THURSDAY, March 28, 2024
nationthailand

Briefs

Briefs

PM wants state agencies to |tackle copyright infringement

Prime Minister Prayut Chan-o-cha has urged relevant state agencies to solve the issue of copyright infringement in order to bring Thailand out of the priority watch list of the US next year, according to Commerce Minister permanent secretary Wiboonrak Ruamrak.
The international economy policy committee chaired by Prayut last week acknowledged the Office of the United States Trade Representative (USTR) release in the 2017 “Special 301” report that Thailand remains on the priority watch list of a US government agency responsible for developing and recommending trade policy. Thailand will also inform the US on progress in solving the problem from time to time.
Wiboonlak, who is the international economy policy committee secretary, said last week that the progress in solving the problem mustbe made within next three months.
The Thai committee also assigned the commerce ministry to hold meetings with relevant agencies to consider Thailand’s stance on the Trans-Pacific Partnership (TPP) which now has 11 signatory nations after the US pullout. Thai state agencies are expected to hold the meeting on the matter next month or July.
 

COMMERCE MINISTRY PLANS TO CAPITALISE ON ONE BELT, ONE ROAD

The Commerce Ministry has instructed related state agencies to conduct a feasibility study of Thailand's trade and investment opportunity in the China-initiated One Belt, One Road project. 
Among those state agencies are the Department of Trade Negotiations and the Department of International Trade Promotion.
Commerce Minister Apiradi Tantraporn said that the study would also focus on how Thailand could capitalise on its strengths as an Asean hub to expand its trade and investment in the One Belt, One Road zone.
She added that Deputy Prime Minister Somkid Jatusripitak would visit Japan from June 4 to 8 and explain to investors that if they invested in Thailand’s Eastern Economic Corridor (EEC), they could capitalise on the One Belt, One Road project as Thailand was the transportation and logistics hub in Asean.
Thailand also plans to woo Chinese investors to set up businesses in the EEC as the One Belt, One Road project reflects that Thailand is situated in the China–Indochina Economic Corridor. Chinese investors can use Thailand as a gateway to expand investment to Thailand neighbours.
She added that the ministry told trade counsellors who are in the countries affected One Belt, One Road to study how Thailand could benefit from such routes and draw up a plan to help the Thai private sector promote their businesses there. 

AAPICO Hitec to invest $100m in |UK firm Sakthi Global Holdings

AAPICO Hitech Plc announced to the Stock Exchange of Thailand last week that its board of directors has approved the company and/or its subsidiary to invest in UK firm Sakthi Global Auto Holdings Ltd and/or its subsidiaries in India, Portugal, the US, and China. The aim is to forge a strategic partnership to grow their business and utilise both companies’ strengths in the global market. 
Total investment will be up to US$100 million or equivalent to approximately Bt3.52 billion.
The board also approved the company entering into a credit facilities agreement with TMB Bank Plc and Bangkok Bank Plc for $37.5 million (Bt1.35 billion) with maturity of 5 years. It also acknowledged that AAPICO Investment Pte Ltd, a 100-per-cent subsidiary of AAPICO Hitech Plc in Singapore, had sold its shares in Jackspeed Corporation Ltd, a listed company in the Singapore Stock Exchange Securities Trading Limited to Yip Tai Him for 4.315 million Singapore dollars (Bt106 million). After disposal, the company will no longer have interest in Jackspeed Corporation Limited, which will allow the company to focus on its core businesses. 
Alibaba leads $1b funding for Ele.me

Alibaba Group Holding Ltd plans to lead an investment round of at least US$1 billion in Ele.me, one of the largest players in China’s food-delivery service sector.
People familiar with the deal said that funding from Alibaba and its financial arm, Ant Financial Services Group, will value Ele.me at between $5.5 billion and $6 billion.
The move will help Ele.me compete with a rival service backed by Tencent Holdings Ltd, people familiar with the deal said, requesting not to be named because the matter is private.
Once completed, the agreement would mark the country’s second-largest start-up fundraising effort so far this year.
It would be surpassed only by ride-sharing giant Didi Chuxing’s $5.5-billion round of fundraising.
Alibaba is vying for supremacy with the Tencent-backed start-up, Meituan Dianping, in a local services industry primed for growth.
This has come about as people turn to their smartphones or the web to order food, schedule beauty treatments and hire domestic helpers.
Sales of such services are expected to reach 7.28 trillion yuan (Bt36 trillion) this year.
Start-up investments surged 40 per cent to $6 billion in the first quarter, CB Insights, a research company, estimated. – China Daily/ANN

China’s growth outlook positive despite uncertainties

Many economists believe that despite downward pressure and uncertainties, China’s economic outlook remains bright.
To assess economic performance, growth is not the only barometer, quality, structure, momentum and room for growth should also be take into consideration, according to an article carried by the People’s Daily on Friday, under the byline of Guo Tongxin from the National Bureau of Statistics (NBS).
“A slowdown of some economic indicators such as trade growth has intensified downward pressure for China when the economy is already facing growing uncertainties due to deflation, financial supervision and real estate regulation risks,” said Jiang Chao with Haitong Securities.
A number of Chinese economists believe that the economy stabilising is an “irreversible” trend and that the country is capable of maintaining medium-high growth for a long time to come as many economic indicators have been positive this year.
China’s gross domestic product grew 6.9 per cent in the first quarter of this year, 0.2 percentage points higher than the same period last year and 0.1 percentage point higher than last quarter. It is the seventh consecutive quarter for China to keep economic growth between 6.7 and 6.9 per cent, a good example of its economic stability.
The consumer price index increased 1.4 per cent in the first four months of the year, well below the government target of around 3 per cent for the year.
Chinese people’s per capita real disposable income, after inflation, increased 7 per cent in the first quarter, outpacing the GDP growth rate of 6.9 per cent in the period.
In the first four months, supply-side structural reform was pushed forward as effort in cutting overcapacity, reducing inventory, deleveraging, lowering costs and strengthening weak links made fresh progress.
As of the end of April, 31.7 million tonnes of steel and iron capacity and 68.97 million tonnes of coal capacity had been cut, accounting for 63.4 per cent and 46 per cent of their annual goals separately. – China Daily/ANN
 


 

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