Xi Jinping, general secretary of the Communist Party of China (CPC)
Central Committee and Chinese president, attends the CPC in Dialogue with World Political Parties High-Level Meeting via video link and delivers a keynote address in Beijing, capital of China, on March 15, 2023. Photo: Xinhua
Global Civilization Initiative proposed by Xi 'provides hope to heal the world in turbulence'
Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, proposed the Global Civilization Initiative. Experts said following the Global Development Initiative and the Global Security Initiative, China is trying to share its wisdom and plans to bring new hope for all nations to consider together on how to escape the trap of the "Clash of Civilizations" and find a path that can help the world sail through the current turbulence.
Xi proposed the initiative during his key note speech on Wednesday at the opening ceremony of the CPC in Dialogue with World Political Parties High-Level Meeting via video link and delivered a keynote address.
Under the initiative, Xi called for respect for diversity of civilizations, advocating the common values of humanity, highly valuing the inheritance and innovation of civilizations, and jointly advocating robust international people-to-people exchanges and cooperation.
"We are ready to work together with the international community to open up a new prospect of enhanced exchanges and understanding among different peoples and better interactions and integration of diversified cultures. Together we can make the garden of world civilizations colorful and vibrant," Xi said.
World needs hope
According to a Xinhua News Agency story on Thursday, South African President Cyril Ramaphosa, also president of the African National Congress, and 11 other leaders of political parties and political organizations also addressed the dialogue on Wednesday.
They spoke highly of Xi's proposals in his keynote speech, and expressed their willingness to work with the CPC to play a leading and driving role in the modernization process.
"We fully agree with the four proposals put forward by Chinese President Xi in the Global Civilization Initiative," Ramaphosa said, noting the initiative is vital to the world today.
The event, with the theme "Path towards Modernization: the Responsibility of Political Parties," brought together more than 500 leaders of political parties and political organizations from more than 150 countries.
Li Haidong, a professor at the China Foreign Affairs University, told the Global Times on Thursday that the Global Civilization Initiative will help the world get rid of the old mentality for relations between different civilizations, and create a new landscape for the world which allows all countries to deal with each other based on stability, mutual respect and equality.
Experts said a very fundamental reason why the world at present is experiencing great turbulence is that the old international order dominated by the US-led West is making the world fall into the trap of "Clash of Civilizations," with many countries with different civilizations having a hard time to deal with each other peacefully.
Li said that within the US, people from different ethnic groups and with different religious beliefs are having more tensions rather than becoming more united. For the foreign affairs, during the time of the Trump administration, US senior officials openly hyped "Clash of Civilizations" and currently Washington is still having tensions with many countries with different civilizations, and even instigating conflicts between the countries in the same region with similar civilization.
At present, the old system and order dominated by the US-led West is causing huge problems and dangers to the world in the fields like geopolitics, supply and industrial chains, as well as the financial markets.
The Ukraine crisis is still far from easing, and the energy and foods crises are troubling many countries worldwide. At present, the new danger of a potential global financial crisis brought along by the collapse of US-based Silicon Valley Bank and the problem of Credit Suisse in Europe has made the world more unstable.
Liu Dian, an associate research fellow of the China Institute under Fudan University, told the Global Times on Thursday that in recent years, the world has been facing rising challenges and uncertainties.
"It's just about 15 years away from the financial crisis in 2008, the world is once again under the shadow of another crisis caused by the US," Liu noted. "The world is getting increasingly worried about the old system and getting more desperate to ask for new solution."
Contribute with action
From the Global Development Initiative and the Global Security Initiative to the latest Global Civilization Initiative, China has presented the world with an ideological system that gets increasingly mature. Adding to the China-proposed Belt and Road Initiative (BRI) and the ideal of the global community of shared future, China is trying to use its own wisdom, experiences and influence based on its own successful development and exploration in the past decades to help the world improve and reform the old problematic international system and order, experts said.
Liu said that the series of initiatives proposed by the top leader of the CPC and China are answering the questions for the world and our time. The combination of these three initiatives shows China's comprehensive thoughts that aim to solve global problems and improve global governance.
