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APEC crucial for a rules-based multilateral trading system

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BEIJING, Nov. 17, 2024 /PRNewswire/ — The 31st APEC Economic Leaders’ Meeting in Lima, Peru, concluded on Saturday, with leaders of 21 member economies calling for enhanced free trade and greater connectivity. Facing unprecedented global risks and challenges that cannot be addressed by any single economy alone, Asia-Pacific economies are expected to engage in closer cooperation to withstand turbulence and build a community with a shared future for mankind. In an interview with Global Times (GT) reporter Qian Jiayin, Cynthia Sanborn (Sanborn), director of the Center for China and Asia-Pacific at Universidad del Pacífico in Peru, said that APEC serves as a useful platform for developing business contacts and opening new opportunities for trade.

GT: The theme of this year’s APEC meeting is “Empower, Include, Grow.” Why do you think this theme was chosen for the APEC meeting in Peru? How has the APEC mechanism contributed to the development of Latin American countries?

Sanborn: I think that the primary objective is to “overcome existing differences among the group” of member economies – including the US, China, Russia, among others – aimed at bridging existing differences. This collaborative effort seeks to establish a roadmap toward an integrated global economy.

Inclusion holds particular significance in this theme, as organizers are committed to fostering active engagement from sectors within these societies that have traditionally been marginalized in national and global forums. These sectors include women, Indigenous communities and young people.

In evaluating the developmental impact of this forum, it is important to note that only three Latin American countries – Peru, Chile and Mexico – are members of APEC. As small open economies and major commodity exporters, Peru and Chile have benefitted enormously from their early participation in diverse international forums dedicated to free trade and globalization. Their opening to Asian markets and trade has significantly contributed to their economic growth and development. 

Today, China stands as the largest trading partner for both Peru and Chile, underscoring the significance of these ties. Peru, for instance, has established trade agreements with 14 of the 21 APEC member economies. Furthermore, participation in APEC has facilitated the involvement of Latin American countries in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, reinforcing their commitment to regional integration and trade expansion.

In addition, APEC serves as a useful platform for developing business contacts and opening new opportunities for trade.

GT: The Chinese-invested and built Chancay Port was opened on November 14, marking another iconic project under the Belt and Road Initiative (BRI) in Latin America. What are your views on the future prospects of Chinese investment in Peru and Latin America?

Sanborn: It is important to emphasize the significant potential and interest within Latin America for expanding Chinese investment, particularly in high value-added sectors that can drive sustainable development. While certain countries, like Brazil, are not formal participants in the BRI, they nonetheless attract substantial Chinese investment in critical areas such as renewable energy and electric vehicle production, underscoring the strategic importance of these partnerships. Peru, with the development of the Chancay Port, also stands ready to be a logistic and maritime trading hub, connecting all of South America with Asia, as well as creating a special economic zone in which such value-added industries can be developed.

GT: APEC has long worked to eliminate trade barriers in the Asia-Pacific region. However, given the rise of protectionism and the severe challenges facing the multilateral trading system, how do you think the APEC multilateral framework should respond to these challenges?

Sanborn: The rise of protectionism is a pressing concern for countries in Latin America. We have free trade agreements with over half of APEC members, including key partners such as the US and China. We remain hopeful that these agreements will be respected across political transitions, preserving the mutual economic benefits they provide. In this context, forums like APEC are crucial for keeping the discussion of fair and open trade on the table, serving as vital platforms to advocate for a rules-based multilateral trading system.

GT: With APEC and G20 being held in Latin American countries, issues like the rise of the Global South and global governance have again become key topics of focus for participants. What does the rise of the Global South in global governance mean? 

Sanborn: The evolving role of the Global South in global governance has become an important topic of discussion, with Latin American leaders having contributed to the demands of developing countries for a redefinition of global institutions and for greater attention to issues such as climate change, inequality, and social and environmental justice. Yet, it is also clear that the countries commonly grouped under the “Global South,” including those in Latin America, do not form a monolithic bloc and often differ in their perspectives and policies. 

On global issues like the crises in Gaza and Ukraine, Latin American countries hold a range of views, reflecting the region’s diverse political landscapes and priorities. Navigating the path toward transformative change in global governance while respecting the varied standpoints and complex realities of these nations remains an ongoing challenge.

