finance minister – Aisa Net http://aisa-net.com/ Thu, 10 Mar 2022 15:18:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://aisa-net.com/wp-content/uploads/2021/05/aisa-net-icon-150x150.png finance minister – Aisa Net http://aisa-net.com/ 32 32 Imran Khan should not have reacted publicly against the EU, says Pakistani Finance Minister Tarin https://aisa-net.com/imran-khan-should-not-have-reacted-publicly-against-the-eu-says-pakistani-finance-minister-tarin/ Thu, 10 Mar 2022 14:37:00 +0000 https://aisa-net.com/imran-khan-should-not-have-reacted-publicly-against-the-eu-says-pakistani-finance-minister-tarin/



NNA |
Update:
March 10, 2022 8:07 p.m. STI

Islamabad [Pakistan]Mar 10 (ANI): Finance Minister Shaukat Tarin said on Wednesday that Prime Minister Imran Khan should not have reacted “publicly” against the European Union in his recent speech where he lambasted the bloc’s ambassadors for asking in Pakistan to condemn Russia for its invasion of Ukraine, the Dawn newspaper reported.
On Sunday, Prime Minister Imran Khan lambasted the European Union for asking Pakistan to vote against Russia in the special session of the United Nations General Assembly, asking if they considered Islamabad their “slave”.
He made the remarks during a public rally in Vehari district, Punjab province.

Defending Khan’s comments, Tarin said “the European Union should not be telling Pakistan what to do,” the Dawn newspaper reported.
Khan “just reacted publicly, which maybe shouldn’t have been done,” Tarin added.
The United Nations General Assembly passed a resolution on Wednesday that “demands” that Russia withdraw “immediately” from Ukraine. But Pakistan was among the few countries that abstained from participating in the vote against the resolution.
On February 24, Russia began the invasion of Ukraine. Since then, dozens of countries, including Japan, South Korea and Australia, have imposed financial sanctions and travel bans on Russia. (ANI)

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Sanctions against Russia highlight the dollar’s exorbitant privilege https://aisa-net.com/sanctions-against-russia-highlight-the-dollars-exorbitant-privilege/ Sun, 06 Mar 2022 09:59:00 +0000 https://aisa-net.com/sanctions-against-russia-highlight-the-dollars-exorbitant-privilege/

Sanctions imposed by the United States and the European Union on Russian banks have made Russian business entities a global pariah, much like North Korea. Importers, exporters and banks in many countries are stuck with receivables, payables and exposures and there is a small fear of large defaults. But in financial and academic circles, the seizure of Russian central bank reserves is seen as far more drastic.

The sanctions against the central bank of such a large country with 630 billion dollars in reserves, half of which in dollars and euros, are unprecedented. It would be interesting to consider the psyche of a PBOC (People’s Bank of China) which has over $2 trillion in reserves or the RBI which also has over $630 billion in reserves. Will their rulers encourage them to look for options beyond hard currencies? Above all, are there such options?

“The management of our reserves is guided by safety, liquidity and yield in that order,” Dr. D Subbarao, former RBI Governor, told me, adding that currently only the dollar and , to some extent, the other G3 currencies satisfy these qualities. He said a key lesson for governments from the Russian case will be that “US sanctions bite” and “it’s too costly to be on the wrong side of the United States.”

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The dollar’s role as an international currency began in 1944 when the United States brokered an agreement at Bretton Woods that pegged other currencies to the dollar and the dollar was loosely pegged to gold. This new arrangement was needed to replace the gold standard that had collapsed during the Great Depression. War-torn Europe was too dependent on the United States to complain. But in the late 1950s, as Europe recovered, some European nations felt the same righteous angst that can currently prevail in the central banks of Russia and China over dollar hegemony. French Finance Minister Valéry Giscard D’Estaing raged against the move from gold to the dollar, calling it an “exorbitant privilege” of the United States.

Economist Barry Eichengreen explains in his book, Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System, that when trillions of dollar banknotes circulate around the world, seigniorage gains for United States can be substantial. (Seigniorage gain here means for the United States that the cost to earn a dollar is simply the expense incurred to print that bill, but other countries must produce a dollar of goods or services to earn that dollar. ) Also, the fact that central banks around the world hold trillions of dollar bonds means that the US government can raise debt very cheaply. This position of the dollar allows the United States (even requires it) to run current account deficits without worrying about external challenges. Even European countries resent American privilege, economist Kenneth Rogoff said speaking to CNBCTV18.