China is not just proposing the initiatives, but also making contribution through actions, and gain concrete achievements, analysts said. For instance, the successful mediation that lead to the resumption of diplomatic ties between Saudi Arabia and Iran, and the BRI that links countries with different civilizations to jointly realize development.
The vast majority of the international community welcomes and praises the latest reestablishment of Riyadh-Teheran diplomatic ties with China's support and assistance. This shows that the world in turbulence and regions in chaos desperately need new hope and new solution for peace and stability. China is actively utilizing its influence and wisdom to solve global challenges, as a result, more and more countries will be open to and carefully consider and research China's initiatives, Liu said.
Global Civilization Initiative – another gift from China to world: Global Times editorial
Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee and Chinese president, proposed the Global Civilization Initiative when he delivered a keynote speech at the opening ceremony of the CPC in Dialogue with World Political Parties High-Level Meeting on Wednesday. This is the third major global initiative presented by China after the Global Development Initiative and the Global Security Initiative. It fundamentally answers a series of questions of the times, such as "What kind of modernization do we need?" and "How can we achieve modernization?" The initiative has become another important public good provided to the world.
The background of the Global Civilization Initiative is that in recent years, as geopolitical conflicts have intensified, the "clash of civilizations" and "superiority of civilizations" have returned to public attention under the instigation and hype of some politicians in the US and the West. The hatred and estrangement among different civilizations have seriously hindered international cooperation. At the same time, "black swan" and "grey rhino" incidents are occurring frequently in the international community, and multiple challenges and crises are intertwined and superimposed. Different countries and civilizations urgently need to work together to deal with global challenges that affect the future and destiny of mankind as a whole. The Global Civilization Initiative can be said to have emerged in response to the demand of the times, and has strong practical significance and practical value.
The Global Civilization Initiative puts forward four initiatives - respect for diversity of civilizations, advocating the common values of humanity, highly valuing the inheritance and innovation of civilizations, and jointly advocating robust international people-to-people exchanges and cooperation. It covers the basic concepts and principles that different civilizations can tolerate each other and coexist, and has the source of motivation and a practical path for realization. It is a major initiative that is very constructive, operable and sustainable. Since it advocates respect for different civilizations and support for their development rights, it fully meets the strong needs of the international community and has shown strong vitality from the very beginning, arousing enthusiastic responses in the international community.
As abovementioned, after the end of the Cold War, the world entered an era of high globalization, but it has not really experienced peace. The Cold War mentality and practice of demarcating ideological boundaries and engaging in camp confrontation have not disappeared. On the contrary, in recent years it is resurging. The Russia-Ukraine conflict is essentially a remnant of the Cold War detonating a powder keg in the 21st century. In other parts of the world, the practice of distinguishing between friends and foes in the name of "values" and wooing one faction while fighting against another faction casts a huge shadow on world peace and development.
Furthermore, without true equality and inclusion among civilizations, the process of peace and development will always be at risk of being interrupted. There have been too many tragedies in this regard, both historical and current. In this sense, the Global Civilization Initiative is an extension and complement to the Global Development Initiative and the Global Security Initiative, and together they form the key components of a human community with a shared future.
The world does not need hatred, division or conflict, and the people of all countries want to live a good life. Since the founding of the People's Republic of China, the Communist Party of China has led the Chinese people to create two miracles - rapid economic development and long-term social stability. These are by no means "out of luck." Instead, they have their own profound internal logic. The Global Civilization Initiative, Global Development Initiative and Global Security Initiative are highly condensed versions of China's past successful experiences, which China is willing to share with the world without reservation to achieve common development through mutual exchange and learning. It can be said that these three initiatives are all high-quality global public goods demonstrating China's sincerity and goodwill.
It should be emphasized that China is not only a "thinker" but also a "doer" in promoting building a human community with a shared future. In the past year or so, the number of countries and international organizations supporting the Global Development Initiative has increased to more than 100; the Group of Friends of the GDI established on the UN platform has expanded to more than 60 members; and platforms such as the Global Development and South-South Cooperation Trust Fund, the Global Development Promotion Center, and the China Global Development Knowledge Network have also been established one after another. Just a few days ago, Saudi Arabia and Iran held a dialogue and reached an agreement in Beijing, which also became a successful practice of the Global Security Initiative. This happened less than a year after the initiative was first proposed.