View original content:https://www.prnewswire.com/news-releases/apec-crucial-for-a-rules-based-multilateral-trading-system-302307939.html

SOURCE Global Times

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Arctech’s SkyWings Empowers the World’s Largest Single-Capacity PV Power Plant Built on Coal Mining Subsidence Area

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November 18, 2024

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ORDOS, China, Nov. 17, 2024 /PRNewswire/ — Arctech, the world’s solar tracking and racking solutions provider, announced that its 1P single-axis dual-row solar tracking system SkyWings has facilitated the on-time grid connection of Mengxi Blue Ocean Photovoltaic Power Station, the world’s largest single-capacity solar plant built on coal mining subsidence area. By adopting SkyWings, the plant’s annual average grid-connected capacity is enhanced by an impressive 7.41%, greatly improving the ROI.

SkyWings, equipped with Arctech’s synchronous multi-point drive mechanism and innovative torque tube design with exceptional bending and torsion resistance, can maintain normal operation even in wind speeds of up to 18m/s (level 8 gale), resulting in an increase of up to 2% in power generation. Powered by its second-generation AI algorithm, SkyWings can calculate the optimum tracker tilt across various terrains and environments, enabling real-time shading avoidance and leading to an additional energy generation boost of up to 8%.

Moreover, to better accommodate the irregular and undulating topography of the plant, Arctech provided a customized SkyWings solar tracking solution that incorporates terrain following capabilities. The tolerance for undulation between adjacent rows is set at 20% in the east-west direction and 15% in the north-south direction. Additionally, Arctech tailored the design of post height to maximize space beneath the solar panels, facilitating agrivoltaics practices. Consequently, farmers are now able to cultivate crops and raise livestock underneath solar panels, achieving both economic and ecological benefits.

To mitigate pollution and ecological damage to the grassland during both construction and operation, SkyWings employs one-piece H-shaped steel piles, while the construction team utilizes on-site static pressure construction. Moreover, following 25 years of safe power station operation, approximately 90% of the steel pipe piles of SkyWings remain suitable for recycling purposes, thereby reducing waste discharge by around 60% compared to traditional concrete piles.

Upon operation, this plant is expected to generate 5.7 billion kilowatt-hours of electricity annually, sufficient to power two million households. Each year, it can save 1.71 million tons of standard coal and reduce carbon dioxide emissions by about 4.7 million tons — equivalent to planting 62,700 hectares of trees.

The utilization of Arctech’s SkyWings in this plant further demonstrates its versatility as a solar tracking system capable of adapting to diverse scenarios, including agrivoltaics, irregular terrains, coal mining subsidence areas, and more.

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SOURCE Arctech

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Compport Welcomes HR Leader Krish Shankar to its Board of Advisors, Strengthening its Global Mission to Transform Compensation Practices

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November 18, 2024

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NEW DELHI and SINGAPORE, Nov. 18, 2024 /PRNewswire/ — Compport, one of Asia’s fastest growing compensation software providers, proudly welcomes Krish Shankar to its Board of Advisors.

With nearly four decades of experience leading human resources functions across some of the world’s most renowned organizations, Krish brings unparalleled expertise and insight to Compport’s mission of transforming compensation practices worldwide.

Compport has steadily established a strong presence in the compensation technology space, with solid foundations in India and Southeast Asia and a growing footprint in North America and the EU. As pay transparency and equity become increasingly critical topics, Compport is passionately committed to empowering organizations, to create fair and competitive rewards structures. With its highly configurable and competent modular solutions, Compport is setting new standards and redefining the future of compensation management, globally.

Krish Shankar, a distinguished and inspirational human resources leader, brings extensive experience across diverse industries, including technology, telecommunications, and consumer goods. He has held pivotal HR leadership roles at prominent organizations, such as Bharti Airtel, Philips, and Hindustan Unilever, where he played a role in shaping their future and served as a true inspiration to many HR colleagues. Most recently, Krish served as the Group Head of Human Resource Development at Infosys. He served as President of the National HRD Network in India (2019–2021) and was honoured with XLRI’s Distinguished Alumni Award, in 2019. He is the author of Catalyse: Power up Your People Ecosystem, a key resource for HR leaders, offering insights on building strong organizational culture and talent ecosystems.

