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Free Malaysia Today
23-06-2025
- Business
- Free Malaysia Today
Despite Trump's rapprochement, West steers clear of Russia's Davos
Russia is set to host some 200,000 guests from 140 countries at the St Petersburg International Economic Forum. (AFP Pic) ST PETERSBURG : Westerners are set to be few and far between at Vladimir Putin's landmark business forum, once an emblem of East-West ties, which kicks off Wednesday in the Russian president's home city of Saint Petersburg. Despite US President Donald Trump pushing a rapprochement with Putin, Russia's offensive on Ukraine means Americans and Europeans will largely shun the Saint Petersburg International Economic Forum (SPIEF) – once dubbed 'Russia's Davos' – for a fourth year running. Some 20,000 guests from 140 countries are set to take part in the forum both online and in person, according to the Kremlin. Among the states sending high-level government figures are the likes of China, Vietnam, Iraq, Saudi Arabia, the Central African Republic and Burkina Faso. Russian officials said some Western executives will attend. 'American business representatives, but I can't say at what level,' Kremlin aide Yuri Ushakov told reporters at a briefing Tuesday. According to the official programme, not a particularly high one. A panel on Thursday, titled simply 'Russia-USA', will feature the head of the American Chamber of Commerce in Russia, some private investors, the founder of a microphone manufacturer and the head of a crypto project. But in one high-profile win for Putin, Indonesian President Prabowo Subianto skipped an invitation to the G7 in Canada, choosing instead to meet Putin and attend SPIEF. The forum comes amid intense speculation in Russia about the prospect of sanctions relief and the return of Western firms that left the country after Moscow launched its offensive on Ukraine in February 2022. Hundreds of companies sold off, abandoned or gave away their Russian operations – ranging from McDonald's and Nike to Ford and Goldman Sachs. Putin has at times blasted them for departing, warned they will not be allowed to return and said Russia is better off without them. He has also introduced punitive counter-sanctions, restricting the ability of firms from so-called 'unfriendly' countries from accessing their profits and imposing huge exit fees and taxes on any wishing to leave. Trump's return to the White House and opening of diplomacy with Russia led to a frenzy of headlines in Russian media about whether he would ease US sanctions. Once a fixture of Europe's business calendar, SPIEF was where Western leaders, CEOs and major investors gathered to seal deals on entering and expanding their footprint in Russia. Then-German Chancellor Angela Merkel attended in 2013, as did Mark Rutte, the Netherlands' prime minister and now the secretary-general of Nato – the man marshalling the military alliance's response to Putin's Ukraine offensive. Its prestige started to dip after 2014, when Russia annexed the Crimean peninsula from Ukraine and was hit with the first tranche of Western sanctions. But even as recently as 2018, French President Emmanuel Macron and Japan's then-Prime Minister Shinzo Abe sat on stage alongside Putin.
CNA
13-06-2025
- Business
- CNA
Important for like-minded partners like Singapore, Poland to create growth opportunities: Grace Fu
Minister-in-charge of Trade Relations Grace Fu said Polish companies can explore opportunities in Singapore, as the two countries pursue closer ties. She added that Singapore remains a reliable partner for companies looking to diversify amid a more turbulent global environment. Ms Fu was speaking at a business forum during Polish President Andrzej Duda's state visit to Singapore. There are about 170 Polish businesses in Singapore. Jeraldine Yap reports.
The National
31-05-2025
- Business
- The National
Madagascar looks to deepen investment ties with the UAE, says country's top diplomat
Madagascar is seeking to deepen investment co-operation and strengthen ties with the UAE, the country's top diplomat said during a visit as part of a high-level delegation to take part in a two-day business forum. The Madagascar Business Forum was held in Dubai this week. It brought together more than 60 Malagasy business owners and entrepreneurs to connect with Emirati counterparts. 'This forum is part of our efforts to reinforce both economic and diplomatic ties between our two nations,' Madagascar's Foreign Minister, Rafaravavitafika Rasata, told The National. 'These two days are dedicated to expanding our economic partnership with the UAE.' Over the past nine years, Madagascar and the UAE have cultivated a growing relationship marked by strategic co-operation across various sectors, including infrastructure development, humanitarian aid, economic investment and digital innovation. Madagascar views the Emirates as a strategic partner for economic recovery and development, while the UAE sees the island nation as a gateway to African markets and a partner in advancing sustainable development initiatives in the Indian Ocean region. Emirates Airline launched direct flights from Dubai to Antananarivo last year and increased its services from four weekly flights to six as of April, responding to demand for both passenger and cargo transport. 'This demonstrates growing confidence in our market,' said Ms Rasata. 'It is a huge opportunity to position Madagascar not only as a tourist destination but also as a land of opportunity for investors.' Untapped potential Situated in the western Indian Ocean, Madagascar is the fourth-largest island in the world – larger in land mass than Germany and Spain combined. Despite its size and natural wealth, the country remains relatively undiscovered by international travellers. Surrounded by well-known Indian Ocean holiday destinations like the Maldives, Seychelles and Mauritius, Madagascar stands out for its biodiversity and eco-tourism appeal. 'Our country has won the Indian Ocean's Leading Green Destination award seven times,' noted the minister. 'We're prioritising sustainable and community-based tourism that highlights local culture and biodiversity.' She also pointed to agriculture as a key area for potential Emirati investment, particularly in the context of food security. 