In the 1960s, European countries starting with France reacted by demanding that the United States pay them gold in exchange for their dollar reserves, which the United States did. But this caused the United States’ gold reserves to dwindle and eventually President Richard Nixon changed the law and broke the dollar’s gold backing. Since then, the world has accepted the dollar as an international reserve currency, and the search for an alternative has remained in academic circles. With the sanctions against Russia, the question of the exorbitant privilege of the dollar is coming back to the fore.

An RBI veteran said the scale of the sanctions against Russia’s central bank and its other banks is so unprecedented that it may be hard to repeat as countries and their central banks will begin to prepare for such eventualities, but we do not know how they will do it. to prepare. What options do they have?

Some pundits have toyed with the idea that as a hedge, central banks like RBI must hold some of their reserves in the form of crude. Subbarao and other central bankers disagree that these are squarely in the domain of governments and private companies. Central bankers have neither the expertise nor the bandwidth to manage these commodity reserves. They can only manage financial reserves, which must necessarily be safe and liquid, in order to be able to use them to intervene in the event of a run on their own currency.

Is it possible that the Chinese central bank with that of Russia tries to develop bilateral payment systems that facilitate the settlement of bilateral exchanges without entering the dollar zone, even if the exchange between the two currencies is done by the dollar? India attempted to do so when sanctions were imposed on Iran. India had a crude oil purchase agreement with Iran, which it wanted to honour. The Reserve Bank used UCO Bank to pay Iran, after isolating the bank from any exposure to US dollar settlements. At present, Indian banks or the RBI are making no such effort towards Russian parties, for fear of secondary sanctions from the United States, according to banking sources. Perhaps when the dust settles, China will likely develop renminbi-denominated trade with more partners, and even with Russia as insurance against possible dollar blackmail by the United States.

“Alternatives could emerge, as appropriate, as a unit of account or a means of payment,” Subbarao agreed, “but as a store of value, the dollar will remain unmatched,” he said.

The trump card in favor of the United States and the European Union is global confidence in their legal system. Even if Russia and China develop bilateral payment systems, they are unlikely to inspire global business confidence due to their opaque legal systems. As Churchill once said: Democracy is the worst form of government except all others. Despite all its flaws, businesses and governments still trust the Western legal system and this is where a rival Chinese alternative can falter.

Central bank digital currencies (or CBDCs) can offer a route. mBridge, which is a prototype of multiple Central Bank Digital Currencies (mCBDC) developed by the Bank for International Settlements Innovation Center and four central banks – Hong Kong, Bank of Thailand PBOC and Central Bank of the United Arab Emirates united – recently demonstrated the potential of using digital currencies and distributed ledger technology (DLT) to provide real-time, cheaper and more secure cross-border payments and settlements. The RBI has also signed with the Monetary Authority of Singapore to link India’s UPI with Singapore’s PayNow to work on cross-border payments.

However, even these are based on dollar exchange rates and therefore are not an alternative to the current international financial regime. In short, to use what Dr. Subbarao said, “there is currently no alternative to the dollar”. But the angst against the greenback is great, from Russia to India to China and even Europe until recently. Whether geopolitics combined with technologies like blockchain will succeed in finding an alternative to the dollar as an international currency remains to be seen.

(Edited by : Bivekananda Biswas)

First post: STI

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Thai fiscal and monetary policy to help ensure a full recovery in 2024 – Finance Minister https://aisa-net.com/thai-fiscal-and-monetary-policy-to-help-ensure-a-full-recovery-in-2024-finance-minister/ Thu, 24 Feb 2022 06:46:04 +0000 https://aisa-net.com/thai-fiscal-and-monetary-policy-to-help-ensure-a-full-recovery-in-2024-finance-minister/

BANGKOK: Thailand’s fiscal and monetary policies are still working together to achieve 4 percent economic growth this year and ensure a full economic recovery, its finance minister said Thursday.

The central bank had expected Southeast Asia’s second-largest economy, which grew 1.6% last year after a 6.2% contraction in 2020, to fully recover in 2024, Arkhom Termpittayapaisith said .

“Coordination between monetary and fiscal policy will continue until we are satisfied that the economy is fully recovered,” he told a business seminar.

Arkhom said the escalating crisis involving Russia and Ukraine could affect Thailand not only in terms of trade but also tourism, as many of its visitors come from Russia.

In January, about 18% of some 134,000 tourists to Thailand were Russians and in the year before the pandemic, Russians spent 102 billion baht ($3.14 billion) in the country, according to official data.

