Swedish Minister: FII Opportunity to Bolster Cooperation, Development with Africa

Sweden’s Minister for International Development Cooperation and Foreign Trade Benjamin Dousa. (Turky Al-Agili)
Sweden’s Minister for International Development Cooperation and Foreign Trade Benjamin Dousa. (Turky Al-Agili)
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Swedish Minister: FII Opportunity to Bolster Cooperation, Development with Africa

Sweden’s Minister for International Development Cooperation and Foreign Trade Benjamin Dousa. (Turky Al-Agili)
Sweden’s Minister for International Development Cooperation and Foreign Trade Benjamin Dousa. (Turky Al-Agili)

Sweden’s Minister for International Development Cooperation and Foreign Trade Benjamin Dousa stressed that the Future Investment Initiative, currently underway in Riyadh, was an ideal opportunity to bolster experiences and create a transformation in the cooperation and trade movement.

In an interview with Asharq Al-Awsat, he underlined the need to create economic integration with African countries and benefit from their natural resources to boost cooperation and sustainable development and combat poverty.

He also emphasized the importance of trade, private investment and loans to achieve sustainable development goals. No country can be removed from poverty by solely relying on development assistance, he remarked.

* What is your assessment of Saudi-Swedish relations? What are the most prominent areas of cooperation? What is the volume of trade exchange and what is the growth rate?

Saudi-Swedish relations are excellent. Saudi Arabia is an important partner for Sweden and our largest trading partner in the MENA-region. Trade and investments, with a focus on innovation and green solutions, are at the heart of our cooperation and constantly growing.

Over the last five years, Swedish exports to Saudi Arabia increased with 72% to 1.3 billion USD. To me, these figures clearly prove that Swedish companies have a lot to offer in the fast and impressive reformation of the Saudi society in line with Vision 2030. Swedish companies, such as Ericsson, Siemens Energy, Scania, Astra Zeneca and the Volvo Group, are ready to contribute with their expertise in telecom, energy, the automobile industry, and life sciences.

Swedish companies, such as Hitachi Energy and Molnlycke, see great potential in the Saudi market and have made significant investments into local manufacturing, creating new jobs, transferring knowledge and contributing to in-country investment.

* What is the nature of your participation in the Future Investment Initiative (FII) in Riyadh? What are the most important topics that interest you at this event?

The FII-conference serves as a perfect opportunity for me, as a newly appointed Swedish minister for foreign trade, to get a crash course on the Saudi market and Swedish business interests in Saudi Arabia. I especially look forward to learning more about Vision 2030 and the giga-projects, which are truly impressive. I will be speaking at a panel on economic integration in Africa. My visit to Riyadh is also an opportunity for me to meet Saudi cabinet ministers and other high ranking Saudi officials. I know that my predecessor was very pleased with his visit to FII last year.

* Is there a new project under study and research for cooperation between the two countries and what is its nature?

The cooperation between King Abdulaziz City for Science and Technology (KACST) and Ericsson is exemplary in this regard. Beyond working together on research and science, they have just announced a joint program with The Garage, a Saudi hub for innovation and entrepreneurship. The project aims to support Saudi game developers. Swedish innovators have a lot of experience to share in this field.

I would also like to highlight the third Swedish-Saudi Joint Commission that will take place in Riyadh next week. The Joint Commission is an excellent showcase of the multifaceted cooperation between Sweden and Saudi Arabia. The commission serves as a government-led platform for identification of concrete actions in support of trade and cooperation in areas ranging from export financing instruments, trade policy, healthcare, energy, tourism, to innovation and promotion of small and medium enterprises.

* What is the Swedish plan to maximize development cooperation and increase foreign trade?

Sweden is a strong proponent of free trade. I am convinced that fewer trade barriers and simplified trade procedures boost competition and productivity and reduce global value chain vulnerabilities. Unfortunately, in recent years, we have seen many countries introducing new trade barriers and export restrictions. I believe that free, sustainable, and rules-based international trade and globally accepted standards is the only way forward. Sweden’s own journey from a poor country based on farming to one of the world’s most innovative nations was only possible through international trade.

My government is changing the course of Swedish development cooperation. Sweden will continue to be major donor of both development assistance and humanitarian aid, but we are putting a much stronger emphasis on the essential link between trade and development.

Trade, private investment, loans, and domestic resource mobilization is necessary for countries to achieve the Sustainable Development Goals. No country can be lifted out of poverty with the help of development assistance alone. Swedish development cooperation should contribute to creating conditions for developing countries and for people to go from poverty to prosperity through trade and economic development.

* What is the impact of geopolitical events in the region on development cooperation, foreign trade and supply chains?

I am deeply worried by the ongoing escalation in the region. Sweden fully supports diplomatic efforts for regional de-escalation and ceasefires in Lebanon and Gaza. We greatly appreciate Saudi Arabia’s initiatives for peace and de-escalation, as exemplified by the kingdom’s efforts to, again, bring new momentum for a two-state solution.

The Houthi attacks on free trade in the Red Sea have now been impeding trade flows for over a year. Over 12 percent of the world maritime trade used to pass through the Red Sea. This is a global concern. Many Swedish businesses have been affected by delayed deliveries linked to the situation in the Red Sea. Sweden is contributing to the EU defensive military force Operation Aspides in the Red Sea, aiming at protecting vessels. The attacks on free trade must come to an end for the benefit of all.



Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
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Saudi Arabia, Syria Sign Joint Airline and Telecoms Deals

Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)
Officials pose after signing a framework agreement for developmental cooperation and the launch of 45 development initiatives between the Syrian Development Fund and Saudi Arabia's Development Committee at the People's Palace in Damascus, Syria, Saturday, Feb. 7, 2026. (AP)

Syria and Saudi Arabia signed deals Saturday that include a joint airline and a $1-billion project to develop telecommunications, officials said, as Syria seeks to rebuild after years of war.

