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The Star
27-05-2025
- Business
- The Star
China ready to work with Asean, GCC for development, says Premier
KUALA LUMPUR: China is ready to work with Asean and the Gulf Cooperation Council (GCC) to leverage synergy for shared development and prosperity, says Chinese Premier Li Qiang. He said that the cooperation between China, Asean, and the GCC accounts for about a quarter of the world's population and economic output. "As Chinese President Xi Jinping said, 'To emerge from the fog and reach the summit', the greatest power is unity, and the most effective method is collective cooperation," he added. Li then said that China is ready to work with Asean and the GCC to fully leverage the synergy of '1 + 1 + 1 > 3', becoming a powerful driving force for our shared development and prosperity. He said this in his opening remarks at the inaugural Asean-GCC-China Summit themed "Synergising Economic Opportunities Towards Shared Prosperity" on Tuesday (May 27). Also present were Prime Minister Datuk Seri Anwar Ibrahim and Kuwait's Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah, the president of the current session of the Supreme Council of the GCC. By connecting the three markets, Li said the three blocs can unlock greater development potential and stronger economies of scale. "China and Asean have completed negotiations on the upgraded version 3.0 of the Free Trade Area agreement. We look forward to all parties swiftly concluding negotiations on a China-GCC Free Trade Agreement,' he said. Li added that this can help raise the level of trilateral trade. "We must remain committed to expanding regional openness and strive to turn our three regions into a shared mega-market," he said. He added that resources, technology, and talent should flow more efficiently, and trade and investment should become freer and more convenient. Li then said China aims to create a model for cooperation across different stages of development. "The three stakeholders are at different stages in their development journeys, but I believe these differences offer opportunities for complementarity and synergy," he said. Li also said that China is willing, on the basis of mutual respect and equality, to align development strategies with Asean and the GCC. "We should turn each party's strengths into shared strengths while helping each other tackle new development challenges. Together, we can pioneer new models of international industrial and economic cooperation,' said Li. "We can work toward a system where each contributes what they can and shares in the collective prosperity," he added. He proposed creating a model of cross-civilisational integration where the three blocs are homes to diverse communities. "We share the values of peace, cooperation, openness, and inclusiveness. We should promote deeper cultural exchanges to solidify the foundation of our shared renewal,' said Li. "We can manage differences through mutual understanding and stimulate mutually beneficial cooperation through the exchange of ideas and wisdom. This will help us explore a new path of inclusive and progressive interaction among civilisations," he added.
New York Post
14-05-2025
- Politics
- New York Post
Trump's Middle East tour: Letters to the Editor — May 15, 2025
The Issue: President Trump's diplomatic trip to Saudi Arabia, Qatar and the United Arab Emirates. President Trump's meetings in Saudi Arabia, Qatar and the United Arab Emirates are being closely watched by allies and adversaries. ('Trump's Mideast Vision,' Editorial, May 14). Advertisement After working on foreign policy for decades, President Joe Biden was a total failure in the Middle East. Those failures make Trump's diplomatic work to restore stable relations tricky, but not impossible. Trump and Secretary of State Marco Rubio can initiate a desperately needed reset of US-Middle East relationships to deter aggression, safeguard American interests in the region and counter further threats from Iran. James Patterson Advertisement Washington, DC Reading about Trump's visit to the Middle East, I think he is doing what former President George W. Bush started but never completed — creating a Middle East Free Trade Area. Now I understand the meaning of the quote: 'George Washington created the presidency and John Adams defined it.' Advertisement Trump is defining his style, knowing the complex dynamics of the global community, and in the process, he is defining his presidency. Just like the song: 'My Way' by Frank Sinatra. Anant Nagpur Ottawa, Canada As an American, I'm so proud of Trump's visit to the Middle East. Advertisement I was proud to see him carry himself so professionally and presidentially in Saudi Arabia, representing America while showing respect toward Crown Prince Mohammed bin Salman and his country. Mo Colarusso Manhattan Sen. Chris Murphy is calling the Trump trip to the Middle East a 'public corruption tour.' These do-nothing Democrats find absolutely nothing this president does well, in any sense of the word. Where were these morons during the last four years, when we had open borders, high inflation, crime on the rise and no trade deals at all? I truly believe if Trump cured cancer, they would say 'cancer is a good thing.' President John Kennedy must be rolling over