Thailand’s central bank left its key rate at a record low of 0.50% for three cuts in 2020 to support the economy, while the government introduced various measures with planned borrowing of 1.5 trillion baht since the pandemic.

There remains 100 billion baht available to help the economy and a new borrowing plan has not yet been considered, Arkhom said.

The government will mainly borrow domestically due to high liquidity and will borrow about $500 million from Japan this year, he said, adding that further foreign loans would be considered if needed later.

He expects public debt to reach 62% of gross domestic product by the end of the current fiscal year ending in September, up from 59% in December.

($1 = 32.45 baht)

(Reporting by Kitiphong Thaichareon; Writing by Orathai Sriring; Editing by Ed Davies, Martin Petty)

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G-20 finance chiefs pledge to monitor geopolitical risks and act on inflation https://aisa-net.com/g-20-finance-chiefs-pledge-to-monitor-geopolitical-risks-and-act-on-inflation/ Sat, 19 Feb 2022 06:16:05 +0000 https://aisa-net.com/g-20-finance-chiefs-pledge-to-monitor-geopolitical-risks-and-act-on-inflation/

Finance chiefs from the Group of 20 advanced and emerging economies agreed on Friday to keep an eye on geopolitical risks amid growing concern over a possible Russian invasion of Ukraine, while pledging to take the necessary steps to contain inflationary pressures as oil and food prices rise.

In a statement released after their two-day meeting held in Jakarta in a hybrid in-person and virtual format, G-20 members said they “will continue to monitor key global risks, including geopolitical tensions emerging, and macroeconomic risks and financial vulnerabilities”, without directly mentioning the Ukrainian crisis.

Indonesian President Joko Widodo delivers a video speech during a Group of 20 finance chiefs meeting on February 17, 2022. (Photo courtesy of National Committee for Indonesia’s G20 Presidency) (Kyodo)

The statement was adopted late Friday evening after a delay apparently due to disagreements over language outlining geopolitical risks in reference to the situation in Ukraine.

Concerns are growing over the likelihood of a Russian invasion in the Eastern European country amid a massive buildup of Russian troops on the Ukrainian border.

“To formulate the words (in the statement), it took time, because at the same time, in the meeting room, there were countries which are involved in the geopolitical tension”, said the Indonesian Minister of Finance, Sri Mulyani Indrawati, at a press conference after the meeting. Russia is a member of the G-20.

While participants “did not discuss” the Ukrainian issue, the minister called for efforts to “manage” geopolitical risks to prevent them from undermining economic recovery.

The G-20’s decision not to mention the Ukraine issue contrasts sharply with a recent statement by G-7 finance ministers warning Russia of economic sanctions that would have “massive and immediate” consequences if it invaded Ukraine.

While Moscow has said it has no intention of invading Ukraine and has withdrawn some of its troops, the United States has dismissed such a claim. On Thursday, US President Joe Biden said he saw a “very high” risk of a Russian invasion in the “coming days”.

In the statement, G-20 members pledged to use “all available policy tools to address the impacts of the pandemic” as the spread of the highly transmissible Omicron variant of the coronavirus could cloud the global economic outlook.

G-20 members said they were determined to implement well-calibrated exit policies as economies recover from the coronavirus pandemic.

“Central banks will act as necessary to achieve price stability in accordance with their respective mandates, while remaining committed to clearly communicating their policy positions,” the G-20 ministers said.

They also agreed to intensify their efforts on debt restructuring assistance programs for low-income and vulnerable countries in order to strengthen their financial resilience.

Bank Indonesia Governor Perry Warjiyo told reporters that it was “very important that the global economic recovery can return to long-term economic growth, including overcoming the scarring effect of the pandemic.”

The spread of the Omicron variant continued to raise concerns about the threat to the global economy, already reeling from supply disruptions caused by the pandemic.

According to the International Monetary Fund, the world economy is expected to grow 4.4% this year, weaker than the 5.9% expansion estimated for 2021, with the United States and China the largest and second respectively. largest economy in the world, weighed down by supply disruptions linked to the pandemic and inflation.

Against a backdrop of rising inflation, the US Federal Reserve signaled an interest rate hike as early as March. A rise in rates was observed by financial markets and economies due to the possible impact on developing and emerging economies.

Masato Kanda, Japan’s Vice Finance Minister for International Affairs, attended the Jakarta meeting on behalf of Finance Minister Shunichi Suzuki, while Bank of Japan Governor Haruhiko Kuroda participated online.