The new authorities in Damascus have worked to attract investment and have signed major agreements with several companies and governments.

Syrian Investment Authority chief Talal al-Hilali announced a series of deals including "a low-cost Syrian-Saudi airline aimed at strengthening regional and international air links".

The agreement also includes the development of a new international airport in the northern city of Aleppo, and redeveloping the existing facility.

Hilali also announced an agreement for a project called SilkLink to develop Syria's "telecommunications infrastructure and digital connectivity".

Syrian Telecommunications Minister Abdulsalam Haykal told the signing ceremony that the project would be implemented "with an investment of around $1 billion".

For decades, Syria was unable to secure significant investments because of Assad-era sanctions.

But the United States fully removed its remaining sanctions on Damascus late last year, paving the way for the full return of investments.

Syria and Saudi Arabia also inked an agreement on water desalination and development cooperation on Saturday.

At the ceremony, Saudi Investment Minister Khalid Al-Falih announced the launch of an investment fund for "major projects in Syria with the participation of the (Saudi) private sector".

The deals are part of "building a strategic partnership" between the two countries, he said.

Syria's Hilali said the agreements targeted "vital sectors that impact people's lives and form essential pillars for rebuilding the Syrian economy".

Syria has begun the mammoth task of trying to rebuild its shattered infrastructure and economy.

In July last year, Riyadh signed investment and partnership deals with Damascus valued at $6.4 billion to help rebuild the country's infrastructure, telecommunications and other major sectors.

A month later, Syria signed agreements worth more than $14 billion, including investments in Damascus airport and other transport and real estate projects.

This week, Syria signed a preliminary deal with US energy giant Chevron and Qatari firm Power International to explore for oil and gas offshore.


India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
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India’s Modi Lauds Interim Trade Pact After US Tariff Rollback

Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)
Indian Prime Minister Narendra Modi addresses the media before the budget session of Parliament at Parliament House in New Delhi, India, 29 January 2026. (EPA)

Indian Prime Minister Narendra Modi on Saturday hailed an interim trade agreement with the United States, saying it would bolster global growth and deepen economic ties between the two countries.

The pact cuts US "reciprocal" duties on Indian products to 18 percent from 25 percent, and commits India to large purchases of US energy and industrial goods.

US President Donald Trump, while announcing the deal Tuesday, had said Modi promised to stop buying Russian oil over the war in Ukraine.

The deal eases months of tensions over India's oil purchases -- which Washington says fund a conflict it is trying to end -- and restores the close ties between Trump and the man he describes as "one of my greatest friends."

"Great news for India and USA!" Modi said on X on Saturday, praising US President Donald Trump's "personal commitment" to strengthening bilateral ties.

The agreement, he said, reflected "the growing depth, trust and dynamism" of their partnership.

Modi's remarks came hours after Trump issued an executive order scrapping an additional 25 percent levy imposed over New Delhi's purchases of Russian oil, in a step to implement the trade deal announced this week.

Modi, who has faced criticism at home about opening access of Indian agricultural markets to the United States and terms on oil imports, did not mention Russian oil in his statement.

"This framework will also strengthen resilient and trusted supply chains and contribute to global growth," he said.

It would also create fresh opportunities for Indian farmers, entrepreneurs and fishermen under the "Make in India" initiative.

In a separate statement, Commerce Minister Piyush Goyal said the pact would "open a $30 trillion market for Indian exporters".

Goyal also said the deal protects India's sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry and milk.

Other terms of the agreement include the removal of tariffs on certain aircraft and parts, according to a separate joint statement released Friday by the White House.

The statement added that India intends to purchase $500 billion of US energy products, aircraft and parts, precious metals, tech products and coking coal over the next five years.

The shift marks a significant reduction in US tariffs on Indian products, down from a rate of 50 percent late last year.

Washington and New Delhi are expected to sign a formal trade deal in March.


Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
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Gold Bounces Back on Softer Dollar, US-Iran Concerns; Silver Rebounds

Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth
Gold and silver bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth

Gold rebounded on Friday and was set for a weekly gain, helped by bargain hunting, a slightly weaker dollar and lingering concerns over US-Iran talks in Oman, while silver recovered from a 1-1/2-month low.

Spot gold rose 3.1% to $4,916.98 per ounce by 09:31 a.m. ET (1431 GMT), recouping losses posted during a volatile Asia session that followed a fall of 3.9% on Thursday. Bullion was headed for a weekly gain of about 1.3%.

US gold futures for April delivery gained 1% to $4,939.70 per ounce.

The US dollar index fell 0.3%, making greenback-priced bullion cheaper for the overseas buyers.

"The gold market is seeing perceived bargain hunting from bullish traders," said Jim Wyckoff, senior analyst at Kitco Metals.

Iran and the US started high-stakes negotiations via Omani mediation on Friday to try to overcome sharp differences over Tehran's nuclear program.

Wyckoff said gold's rebound lacks momentum and the metal is unlikely to break records without a major geopolitical trigger.

Gold, a traditional safe haven, does well in times of geopolitical and economic uncertainty.

Spot silver rose 5.3% to $74.98 an ounce after dipping below $65 earlier, but was still headed for its biggest weekly drop since 2011, down over 10.6%, following steep losses last week as well.

"What we're seeing in silver is huge speculation on the long side," said Wyckoff, adding that after years in a boom cycle, gold and silver now appear to be entering a typical commodity bust phase.

CME Group raised margin requirements for gold and silver futures for a third time in two weeks on Thursday to curb risks from heightened market volatility.

Spot platinum added 3.2% to $2,052 per ounce, while palladium gained 4.9% to $1,695.18. Both were down for the week.