Thus, there are more reasons to expect that the Global Civilization Initiative, together with the Global Development Initiative and the Global Security Initiative, will constantly inject stability and bring new hope to this world of turbulence and transformation. At the same time, we also believe that "Chinese modernization, as a new form of human advancement, will draw upon the merits of other civilizations and make the garden of world civilizations more vibrant."
Shares of Chinese banks largely rallied on Thursday, despite evolving bank woes in the US and Europe, following
the distress of Credit Suisse that day before, which sent a shock wave across global markets.
The Conference on Dialogue of Asian Civilizations will be held from May
15 to 22 in Beijing, and Chinese President Xi Jinping will attend the
event and deliver a keynote speech, officials said at a press conference
on Thursday. #AsianCivilizations#XiJinping
https://youtu.be/DheuG_oEFaM
The Conference on Dialogue of Asian Civilizations will kick off in Beijing soon. It is China's attempt to promote understanding among different civilizations, inclusive development, and to respond to the theory of the Clash of Civilizations with the philosophy of building a community with a shared future for mankind.
During the just-concluded second Belt and Road Forum for International Cooperation, China defined the future of the Belt and Road Initiative (BRI) as a route that brings together different civilizations. It reflects China's ample confidence in the initiative to enhance civilizational exchanges, mutual understanding and civilized coexistence. Through BRI, countries can understand, respect, and trust one another.
Differences do exist between China and the US - the two most influential powers in the world - in terms of civilizations. Some in the US are even prejudiced about China's culture and disagree with the country's development path and value system.
China has always advocated mutual learning between civilizations. The country needs to strengthen its power of discourse and show Chinese civilization's unique charm to the US, the West, and the entire international community. The dialogue between Chinese and American civilizations, an important part of the dialogue of global civilizations, is of great significance in building a community with a shared future for mankind.
Over the years, China and the US have already explored quite a lot in this regard. At the Mar-a-Lago summit between Chinese and US leaders in 2017, the two sides agreed to establish high-level dialogue mechanisms, including social and people-to-people contact. In addition, Chinese and US scholars organized the Sino-American Dialogue on Core Values as early as in 2011. The Foreign Affairs magazine published an article titled "China vs. America: Managing the Next Clash of Civilizations" in 2017.
Surprisingly, recent reports by the Washington Examiner and Voice of America indicate that the US State Department is developing strategies in response to the "clash" with Chinese civilization.
The Clash of Civilizations is a theory proposed in 1993 by Samuel Huntington, a well-known US political scholar who teaches at Harvard University. He argued that the clash of civilizations, instead of ideological and economic clashes, will be the primary source of conflict in the post-Cold War world. He conjectured that the core of international politics will be the interaction between Western and non-Western civilizations.
Huntington predicted that the clash of civilizations would be especially manifested in Western-Islamic conflicts after the Cold War. It is puzzling that US officials are now turning to China.
The Clash of Civilizations theory targeting China seems to be gaining traction among anti-China forces in the US. The National Security Strategy issued by the White House in late 2017 labeled China as a strategic competitor. The US adverse policies toward China have created obstacles in the path of smooth China-US relations.
If the US Department of State continues to promote policy measures against China based on the Clash of Civilizations, ties will be further hurt, and more specific steps taken. Not only that, the US may also take advantage of this theory and force other countries to follow its lead in containing China.
However, such attempts by adversarial US forces will eventually fall flat.
Their argument of Clash of Civilizations, violating mainstream American values based on pluralism and inclusiveness, has already triggered heated debate inside the US. Some senior US experts studying China have criticized the view for lacking understanding of China.
It will be tough if the US attempts to lead the West to a civilizational battle with China. The damage caused by the "America First" theory has yet to heal. Describing US competition with China as the clash of civilization may once again create contradictions and panic. Dialogue of civilizations is needed rather than a cold war.
