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China urges ditching dollar as reserve currency

China has called for ditching the US dollar as the international reserve currency, sweeping away a decades-old system to stabilise the world monetary climate and protect its massive forex reserves.

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China has called for ditching the US dollar as the international reserve currency, sweeping away a decades-old system to stabilise the world monetary climate and protect its massive forex reserves.

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China urges ditching dollar as reserve currency

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Regulatory uncertainties and multiple bureaucratic processes are costly for firms in Thailand and affect their investment decisions. Regulations and bureaucratic procedures that firms have reported in the 2007 Survey as severely affecting their businesses and investment decisions were mainly on delays in tax refunds, uncertainties around the time taken to clear customs or obtain permits and certifications, and uncertainties around regulatory policies. The delays in tax refunds referred to both value-added tax refunds and import tax refunds for exporters. The Revenue Department and Customs Department have been introducing programs and employed internet-based services to reduce the time taken to do so. However, few firms have participated in these programs or have benefited from the services. On the other hand, the average number of days needed to clear import customs or obtain permits is not exceptionally high in Thailand compared to other countries.

President Barack Obama's aides scrambled to assure China that its hundreds of billions of dollars in US bonds were safe

President Barack Obama's aides scrambled to assure China that its hundreds of billions of dollars in US bonds were safe

Thailand continues to reduce import tariff rates for various products. These include both universal tariff reductions, which are applicable to goods from all countries, and specific tariff reductions that result from free trade agreements (FTAs) with other countries and regions. For example, since June 2008, a wide range of agricultural and manufactured products from ASEAN member countries, China, India, and New Zealand enjoy lower or no tariffs. Among others, they are butter, vegetable extracts and fats, pharmaceutical products, paper and tubes for a medical use, pumps for liquid, air and vacuum pumps, commercial trucks, steel tubes, iron wires, aluminum structures, dish washing machines, weighting machines, and switching circuits and boards parts. In addition, the government will also cut or cancel tariffs for three types of animal feeds (soybean, corn, and fish meals) in 2009. The magnitude of changes varies across different trade agreements, such as those with the WTO, ASEAN, ACMECS28, Japan, Australia, and New Zealand.

China urges ditching dollar as reserve currency

The government also uses tariff measures as a tool to promote energy policy. To encourage the use of natural gas as an alternative fuel for vehicles, the government has exempted import duties of many natural gas-related tools and equipment such as bio-fuel conversion kits, natural gas containers, and chasses.

For the year 2008, the Thai economy decelerated from the previous year, particularly in the last quarter where global economic downturn and internal political unrest adversely affected manufacturing production and tourism. Nonetheless, farm income in Thailand still expanded well from higher major crop production and price compared to the previous year. On the demand side, private consumption and investment declined notably in the last quarter, despite falling inflation during the second half of the year in line with lower oil prices. Both export and import expanded satisfactorily during the first three quarters. However, during the last quarter, export contracted following trading partners’ economic slowdown while import decelerated markedly in line with export and domestic demand conditions.

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Investment

Thailand Saw $1.7 billion Applications in Bio-Circular-Green (BCG) Investments in 2020, BOI Says

The BCG model, as defined by the Thai Government, encompasses industries that allow inclusive, sustainable growth while reducing waste, pollution and dependence on finite resources.

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In the first nine months of 2020, local and international companies applied to invest as much as $1.7 billion in Thailand in more than 300 projects in the sectors listed as “BCG”, or Bio-Circular-Green economic activities focused on environmental protection and sustainability, according to data collected by the Thailand Board of Investment (BOI).

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Thailand BOI new measures to boost post-Covid-19 investment

Thailand’s Board of Investment (BOI) approved a series of measures to accelerate investments and to encourage businesses to adopt digital technologies.

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The Thailand Board of Investment (BOI) on Monday approved a series of measures to accelerate investments, particularly in target industries and to encourage business to adopt digital technologies.

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Foreign Investors’ Confidence in Thailand Still High Despite Covid-19 Impact, BOI Survey Shows

Out of the 600 companies surveyed, 19.33% said they have plans to increase their investment in Thailand, while another 76.67% said they expect to maintain their current investment level.

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Despite the COVID-19-induced economic hardship, as much as 96% of foreign direct investors operating in Thailand are confident in the country’s potential and have plans to expand or at least maintain their investment, citing attractive investment incentives, a strong supporting industry supply chain and the availability of raw materials and parts, according to the Thailand Board of Investment’s (BOI) annual Foreign Investor Confidence Survey.

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