The G-20 includes Argentina, Australia, Brazil, Great Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United States and Europe. Union.

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Uttama dangles financial boost for tourism https://aisa-net.com/uttama-dangles-financial-boost-for-tourism/ Mon, 14 Feb 2022 21:33:00 +0000 https://aisa-net.com/uttama-dangles-financial-boost-for-tourism/

Former Finance Minister Uttama Savanayana

The newly formed Sang Anakhot Thai (Building Thailand’s Future) party on Monday unveiled its Restart Thai Tourism platform with a plan to create a 20 billion baht fund to help the tourism industry get back on its feet. after the Covid-19 pandemic.

Party co-founder Uttama Savanayana discussed the idea on his Facebook page following a meeting on Thursday between party officials and the Tourism Board of Thailand to discuss how to revitalize the tourism sector. tourism battered by Covid.

In 2019, before Covid-19, Thailand earned three trillion baht from tourism with nearly 40 million international tourists visiting the country. The number of foreign visitors fell to 7 million in 2020 and to 400,000 in 2021.

Mr Uttama, a former finance minister, said the pandemic would have left some seven million people, both operators and workers, in the tourism industry in financial difficulty with between 70% and 80% of employees who would have been unemployed and several small and medium-sized operators forced into bankruptcy due to their debts.

He said that during the meeting, the Sang Anakhot Thai party seized on the slogan “Restart Thai Tourism” as it saw the pandemic as an opportunity to assess, rebuild and uplift the tourism industry.

With rich natural resources, Thailand is well placed to use tourism as an engine of growth, Mr. Uttama said, and the party’s strategy would aim to upgrade facilities, acquire new technologies and conquer new markets in order to develop and build capacity during reconstruction. process process.

Mr Uttama said the creation of a 20 billion baht fund was the appropriate mechanism to implement the strategy and would be part of a previously discussed plan to create a 200 billion baht fund to develop SMEs in the country.

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Building a better future https://aisa-net.com/building-a-better-future/ Wed, 09 Feb 2022 21:00:00 +0000 https://aisa-net.com/building-a-better-future/

Finance Minister Arkhom Termpittayapaisith addresses the virtual conference “Future of Growth: Thailand Vision 2030” as the keynote speaker to mark the 20th anniversary of “Post Today”.

Finance Minister Arkhom Termpittayapaisith outlined eight areas Thailand needs to work on over the next decade to increase the country’s competitiveness.

During a keynote address at a virtual conference titled “Future of Growth: Thailand Vision 2030” marking the 20th anniversary of Publish todayMr Arkhom said the country must adapt now to avoid an economic regression.

Thailand has a 20-year strategic plan divided into five-year action plans prepared by the National Economic and Social Development Council (NESDC), the government’s planning unit, he said.

The Minister outlined eight areas Thailand needs to address to improve its overall competitiveness over the next decade.

The first was climate change, he said.

As the global community sets the goal of carbon neutrality and net zero balance, Thailand must join the momentum.

One government policy designed to support a reduction in carbon emissions was its comprehensive plan to promote electric vehicles (EVs).

Another area was the promotion of digital technology, which is one of the 12 targeted industries. Digital technologies have played a key role over the past two years, especially in payment systems, peer-to-peer lending and cloud financing, Arkhom told the meeting.

He said the government will encourage such innovations, but the Bank of Thailand and the Securities and Exchange Commission will provide oversight to ensure they do not affect the country’s financial stability.

The third area was promoting the health and wellness industry, which has great potential, he said.

The private sector has taken the initiative and incorporated trends in health, well-being and life in the elderly into its business model. Property developers, for example, have built accommodation to accommodate older foreigners seeking long stays in Thailand.

Arkhom said the country needs to do more to promote SMEs, adding that the finance ministry is considering how to support those who want to invest and launch start-ups.

Although the tourism industry typically accounts for 12% of GDP, with up to 40 million international travelers visiting the country each year before the pandemic, Thailand needs to move from quantity to quality when it comes to tourism, said the Minister.

He said the country should pay more attention to attracting travelers with high purchasing power rather than relying on mass tourism, which is known to have a negative impact on the environment and natural resources.

Mr. Arkhom said the country should also create a social safety net, especially for grassroots people, and promote savings among the working population to help them meet their future vital needs.

He said the transition to an aging society remains a challenge for the country and requires careful planning.

Finally, Mr. Arkhom said that policymakers must also ensure fiscal sustainability by increasing the efficiency of revenue collection and broadening tax bases.

