### Summary
Under the rivalry between the US and China, many middle and small powers are making their own mark on the international order by reshaping the world economy, affecting the global balance of power, and increasing their economic weight, military potential, and diplomatic stature. These changes have been caused by unhappiness with globalization, the risks of overreliance on rivals for vital supplies, and the rise of China.
### Facts
- The unhappiness with globalization in the West, especially in America, has caused economic anxiety, social discontent, and political backlash.
- Covid-19 exposed the risks of overreliance on another country, especially a rival, for vital supplies.
- Russia's invasion of Ukraine revealed the EU's dependence on Moscow for energy.
- The rise of China has rattled the US and other countries, leading to the search for a new geo-economics.
- US allies in the Indo-Pacific are strengthening their defenses through military and technological cooperation with Washington.
- Geo-economics and geopolitics have merged, with the US leading in redefining globalization that does not harm national security, technological supremacy, and economic leadership.
- India is at the crossroads of new geo-economics and geopolitics, being America's natural geopolitical partner and an attractive partner in geo-economics.
- Middle powers like India are benefiting by aligning themselves with the US and forming independent groupings at the global or regional levels.
- Many players are multi-aligning and multi-networking through mini forums, ad hoc groupings, and shifting coalitions, making the international order very fluid.
Main topic: Saudi Arabia's Crown Prince launches a $200 million fund for early-stage investment in high-tech companies.
Key points:
1. The fund is part of King Abdullah University of Science and Technology's strategy to transform research into economically productive innovations in sectors like health, sustainable environment, energy, and industrial leadership, and economies of the future.
2. The initiative aims to provide quality opportunities for researchers, faculty staff, and students, supporting them to apply science and research to create sustainable global impact by strengthening international and local partnerships.
3. The strategy also includes the launch of the National Transformation Institute for Applied Research, restructuring of research centers, and strengthening international partnerships to enhance the competitiveness of the Kingdom's economy and its global position as a leader in innovation.
Saudi Arabia's Vision 2030 plan aims to transform the economy, improve citizens' lives, and maintain global prominence through ambitious projects like Neom's $1 trillion megacity known as The Line, but the success of the plan is uncertain and could pose challenges in terms of social tensions and regional competition.
The US, Saudi Arabia, India, and other nations are discussing a potential infrastructure deal to enhance trade between the Gulf and South Asia through railways and ports, in an effort to counter China's Belt and Road initiative.
Saudi Arabia's membership in the G20 reflects its increasing global economic importance, particularly in energy exports, international trade, and financial resources, as well as its efforts in promoting transparency and economic stability.
India, along with several countries including the UAE, Saudi Arabia, EU, France, Italy, Germany, and the US, will launch an economic corridor connecting India, the Middle East, and Europe, which is expected to significantly boost trade and connectivity.
Saudi Arabia is undergoing a major transformation through its Vision 2030 plan, led by Crown Prince Mohammed Bin Salman, aiming to diversify its economy and secure its place on the global stage; despite controversies and challenges, the country's economy is booming, heavily reliant on oil, and is making significant investments at home and abroad.
The G20 summit in New Delhi highlighted the shift in power dynamics, as Western leaders signed a joint statement on Ukraine with Russia, recognizing the need for realpolitik and the importance of India's role in the emerging multipolar world. The inclusion of the African Union in the G20 and calls to increase World Bank lending to developing countries further reflect this changing landscape.
Saudi Arabia is actively seeking to exchange experience with nations worldwide to achieve carbon neutrality by 2060 and ensure sustainable development, with a focus on economic, social, and environmental sustainability.
With the right reforms, India has the potential to become the next engine of global growth, benefiting from major economic re-alignments caused by China's slowdown and the US diversifying its supply chains. Major corporations are already investing in India, recognizing its potential. However, India needs to overcome challenges such as high tariffs, infrastructure improvements, and regional cooperation to fully realize its manufacturing potential and attract foreign investment.
Saudi Arabia's Crown Prince Mohammed bin Salman's attendance at the recent G20 summit in India, along with its inclusion in the China-dominated BRICS coalition and signing of the ship-to-rail economic corridor supported by President Joe Biden, highlights the complex web of alliances and economic opportunities arising from the rivalry between the US and China. These developments show the various economies caught between the two powers seeking to build their own strategic alliances and spheres of influence.
India's engagement with the Global South is deeply rooted in its culture and philosophy, as stated by India's Permanent Representative to the United Nations, Ruchira Kamboj, highlighting the country's commitment to development partnerships and provision of vaccines and medicines during the COVID-19 pandemic.
Pakistan needs to reevaluate its geopolitical and economic strategy, prioritizing sustainable and inclusive economic growth and embracing trade with India in order to address its debt and accelerate development, with potential benefits including increased exports and improved energy supply. India should also play a proactive role in normalizing trade relations with Pakistan, as it shares an interest in a peaceful border and stands to gain commercially from a strong relationship. A trade-centered approach could align with Pakistan's military and contribute to its long-term security and national development.
Saudi Arabia is considered an exciting destination for e-commerce, logistics, and tourism, attracting global navigation company what3words, which sees the kingdom as a gateway to the region and expects more deals to be signed in the coming months in various sectors such as real estate, logistics, and car manufacturing.
