Economics
National News Of Thailand
The Thai economy has been affected by a number of uncontrollable factors over the past few years. The trade war between the world’s economic superpowers, China and the United States (US), led to sluggish global growth, hurting Thai exports (World Bank 2016+3.4% 2017+3.8% 2018+3.6% 2019+2.9%). Thailand is one of the major exporters of information technology (IT) products, electronics and circuit boards to China. By the end of 2019, the US revoked the Generalized System of Preferences (GSP) benefits for 573 Thai products. The Thai export sector suffered more blows after the US suspended GSP benefits for 231 Thai products last year. Furthermore, Thai exporters were hit by the continuous appreciation of the Thai baht. The strong currency was attributed to Thailand’s high current account surplus and foreign reserves, backed by a strong economic foundation. Some business and industrial sectors were unable to keep pace with technological changes, slowing the transition process. Nonetheless, the government actively continues to implement measures to support the economy, starting with providing low-income earners with state welfare cards, offering crop price guarantees to help farmers and improving the liquidity of small and medium-sized enterprises (SMEs), to ensure smooth business operations. The government also helps stimulate tourist spending through its Chim Shop Chai (Taste, Shop, Spend) scheme, aimed at injecting more capital into the local economy. Although the drought situation has undermined some of these efforts, the government continues to direct its human and financial resources to help those affected in the long term. Various measures resulted in economic growth in 2019 (Thai economic growth in 2019 Q1+2.8% Q2+2.3% Q3+2.4% Q4+1.6%), but the unexpected occurrence of the COVID-19 pandemic led to a national lockdown and travel restrictions, affecting tourism, trade and investment worldwide. Adverse effects on the Thai economy cannot be avoided. The government has been working to the best of its ability to keep the situation stable and to drive the Thai economy amid the global crisis.
Business
China Reports Agreement on Ceasefire between Myanmar’s Factions
Myanmar’s conflicting parties have reached a ceasefire agreement, facilitated by China, aiming to reduce violence and promote peace in the region.
Myanmar Ceasefire Agreement
In a significant development, conflicting parties in Myanmar have reached an agreement for a ceasefire, with China facilitating discussions. This breakthrough is crucial for restoring peace in a nation that has been marred by violence and political strife in recent years. The ceasefire aims to pave the way for reconciliation efforts and improve the humanitarian situation in affected areas.
Role of China
China’s involvement as a mediator highlights its growing influence in resolving regional conflicts. The Chinese government has been working closely with both sides to promote dialogue and trust, crucial elements for a long-term peace solution. Increased stability in Myanmar can benefit regional security and economic development, making China’s mediation significant.
Looking Forward
The hope is that this ceasefire will lead to further negotiations addressing underlying issues in Myanmar. While challenges remain, both parties have expressed willingness to work towards a peaceful resolution. The international community will be watching closely to see if this ceasefire can be sustained and lead to enduring peace for the people of Myanmar.
Business
China Limits Apple Operations as BYD Manufacturing Moves to India and Southeast Asia Amid Trade Frictions | International Business News – The Times of India
China is restricting the export of high-tech manufacturing equipment and personnel to India and Southeast Asia, aiming to maintain domestic production amid potential US tariffs, impacting companies like Foxconn and BYD.
China Curbs on High-Tech Manufacturing
China is intensifying restrictions on the movement of employees and specialized equipment essential for high-tech manufacturing in India and Southeast Asia. This measure aims to prevent companies from relocating production due to potential tariffs under the incoming US administration. Beijing has urged local governments to restrict technology transfers and export of manufacturing tools as part of this strategy.
Impact on Foxconn and Apple’s Strategy
Foxconn, Apple’s primary assembly partner, is facing challenges in sending staff and receiving equipment in India, which could impact production. Despite these hurdles, current manufacturing operations remain unaffected. The Chinese government insists it treats all nations equally while reinforcing its domestic production to mitigate job losses and retain foreign investments.
Broader Implications for India
Additionally, these restrictions affect electric vehicle and solar panel manufacturers in India, notably BYD and Waaree Energies. Although the measures are not explicitly targeting India, they complicate the business landscape. As foreign companies seek alternatives to China, these developments are likely to reshape manufacturing strategies amidst ongoing geopolitical tensions.
Business
EFIS Maroc and China Eastern Airlines Set to Launch Service Between Morocco and China
China Eastern Airlines and EFIS Maroc will launch three weekly flights between Casablanca and Shanghai via Marseille starting January 19, 2025, enhancing cargo logistics for Morocco-China trade, particularly in the automotive sector.
New Flight Route Launch
China Eastern Airlines has partnered with EFIS Maroc to introduce three weekly flights between Casablanca (CMN) and Shanghai (PVG) via Marseille (MRS). This service is set to commence on January 19, 2025, operating on Tuesdays, Fridays, and Sundays, using Boeing 787-900 aircraft with a capacity of 18 tonnes for cargo.
Supporting the Automotive Industry
The service aims to enhance logistical support for the automotive sector, facilitating the secure and timely transport of high-value components between Morocco and China. This new route will not only strengthen local supply chains but also promote economic growth and trade relations between Africa and Asia.
Innovative Cargo Solutions
Jean Ceccaldi, CEO of ECS Group, emphasized that this collaboration marks a significant achievement for EFIS Maroc. Leveraging advanced digital tools like Squair for customs optimization and CargoAi for booking, EFIS Maroc will enhance operational efficiency, ensuring a superior cargo management solution tailored for China Eastern Airlines.
Source : EFIS Maroc and China Eastern Airlines to launch Morocco-China service
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