Latest news with #MinistryofEconomy
Observer
4 hours ago
- Business
- Observer
Oman achieves remarkable progress in global indices
MUSCAT: The National Competitiveness Office has released the third annual report on Oman Competitiveness 2024, highlighting the Oman's performance in various global indicators. The report reveals that Oman has achieved remarkable progress in several global indices. The most notable leap was in the Environmental Performance Index, where Oman climbed 94 places, securing the 55th rank out of 180 countries. Oman has also been ranked first globally in several sub-indicators, including marine protection stringency, growth rate of black carbon emissions and bottom-trawl fishing within the exclusive economic zone. Oman also advanced 39 spots in the Heritage Foundation's Economic Freedom Index, reaching the 56th rank globally. The country's economy is now classified as 'moderately free,' compared to its previous status as 'mostly unfree.' This improvement is reflected in higher scores in key sub-indicators such as government spending (rising from 59.4 to 70.8 out of 100), investment freedom (from 60 to 70 out of 100), and financial freedom (from 50 to 60 out of 100). Among the most notable advancements is the Network Readiness Index, where Oman moved up four positions, ranking 50th globally. The country excels in sub-indicators such as government promotion of investment in emerging technologies (ranked 9th globally), gender gap in Internet usage (ranked 11th globally), and ICT skills in education (ranked 23rd globally). According to the Future Growth Index, Oman scored 50.59 out of 100, surpassing the global average. Furthermore, Oman ranked first globally in sub-indicators such as ICT capital (in US dollars) and electricity access in rural areas. Dr Salim bin Abdullah al Shaikh In Global Governance Indicators, Oman made progress in most categories, particularly those aligned with Oman Vision 2040. The country recorded 70.2 out of 100 in the Rule of Law Index, 66.5 in Regulatory Quality, and 62.2 in Government Effectiveness. Dr Salim bin Abdullah al Shaikh, spokesperson for the Ministry of Economy, emphasised that the National Competitiveness Office continues to monitor Oman's position in key international rankings. He noted that these indicators receive global attention from thousands of individuals and organisations. Speaking to Oman News Agency, Dr Al Sheikh stated: "The office is actively working with national teams to strengthen Oman's position in global indices through various programmes and initiatives while addressing challenges that may arise." Oman's continued efforts in improving competitiveness reflect its commitment to achieving sustainable economic and developmental progress on a global scale. The report aims to increase awareness among the local community about international rankings, serving as a reference for government and private institutions, as well as researchers interested in Oman's positioning compared to other nations. It also identifies the most advanced countries in specific indicators to guide efforts in enhancing Oman's competitiveness. — ONA
Business Insider
16 hours ago
- Business
- Business Insider
Japan seeks to expand investment interests in Africa to wean off China
Japan is stepping up efforts to help its companies expand in Africa and strengthen trade ties across a continent where it has traditionally been viewed primarily as a donor. Japan is increasing efforts to expand its business presence in Africa, shifting from being viewed mainly as a donor. Renewed private sector interest in taking risks is driven by Japan's recovery from decades of deflation. Africa is seen as a key destination for expansion due to its growing population and abundance of natural resources. Takehiko Matsuo, vice-minister for International Affairs at Japan's Ministry of Economy, Trade and Industry, said the country's emergence from three decades of deflation has renewed the private sector's appetite for risk. Matsuo told Bloomberg that this shift is fueling growing interest in African markets. 'Now the mindset of Japanese business leaders has changed dramatically and they are now much more proactive about expanding their business globally,' Matsuo said. 'Africa is one of the destinations where we expect Japanese companies' to grow their presence. The United States and the United Kingdom are the main recipients of Japan's foreign direct investment. In contrast, Africa has attracted only a tiny share, receiving just 0.5% of Japan's total FDI to date. Growing interest in Africa Africa has caught Japan's attention for a few reasons. The continent of 54 countries has a rapidly expanding population, which presents a significant market opportunity, and vast deposits of natural resources. Major sectors of focus for Japan include critical minerals, base metals, and rare earths, as Tokyo seeks to lessen its reliance on China, which happens to be Africa's biggest trading partner. For example, Japanese trading house Mitsui & Co. emerged as the highest bidder for a stake in First Quantum Minerals Ltd.'s Zambian copper mines last year. Meanwhile, Hitachi Construction Machinery Co. Ltd. has been developing hybrid dump trucks to support greener mining operations. For Africa, Japan's renewed focus on trade and investment comes at a crucial moment. The urgency to attract private capital has intensified following the return of President Donald Trump to the White House and subsequent cuts to U.S. foreign aid.
