JAKARTA, Indonesia, April 25, 2024 /PRNewswire/ -- Following the World Trade Organization (WTO)'s agreement to renew the WTO Moratorium on Customs Duties on Electronic Transmissions (Moratorium) until 2026 at the 13th Ministerial Conference (MC13) in Abu Dhabi in March, the coalition for the Digital Prosperity for Asia (DPA), Asosiasi Industri Animasi Indonesia (AINAKI), Asosiasi Jaringan Cerdas Indonesia (PJCI), and Asosiasi Prakarsa Indonesia Cerdas (APIC) sent a letter to Indonesia's Ministry of Finance, Ministry of Trade, and Ministry of Foreign Affairs showing its appreciation for the Indonesian government's support for the Moratorium's renewal. The Moratorium maintains that customs duties should not be imposed on electronic transmissions. WTO members have periodically agreed upon this Moratorium since 1998. With this renewal, the Moratorium will remain in place until the WTO's 14th Ministerial Conference on March 2026. Representing digital small-medium businesses across the Asia-Pacific region, the DPA submitted the letter on behalf of its Indonesian members and various industry representative groups that support the Moratorium's extension. Previously, the DPA had sent an initial letter to the ministries advocating for the Indonesian government's support for the Moratorium's renewal. In both letters, the DPA emphasized the importance of an enabling regulatory ecosystem that ensures accessibility to digital services for the more than twenty million Indonesian micro, small, and medium enterprises (MSMEs) across all industry sectors. The DPA believes that the Indonesian government's support has been and will continue to be a driving force behind an inclusive and strong digital economy in Indonesia. Had the Moratorium lapsed, Indonesia's MSMEs would face increased business and administrative costs that may hinder their long-term growth. These include potential restrictions, licensing requirements for digital exports or customs duties, or formalities for digital imports—exacerbating the already narrow business margins faced by MSMEs and impacting growth in the long run. The Moratorium enables Indonesian businesses to access technologies that put them on the global radar. Many indispensable homegrown businesses require ongoing support from imported technologies in its operations, such as the petroleum and coal industries—top exporters—that rely on cloud technologies for operational efficiency, accuracy, and security. Indonesia's online service platforms, including the two decacorns and unicorn tech startups, are also foundationally reliant on seamless cross-border data flows to grow and export their products and services to Southeast Asia and beyond. According to a 2019 OECD study, barriers to digital trade through custom restrictions on digital products and data flows can potentially cause economic losses wider than the revenue gained through customs duties. By imposing tariffs, Indonesia would give up 160 times as much GDP as it would collect, while the tax revenue losses are estimated to be 23 times larger than the tariff revenues for Indonesia. About DPA The DPA is a coalition of Asian digital companies promoting the democratization of digital technologies across all sectors. For more information, visit digitalprosperity.asia.
SHANGHAI, April 16, 2024 /PRNewswire/ -- A promotional event for the seventh China International Import Expo and the Hongqiao International Economic Forum was held in Windhoek, capital of Namibia, on April 9. Representatives deliver speeches during the event. Approximately 120 people attended the event, including representatives from Namibia's Ministry of Industrialization and Trade, the Namibia Investment Promotion and Development Board (NIPDB), businesses, and exhibition organizations. Shen Jian, chargé d'affaires ad interim of the Chinese embassy in Namibia, noted that China has been Namibia's second-largest trading partner and the largest source of foreign direct investment for consecutive years. He expressed hope that Namibian businesses can better understand the CIIE through this event and bring more high-quality local products to the Chinese market to share development opportunities with China. Song Shangzhe from the CIIE Bureau provided an overview of the CIIE. He stated that over the past six years, an increasing number of African enterprises and unique local products have entered the Chinese market through the expo. As a global public good, the CIIE is willing to support African enterprises and their high-quality products, including those from Namibia, in entering the Chinese market, Song added. Yu Zirong, vice-president of the Chinese Academy of International Trade and Economic Cooperation, shared basic information about the Hongqiao International Economic Forum, an important part of the CIIE. He expressed hope that more topics relevant to developing countries, particularly African nations, would be included in the forum's discussions. He also anticipated increased attention and participation from Namibia and other African countries in future editions of the forum. Representatives from the Namibian government and trade associations said that they will actively mobilize local enterprises to participate in the CIIE to seize the opportunities offered by the Chinese market. During their time in Namibia, the CIIE working team also visited local institutions and enterprises, including NIPDB and the Namib Desert Diamonds Ltd, to further encourage their participation in the CIIE. Contact：Ms. Cui YanTel.