By Xi Laiwang Source:Global Times
The author is a senior reporter and an observer of international issues. opinion@globaltimes.com.cn
Centre of attraction: China’s President Xi
Jinping greeting Dr Mahathir as he leaves with Russian President
Vladimir Putin after the opening ceremony of the Second Belt and Road
Forum in Beijing, China.
Dr M endorses the BRI - ‘Many countries are going to benefit from initiative’
With help from Chinese firms, Malaysia will have an AI park soon. That’s not all the good news that came from the Prime Minister’s trip to China. Businessmen are pleased that Tun Dr Mahathir Mohamad has given the thumbs up to the Belt and Road Initiative. He says countries in its route will be the beneficiaries. And that means Malaysia too. WITH all of China as his stage, Tun Dr Mahathir Mohamad gave a massive endorsement to the country’s Belt and Road Initiative (BRI), saying all will benefit from the ease of travel and communication the development strategy will bring.
The Prime Minister said that with trade driving the world, it was only natural that land and sea passages be better developed.
“The Silk Road, the land passage between East and West, has not received much attention. Yet it must be obvious that with modern technologies the passage can be improved.
“Without a doubt, the utilisation of these passages will enrich all the littoral states along the way, as much as the great nations of the East and West. I am fully in support of the Belt and Road Initiative. I am sure my country, Malaysia, will benefit from the project,” he said in his speech at the High-Level Meeting of the Second Belt and Road Forum for International Cooperation held at the China National Convention Centre here yesterday.
The forum attracted over 5,000 participants from 150 countries including leaders from around the world, such as Russian President Vladimir Putin, President Rodrigo Duterte (Philippine), President Abdel-Fattah al-Sisi (Egypt) and Prime Minister Nguyen Xuan Phuc.
The BRI, also known as the One Belt One Road (OBOR) or the Silk Road Economic Belt and the 21st-century Maritime Silk Road, is a strategy adopted by the Chinese government involving infrastructure development and investments in 152 countries and international organisations in Europe, Asia, Middle East, Latin America and Africa.
Dr Mahathir said just as massive trade by ships helped spawn the development of huge bulk carriers, the land passage should also “respond” to the increased trade between East and West. He also suggested that bigger trains be built for the purpose.
“If ships can be built bigger, why can’t trains be equally big to carry more goods and raw material and people? Have we reached the limit in terms of the size and length of trains? I think not,” he pointed out.
Dr Mahathir, who is on his second visit to China since becoming the 7th Prime Minister last May, said the world has the technology and funds to bring about such improvements.
He said freedom of passage along these routes was important and warned against bureaucratic hassles slowing down the speed of travel.
“It is essential therefore for these passages to be free and open to all,” he said, adding that the passages must be made safe as terrorism and wars would render the modern marvels and also delivering the benefits promised.
“Yes, the Belt and Road idea is a great. It can bring the landlocked countries of Central Asia closer to the sea. They can grow in wealth and their poverty reduced.
“As the sea routes and land routes improve, trade and travel will grow, and with this, the wealth of the world will increase for the betterment of everyone.
Dr M in Beijing: Everyone will benefit from Belt and Road initiative
PETALING JAYA: Prime Minister Tun Dr Mahathir Mohamad has endorsed the Belt and Road initiative by China, saying everyone would benefit from the ease of travel and communication that it would bring about.
He said this in his speech at the Belt and Road Forum for International Cooperation in Beijing on Friday (April 26).
"Today, trade drives the world. It is only natural that the land and sea passages have to be better developed.
"The Silk Road, the land passage between East and West, has not received much attention. Yet it must be obvious that with modern technologies, the passage can be improved.
"Without doubt, the utilisation of these passages will enrich all the littoral states along the way, as much as the great nations of the East and West," said Dr Mahathir..
According to the Prime Minister, just as the massive trade by ships helped spawn the development of huge bulk carriers, the land passage should also respond to the need from the increased trade between East and West.
He suggested that bigger trains be built towards this end.
"Although trains can now connect China with Eastern Europe, current trains are not designed for the increases in goods and people needing to travel along this passageway.
