ISLAMABAD: Federal Minister for Finance and Revenue Muhammad Aurangzeb has proposed the formation of a global coalition of developing nations to collectively advocate for fair trade and better representation in international financial institutions, while criticizing the global economy as unequal, according to an official statement issued on Wednesday.
The finance chief made these remarks during his address at the Boao Forum for Asia Annual Conference 2025, held in China.
The forum, often referred to as the “Asian Davos,” is a high-level platform where leaders from government, business and academia across Asia and other continents gather to discuss pressing global and regional issues, with this year’s conference — titled “Asia in the Changing World: Towards a Shared Future” — running from March 25 to 28.
“Developing countries must unite to demand fair trade principles and improved representation in global financial institutions,” Aurangzeb said, according to a finance ministry statement, as they asked them to form a global coalition.
He said globalization’s had led to general progress, but its benefits remained unevenly distributed.
“The global economy has undoubtedly driven economic growth,” Aurangzeb said, according to a statement released by Pakistan’s finance ministry. “However, it remains highly unequal and fragmented.”
“Such an economy primarily benefits developed nations, while countries in the Global South are often overlooked,” he added.
Highlighting the structural challenges faced by developing nations, Aurangzeb pointed to high tariffs, discriminatory trade practices and barriers to market access that limit their ability to participate fully in the global economy.
He also stressed the urgency of reforming the global sovereign debt system, urging multilateral institutions such as the G20 and the IMF to play a more constructive role in debt relief and financial justice.
“The G20 and IMF must reform the sovereign debt system to enable debt forgiveness and ensure financial fairness,” he said.
Calling for inclusive and sustainable growth, Aurangzeb advocated for stronger multilateral cooperation to promote equitable market access, enhance regional connectivity, and build a global economy that works for all.
“An inclusive global economy is not a choice but a necessity,” he said.
He also underscored the role of technology in closing the global equity gap, recommending the creation of international AI and fintech funds to support digital inclusion in developing countries.
“Technology should serve as a tool for equity,” he said.
The finance minister further called for sustainability and environmental justice to be integrated into globalization policies.
He stressed the need for increased climate financing and easier technology transfer to countries most vulnerable to the effects of climate change.
 

RIYADH: US-based electric vehicle manufacturer Tesla will begin its operations in Saudi Arabia next month, the company has announced.

Scheduled to launch on April 10 at the Bujairi Terrace in Riyadh, the EV maker — led by CEO Elon Musk— has been active in several countries in the Middle East but is yet to establish its presence in the Kingdom, the largest market in the Gulf region. 

The upcoming launch of Tesla also aligns with Saudi Arabia’s broader strategy to reduce its dependence on crude revenues. 

The move is also expected to contribute to the Kingdom’s sustainable journey, with the nation targeting to achieve net-zero emissions by 2060. 

“You and your family are warmly invited to our launch event at the Bujairi Terrace on April 10. Explore our global bestselling lineup and step into a world powered by solar energy, sustained by batteries, and driven by electric vehicles,” the company said on its website. 

It added: “Experience the future of autonomous driving with Cybercab, and meet Optimus, our humanoid robot, as we showcase what’s next in AI (artificial intelligence) and robotics.” 

The company did not disclose when these electric vehicles will be available for purchase in Saudi Arabia.

Tesla’s entry into the Kingdom comes at a tumultuous time for the company, as it is facing a decline in sales across various markets like Europe and the US. 

According to data from the European Automobile Manufacturers Association, Tesla has witnessed a 42.6 percent drop in sales on the continent in 2025, even as overall purchases of electric vehicles in the region continue to rise. 

In the US, widespread protests have been organized against Tesla in recent months, following Musk’s appointment as the head of the Department of Government Efficiency under the Donald Trump administration. 

The Saudi government has actively promoted the EV industry to achieve economic diversification and sustainability. 

The Kingdom’s Public Investment Fund is the majority investor in Lucid Group, a startup competing with Tesla in the global market. 

In January, Lucid Motors became the first global automotive company to join the Kingdom’s “Made in Saudi” program. The milestone grants the firm the right to use the “Saudi Made” label on its products, representing the Kingdom’s focus on quality and innovation.

In September 2023, Lucid also launched its first manufacturing plant outside the US in the Kingdom, with an initial capacity to produce 5,000 electric cars in a year.

Aside from investing in established companies, Saudi Arabia is pushing ahead with its own homegrown electric vehicle brand, Ceer.

Announced in November 2022 by Saudi Arabia’s Crown Prince Mohammed bin Salman, the company is expected to contribute SR30 billion ($7.9 billion) to the Kingdom’s gross domestic product by 2034.

In February, during the Private Sector Forum organized by the Public Investment Fund, Ceer signed 11 deals worth SR5.5 billion ahead of its model launch in 2026.