'Madagascar is a vast country – I would even call it a quasi-continent,' she said. 'With nearly 600,000 square kilometres of land, and 36 million hectares of arable land, there is immense potential for agribusiness and agricultural transformation.' Regional engagement Madagascar sits at a strategic location along key Indian Ocean shipping lanes, serving as a maritime crossroads between Africa, Asia and the Middle East. Its position near major east-west trade routes makes it a potential hub for maritime commerce, naval logistics and regional connectivity. 'We're extending our main port in Toamasina, and this expansion, expected to be completed by 2026, will further cement our role as a trade hub,' Ms Rasata said. She added that the country's natural assets, including housing 5 per cent of the world's biodiversity, position it uniquely on both the economic and ecological fronts. 'Madagascar has a major role to play – not only as a strategically located country but also as a dynamic market with investment opportunities in agriculture, tourism and renewable energy for Gulf countries and other partners.' Challenges at home Despite these ambitions, Madagascar faces domestic hurdles. A February 2025 World Bank report said that Madagascar's economy is recovering, but growth remains insufficient and too uneven to significantly improve living standards. 'Economic growth remained at 4.2 per cent in 2024. Growth is expected to gradually pick up this year, with projections averaging 4.7 per cent over 2025–2027,' the report said. Ms Rasata emphasised the need to tackle rural poverty, noting that around 80 per cent of the Malagasy population lives in rural areas and depends on agriculture for survival. 'Our focus is on transforming the agricultural sector to support food security, create jobs and add value,' she said. 'Madagascar is already Africa's third-largest rice producer after Nigeria and Egypt. Our goal is to become the first, and to meet local demand, which still requires importing 500,000 tons annually.' She also underscored the importance of attracting both foreign and domestic investment to support this transformation. The World Bank has stressed the urgency of accelerating structural reforms in energy, digital infrastructure and mining to sustain higher growth. Among the most pressing concerns is Madagascar's struggling energy sector. Only about one third of the country's 30 million people have access to electricity, according to the IMF. Critics cite mismanagement, poor governance, and corruption at the state utility Jirama as core obstacles. 'Our energy challenge is existential and we're treating it as such,' said Ms Rasata. 'There is strong political will to ensure our national utility can meet local demand and expand investment in renewable energy.' She outlined the government's target to double the country's energy generation capacity by 2030, with 70 per cent coming from green sources. 'All our efforts are aligned with this goal,' she added.
The National
16-05-2025
- Business
- The National
Trump says UAE's aluminium sector is 'talk of the industry'
Live updates: Follow the latest on Trump's Gulf trip US President Donald Trump said the UAE's aluminium sector is "the talk" of the industry, after the country's biggest producer of the metal announced an expansion into America, while touting the tariff-free business environment in the Emirates. Emirates Global Aluminium, the UAE's largest industrial company outside the oil and gas sector, on Thursday announced it would develop a $4 billion primary aluminium smelter project in Oklahoma. It was among several agreements announced during the final leg of Mr Trump's Gulf tour. Mr Trump heaped praise on the aluminium announcement and took the opportunity to laud tariff-free manufacturing in the world's biggest economy. "There's really nothing like it. The global aluminium from the Emirates has been the talk of the aluminium business," he said, in reference to EGA, at the US-UAE business forum in Abu Dhabi on Friday. "They're very big with aluminium and now they're going to be spending a tremendous amount of money in one of my favourite places, Oklahoma ... just build your plant inside the US and you have no tariffs, and that's exactly what they're doing. That's what many, many companies are doing." EGA's investment pledge is part of deals that Mr Trump expects to be worth between $12 trillion and $13 trillion. 'There's never been anything like what's happening right now to the US. We're at a level that no country has seen," he said. He added that, after the US secured trade agreements with the UK and China, 150 countries want to make a deal with Washington. 'At a certain point, over the next two to three weeks, we will be sending letters out, essentially telling people what they'll be paying to do business in the US," the President said. 'They could appeal it but, for the most part, I think we're going to be very fair.'
Zawya
14-05-2025
- Business
- Zawya
Egypt, Indonesia probe boosting economic relations
Arab Finance: Minister of Investment and Foreign Trade Hassan El-Khatib and Indonesian ambassador to Egypt Lutfi Rauf reviewed ways to boost joint economic relations in various fields, according to a statement. El-Khatib emphasized the strategic relations between the two countries, noting that Egypt marks a promising investment destination with significant competitive potential. He also stressed the need to focus on economic cooperation to achieve mutual benefit for both nations, highlighting that preparations are underway to hold the Egyptian-Indonesian Business Forum by the end of May. This forum represents an important platform for holding B2B meetings between representatives of Egyptian companies and their counterparts from key Indonesian companies. For his part, Rauf affirmed his country's keenness to advance joint cooperation with Egypt towards new horizons, particularly in investment, infrastructure, and artificial intelligence (AI). The ambassador also highlighted Egypt's strategic importance and geographical location, emphasizing that the large populations in both countries represent a distinct opportunity to expand trade and investment cooperation.