If ships can be built bigger, why can't trains be equally big to carry more goods and raw materials and people?
"Have we reached the limit in terms of the size and length of trains? I think not," he added.
The Prime Minister said the world had the technology and money to bring about such improvements.
He said freedom of passage along these routes, which pass through many countries via both sea and land, was important and warned against bureaucratic hassles slowing down the speed of travel.
"It is essential therefore for these passages to be free and open to all," said Dr Mahathir.
He added that the passages must be made safe as terrorism and wars would render the modern marvels that enabled the Belt and Road incapable of delivering the benefits they promised.
"Yes, the Belt and Road idea is great.
"It can bring the landlocked countries of Central Asia closer to the sea. They can grow in wealth and their poverty reduced.
"As the sea routes and land routes improve, trade and travel will grow, and with this, the wealth of the world will increase for the betterment of everyone.
"Everyone will benefit from the ease of travel and communication that the development of the Belt and Road project will bring.
"I am fully in support of the Belt and Road initiative. I am sure my country, Malaysia, will benefit from the project," said Dr Mahathir.
PM’s BRI backing allays fears over KL-Beijing ties
KUALA LUMPUR: Tun Dr Mahathir Mohamad’s full endorsement of China’s Belt and Road Initiative (BRI) will allay concerns over Malaysia-China relations and lead to greater cooperation between both countries, according to China watchers here.
RHB Research Institute Sdn Bhd vice-president and head of Economic Research Peck Boon Soon said Malaysia was trying to mend its relations with China.
“It is safe to conclude that relations between our two countries are back to normal,” he said, referring to the suspension and cancellation of several China-linked projects last year.
Peck said the revival of East Coast Rail Link (ECRL) and Bandar Malaysia projects and the Prime Minister’s presence at the Second Belt and Road Forum for International Cooperation in Beijing yesterday would help restore confidence among businessmen from China.
He said it made perfect sense to have warm ties with China as the country was the largest export market for Malaysia.
ACCIM SERC Sdn Bhd executive director Lee Heng Guie said Malaysia’s expressed support of the BRI opened up mutual consultation, increased cooperation and connectivity benefits between both sides.
“With this strong endorsement, we expect the relationship to further deepen bilateral ties and enhanced economic relations based on the principles of mutual benefit,” he said.
Lee said Malaysia and its private sector could gain from the enlarged trade and investment opportunities along the passage and gateway of BRI, if the countries could adopt the freedom of passage along these routes through the easing of bureaucratic hassles.
National Chamber of Commerce and Industry of Malaysia president Tan Sri Ter Leong Yap, who attended the Belt and Road CEO conference which was the first such conference at the forum, said the conference provided huge business opportunities for many companies in the region.
“This is a timely boost for the global economy,” he said, adding that there were nearly 1,000 participants from 90 of the world’s Top 500 companies, 78 of China’s Top 500 companies, more than 100 state-owned enterprises and 200 private companies at the conference.
Businessman Datuk Liu Thim Soon, who is vice-chairman to the United Nations Maritime-Continental Silk Road Cities Alliance, said the BRI was a visionary, long range direction by Chinese President Xi Jinping. “It is an enabler and platform for many developing smaller countries to be linked to investments, trade and tourism.
“With about 140 million China tourists travelling yearly, smaller developing countries can benefit and derive great economic potential if they can tap into this market,” he said. - By Yimie Yong
Who should you believe about BRI?
https://youtu.be/uK3-dhLp2yU
Deal inked to develop M’sia’s first AI park
MALAYSIA is to develop its first artificial intelligence (AI) park.
The park will serve as a platform for the development of AI solutions such as speech recognition, robotics and smart city technology.
It is also planned to be a regional epicentre for data management, research and development and commercial ecosystem.
An agreement was signed yesterday between Malaysian company G3 Global Bhd (G3) and its Chinese partners SenseTime Group Ltd and China Harbour Engineering Co Ltd (CHEC) on the setting up of the AI park, with the total investment at US$500mil (RM2.07bil).
The location of the park has yet to be identified.
