Latest news with #MinistryOfCommerce
Times of Oman
9 hours ago
- Business
- Times of Oman
India: Combined index of core Industries grew 0.7% in May 2025 (YoY)
New Delhi: The combined Index of Eight Core Industries (ICI) witnessed a rise of 0.7 per cent (provisional) for the month of May this year, on a year-on-year basis, as reported by the Ministry of Commerce & Industry. Additionally, the Ministry of Commerce & Industry also reported that the production of Cement, Steel, Coal and Refinery Products recorded positive growth for May, this year. The ICI measures the combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). Sector-wise, Coal production, which weighs 10.33 per cent of the Eight Core Industries, experienced a rise of 2.8 per cent in May 2025 over May 2024. Furthermore, the cumulative index increased by 3.1 per cent during April to May 2025-26 over the corresponding period of the previous year. Crude oil production declined by 1.8 per cent year over year, and its cumulative index declined by 2.2 per cent from April to May 2025-26 compared to the corresponding period of the previous year. Natural Gas production declined by 3.6 per cent in May 2025 over May 2024. Its cumulative index declined by 2.3 per cent during April to May, 2025-26 over the corresponding period of the previous year. The highest-weighted product out of the eight core industries is Petroleum Refinery production, which rose by 1.1 per cent in May 2025 over May 2024, and its cumulative index declined by 1.7 per cent during April to May 2025-26 over the corresponding period of the previous year. Fertiliser production (weight: 2.63 per cent) fell by 5.9 per cent in May 2025 as compared to May 2024. Its cumulative index declined by 5.1 per cent during April to May, 2025-26 over the corresponding period of the previous year. Steel production increased 6.7 per cent in May 2025 compared to May 2024. Its cumulative index increased by 5.5 per cent from April to May 2025-26 compared to the corresponding period of the previous year. Cement production also witnessed a rise. It rose by 9.2 per cent in May 2025 over May 2024, and the cumulative index increased by 7.8 per cent during April to May 2025-26 over the corresponding period of the previous year. Lastly, Electricity generation declined by 5.8 per cent in May 2025 over May 2024. Its cumulative index declined by 2.2 per cent during April to May, 2025-26 over the corresponding period of the previous year.
South China Morning Post
10 hours ago
- Business
- South China Morning Post
China's magnet exports to US slammed in May as Beijing's rare earth curbs hit: data
The volume of China's export shipments of magnets to the US, a chokepoint in the ongoing trade war between the world's two largest economies, plunged in volume by 93.3 per cent in May, year on year, according to the latest customs data. Advertisement China exported around 46.4 tonnes of magnets to the US last month. It was also a sharp month-on-month decline of 81 per cent from 246.3 tonnes shipped in April. The total export of magnets, which dominate China's critical minerals shipments, fell by nearly 74.3 per cent, year on year, in volume last month, and declined more than 76.1 per cent in value, according to data released on Friday. The drastic decline in exports – following export controls imposed by Beijing to counter Washington's sweeping tariffs on Chinese goods – has piled pressure on US manufacturers in the defence, energy and automotive sectors. Meanwhile, exports to Germany, Europe's manufacturing powerhouse, dropped last month by 70 per cent in volume, year on year, while shipments to Japan fell by 84.1 per cent. Advertisement Addressing the highly watched export controls of critical minerals, China's Ministry of Commerce spokesperson, He Yadong, said on Thursday that the country has been accelerating the review of rare earth-related export licence applications in accordance with relevant laws and regulations, and has approved a number of them. 'China is willing to enhance communication and dialogue with relevant countries on export controls and actively promote the facilitation of compliant trade,' He added.
Associated Press
13 hours ago
- Business
- Associated Press
Sixth Qingdao Multinationals Summit Held in Qingdao
QINGDAO, China, June 20, 2025 (GLOBE NEWSWIRE) -- On June 19, the Sixth Qingdao Multinationals Summit opened at the Qingdao International Conference Center. Centered on the theme 'Multinationals and China: Connecting the World for Win-Win Cooperation,' the summit serves as a high-level platform for policy dialogue, industrial alignment, and project collaboration among global multinationals. A Media Snippet accompanying this announcement is available in this link. Co-hosted by the People's Government of Shandong Province and Ministry of Commerce, the summit is jointly organized by the Department of Commerce of Shandong Province and the Qingdao Municipal People's Government, among others. This year's summit has drawn wide attention and active participation from the global business community. A total of 465 multinational companies attend the event, including 135 Fortune Global 500 companies and 330 industry-leading enterprises. These firms come from 43 countries and regions, with over 50% from emerging market economies. Reflecting the trend toward greater openness in the services sector, more than 20% of summit delegates represent multinational companies in modern finance, artificial intelligence, and other cutting-edge sectors. In addition to traditional markets such as Japan, South Korea, Singapore, the United States, Germany, and France, the summit has attracted increased participation from emerging regions including ASEAN, the Middle East, and Africa. Notably, enterprises from nine countries such as Vietnam and Egypt participate in the summit for the first time. The summit agenda includes an opening ceremony and high-level forum on the high-quality development of multinationals, three thematic activities, and multiple parallel sessions across four major segments. A new edition of the Multinationals in China research report series will also be released during the event. According to Wang Lei, director-general of the Department of Commerce of Shandong Province, since the launch of the inaugural summit, the past five editions have attracted 421 Fortune Global 500 companies and 967 industry-leading enterprises, with a cumulative attendance of over 3,000 delegates. Source: Qingdao Municipal People's Government Contact person: Ms. Zhang, Tel: 86-10-63074558.
