Investment environment report for new BRICS members released ahead of Summit

As anticipation builds for the upcoming 16th BRICS Summit in Kazan, Russia, a comprehensive investment environment evaluation report was released in Beijing on Monday, which focuses on the four new BRICS nations: Saudi Arabia, the United Arab Emirates, Egypt, and Ethiopia.

Dagong Global Credit Rating, a key player in China's credit rating industry, and Tsinghua University's One Belt-One Road Strategy Institute worked out the report in collaboration, aiming to provide stakeholders with insights into the macroeconomic conditions, business climates, and investment policies of these nations.

Each of the four countries possesses distinct advantages in terms of their foundational conditions, efficiency, and various other factors, according to Dagong President Ying Haifeng.

"Saudi Arabia leads in the global energy market with a focus on research and talent, fostering a favorable investment climate. Egypt's youthful population, high education, and mineral resources support its economic growth and investment appeal. The UAE boasts a strong business environment, comprehensive investment laws, and acts as a financial hub, attracting foreign investment. In contrast, while Ethiopia has experienced two decades of economic growth and progress in industrialization, it needs infrastructure improvements and a better business environment, resulting in a moderate investment environment," Ying said.

The 16th BRICS Summit, the first to be held after the BRICS expansion, is scheduled for Tuesday to Thursday in Kazan.

Investment environment report for new BRICS members released ahead of Summit

A heavy snow blanketed China's northernmost city of Mohe in Heilongjiang Province on Sunday.

The snow, which began late Sunday, quickly intensified to blizzard conditions. At 06:25 Monday, the Mohe Meteorological Station issued a yellow alert for a snowstorm, the third-highest in China's four-tiered alert system.

By noon, the city had recorded 9.4 millimeters of snowfall. Local authorities swiftly mobilized to ensure residents' travel safety, maintaining essential services under poor road traffic conditions.

"We have deployed snow clearing equipment in key locations in advance. This time we deployed seven snow clearing machines, seven auxiliary vehicles and two mobile command vehicles. This morning, we began snow clearing operations at about three o'clock. We are making every effort to ensure the safe travel of the residents in our city," said Sun Jialin, deputy director of Mohe Highway Development Center.

The early snowfall has attracted tourists eager to experience China's northernmost winter landscape.

Heavy snow blankets China's northernmost city