：0086-21-968888Email：exhibition@ciie.orgWebsite：http://www.ciie.org/zbh/en/ Facebook：https://www.facebook.com/ciieonline Twitter：https://twitter.com/ciieonline Photo - https://mma.prnasia.com/media2/2388508/CIIE_Representatives_Deliver_Speeches.jpg?p=medium600Logo - https://mma.prnewswire.com/media/1938442/4651860/CIIE_Logo.jpg
BEIJING, April 17, 2024 /PRNewswire/ -- A recent business confidence survey released by the German Chamber of Commerce in China reveals confidence in the prospects of China-Germany economic and trade cooperation. Among the 566 member companies surveyed, 91 percent expressed their intentions to continue their operations in China, and more than half said they plan to increase investments in the Chinese market. Last year, several major German companies, including Siemens, Mercedes-Benz, BASF, Volkswagen and BMW, continued to increase investment in China, further highlighting their confidence in the Chinese market. "Cooperation between China and Germany benefits not just the two sides but also the world at large," Chinese President Xi Jinping said on Tuesday during a meeting with Chancellor of Germany Olaf Scholz, who is on a three-day official visit to China. The more instability in the world, the greater the need for the two sides to strengthen the resilience and vitality of their relations, Xi said, calling for joint efforts to keep to the overall direction of cooperation and development in growing bilateral ties. China-Germany cooperation not 'risk' but opportunity Scholz visited Sino-German joint venture Bosch Hydrogen Powertrain Systems (Chongqing) Co., Ltd. and experienced the assembly of hydrogen fuel cell power modules, as well as German company Covestro's Asia-Pacific innovation center, during a trip to China's Chongqing and Shanghai. "I was impressed by the close and sound cooperation between German and Chinese businesses," he told Xi. Economic and trade cooperation has always played a vital role in China-Germany ties. Germany is paying more attention to expanding cooperation with China in the field of innovation, particularly in new energy vehicles (NEVs). Through efforts, China has become a hub for the innovation of NEVs, attracting German automobile companies to further expand their investment in China. A new joint venture set up by Mercedes-Benz Group China Ltd. and BMW Brilliance Automotive Ltd. has been registered in Beijing. Volkswagen Group China announced on April 11 that it will invest 2.5 billion euros (about $2.68 billion) in the expansion of its innovation hub in Hefei, east China's Anhui Province, to increase its pace of innovation in China. Mutually beneficial cooperation between China and Germany is not a "risk," but a guarantee for a stable bilateral relationship and an opportunity for the future, Xi told Scholz. Noting that both China and Germany are countries built on industries and both support free trade and economic globalization, Xi said it is important for the two countries to stay vigilant against the rise of protectionism, adopt an objective and dialectical view on the issue of production capacity through a market and global perspective and based on the laws of economics, and devote more efforts to the discussion on cooperation. Solid, sustained progress of bilateral ties This year marks the 10th anniversary of the establishment of an all-round strategic partnership between the two countries. The consolidation and development of their relations carries significance that goes beyond the bilateral scope and has a major impact on the Eurasian continent and the entire world, Xi noted. Bilateral trade volume stood at 253.1 billion euros in 2023, during which China maintained its position as Germany's leading trading partner for the eighth consecutive year. Last June, the two countries held the seventh China-Germany inter-governmental consultation, agreeing to more cooperation in the fields of climate change response, innovation, advanced manufacturing and vocational education. The two sides held the third China-Germany high-level financial dialogue in Frankfurt last October, reaching 25 cooperation consensuses. On April 11, 2024, the China-Germany Dialogue Forum on Financial Cooperation was held in Beijing, aiming to deepen financial cooperation to bring more mutually beneficial outcomes. "As long as the two sides uphold mutual respect, seek common ground while reserving differences, enhance exchanges and mutual learning, and pursue win-win cooperation, China-Germany relations will continue to enjoy solid and sustained progress," Xi said. https://news.cgtn.com/news/2024-04-16/China-Germany-eye-more-resilience-and-vitality-in-ties-1sQJZm3g8da/p.html