The agreement was signed between G3 executive chairman Wan Khalik Wan Muhammad, SenseTime president for Asia-Pacific Business Group Jeff Shi, and CHEC chairman Lin Yi Chong.
The ceremony was held after Tun Dr Mahathir Mohamad’s visit to SenseTime’s office here.
The Prime Minister also tried his hands on the self-driving car system at the company, which specialises in AI technology. G3 Global banks on AI
Driven by technology: SenseTime Group Ltd
founder Prof Tang Xiaoou with Dr Mahathir during the premier’s visit to
SenseTime’s Beijing office.
From jeanswear maker to one of Malaysia’s rising artificial intelligence (AI) companies. That is the interesting story ofG3 Global Bhd
that is unravelling today.
While many companies can attempt to boast the AI buzzword as a business focus, it is not an easy area to venture into.
First you need super computers. Then you need the AI software or algorithms.
And then you need to use that software on vast amounts of data in order to build the AI applications for real use.
While G3 Global may have made some inroads into building its own Internet of Things (IoT) platform, it has yet to achieve anything big by itself in the AI space. That was until it signed a deal with China-based SenseTime Group Ltd, touted as the world’s most valuable AI startup.
On April 11, G3 Global told Bursa Malaysia that it will partner with SenseTime to set up Malaysia’s first AI park, in collaboration with China Harbour Engineering Company Ltd (CHEC).
The AI park is expected to see more than US$1bil (RM4.13bil) in investments over the next five years.
According to G3 Global executive chairman Wan Khalik Wan Muhammad, the AI park is vital in order to build AI research-related public service infrastructure as the base to promote AI technology in Malaysia.
“In addition, this becomes a place for talent to be trained on AI and machine learning,” he said.
On Friday, the culmination of the relationship between G3 Global and SenseTime took place, following Prime Minister Tun Dr Mahathir Mohamad’s ongoing official visit to China.
Dr Mahathir, accompanied by several Malaysian ministers, visited SenseTime’s Beijing office where they got a first-hand experience of the latest AI technologies and its application in smart city solutions, autonomous driving technology and remote sensing, among others.
During this visit, G3 Global had inked memorandums of understanding (MoU) with SenseTime and CHEC in relation to the AI park project.
G3 Global said in a statement that as the local partner, it will coordinate efforts with the Malaysian authorities and regulators, form local partnerships as well as promote and develop the AI park project.
Meanwhile, SenseTime will serve as the AI technology provider for the partnership while CHEC will provide infrastructure engineering and construction services as well as management and maintenance of the park.
Valued at over US$4.5bil (RM18.67bil), SenseTime is the fifth national AI platform in China and is also the country’s largest AI algorithm provider.
Although it is only less than five years old, the company now serves over 700 customers and partners globally, including the Massachusetts Institute of Technology, Qualcomm, NVIDIA, Honda, Alibaba, vivo and Xiaomi, among others.
Based on SenseTime’s website, the startup leads the AI market in “almost all vertical industries” such as smart city, smartphone, mobile Internet, online entertainment, automobile, finance and retail.
“SenseTime has independently developed a deep learning platform, supercomputing centers, and a range of AI technologies such as face recognition, image recognition, object recognition, text recognition, medical image analysis, video analysis, autonomous driving and remote sensing,” it says.
According to a recent Bloomberg report, SenseTime has been profitable for two years and the company has recorded triple digit revenue growth for the past four years.
The collaboration between G3 Global and SenseTime aptly serves what both companies need. By setting up an AI park in Malaysia, SenseTime will be able to expand its global presence further while G3 Global gets to go big into the booming AI scene.
Overall, the AI hub in Malaysia is a nice sounding plan. But how real will it be and how extensive will it be?
Speaking with StarBizWeek over the telephone, Wan Khalik says that the move into AI has been a natural progression of the company.
“With IoT as our core business, the only logical next move was to get into the field of AI. We had been in search for a good partner to fast-track out entry into AI, which has a high entry barrier.
“That’s how we got to do a deal with Sensetime, which took much effort on our part, considering how successful Sensetime already is,” he says.