in his grave looking at the Democratic Party of today. Advertisement He'd now be a Republican. Philip Vallone Ossining Advertisement The Issue: Not enough air-traffic controllers at Newark Airport amid 45-day 'trauma leaves.' I hesitantly write this letter condemning the air-traffic controllers who opted for 45-day extended leaves from their critically important duties guiding commercial airliners at Newark Liberty International Airport due to stress ('Newark fly by fright,' May 13). I'm not sure how much they regard the safety of innocent passengers, who rely on them being in their positions in the tower. This is especially hurtful when we all remember the recent preventable catastrophe in Washington, DC, where a commercial jetliner crashed with a US Army helicopter. Advertisement Joe Torrillo Manalapan, NJ The air-traffic-control-system debacle is another mess left behind by former President Joe Biden and his fumbling, stumbling crew. Be it air, rail or sea, whenever there was a crisis, it seems Biden Transportation Secretary Pete Buttigieg was away on paternity leave or globe-trotting with his husband. Advertisement Nicholas Maffei Yonkers This airport is an accident waiting in the wings. At one point, there was only one air-traffic controller in charge. Sean Duffy did indeed blame the Biden administration for the existing chaos, but it's time to put that aside and get a safe airport in order. Ron Zajicek Cortlandt Want to weigh in on today's stories? Send your thoughts (along with your full name and city of residence) to letters@ Letters are subject to editing for clarity, length, accuracy, and style.
Scoop
13-05-2025
- Business
- Scoop
APEC Trade Officials Lay Groundwork For Ministerial Meeting
Issued by the APEC Committee on Trade and Investment Jeju, Republic of Korea, 11 May 2025 Trade and investment officials from the 21 APEC member economies gathered in Jeju for the second meeting of the Committee on Trade and Investment, laying critical groundwork ahead of next week's APEC Ministers Responsible for Trade Meeting. Amid persistent global economic uncertainty, the meeting underscored APEC's enduring role in maintaining open and predictable trade and investment systems. Under Korea's host year theme of 'Building a Sustainable Tomorrow: Connect, Innovate, Prosper,' members discussed how APEC can support the multilateral trading system, and reviewed concrete proposals to advance the Free Trade Area of the Asia Pacific (FTAAP) agenda, boost digital trade, strengthen supply chain resilience and connectivity, and deepen cooperation on sustainable and inclusive growth initiatives. 'In Jeju, APEC economies came together with a clear mission: to advance technical work so our ministers can deliver strong, collective outcomes next week,' said Christopher Tan, Chair of the Committee on Trade and Investment (CTI). 'As we head toward the Ministers Responsible for Trade Meeting, the spirit of collaboration remains our strongest asset. APEC thrives when we work together—constructively, inclusively and with purpose,' Tan added. Among the key items discussed were Korea's flagship deliverables for 2025, including the APEC Artificial Intelligence Initiative and the Collaborative Framework on Demographic Change. The AI initiative aims to drive economic growth and resilience by enhancing AI readiness, strengthening institutional and workforce capacities, and catalyzing investment in sustainable digital infrastructure. The demographic framework, meanwhile, seeks to address region-wide challenges such as aging populations and labor shortages through cross-border collaboration, human resource mobility and structural reforms. The meeting also heard updates from the APEC Business Advisory Council (ABAC), which called on economies to support the multilateral trading system with the WTO as its core. ABAC reiterated the importance of the Investment Facilitation for Development Agreement, the E-Commerce Agreement and the establishment of a permanent E-Commerce Moratorium. The council also emphasized the need for early FTAAP deliverables, greener trade practices and inclusive policies that champion universal economic participation and empower women and small businesses, as well as the establishment of a Centre of Excellence for Paperless Trade. Another highlight was the discussion on the Implementation Plan for the Lima Roadmap (2025–2040), a regional strategy to support informal economic actors in transitioning to the formal and global economy. The plan encourages APEC economies to align policies and capacity-building efforts to foster entrepreneurship, digital access, and financial inclusion. Members also deliberated on advancing the FTAAP agenda, with the CTI holding its first policy dialogue under the Ichma Statement that discussed on how APEC can improve trade facilitation amongst members as well as increase the convergence of regional trade agreements. Members discussed proposals on capacity building, paperless trade, digital trade and support for women participation in global value chain. Looking ahead, outcomes from this meeting will directly inform ministerial discussions on 15–16 May in Jeju, where APEC trade ministers are expected to chart the region's path on priorities such as WTO reform, inclusive digital trade, and regional economic integration.