LONDON, April 16, 2024 /PRNewswire/ -- The total investable wealth currently held on the African continent amounts to USD 2.5 trillion and its millionaire population is set to rise by 65% over the next ten years, according to the 2024 Africa Wealth Report, published by international wealth advisory firm Henley & Partners. Now in its 9th edition, the annual report reveals there are currently 135,200 HNWIs with investable wealth of USD 1 million or more living in Africa, along with 342 centi-millionaires and 21 dollar billionaires. Africa's "Big 5" wealth markets — South Africa, Egypt, Nigeria, Kenya, and Morocco — together account for 56% of the continent's millionaires and over 90% of its billionaires. But, as Dominic Volek, Head of Private Clients at Henley & Partners points out, currency depreciation and underperforming stock markets have chipped away at Africa's wealth compared to global benchmarks: "The South African Rand fell 43% against the US dollar from 2013-2023, and even though the JSE All Share Index rose in local currency terms, it was down 5% in USD terms. Currencies in most other African countries also performed poorly over the past decade, with dramatic depreciations of over 75% recorded in Nigeria, Egypt, Angola and Zambia." Head of Research at New World Wealth Andrew Amoils adds that African nations are also losing large numbers of HNWIs to migration which is eroding the continent's wealth: "Approximately 18,700 high-net-worth individuals have left Africa over the past decade. There are currently 54 African born billionaires in the world, including one of the world's richest, Elon Musk, but only 21 of them still live on the continent." Africa's Wealthiest Countries and Cities Despite a tough past decade, South Africa is still home to over twice as many HNWIs as any other African country, with 37,400 millionaires, 102 centi-millionaires, and 5 billionaires, followed by Egypt with 15,600 millionaires, 52 centi-millionaires, and 7 billionaires. Nigeria sits in 3rd place with 8,200 HNWIs, followed by Kenya (7,200 millionaires), Morocco (6,800), Mauritius (5,100), Algeria (2,800), Ghana (2,700), Ethiopia (2,700) and Namibia (2,300) all making it into the Top 10 wealthiest countries in Africa. Over the next decade (to 2033), the likes of Mauritius, Namibia, Morocco, Zambia, Kenya, Uganda and Rwanda are all expected to experience 80%+ millionaire growth. Mauritius is projected to enjoy a remarkable 95% growth rate, positioning it as one of the world's fastest-growing wealth markets. At the city level, Johannesburg holds its place as the wealthiest in Africa, with 12,300 millionaires, 25 centi-millionaires, and 2 billionaires. Cape Town follows closely with 7,400 millionaires, 28 centi-millionaires, and 1 billionaire. Cairo (7,200 millionaires), Nairobi (4,400), and Lagos (4,200) also stand out as key African urban wealth hubs. Cape Town, the Whale Coast, Kigali, Windhoek, Swakopmund, Nairobi, Tangier and Marrakech are all expected to enjoy 85%+ millionaire growth over the next ten years. Cape Town also leads the way when it comes to luxury real estate at USD 5,600 per m2, with Grand Baie in Mauritius close behind at USD 5,000 per m2. South Africa has five contenders in the Top 10 Most Expensive African Cities and Morocco has three. Africa's lack of economic mobility Commenting in report, Prof. Mehari Maru, from the Migration Policy Centre at the European University Institute, says African visa applicants face far more severe restrictions compared to other regions: "Africa tops the list of rejections with 30% or one in three of all processed applications being turned down, even though it has the lowest number of visa applications per capita. The rejection rates for Schengen visas are ten times higher than for US-Americans. Despite justifications based on security or economic concerns, the European visa system clearly demonstrates apparent bias against African applicants." Chidinma Okebalama, Senior Consultant at Henley & Partners Nigeria, says: "Your passport serves as a determinant of financial freedom, impacting individuals' abilities to explore international business ventures, network efficiently, or engage in multinational trade opportunities. Consequently, African entrepreneurs and investors are often left out of lucrative global markets, impeding their potential for economic growth and financial prosperity." Read the Full Press Release.