The Star
20 hours ago
- Business
- The Star
Japan seeks to grow Africa investments to ease reliance on China
TOKYO: Japan is supporting its companies to grow their business in Africa and develop trade ties across a continent where it's mainly been seen as a key donor. The second-biggest Asian economy's emergence from a three-decade period of deflation has boosted its private sector's risk appetite, Takehiko Matsuo, vice-minister for International Affairs at the Ministry of Economy, Trade and Industry told Bloomberg in Abidjan, the commercial hub of Ivory Coast. "Now the mindset of Japanese business leaders has changed dramatically and they are now much more proactive about expanding their business globally,' Matsuo said. "Africa is one of the destinations where we expect Japanese companies' to grow their presence. Japan is reasserting a commitment to do more business with Africa as it emerges from years during which its private sector was particularly risk-averse. The government has yet to declare an end to the deflation that gripped the economy for decades. Still, data this month showed consumer prices have advanced at or above the Bank of Japan's two per cent inflation target for three straight years. Japan's net external assets reached a record high in 2024 as its investors and companies continued to load up on holdings abroad, with the US and UK the prime destinations for foreign direct investment. So far, only a trickle of that has reached Africa, with the continent receiving about 0.5 per cent of Japan's foreign direct investments. For Africa, Japan's push to recalibrate its relationship also comes at a critical time. Mobilising private investment has become more pressing since President Donald Trump returned to the White House, slashing US aid. But it could be a win-win. By 2050, one in every four people will likely be African, and Goldman Sachs Group Inc. research projects that, by 2075, six of the biggest economies in the world could be in the Global South, including Nigeria - a point cited by the Japanese ministry. Key sectors of interest for Japan include critical minerals, base metals and rare earths as the government seeks to reduce its reliance on China, coincidently Africa's top trading partner. "We are pretty much depending on Chinese companies,' Matsuo said. "I'm not saying that we cannot work with Chinese companies, but only depending on one country may be causing some vulnerability.' Japanese trading house Mitsui & Co. emerged as the highest bidder for a stake in First Quantum Minerals Ltd.'s Zambian copper mines, Bloomberg reported in November. Beyond mining, Japanese corporations are also looking to bring new technologies to Africa, sometimes backed by government subsidies, Matsuo said. Fujifilm Corp. is exploring preventive medical-care services, a technology that's especially relevant in a region with low health insurance penetration, and Toyota Tsusho Corp. is looking into introducing automobile recycling systems, Matsuo said. Hitachi Construction Machinery Co Ltd. has also been working on hybrid dump trucks to help green mining operations. Japanese investors also have an appetite for green hydrogen and ammonia that can be used to decarbonise industries, he said. It's not only corporations seeking to work more on the continent. Japan announced an initiative this month to connect Japanese and African startups to foster innovation. Within members of the Organisation for Economic Cooperation and Development, Japan was sub-Saharan Africa's third-biggest providers of overseas development assistance in 2022, with US$1.68 billion in gross disbursements, according to government data. Unlike the US or the UK, it's not announced plans to reduce its aid so far. "This year, we will have the biggest meeting for collaboration between Japan and African countries,' Matsuo said, referring to the ninth edition of the Tokyo International Conference on Africa Development holding in Yokohama in August. "In that sense, we are rather making efforts to expand our cooperation.' - Bloomberg
Hi Dubai
3 days ago
- Business
- Hi Dubai
UAE Launches Future 50 Initiative to Boost Innovation and Economic Growth