Zawya
25-04-2025
- Business
- Zawya
How global volatility and international family businesses are shaping private and investment banking in Africa?
Africa presents a compelling – albeit complex – investment landscape. While challenges such as political instability, currency volatility and limited liquidity persist, they are counterbalanced by significant opportunities. These growth options are driven by powerful demographic shifts, digital transformation and burgeoning intra-continental trade, catalysed by initiatives like the African Continental Free Trade Area (AfCFTA). As the Boston Consulting Group (BCG) highlights, growth in private capital deals on the continent has significantly outpaced global averages, yet assets under management remain underpenetrated compared to global benchmarks, signalling substantial room for growth. Africa's dynamic investment landscape requires strategic insight and sophisticated support. Despite varied historical private equity returns, targeted strategies have yielded substantial rewards, with nearly a quarter of Africa-focused funds achieving net internal rates of return exceeding 15% over the past decade. This illustrates the significant opportunities for private and investment banking on the continent, driven by three key trends: renewed global appetite for African investment, evolving needs of multi-generational family businesses, and the increasingly global nature of these families and their enterprises. A growing appetite for African investment amid global volatility The investment banking sector has seen a resurgence of interest in Africa from global investors. As Amol Prabhu, Country chief executive officer: South Africa & Market Head for Barclays, observes, this shift is partly driven by a re-evaluation of risk in markets previously considered safe. Some investors, he suggests, now perceive traditionally 'safer' regions as presenting new challenges due to US trade protectionism and its impact on markets. These factors drive investors to look elsewhere for diversification because 'taking on a bit more risk makes sense if the potential for higher returns is strong,' Prabhu adds. This appetite manifests in two ways: Navigating nuance and risk: Investors know that opportunities and risks vary significantly across Africa's 54 nations. Those willing to embrace calculated risks for potentially higher returns require partners who understand the specific market nuances. As Prabhu emphasises, focusing on specific regions, like South Africa, Kenya, Nigeria, and Ghana, allows for deeper market insights and, thus, greater ability to mitigate risk. Identifying emerging opportunities: Beyond risk mitigation, investors want to know where the opportunities for growth lie. Prabhu says, 'Investors want greater insights into what is happening on the ground. They're asking which sectors hold the greatest opportunities, and they want a partner who gets the local landscape.' The continent's young demographics underpin substantial consumer market potential in areas like financial and digital services. Additionally, Africa holds vast reserves crucial for global decarbonisation, which will future-proof its commodity markets. Prabhu adds, 'You must remain informed and agile enough to capitalise on these opportunities – a process that is much easier when you have the right partner to guide your exposure to different markets.' Supporting the evolution of multi-generational family businesses Multi-generational family businesses remain a cornerstone of wealth creation across Africa, and private banking is adapting to better serve their needs. Prabhu highlights the common dynamic where 'founders or original wealth creators tend to be very entrepreneurial in their mindset, having built a successful enterprise from an idea decades ago. Their families are now highly educated, completing globally competitive degrees anywhere from Lagos and Accra to Johannesburg or London, and they are now taking over the family business.' The key trend now involves the transition within these families. As Prabhu explains, subsequent generations have expanded skill sets and are professionalising the businesses, moving them from family-run operations to formally managed enterprises. This wealth transfer requires tailored private banking support that understands both the family legacy and the business's future direction. The globalisation of families and the need for integrated banking Linked to the evolution of family businesses is their increasingly global footprint. Parents may be based in Nairobi, with one child running operations locally and another child working in Dubai or studying in the UK. This geographical dispersion creates significant complexity, encompassing collective and individual wealth, as well as globalised business interests. The family business now has to navigate intricate tax, regulatory, and compliance requirements across multiple jurisdictions. This challenge requires a shift towards integrated, multi-service banking where clients need a spectrum of services beyond private wealth management, potentially including corporate and investment banking, retail accounts, and credit facilities across different jurisdictions. For customers, the value lies in simplifying this complexity. Prabhu highlights the importance of being equipped to serve clients' varied needs across products and locations. 