He described this as a global issue due to the massive government spending needed over the past two years to mitigate the economic impact of the Covid-19 pandemic.

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Mexico’s finance chief prepares infrastructure plan to revive economy https://aisa-net.com/mexicos-finance-chief-prepares-infrastructure-plan-to-revive-economy/ Fri, 04 Feb 2022 15:17:43 +0000 https://aisa-net.com/mexicos-finance-chief-prepares-infrastructure-plan-to-revive-economy/

Content of the article

(Bloomberg) – Mexico is preparing a multibillion-dollar infrastructure package with private companies and is stepping up efforts to attract American investment that would otherwise go to China as it seeks to revive a stagnant economy.

The public-private investment program will include more than 40 projects in areas such as highways, energy companies, telecommunications and ports, Finance Minister Rogelio Ramirez de la O said in an interview at the National Palace in Mexico City. . The official announcement will come soon, he said, declining to provide details until the package is unveiled.

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“We already have it,” Ramirez de la O said Thursday, adding that the initiative had been endorsed by private sector representatives. “There will be an announcement of an infrastructure package in a few weeks, when the president is ready.”

While President Andres Manuel Lopez Obrador has made similar multibillion-dollar public-private announcements in the past, this new program comes as Mexico has recorded two consecutive quarters of contraction in activity, placing the second-largest economy in the world. America in the position of having to jump-start growth.

Read more: Mexico follows Brazil into recession with quarterly drop

Mexico under Lopez Obrador is already spending on major infrastructure projects, including the construction of the Maya train in the southeast of the country and the Dos Bocas refinery, intended to reduce Mexico’s dependence on imported fuels.

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Private investment has plummeted during the pandemic and although it has picked up in the construction sector, the government is looking to bolster it in other areas, Ramirez de la O said.

“For the first time in many years, public investment is above 3% of GDP,” he said.

Proximity presentation

The minister also addresses more investors in the United States, presenting the benefits of placing resources in Mexico rather than China. Moving operations from Asia closer to home is beneficial in times of widespread supply shortages and rising shipping and labor costs, he said.

“We want to coordinate more with the United States, with business groups and the government,” Ramirez de la O said. benefits that made a lot of manufacturing move to China are no longer the same. Wages are higher and shipping costs are quadruple what they were.

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As companies moved some of their production to border towns close to the United States and export demand worked in favor of Mexico, growth was slower than in other Latin American countries. . A law banning outsourcing that went into effect last year has hit the service sector and a global shortage of semiconductors has hurt the operations of Mexico’s mighty auto industry.

Read more: Mexicans abroad sent a record $52 billion home last year

Mexico is suffering from stalled investment amid the pandemic and nationalist rhetoric from Lopez Obrador’s administration. Gross fixed investment, which includes spending on factories and machinery, fell 0.1% in November from the previous month, the country’s statistical institute said on Friday.

The index, a leading indicator of long-term growth, is nearly 17% below its peak, according to economist Gabriela Siller of Banco BASE.

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Indonesian rupiah businesses amid weak Asian currencies during the holidays https://aisa-net.com/indonesian-rupiah-businesses-amid-weak-asian-currencies-during-the-holidays/ Wed, 02 Feb 2022 05:14:00 +0000 https://aisa-net.com/indonesian-rupiah-businesses-amid-weak-asian-currencies-during-the-holidays/
  • Asian currencies mixed in a thin trade
  • Stocks from Japan, India and the Philippines rise
  • China, South Korea, Malaysia, Taiwan and Singapore are closed for the holidays

Feb 2 (Reuters) – The Indonesian rupiah strengthened on Wednesday after the country’s finance minister took a cautious stance on the timing of foreign currency bond issuance, given rising interest rates in the world.

The rupiah rose 0.2% – following its best day in nearly three weeks – as Finance Minister Mulyani Indrawati also said economic activity in the first quarter should not be too affected by a fresh wave of cases of COVID-19, as vaccination rates have now been higher than in previous waves.

Jakarta shares (.JKSE) soared more than 1% as the country’s annual inflation rate hit 2.18% in January, to come within the central bank’s target range of 2% to 4% for the first time in nearly two years. Read more

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China, South Korea, Malaysia and Taiwan were all closed due to public holidays.

The Thai baht and the Philippine peso both fell between 0.1% and 0.4% against a weaker dollar.

But the benchmark Philippine stock index (.PSI) rose nearly 2%, set for its best day in three weeks.

