International officials discuss Red Sea crisis implications on global supply chain

International officials convened in Leipzig, Germany, to discuss the far-reaching implications of the Red Sea crisis on the global supply chain at the International Transport Forum (ITF) held from Wednesday to Friday.

The forum brought together 69 nations to discuss global transport policy, especially potential disruptions to international shipping routes and the broader economic impact on global trade. They also explored ways to speed up the transition away from fossil fuels and the security of trade routes like the Red Sea.

Saudi Arabia is one of three nations joining the ITF in 2024. Their transport minister said the country is committed to securing trade routes.

"We are committed to the cause of the ITF working for, with everybody for a sustainable, safe and equitable, transport system in the world. And, stability is very important in every place in the world. And, we should work together with everyone to ensure direct and easy and free access for everybody in all international waters," said Saleh Al-Jasser, Saudi Arabia's minister of transport.

Chile will take over the presidency of the ITF for 2025. At the forum, Chilean transport minister expressed his hope to use the role to keep goods moving around the world.

"Keeping the logistics chains working is key for, not only the transport sector, but also for the world, as a whole. We've seen how different interruptions on the logistic chain can have. It's very important. Costs, economic cost, worldwide. And of course, the Red Sea is certainly one of the issues that need to be addressed. The safety there, the continuity of service. And that's something I think that this is the perfect forum for such conversations," said Juan Carlos Munos, minister of transport and communications of Chile.

Germany, host of the forum this year, also expressed the concern over the uncertainty the current situation poses.

"We all saw during the corona pandemic how vulnerable the delivery supply chains are. And so the security of supply chains is the focus of our security policy. I mean, we have also experiences with Nord Stream pipeline that we were vulnerable where we never thought we would be vulnerable. And also this applies to the Red Sea," said Hartmut Höppner, state secretary from the German Ministry of Transport.

Since December 2023, several major shipping companies have halted travel through the Red Sea and Suez Canal due to attacks on vessels by Yemen's Houthis. In the first quarter of 2024, transit through the Red Sea has dropped by 70 percent compared to 2023. With 12 percent of the world's oil and 10 percent of global seaborne trade passing through this route, the disruption has significant potential to impact the global economy, experts said.

International officials discuss Red Sea crisis implications on global supply chain

Macao has been emerging as a global hub for conventions and exhibitions in recent years by exploring the enormous opportunities in the sector, driving the region to advance its economic diversification and embrace a brighter future.

Macao has received many awards this year, such as the Best Convention City (Asia) and the Best BT-MICE City, showcasing the recognition for and influence of Macao's exhibition industry.

More than 1,000 electronic game enthusiasts from all over the world gathered recently in Macao to participate in a esports themed event.

Su Zhili, organizer of the event, said that Macao's rich experience in hosting large-scale events, coupled with its good infrastructure, has driven him to choose the region as an ideal destination to hold such an activity.

"Macao has held many similar large-scale events. It has rich experience, and the facilities at the venue are relatively mature, so we can start our work comfortably," said Su.

During the first three quarters of 2024, Macao held more than 1,000 conferences and exhibitions in total.

"We will invite more professional, special conferences to be held in Macao and also cultivate more exhibition brands with international influence in Macao, so as to promote Macao's exhibitions to be more market-oriented, professional, international, digital and greener from various aspects. This is our goal," said Elaine Wong, member of the Macao Commerce and Investment Promotion Institute.

In addition, multiple large exhibitions and conferences, such as the Macao International Trade and Investment fair, the Macao Franchise Expo, and the International Infrastructure Investment and Construction Forum, are held regularly in Macao.

With the introduction of a series of policies and measures to facilitate the exchanges between the mainland and Macao, as well as the construction and development of the Guangdong-Hong Kong-Macao Greater Bay Area and the Guangdong-Macao In-Depth Cooperation Zone in Hengqin, Macao's convention and exhibition industry will embrace more opportunities for development in the foreseeable future.

"We have such a good industrial base in the Greater Bay Area. The mode of 'Convention and Exhibition + Industry' not only integrates the industries of Macao, but also the industries of the Greater Bay Area. In addition, Macao actively integrates into the national development and plays a role in the Belt and Road. Why are we so confident in Macao's convention and exhibition sector? Because it is backed by the motherland, and the country gives Macao great support," said Alan Ho, chairman of the Macao Association of Convention, Exhibition and Tourism Sectors.

Macao emerges as global hub for conventions and exhibitions, driving economic diversification and international recognition