'There should be a single primary advisor who is a gateway to the bank's broader global offering. In some cases, this can extend to relationship-driven support, which goes beyond traditional banking, a reality that is increasingly essential for managing the intricate affairs of global families and their businesses.' A pivotal moment to spotlight Africa's potential While Africa presents exciting investment opportunities, it takes expertise and diligence to unlock its potential. The right banking partner will play a key role in guiding investors, supporting family businesses, and providing integrated solutions, making them essential partners in navigating Africa's financial landscape. The G20 and B20 platforms, especially with South Africa's presidency, provide a unique opportunity to showcase Africa and encourage dialogue around investment opportunities. Collaboration between government and the private sector is essential to present Africa as an attractive investment destination. For investors and families charting their course, partnering with financial institutions that offer deep regional insight within a global framework will be key to unlocking the continent's considerable promise. All rights reserved. © 2022. Provided by SyndiGate Media Inc. (
IOL News
23-04-2025
- Business
- IOL News
Leveraging data and AI to bridge Africa's $90 billion infrastructure gap
The African Development Bank estimates this shortfall shaves nearly 2% off GDP growth each year, choking economic potential and social progress. By Nomvula Mabuza Africa's infrastructure deficit, a $90 billion annual gap, casts a long shadow over the continent's future. The African Development Bank estimates this shortfall shaves nearly 2% off GDP growth each year, choking economic potential and social progress. From unreliable power grids to crumbling roads, these gaps inflate costs, isolate communities and stifle opportunity. Yet, within this challenge lies a chance to reimagine infrastructure through data and artificial intelligence (AI), transforming obstacles into pathways for growth. The infrastructure gap ripples across Africa's economy and society. Poor logistics, with transport costs 30-40% higher than in other regions, undermine the African Continental Free Trade Area's (AfCFTA) promise of a 52% boost in intra-African trade. These inefficiencies translate into pricier goods and fewer jobs, locking nations in a cycle of lost potential. Limited access to electricity and reliable roads further restricts digital economies and isolates rural areas, with logistics bottlenecks costing the continent $130 billion annually in economic inefficiencies. Closing this gap is not just a necessity but an economic opportunity, poised to unlock billions in growth and attract investment from across the globe. Systemic barriers sustain this crisis. African governments collect less tax revenue than other developing regions, leaving them with limited funds for major projects. Compounding this, fewer than 10% of proposed infrastructure projects reach financial close, as 80% falter at the feasibility stage due to inadequate planning. Private investment, which hit only $40 billion in 2021, remains a fraction of what's needed. At the heart of these issues lies a critical flaw: incomplete, outdated and fragmented data. Without real-time insights into road conditions, energy access, or logistical efficiency, planning becomes guesswork and investors shy away from high-risk ventures. Leveraging Data and AI to Bridge Africa's $90 Billion Infrastructure Gap A bold, AI-enabled strategy can turn disparate data into actionable insights, revolutionizing infrastructure planning. A continent-wide, open-source repository could aggregate real-time metrics from all 54 African nations—project costs, completion rates, demographic needs. Kenya's Open Data Portal shows how such platforms can break down silos and guide decisions. AI can pinpoint high-return projects, like solar grids in underserved rural areas, ensuring efficient, impactful investments. Satellite imagery and geographic information systems, as used by Digital Earth