RIYADH: The Future Investment Initiative (FII) Institute, the organizer of the Kingdom’s flagship forum taking place in Riyadh this week, on Wednesday signed a number of major agreements, including a partnership aimed at protecting over 1.2 billion people from counterfeit and illicit trade in Africa.
Addressing a press conference on the second day of the fourth FII forum, Richard Attias, CEO of the institute, announced the three initiatives.
The first is a letter of intent between the Secretariat of the African Continental Free Trade Area (AfCFTA), Swiss tech company OriginAll and the FII Institute, to develop technology aimed at protecting people from 54 African nations from counterfeit and illicitly traded products. The agreement was signed in the presence of Attias, Wamkele Mene, secretary-general of the AfCFTA and Hans Schwab, co-founder and CEO of OriginAll.
Mene told reporters that the cooperation will benefit over 1.2 billion people, stimulate innovation and investment, and safeguard wellbeing.
The initiative will contribute to the reduction of production and trade in counterfeited products, increasing government revenues and creating new investment opportunities.
“We have to be mindful of the unintended consequences of trade liberalization… there is a present and serious risk that trade liberalization in the context of free movement of goods may present an opportunity for counterfeit, sub-standard and illicitly traded goods to transit through borders,” Mene said.
“We have to be extremely vigilant against this. Counterfeiters and illicit traders have been taking advantage of our continent for centuries, depriving our nations from substantial revenues, encouraging a culture of corruption and, regrettably, costing the lives of hundreds of thousands of African citizens every year.
“This can no longer be tolerated, it needs to stop, and it must stop now. We must prioritize our national interests, the public health and safety of African citizens.”
Attias added: “This initiative fully embraces our vision and mission, representing a concrete, unprecedented and decisive action to bring together experts, innovators and investors with the power to shape a more prosperous and safer future for the African continent. May this be a strong start of a global movement to eradicate the world from counterfeit and illicitly traded products and its deep-rooted consequences.”
OriginAll will provide the platform for business, government, and consumers to identify and verify the authenticity and conformity of any product traded under the AfCFTA rules.
Schwab said: “This initiative will channel critical resources back into the member states’ economies and contribute to investment growth and employment creation, improving the economic wellbeing, health, and safety of AfCFTA citizens. By next year, counterfeiting is projected to cost the global economy up to $4.2 trillion.”
He added: “These funds are primary sources of revenue that lead to economic disruption and corruption. We all share the blame for letting this problem get out of control and losing visibility over its complexity. We have a joint responsibility to address this global economic and social disease. We are immensely privileged to be part of this initiative.”
At the same FII event, two other agreements were also announced. King Abdullah University of Science and Technology and the FII Institute signed an agreement to cooperate on research projects and create events aimed at facilitating access to scientific knowledge.
Tadawul CEO Khalid Abdullah also signed a memorandum of understanding with the FII Institute. The partnership will promote cooperation on environmental, social, and governance needs in the region.
FII Institute announces agreement to combat counterfeit, illicit trade in Africa
https://arab.news/54dj2
FII Institute announces agreement to combat counterfeit, illicit trade in Africa
- The initiative will contribute to reducing production and trade in counterfeited products
Emerging markets driving global growth despite rising risks: Saudi finance minister
RIYADH: Emerging markets now account for a growing share of global output and are driving the bulk of world economic expansion, Saudi Arabia’s finance minister said, even as those economies grapple with rising debt and mounting geopolitical risks.
Speaking at the opening of the annual AlUla Conference for Emerging Market Economies on Feb. 8, Mohammed Al-Jadaan said the role of emerging and developing nations in the global economy has more than doubled since 2000, underscoring a structural shift in growth away from advanced economies.
The meeting comes as policymakers in developing markets try to keep growth on track while controlling inflation, managing capital flows and repairing public finances after years of heavy borrowing. Saudi Arabia has positioned the forum as a platform to coordinate policy responses and strengthen the voice of emerging economies in global financial discussions.
“This conference takes place at a moment of profound transition in the global economy. Emerging markets and developing economies now account for nearly 60 percent of the global gross domestic product in purchasing power terms and 70 percent of global growth,” Al-Jadaan said.
He added: “Today, the 10 emerging economies and the G20 alone account for more than half of the world’s growth. Yet, emerging markets face a more complex and fragmented environment, elevated debt levels, slower trade growth and increasing exposure to geopolitical shocks.”
Launched in 2025, the conference this year brings together economic decision-makers, finance ministers, central bank governors, leaders of international financial institutions, and a select group of experts and specialists from around the world.
