the annual event in Russia's second largest city designed to highlight the country's economic prowess and court foreign investors, The AP reported.

Russian business news outlet RBC quoted the official as saying “the numbers indicate cooling, but all our numbers are (like) a rearview mirror. Judging by the way businesses currently feel and the indicators, we are already, it seems to me, on the brink of going into a recession.”

The economy, hit with a slew of sanctions after the Kremlin sent troops into Ukraine in February 2022, has so far outperformed predictions. High defense spending has propelled growth and kept unemployment low despite fueling inflation. At the same time, wages have gone up to keep pace with inflation, leaving many workers better off.

Large recruiting bonuses for military enlistees and death benefits for those killed in Ukraine also have put more income into the country’s poorer regions. But over the long term, inflation and a lack of foreign investments remain threats to the economy, leaving a question mark over how long the militarized economy can keep going.

Economists have warned of mounting pressure on the economy and the likelihood it would stagnate due to lack of investment in sectors other than the military.

Speaking at a forum session, Reshetnikov said Russia was “on the brink,” and whether the country would slide into a recession or not depends on the government's actions.

“Going forward, it all depends on our decisions," Reshetnikov said, according to RBC.

RBC reported Russia's Finance Minister Anton Siluanov and Central Bank Gov. Elvira Nabiullina gave more optimistic assessments.

Siluanov spoke about the economy “cooling” but noted that after any cooling “the summer always comes," RBC reported.

Nabiullina said Russia's economy was merely “coming out of overheating," according to RBC.