H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has launched the 'UAE Future 50' initiative, spotlighting 50 cutting-edge Emirati startups driving the country's innovation and economic diversification efforts. The initiative, developed by the Government Development and the Future Office in collaboration with the Ministry of Economy, is part of the broader Riyada entrepreneurship ecosystem. It highlights ventures across 15 strategic sectors including fintech, healthtech, edtech, space, sustainability, smart mobility, and the creative industries. Sheikh Hamdan reaffirmed the UAE leadership's commitment to supporting national entrepreneurs and fostering a startup-friendly environment. He emphasized the role of Emirati innovators in shaping future industries and enhancing the UAE's global competitiveness, aligning with the long-term 'We the UAE 2031' vision. The launch event gathered government officials, business leaders, investors, and entrepreneurs, showcasing the selected startups and their contributions to the future economy. Emirati entrepreneur Faisal Belhoul delivered a keynote speech, underlining the importance of ambition, resilience, and innovation in entrepreneurship. Minister of State for Government Development and the Future Ohood bint Khalfan Al Roumi called the initiative a testament to the UAE's global leadership in future readiness. She highlighted its role in positioning national talent at the forefront of transformative sectors. Undersecretary of the Ministry of Economy Abdullah Al Saleh added that the initiative will accelerate sustainable economic growth by empowering local talent and supporting ventures with high potential. Building on the success of the Future 100 programme, UAE Future 50 aims to nurture a thriving innovation ecosystem and inspire a new generation of entrepreneurs, reinforcing the nation's vision for a diversified and future-ready economy. News Source: Emirates News Agency
Yahoo
3 days ago
- Business
- Yahoo
Japan Energy Summit & Exhibition announced in collaboration with the LNG Producer Consumer Conference (LNG PCC) 2025 on 20 June 2025
Japan's Ministry of Economy, Trade and Industry (METI), in cooperation with the International Energy Agency (IEA), and in collaboration with Japan Energy Summit & Exhibition, will host the "LNG Producer Consumer Conference (LNGPCC) 2025" on 20 June 2025 at Tokyo Big Sight, East Hall 7. The LNGPCC 2025 will be co-located with the third day of the Japan Energy Summit & Exhibition 2025, as a platform to enhance cooperation between LNG producers and consumers. The co-location will facilitate deeper collaboration among LNG-producing and -consuming countries, global energy companies, and policymakers on the future of LNG markets, policy frameworks, and investment strategies. KUALA LUMPUR, Malaysia, May 29, 2025 /PRNewswire/ -- The Ministry of Economy, Trade and Industry (METI), in cooperation with the International Energy Agency (IEA), has confirmed that the LNG PCC 2025 will be held on 20 June, in collaboration with the Japan Energy Summit & Exhibition, organised by dmg events. The LNG PCC 2025 will take place on the final day of the three-day Japan Energy Summit & Exhibition (18–20 June) at Tokyo Big Sight, East Hall 7. The LNG PCC was launched in 2012 as a platform to enhance cooperation between LNG producers and consumers. It serves as a platform for both sectors to discuss and set the direction for future natural gas and LNG initiatives. Christopher Hudson, President, dmg events, added: "The collaboration of LNG PCC with the Japan Energy Summit & Exhibition provides an exceptional platform for high-level dialogue and investment mobilisation. This collaboration will deepen global cooperation to ensure LNG remains a competitive, secure, and cleaner energy source supporting the world's economic growth." Bringing together LNG ministers, corporate executives, energy buyers, traders, and infrastructure leaders, this co-location strengthens Japan's position as a central hub for LNG trade and dialogue. LNG PCC 2025 is open exclusively to invited stakeholders. Please refer the website for the further detail. To participate in Japan Energy Summit & Exhibition and explore the full programme, including the Strategic Summit, Technical Conference, and exhibitor list, register at Contact: Natalie Gurney, Marketing Director – dmg events: Nataliegurney@ | +971 4 445 3754 Luke Hill, Head of Content – dmg events: lukehill@ | +65 9457 2201 View original content to download multimedia: SOURCE dmg events Asia Pacific Pte Ltd Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
