Lulu Group Chairman M.A. who participated in the discussion said that the freight diplomacy announced by the Saudi Crown Prince the other day will be an advantage in this field. Yusufali said.
First Published Oct 29, 2022, 1:24 PM IST
RIYADH: The Future Investment Initiative Summit concluded in Riyadh with a call for collective efforts to tackle global freight challenges. Industry leaders have suggested that the new logistics diplomacy announced by the Saudi Crown Prince will solve the crisis in the sector. New investment opportunities in Saudi Arabia in the field of logistics were also discussed in the meeting.
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The setbacks in the movement of goods along with financial crises have created crisis in the past years and now. Ways to overcome this and how industry faced it was the main topic of discussion at the summit. It is estimated that the shipping cost from China to America was 2,000 dollars and is currently 20,000 dollars. New wars also exacerbated the crisis. Climate change has also taken a toll.
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The participants in the discussion said that the crisis in the transportation of goods will make the crisis serious in the coming years. A collective effort is needed to counter this. Lulu Group Chairman M.A. who participated in the discussion said that the freight diplomacy announced by the Saudi Crown Prince the other day will be an advantage in this field. Yusufali said. In the time of Kovid, the Saudi government is ready to release even the planes and deliver the goods. He added that governments should open such avenues.
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Last Updated Oct 29, 2022, 1:27 PM IST
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