Zawya
3 days ago
- Business
- Zawya
Oman: Dialogue highlights SMEs role in boosting the economy
MUSCAT: In a move to strengthen collaboration and integration with key stakeholders, the Authority for Small and Medium Enterprises Development (ASMED) held its 15th dialogue session focused on enhancing opportunities for SMEs in the retail, construction and manufacturing sectors. The session, attended by Qais bin Mohammed al Yousef, Minister of Commerce, Industry and Investment Promotion, brought together SMEs owners and stakeholders from across these sectors. It aligns with ASMED's ongoing efforts to improve the business environment and make it more conducive and attractive to SMEs. The discussion aimed to amplify SMEs contributions by encouraging innovation, improving operational efficiency, fostering public-private partnerships and promoting awareness about SMEs as a vital pillar of the national economy. The minister noted, 'Omani companies should not only focus on the local market. We encourage expansion beyond Oman. The ministry supports entrepreneurs through structured, evidence-based decision-making. Moreover, the Ministry of Labour's mandate to employ Omanis excludes those holding entrepreneurship cards.' Key topics addressed included policies, legislation, licensing and support mechanisms that help SMEs develop creative solutions and form strategic partnerships. The session also opened the floor for questions, enabling business owners to share challenges and suggest viable solutions. Oman is working towards a robust industrial future in line with national aspirations. In the past five years, significant milestones have been achieved in the industrial sector. The government is now focused on enhancing the competitiveness of national products, both locally and internationally. Emphasising the importance of local content, the dialogue reinforced its role in developing economic infrastructure and improving the business ecosystem. This drives productivity, boosts sector efficiency and fosters innovation, contributing to long-term economic and financial stability while promoting balanced and sustainable growth. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
3 days ago
- Business
- Zawya
$74.17bln invested to operate over 1,000 factories in Qatar: MoCI
Doha: Saleh Majed Al Khulaifi, who serves as Assistant Undersecretary for Industry and Business Development at the Ministry of Commerce and Industry, stated that Qatar's industrial sector is growing rapidly, with 1,004 operating factories in the country by the end of last year and a cumulative investment of QR270 billion. He made this statement during a ceremony organized by the Ministry to honor entities that contributed to the success of several national initiatives, including National Product Week, the Opportunities initiative, the Ramadan discounted consumer goods list, and the initiative supporting red meat during Ramadan and Eid Al Adha. Attending the event was Assistant Undersecretary for Consumer Affairs Hassan Sultan Al Ghanem, alongside representatives from participating entities and companies. Al Khulaifi highlighted that these initiatives aim to empower the private sector and enhance its role as a key partner in achieving economic growth and diversification. He emphasized that the 1,000 Opportunities initiative, launched in collaboration with Qatar Development Bank in 2022, was part of the Ministry's digital tools on the Single Window platform. The initiative helps local investors access existing and future investment opportunities and encourages broader participation in the industrial sector. He also noted that the Manufacturing Strategy (2024-2030) targets increasing the value added by manufacturing industries to over QR70.5 billion, boosting non-hydrocarbon exports to around QR49 billion, and growing industrial investments to more than QR326 billion by 2030. It also aims to diversify manufacturing by 50% and accelerate the shift toward smart, knowledge-based industries. Meanwhile, Al Ghanem praised the success of the Ramadan discounted consumer goods list for 1446 AH, calling it a model of successful public-private cooperation to ease the economic burden on citizens and residents and help balance the local market. He said that around 18 retail outlets participated in the initiative, which resulted in total savings for consumers of QR5,317,311 out of QR52,712,765 in total sales, a 10% price reduction overall. Consumer spending on goods during Ramadan reached QR47,395,454, reflecting strong demand for discounted products. He noted that 2025 recorded the highest sales volume since the initiative began, signaling increased consumer awareness of the importance of such national programs. Commenting on the program's success, he said that protecting the consumer was not the responsibility of a single party, but a shared duty that requires the combined efforts of all relevant stakeholders. He reaffirmed the Ministry's commitment to creating a fair and secure consumer environment and enhancing transparency in commercial dealings. Director of the National Product Competitiveness Support Department at the Ministry Dr. Mohammed Ahmed Al Buhashim Al Sayed, expressed pride in the achievements of National Product Week, describing it as a prominent annual event that showcases the quality of Qatari products and boosts their visibility in the local market. He added that the latest edition saw a significant increase in footfall and recorded a 75% surge in sales at some retail outlets, reflecting growing consumer trust in Qatari products and heightened awareness of the importance of supporting national industries. He also announced the launch of a dedicated webpage for Qatari products on the Ministry's official website, allowing factories to apply for the Qatari Product label and to report unfair trade practices and industrial obstacles, supporting the principle of fair competition. Reviewing industrial growth indicators, Dr. Al Sayed revealed that the number of national products had risen to 1,815, a testament to the effectiveness of the Ministry's industrial policies in line with Qatar National Vision 2030. The ceremony included a video presentation showcasing key national initiatives launched by the Ministry during the year and their developmental and economic objectives. The event concluded with an awards presentation honoring participating entities and companies for their significant contributions to economic development and community partnership. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