Africa, offer real-time oversight to prevent delays and mitigate environmental risks, supporting projects like Ethiopia's Grand Renaissance Dam. Mobile apps, inspired by Ushahidi, can empower citizens to report issues like potholes or outages, fostering accountability and highlighting urgent needs. Rwanda's partnership with Zipline demonstrates the transformative potential of data-driven solutions. Since 2016, Zipline has leveraged real-time data to deliver blood and vaccines by drone, slashing delivery times from hours to minutes and serving over 2,500 health facilities. This innovation not only bolsters healthcare but also shows how technology can address logistical gaps, drawing investment and offering a scalable model for infrastructure challenges across Africa. Technology alone cannot bridge the infrastructure gap—robust governance is the bedrock of success. Across Africa, distrust in data systems and a shortage of skilled professionals pose significant barriers. Citizens hesitate to share data without assurances of privacy and governments struggle to implement AI tools without local expertise. South Africa's Protection of Personal Information Act (POPIA), enacted in 2020, offers a model for addressing these concerns. By enforcing strict data privacy standards, POPIA has bolstered public confidence, enabling projects like digital health platforms that rely on secure data-sharing. Similarly, capacitybuilding initiatives are critical. Carnegie Mellon University Africa, based in Rwanda, trains hundreds of data scientists annually, equipping them to develop and manage AI-driven infrastructure solutions. For example, graduates have contributed to optimizing Rwanda's energy grid, ensuring data tools translate into real-world impact. Beyond privacy and skills, governance must foster transparency to attract investment. Clear regulatory frameworks, like those piloted in Kenya for public-private partnerships, reduce risks for investors, making projects like the Nairobi-Mombasa Expressway more bankable. Without these governance pillars—privacy, Leveraging Data and AI to Bridge Africa's $90 Billion Infrastructure Gap capacity and transparency—the promise of data and AI risks remaining out of reach. Significant hurdles remain. With internet penetration in rural Africa at just 25%, community-driven data collection faces limitations. Privacy concerns, even with laws like POPIA, could erode trust in data platforms. Yet, these challenges are not insurmountable. Targeted investments in digital infrastructure, such as expanding mobile networks and public education campaigns to clarify data privacy protections can pave the way for success. The path to closing Africa's infrastructure gap demands collective action, rooted in collaboration and innovation. African governments must lead by launching pilot data platforms in high-need regions, where real-time insights can guide energy and transport projects with precision. Multilateral institutions, such as the African Development Bank and United Nations, should channel resources into AI-driven project pipelines, demonstrating the viability of data-driven approaches through measurable outcomes. Technology companies, both global and local, must unite to develop scalable tools—from geospatial analytics to citizen-reporting apps—that empower planners and communities to address infrastructure challenges effectively. Investors hold a critical role in this transformation. By backing data-driven projects through dedicated infrastructure funds, they can mitigate risks, unlock substantial economic returns and drive sustainable growth across the continent. The opportunity is clear: coordinated action today can turn Africa's infrastructure vision into reality, fueling prosperity for generations. Africa's $90 billion infrastructure gap is a challenge that demands bold innovation. Data and AI, from centralized platforms to predictive analytics, hold the key to unlocking AfCFTA's potential for a 52% surge in intra-African trade and reversing the 2% annual GDP losses that hobble progress. Inaction carries a steep price—billions in economic potential slip away each year, leaving communities disconnected and opportunities unrealized. By embracing data-driven solutions, Africa can build a future where reliable roads link markets, electricity powers digital economies and infrastructure fuels job creation and prosperity. The tools exist and the stakes are clear: act now to transform the continent's infrastructure and secure a thriving, connected tomorrow. Nomvula Mabuza is a Risk Governance and Compliance Specialist with extensive experience in strategic risk and industrial operations. She is an MBA candidate at Henley Business School, South Africa. BUSINESS REPORT