Perfect partner
Wan Khalik: With IoT as our core business, the only logical next move was to get into the field of AI
Wan Khalik adds that SenseTime is the perfect partner, considering that they are one of the biggest AI companies in the world and have their own AI algorithm as well as products and services.
“Their products are already deployed in the commercial world,” he points out.
While acknowledging that AI is still nascent in its growth in Malaysia and still suffers from a lack of understanding and appreciation, Wan Khalik points out two important aspects that the deal with Sensetime will bring about.
“First is that the lab will become an education tool to showcase what AI is all about and the benefits it brings. Second is the fact that we intend to address the issue of developing talent in Malaysia in the AI space.”
In the press release announcing the strategic partnership between G3 and SenseTime, it was revealed that SenseTime will be assisting in the development and deployment of training syllabus for universities in Malaysia.
Wan Khalik says that SenseTime has designed and developed part of the AI syllabus that is currently being taught in schools across China.
“The good news is that the Malaysian government has expressed strong interest in AI and it wants industry to get involved in AI. But we need to invest in buidling up the talent in this field,” he adds.
The little-known G3 Global’s journey is an impressive one.
Its diversification into the information technology scene began less than four years ago after G3 Global (formerly known as Yen Global Bhd) acquired IoT solution provider Atilze Digital Sdn Bhd in December 2015.
Green Packet Bhd, image: https://cdn.thestar.com.my/Themes/img/chart.png
, a mobile broadband and networking solutions provider, emerged as a major shareholder in G3 Global after it acquired a 22% stake in August 2016.
A year later, Green Packet boosted its equity interest in G3 Global to 32%.
The G3 Global stock’s trend has been rather flattish since mid-2017. However, since the start of April this year, shares of G3 Global surged by 106% to its record-breaking high of RM1.62.
On April 25, the company hit limit-up and was issued with an unusual market activity query from Bursa Malaysia, in relation to the rapid advances in its share price.
While the reasons behind the sharp increase in G3 Global’s share price were unclear, it seems to have some correlation with G3 Global’s partnership with SenseTime.
G3 Global also saw the entry of Wan Khalik as shareholder, after he assumed control of private vehicle Global Man Capital Sdn Bhd, which currently has the largest stake in G3.
Global Man Capital increased its holdings of G3 Global to a 32.04% stake following an acquisition of 32.15 million shares in April, edging out Green Packet’s 32% stake.
On April 5, G3 Global appointed Wan Khalik as its new executive chairman.
Wan Khalik, who is also a substantial shareholder in DWL Resources Bhd, has some notable Sarawak connections, having been the principal private secretary to the Sarawak State government between 2013 until July 2018.
Wan Khalik’s background also includes experiences in corporate planning, public administration, IT strategic planning, and business development.
When asked on why did he pick DWL and G3 Global as companies to invest into, he says, “For DWL we see opportunities in project management of jobs of major infrastructure projects that the country is embarking on. That is why we have teamed up with the likes of Gadang to prepare to jointly bid for such jobs. As for G3 Global, it is even more interesting because of the future of AI. As you probably already know, AI is the world’s next great technological revolution. It is changing the way information is gathered, stored and used. We will not be able to do without it, whether as individuals, organisations, companies and governments. We believe our deal with Sensetime puts G3 Global on solid footing to bring AI to Malaysia and the Asian market.”
G3 Global recorded a net loss of RM17.15mil in the financial year of 2018 ended Dec 31, against a turnover of RM29.4mil. Both of its apparel and ICT business segments were in the red for the 12-month period.
“The ICT business continues to show growth potential despite incurring losses due to business development costs and we hope to see better contribution to sales from this division in the new financial year.
“The setting up of various new subsidiaries will drive the growth in the ICT business including the provision of IoT solutions and services like connected commercial vehicles and sensor hubs, and AI smart cameras. The group will be well positioned to take advantage of improving prospects of the ICT industry for the current financial year,” G3 Global said in a filing.
Moving forward, with the AI venture with SenseTime, the company is clearly on a new trajectory, especially considering the way AI is going to flood all our lives.