Japanese stocks (.N225) rose 1.6%, following Wall Street’s overnight rally on improving risk appetite. The yen, however, held steady in lessened Asian trading over the holidays.

Indian stocks (.NSEI) rose nearly 1%, extending a post-budget rally, after the government ramped up spending to put growth on a firmer footing. Read more

The Singapore dollar was stable as the country’s stock markets (.STI) were also closed for a public holiday.

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** Major gainers in the Jakarta Stock Index (.JKSE) include MNC Kapital Indonesia Tbk PT (BCAP.JK) up 28.7%, Gaya Abadi Sempurna Tbk PT (SLIS.JK) up 25%

** Nifty Bank Index (.NSEBANK) and Nifty PSU Bank Index (.NIFTYPSU) led gains among Indian sub-indices

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Reporting by Indranil Sarkar in Bangalore; Editing by Kim Coghill

Our standards: The Thomson Reuters Trust Principles.

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Ministerial row delays EV measures https://aisa-net.com/ministerial-row-delays-ev-measures/ Sun, 30 Jan 2022 21:30:00 +0000 https://aisa-net.com/ministerial-row-delays-ev-measures/

Ministerial row delays EV measures

Focus from the initial phase to the debate

A visitor examines an electric vehicle at the Motor Expo last November in Impact Muang Thong Thani. (Photo: Pattarapong Chatpattarasill)

A difference of opinion between the Ministry of Energy and the Ministry of Industry has led to a delay in putting in place measures to support electric vehicles (EVs), according to a source from the National Electric Vehicle Policy Committee who requested anonymity.

The source said the original timeline required Energy Minister Supattanapong Punmeechaow to propose the measures to cabinet on December 28, 2021 or January. However, the proposal has been postponed as departments work to resolve their differences.

The Ministry of Industry wants to require electric vehicle manufacturers to set up an electric vehicle battery factory in Thailand if they want to benefit from the planned incentives.

However, the Ministry of Energy believes that during the initial period, the focus should be on promoting imports of electric vehicles.

If automakers are urged to invest in EV production and battery factories when local EV sales remain weak, it could lead EV makers to believe the investment isn’t worth it, the agency said. source.

Earlier, Finance Minister Arkhom Termpittayapaisith said the ministry wants Thailand to transition from fossil-fuel vehicles to the electric vehicle industry in 10 years.

Mr Arkhom acknowledged that it will not be easy for Thailand to fully adopt electric vehicles in a short period of time, as there are currently 40 million fossil fuel vehicles, of which 20 million are cars and the rest motorcycles.

He said the ministry previously planned to introduce measures to promote the adoption of electric vehicles, including reducing excise tax and import tariffs for electric vehicles to reduce their prices to an affordable level. for the mass market. Another measure is a subsidy for those who buy complete electric vehicles.

These incentives will last for five years from 2022, Mr. Arkhom said.

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OECD leading index for South Korea drops for 5th straight month in DecemberNews https://aisa-net.com/oecd-leading-index-for-south-korea-drops-for-5th-straight-month-in-decembernews/ Thu, 20 Jan 2022 01:22:11 +0000 https://aisa-net.com/oecd-leading-index-for-south-korea-drops-for-5th-straight-month-in-decembernews/

A leading index that shows how South Korea’s economy will fare over the next half year fell for the fifth straight month in December.
The Organization for Economic Co-operation and Development said on Thursday that the composite leading indicator, or CLI, for South Korea’s economy stood at 101.2 for December, down zero nine on the month.
However, the December figure was still above the 100 benchmark, indicating that the economy is still expanding.
The CIA assesses how an economy is doing over the next six months, based on industrial production, GDP and financial market conditions.

And the wake-up call comes as South Korea braces for uncertainties that are likely to linger throughout 2022.
Highlighting internal and external uncertainties, Finance Minister Hong Nam-ki called for policy goals that could cope with the current complex situation.

(KOREAN)
“South Korea must create a harmonious balance between virus prevention measures, economic recovery, people’s livelihoods, rising interest rates and exports. And this must be done taking into account the virus situation, the continued uncertainties and the financial situation”.

This includes efforts to support the country’s exports, a major pillar of South Korea’s economy, by addressing shipping costs and supply issues.
The Minister pledged to provide at least 8 ships in January to ease the logistics crisis.
The government also plans to continue to monitor the supply situation of the 200 key materials and prevent any problems by providing financial support and finding other import routes.
Kim Sung-min, Arirang News.

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