“We are honoured and thrilled to welcome Krish to our Board of Advisors,” said Sachin Bajaj, Founder & CEO of Compport. “The addition of Krish Shankar, a highly experienced leader in the technology and consumer industries, as a board advisor brings invaluable expertise. His deep understanding of HR and the rewards domain will enhance Compport’s ability to deliver solutions that are both highly responsive and tailored to the evolving needs of our clients, ensuring they remain competitive and agile in today’s complex compensation landscape.”

Navneet Rattan, Compport’s COO, Partner and Global Product Head, highlighted Krish’s impact on the Indian market: “Krish’s leadership will be pivotal, as we elevate HR practices in India and beyond. With his guidance, Compport will advance its mission to set new benchmarks in compensation technology.”

“Having closely observed Compport’s impressive journey, I am excited to join the advisory board. I look forward to contributing to Compport’s vision of transforming compensation on a global scale through innovative technology — delivering solutions that make transparency and equity attainable and aligned with the expectations of today’s workforce worldwide,” said Krish Shankar.

As Compport continues to scale its global footprint and enhance its suite of solutions, Krish’s deep expertise will play a pivotal role in driving their innovation and excellence.

His contribution will strengthen Compport’s commitment to empowering companies worldwide, with powerful tools to build fair, transparent, and competitive reward strategies that inspire and motivate talent in today’s dynamic landscape.

About Compport

Compport is a leading SaaS platform providing advanced compensation and people analytics software. It is used in 35+ countries and trusted by some of the world’s largest organizations. The platform is incredibly configurable and supports a full range of rewards processes, including annual and ad-hoc salary reviews, bonus structuring, total rewards statements, sales incentives, long-term incentives (LTI), and pay equity initiatives. With Compport, HR and total rewards leaders can efficiently design, budget, and forecast compensation plans, while empowering managers to digitally review and communicate pay details — all in one seamless platform.

For media inquiries, please contact: 

Akash Bhat
Head of Marketing, Compport
akash.bhat@compport.com

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Qingdao’s Laoshan district boosts innovative growth

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November 18, 2024

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QINGDAO, China, Nov. 18, 2024 /PRNewswire/ — A news report from chinadaily.com.cn: 

Important in Qingdao’s development strategy, Laoshan district is a city of science and technology that is a fertile ground for innovation and a number of strategic emerging industries and future industries.

In 1994, the initial batch of high-tech enterprises in Qingdao began to congregate in Laoshan. Over the past 30 years, Laoshan has focused on expanding and strengthening the value chains of seven key industries including artificial intelligence, virtual reality, and modern finance.

The district has attracted a large number of innovative enterprises, including nine unicorn companies, 28 nationally recognized specialized and new “little giant” enterprises, 47 provincial-level gazelle enterprises, and 920 high-tech enterprises, all of which are among the top in the city in terms of quantity.

Laoshan district currently has the highest density of scientific and technological innovation in Shandong, with 178 high-tech enterprises per 10,000 companies, 52 national and provincial-level scientific research institutions, and 160 academicians and high-level talents.

By 2023, the proportion of the output value of high-tech industries in Laoshan district to the total output value of large-scale industries reached 86.55 percent, with the leading industry scale exceeding 180 billion yuan ($25.33 billion). Laoshan district has been selected as one of the nation’s top 100 industrial zones for two consecutive years.

Taking virtual reality as an example, as early as 2016, Laoshan district proposed that it become China’s virtual reality industry capital. In 2022, Qingdao constructed an industrial park featuring virtual reality in Laoshan, which has a planned area of over 2,000 mu (133.33 hectares), aiming to create an internationally leading highland for the virtual reality industry.

With the establishment of the industrial park, Laoshan district has vigorously attracted industry-leading enterprises and high-growth companies, as well as top talents in virtual reality. Currently, the park has attracted leading consumer-facing companies such as Douyin Pico and Dapeng VR, as well as core supporting enterprises such as electroacoustic components manufacturer GoerTek and Chinese virtual reality headset maker Pico. Shipments of high-end VR products from leading companies in the park account for over 80 percent of the domestic market.

In 2023, the scale of the virtual reality industry in Laoshan district surpassed 18 billion yuan, a year-on-year increase of 50 percent, and the virtual reality industry cluster was selected as a provincial-level future industry cluster.

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View original content:https://www.prnewswire.co.uk/news-releases/qingdaos-laoshan-district-boosts-innovative-growth-302308048.html

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