According to a recent study by Microsoft and IDC Asia Pacific, only 26% of organisations in Malaysia have embarked on their AI journeys, although about 70% of the business leaders polled agreed that AI is instrumental for their organisations’ competitiveness.
The immense untapped potential in the domestic AI market offers promising opportunities for local AI companies, including G3 Global.
With a strong backing from SenseTime, G3 Global could rise to become a leading AI solutions provider in the region.
Chinese President Xi Jinping delivered a keynote
speech at the opening ceremony of the Second Belt and Road Forum for
International Cooperation (BRF) in Beijing on Friday. Here are the
highlights:
On Belt and Road Initiative
Xi said that the Belt and Road Initiative
(BRI) aims to build a trade and infrastructure network, adding that
joint building of the Belt and Road has opened up new space for the
world's economic growth.
Based on the principles of equality and
mutual benefit, the BRI focuses on connectivity and practical
cooperation to achieve win-win outcomes and common development.
The principle of extensive consultation,
joint contribution and shared benefits should be upheld, Xi said, and
open, green and clean approaches should be adhered to.
The goals of high-standard, livelihood-improving and sustainable development should be achieved, according to Xi.
China will work with other parties to promote
a coalition of sustainable cities and an international coalition for
green development under the Belt and Road Initiative, Xi said.
High-quality infrastructure under BRI
Xi highlighted building infrastructure of
high quality, sustainability, risk resilience, reasonable pricing,
inclusiveness and accessibility under the BRI.
Calling infrastructure the cornerstone of
connectivity and a bottleneck of development confronting many countries,
Xi said building infrastructure with such standards could help
countries give full play to their advantages in resources and better
integrate into the global supply, industry and value chains for
interconnected development.
On people-to-people connectivity
China will support 5,000 people from the
innovation sector in Belt and Road countries in conducting exchanges,
training programs and joint research over the next five years.
China will work with other participants of
the Belt and Road Initiative to promote scientific and cultural
exchanges, set up joint science labs, build science and technology
parks, and promote the transfer of technologies, Xi said.
A total of 10,000 representatives of
political parties, think tanks and non-governmental organizations from
countries participating in the Belt and Road Initiative will be invited
to China for exchanges in the next five years.
On trade and opening-up
Xi said that China will increase imports of
goods and services on a larger scale, slash its negative list on imports
and will negotiate and sign high-standard free trade agreements with
more countries.
China will further lower its tariff rates and
the country would continuously open up its market and welcome quality
products from around the world.
China is also willing to import more
competitive farm produces, finished products and services and will allow
foreign investors to operate businesses in more sectors with
controlling or full stake.
China prohibits forced technology transfer
China will step up protecting the legitimate
rights and interests of foreign owners of intellectual property rights,
and prohibit the forced transfer of technology, Xi said.
It will create a business environment in which the value of knowledge is respected, Xi said.
PUTRAJAYA: Malaysia Rail Link Sdn Bhd and China Communications
Construction Company Ltd have signed a supplementary agreement that will
pave the way for the resumption of the East Coast Rail Link (ECRL)
project.
The signing was achieved after months of negotiations between the
companies involved as well as the governments of Malaysia and China,
said the Prime Minister’s Office (PMO).
“We are pleased to announce that the construction cost of Phases 1 and 2 of the ECRL has now been reduced to RM44bil.
“This is a reduction of RM21.5bil from the original cost of RM65.5bil.
“This reduction will surely benefit Malaysia and lighten the burden
of the country’s financial position,” said the PMO in a statement Friday
(April 12).
The supplementary agreement covers the engineering, procurement, construction and commissioning aspects of the ECRL, it added.
The PMO also said that further details of the improved deal will be made known at a press conference next Monday (April 15).
Prime Minister Tun Dr Mahathir Mohamad is expected to give the press conference.
According to earlier reports, Phase 1 of the 688km rail line will be
from Klang Valley to Kuantan while Phase 2 will cover Kuantan to Kuala
Terengganu.
The project’s Phase 3 will see the rail line connecting Kuala Terengganu to Kota Baru and Tumpat. - Star, NST, MM