BEIJING, April 15, 2024 /PRNewswire/ -- A report from People's Daily: In the eyes of many foreign companies, investing in China means investing in the future. A survey conducted by the China Council for the Promotion of International Trade showed that over 80 percent of surveyed foreign-invested enterprises rated China's business environment in 2023 as "satisfactory" or above. In the annual China Business Climate Survey released by AmCham China in February this year, half of the 343 members surveyed placed China as their first choice or within their top three investment destinations globally. With a continuously optimized business environment, foreign companies in China can better enjoy the opportunities brought about by the country's high-quality development and high-level opening-up. A sound business environment is crucial to high-level opening-up. At present, China is working to build a market-oriented and world-class business environment governed by a sound legal framework, so as to enhance its ability to attract domestic and international factors of production and resources. The rule of law is the best business environment. Whether foreign companies will face discrimination and unfair treatment when participating in regional development and investing in related projects is a common concern of them. Recently, an action plan aimed to further attract and utilize foreign investment was issued, proposing a series of pragmatic measures to make competition fairer, including improving the bidding system. In recent years, China has enacted and implemented the Foreign Investment Law, made its legal system related to foreign affairs more open and transparent, and strengthened intellectual property right protection. China has worked to improve its institutional framework, promoting higher-level opening-up on the basis of the rule of law. This has created a more stable, fair, transparent and predictable investment environment for foreign companies. A country or region's degree of openness to the outside world and its level of connectivity with the external environment to some extent decide its ability to attract foreign investment and are important parts of its business environment. In 2013, the first edition of China's negative list for foreign investment had 190 items. Currently, the national version of this list has only 31 items, while the version for pilot free trade zones has just 27 items. This contrast highlights China's solid steps towards greater openness to the outside world. The shortening negative list for foreign investment, the exploration of mutual recognition of standards with major trading partners, the high-quality implementation of the Regional Comprehensive Economic Partnership, as well as the efforts made to promote institutional opening-up, achieve high-level alignment with international economic and trade rules, and advance a broader agenda of opening-up across more areas and with greater depth... All these endeavors will open up vast opportunities for the development of foreign companies, bringing new opportunities to the world with China's new development. The real test of how good a business environment is lies in the services provided. When a foreign entrepreneur first arrived in Shanghai, he needed to register and file taxes but could not find multilingual application channels. In January this year, an English version of the International Services Shanghai website went into trial operation, providing not only consulting services for taxation, accounting, etc., but also integrating various information resources. "I can even recommend this website directly to my grandmother when she travels to Shanghai. I no longer have to worry about translating a large amount of information," said the entrepreneur, highlighting the progress in Shanghai's government services and the optimization of China's business environment. Establishing a round-table conference system for foreign-invested enterprises, implementing five measures to facilitate foreigners coming to China, solving mobile payment issues for foreigners in China...These services address practical problems for foreign companies and personnel, and will help fully unleash their innovation vitality. China has become a synonym of the best investment destination, and that the "next China" is still China. In the future, China will take multiple measures and make unremitting efforts to continuously improve its business environment and steadily promote higher-level opening-up. It is believed that the country will continue to be a hot destination for global investment, and make new and greater contributions to global development.
