APRILASIA BUSINESS OUTLOOK9The Ministry of Investment in Saudi Arabia has signed 12 memorandums of understanding with the Iraq Development Fund and Saudi companies. This deal aims to strengthen economic ties between the two countries and enhance cooperation in various investment projects in Baghdad. These quality investment projects are expected to provide significant benefits to both nations.The MoUs were endorsed within the sight of Saudi Minister of Speculation Khalid Al-Falih, Iraq's Delegate Prime Minister and Minister of Arranging Muhammad Ali Tamim and Mohammed Al-Najjar, executive of the Iraq Development Fund. "The memorandums of understanding signed be-tween Saudi companies and the Iraq Development Fund came with the aim of enhancing cooperation in a number of qualitative investment projects in Iraq," said Iraq's Ministry of Planning in a statement. In December 2023, Saudi Arabia and Iraq consented to an organization arrangement to support industrial funding in the confidential area. Also, the prime minister of Iraq, Mohammed Shia' Al-Sudani, the state head of Iraq, affirmed the agreement between the Iraqi orga-nization Al-Diyar and Saudi Arabia's Northern Locale Cement Co.The alliance in the cement business likewise denoted the initial joint effort between Iraq's and Saudi Arabia's private sectors. Al-Sudani added that such partnerships will cultivate future participation between Iraqi organi-zations and firms and their Saudi partners.He emphasized that these drives will strengthen the private sectors of the two nations, create more jobs, and advance sustainable development. In May 2023, Saudi Arabia's sovereign wealth fund made a unit with $3 bil-lion to put resources into ventures across Iraq.. In a roundtable discussion in Paris on Apr 8, Commerce Minister Wang Wentao emphasized that China's electric vehicle (EV) companies do not rely on subsidies to gain a competitive edge, dismissing accusations of "overcapacity" leveled by the United States and Europe. Wang's remarks, conveyed through a statement from the commerce ministry on Monday, came during discussions with representatives from more than 10 Chinese enterprises, including Geely, BYD, and CATL, as they deliberated China's EV exports into the European market.Wang underscored that China's EV sector thrives on continuous technological innovation, a robust production and supply chain infrastructure, and fierce market competition for rapid advancement. He asserted that reliance on subsidies is not a primary driver of competitiveness for Chinese EV firms, refuting claims of "overcapacity" made by the United States and Europe as baseless.Broader discussions during the meeting revolved around the European Commission's ongoing investigation into whether China's EV industry has benefited from unfair subsidies. The Commission's inquiry aims to assess whether tariffs should be imposed on exports to safeguard European car manufacturers, with a conclusion expected by November, although provisional duties could be enforced earlier.Meanwhile, US Treasury Secretary Janet Yellen, currently in China, has highlighted global apprehensions regarding China's excessive industrial capacity. Yellen emphasized that such overcapacity is detrimental not only to China but also to producers in other countries, underlining growing international concerns on the matter. NEWSROOMIRAQ INKS 12 MOUS WITH SAUDI ARABIA IN INVESTMENT PROJECTSCHINESE OFFICIAL STATES EV COMPANIES UNRELIANT ON SUBSIDIES
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