Economy

India will underline the need for further diversity, the voice of the Global South as well as a human-centric approach to globalism as the country gears up for the G-20 leader’s meeting on 9 and 10 September in New Delhi under the motto "One Earth, One Family, One Future." India, as a developing country, has placed utmost importance on inclusivity for its G-20 presidency and has within this scope invited several non-G-20 members for the range of meetings held during the country’s term. The 32 countries, in addition to the G-20 members and guest countries, are present in the programs. The G-20 includes the European Union and the major economies of all continents, including the U.S., China, Russia and Germany. The Indian Presidency has drawn out six focus points, namely inclusive and resilient growth, progress on the sustainable development goals (SDGs), green development and life, technological transformation and digital public infrastructure, reforming multilateral institutions as well as women-led development.  India announced that it made a proposal for the African Union to be a permanent member of the G-20. The world’s economic gravity center has shifted dramatically in the past years. According to the Organisation for Economic Co-operation and Development (OECD), the share of emerging markets in global trade increased from 32% to 46% between 200 and 2019, while their share of receiving global foreign direct investment (FDI) rose from 15% to 46% and most of the world’s GDP growth occurs in those emerging markets.  India, the most populous country in the world, for its part, is aiming to become the world’s third-largest economy by 2027. In 2014 it was the 10th largest, while today it ranks fifth.

Yesterday on Thursday (10 August), Armenia and Iran signed an agreement to extend an energy swap deal for another for years and increase its volumes. Armenian Minister of Territorial Administration and Infrastructure Gnel Sanosian said that the extension of the agreement is "one of the best manifestations of Armenian-Iranian friendly relations", adding that "the extension of the agreement is a profitable deal for both countries."

A Kazakhstan-Afghanistan business forum is set to begin in the Kazakh capital Astana tomorrow on Thursday (3 August), lasting until Saturday (5 August). According to a statement from the Kazakh Foreign Ministry, around 150 Afghan entrepreneurs from different sectors of the economy including second-level banks will be in attendance, while from the Kazakh side the Ministry of Trade and Integration, the company Kazakeksport, second-level banks, and logistics companies will also attend.

Saudi Arabia is keen to strengthen its partnernships with Hong Kong and mainland China, the Saudi communications and IT minister Abdullah Al-Swaha said on Sunday (2 July). Speaking at the "One Gateway Shared Vision — Hong Kong x Saudi Arabia" event in Hong Kong, Abdullah Al-Swaha said closer collaboration would help boost the Kingdom’s Vision 2030 reform agenda, a strategic framework to reduce Saudi Arabia's dependence on oil and diversify its economy, and develop public service sectors such as healthcare, tourism, education, infrastructure and recreation. "Hong Kong and Saudi Arabia are going through very promising transformations, where both economies are financial hubs in their own regions. We have an opportunity to build an innovation bridge, to leapfrog into the future with an innovation-based economy," he said. A "pro-partnership and pro-openness" Saudi Arabia was willing to do business with "any partner that can comply with our security and regulatory requirements," he said. Saudi authorities would look to work closely with Hong Kong across a range of sectors, including health sciences and biotechnology, environmental, cloud computing, artificial intelligence and smart cities, he said. Al-Swaha's visit to Hong Kong the Arab-China Business Conference held in Riyadh last month, at which Saudi Investment Minister Khalid Al-Falih said the Kingdom could serve as China’s gateway to the Arab world.

The German President Frank-Walter Steinmeier has held talks with the Kazakh President Kassym-Jomart Tokayev during an official visit to Kazakhstan on 20 June. President Tokayev said that Frank-Walter Steinmeier's state visit "opens up good opportunities for further strengthening of comprehensive cooperation between Kazakhstan and Germany", according to an official read-out from the Presidential Administration.  "We have been anticipating your visit, which is regarded as a very important one in terms of giving additional boost to the development of cooperation between Kazakhstan and Germany. Germany is considered here in Kazakhstan as a key partner in Europe. And we will be doing our utmost in order to enhance our cooperation in a variety of domains," said President Tokayev. On his part, President Steinmeier said that Germany is "not only looking back to the past 30 years of diplomatic relations, we are looking to the presence of our especially but not only economic growing relations, you are mentioning that many German companies are heavily invested in the meanwhile, here in Kazakhstan, and, you know, beyond economic relations."

"Such big jamborees as the Astana International Forum happen often, and are – more often than not – considered as talking shops with limited results. They are usually a part of a branding exercise by countries that can afford them. Most participants forget about them the moment they leave, and the impact beyond that is often negligible," writes commonspace.eu in this commentary. However, "the Astana International Forum marks the emergence of a new Kazakhstan on the international stage. This year’s event was the first. Future forums will be a good gauge for how this new Kazakhstan is performing." Writing for a blog on Al Jazeera on the eve of the opening of the forum, Kazakh Deputy Prime Minister, Serik Zhumangarin described the Astana International Forum as “a global event aimed at renewing the culture of multilateralism”, and said that it was a part of Kazakhstan’s multi-vector foreign policy which seeks to engage countries in the north, south, east and west.