ECW Executive Director Yasmine Sherif Statement on the One-Year Anniversary of Hostilities in Sudan NEW YORK, April 15, 2024 /PRNewswire/ -- The conflict in Sudan is one of the worst in the world today, and millions of children and adolescents bear the brunt within and across the border from Sudan. Sudan has the largest forced displacement crisis in the world today. Over 8 million people have been displaced inside and outside Sudan since 15 April 2023, including 4 million children. Most schools are shuttered or are struggling to re-open across the country, leaving nearly 19 million school-aged children at risk of losing out on their education. To put this in perspective, that’s more children at risk than the total populations of Finland, Ireland and Norway combined. As we mark the one-year anniversary of this vicious conflict, we call on world leaders to ensure that all girls and boys impacted by the conflict can access life-saving quality education. Their hope and future hinge on this. Sudan experiences a humanitarian crisis of epic proportions. Without urgent international action, this catastrophe could engulf the entire country and have even more devastating impacts on neighboring countries, as refugees flee across borders into neighboring states. The brutal conflict continues to take innocent lives, with over 14,000 children, women and men reportedly killed already. According to the United Nations, half of Sudan's population – 25 million people, including 14 million children – urgently need humanitarian assistance. An estimated 5 million people are one step away from famine. Sudan also has the largest forced displacement crisis in the world today. Over 8 million people have been displaced inside and outside Sudan since 15 April 2023, including 4 million children. Most schools are shuttered or are struggling to re-open across the country, leaving nearly 19 million school-aged children at risk of losing out on their education. To put this in perspective, that's more children at risk than the total populations of Finland, Ireland and Norway combined. As the global fund for education in emergencies and protracted crises hosted within the United Nations, Education Cannot Wait (ECW) and our global strategic partners have responded with speed, agility and coordination to provide girls and boys impacted by this complex conflict with the safety, hope and opportunity of a quality education. ECW has provided US$10 million to date in response to the regional refugee education needs, with First Emergency Response grants announced in the Central African Republic, Chad, Egypt, Ethiopia and South Sudan. In Sudan, we have provided US$28 million in funding, including a US$5 million grant announced in August 2023 that will reach over 86,000 girls and boys with access to an inclusive, quality education. Yet, these investments are simply not enough. We must step up global funding for education in all the world's forgotten crises, in places like Sudan, Central African Republic, Chad, the Sahel, South Sudan and so many more. In all, over 224 million girls and boys are having their futures ripped from their hands by armed conflict, forced displacement, climate change and other protracted crises around the globe. This not only threatens global security and efforts to deliver on the Sustainable Development Goals, but it is also an affront to their humanity. Without safe places to learn and grow, girls face a number of grave risks, including child marriage, sexual violence, human trafficking and forced labor. Boys find themselves against impossible odds and risk forced recruitment as child soldiers, forced labor and other assaults on their human rights. It's an impossible un-ending cycle of violence, displacement, poverty, hunger, chaos and uncertainty. With school feeding programmes, they have nutritious meals. With gender-inclusive classrooms, they have safe places to learn. With mental health and psychosocial support, they find a way to regain their dignity and build strong, resilient communities. It's a systems-wide approach that puts children first in our investments in sustainable development and puts humanity first in our global efforts to end war and build a better future for generations to come. As we build on calls from today's High-Level Conference for Sudan and its Neighbors, the African Year of Education, and other important efforts to deliver on the Sustainable Development Goals, we appeal to public donors, the private sector and philanthropic foundations to urgently mobilize US$600 million in renewed support for ECW's 2023-2026 Strategic Plan. With a total of US$1.5 billion, we can reach 20 million children and adolescents. In South Sudan, education is an opportunity to "change my life" for Living Sunday, a young teenage mother who resumed her education against all odds. In Ethiopia, where prolonged drought made worse by climate change has disrupted education for an entire generation, it means Nakurchel, 12, is attending school for the first time in her life. In her own words: "Education has given me wings to fly." Still more needs to be done, in sub-Saharan Africa, only 1 out of 9 children can read a simple text. Sudan cannot wait. Africa cannot wait. The rest of the world needs to be unapologetically impatient in heeding their calls.
Foreign policy/International affairs
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