IEAT Explores Japan’s Circular Economy Innovations for Green Industrial Growth
The Industrial Estate Authority of Thailand (IEAT) is partnering with leading Japanese companies to advance Thailand’s transition to a low-emission, circular economy. Acting IEAT governor Sumet Tangprasert led a delegation on a fact-finding tour from November 5-8, visiting companies like IHI Corporation, JFE Urban Recycle Corporation, NEC Corporation, and Tokyo Super Eco Town. The team studied cutting-edge technologies, including renewable energy systems powered by eco-friendly ammonia, integrated e-waste recycling, and digital solutions to cut greenhouse gas emissions. They also explored Japan’s innovative soil recycling practices, which transform construction waste into resources for reforestation and solar farms.
Sumet highlighted the tour’s role in shaping eco-friendly industrial estates in Thailand. Technologies like IHI and NEC’s clean energy systems will aid Thai industries in achieving carbon neutrality by 2050, while soil recycling supports the broader circular economy transition. The delegation also noted the importance of the “polluter pays” principle in sustainable waste management, aiming to integrate these insights into Thailand’s green development strategies.
https://www.nationthailand.com/business/tech/40043384
Editor’s Note: The Industrial Estate Authority of Thailand (IEAT) is collaborating with Japanese companies to advance Thailand’s transition to a low-emission, circular economy. During a fact-finding tour, the delegation explored cutting-edge technologies, such as eco-friendly ammonia energy systems, e-waste recycling, and soil recycling, to support Thailand’s green industrial growth and carbon neutrality goals by 2050.
Thailand Seeks to Solidify Role as Regional Manufacturing Hub
Commerce Minister Pichai Naripthaphan has emphasized Thailand’s growing appeal to US investors, positioning the country as a prime destination for trade and investment. During a meeting with a delegation from the US-ASEAN Business Council (USABC), which included representatives from corporations such as Amazon, Boeing, and Google, Pichai highlighted Thailand’s strategic location, skilled workforce, and business-friendly environment. Discussions focused on strengthening economic ties, addressing trade barriers, and fostering collaborations in high-potential sectors like electronics and automotive manufacturing.
Pichai underscored Thailand’s robust economic performance and commitment to resolving trade-related issues, such as intellectual property and tariff preferences. He also outlined plans to deepen ties with Japan and pursue free trade agreements with the European Union and Canada. The USABC delegation’s visit signals growing confidence in Thailand’s capacity to leverage shifting global manufacturing trends, with Pichai expressing optimism about the nation’s future as a regional economic powerhouse.
https://www.nationthailand.com/business/economy/40043629
Editor’s Note: Commerce Minister Pichai Naripthaphan highlighted Thailand’s appeal to US investors during a meeting with the US-ASEAN Business Council, emphasizing the country’s strategic location, skilled workforce, and business-friendly environment. The discussions focused on strengthening economic ties, addressing trade barriers, and fostering collaborations in sectors like electronics and automotive manufacturing. Pichai also outlined plans to deepen ties with Japan and pursue free trade agreements with the EU and Canada, reinforcing Thailand’s position as a growing regional economic powerhouse.
Thailand to Be Removed from US Intellectual Property Watch List, Eyes Stronger Economic Ties
Commerce Minister Pichai Naripthaphan announced that Thailand will soon be removed from the US intellectual property watch list after discussions with US Trade Representative Ambassador Katherine Tai during the APEC meeting in Lima, Peru. Thailand has remained on the watch list under the Special 301 Report for eight years, which identifies trade barriers related to intellectual property protection. Pichai credited Thailand’s efforts to appeal for removal amid the US government transition, adding that the country is also seeking the renewal of Generalized System of Preferences (GSP) privileges, which expired in 2020, to boost its export competitiveness.
Pichai revealed that US companies, including Hewlett-Packard, plan to increase investments in Thailand, with the tech giant relocating its computer production base next year. He highlighted Google and Amazon’s investments in data centers and cloud services as indicators of Thailand’s readiness to become a regional digital hub. In 2023, the US was Thailand’s second-largest trade partner, with bilateral trade valued at $67.65 billion. Pichai plans to visit the US in February 2024 to attract more investment and address potential trade war risks, positioning Thailand as a key economic partner in advanced industries like artificial intelligence, electronics, and semiconductors.
https://www.nationthailand.com/business/economy/40043316
Editor’s Note: Commerce Minister Pichai Naripthaphan announced that Thailand will be removed from the US intellectual property watch list after successful talks with US Trade Representative Katherine Tai, signaling improved trade relations. Thailand is also working to renew its Generalized System of Preferences (GSP) privileges and attract more investments, with US companies like Hewlett-Packard, Google, and Amazon expanding their operations in the country.
Thailand Targets Net-Zero Carbon Emissions Ahead of 2065, Boosted by Green Climate Fund
Thailand is accelerating efforts to achieve net-zero carbon emissions before its initial 2065 target, with plans to reduce greenhouse gas emissions by 30-40% by 2030. Phirun Saiyasitpanich, director-general of the Department of Climate Change and Environment, reported that the country emitted 65 million tons of carbon dioxide in 2022, aligning with its reduction goals. Key industries are being closely monitored, and the Thai government is leveraging $7 million annually from the Green Climate Fund for climate mitigation projects and preparations for the Climate Change Act.
Phirun emphasized careful management of a $4 million adaptation budget next year, including $700,000 allocated for flood and drought response. He noted a shift in financial support for developing countries to a four-year cycle starting in 2024, with global fundraising efforts aiming for $100 billion to $2 trillion between 2025 and 2030. Thailand’s clear goals for reducing emissions and achieving its Nationally Determined Contributions position it to attract continued international financial backing for its climate initiatives.
https://www.nationthailand.com/sustaination/40043487
Editor’s Note: Thailand is working to achieve net-zero carbon emissions ahead of its 2065 target, aiming for a 30-40% reduction in greenhouse gas emissions by 2030. The country is using $7 million annually from the Green Climate Fund to support climate mitigation projects and preparations for the Climate Change Act, with a focus on key industries. Thailand is also set to manage a $4 million adaptation budget in 2024, including funds for flood and drought response, while positioning itself to attract global financial support for its climate goals.
Thailand’s First Sustainability-Linked Bonds Attract Overwhelming Investor Demand
Thailand’s inaugural issuance of sustainability-linked bonds (SLBs) has seen overwhelming demand, with investor interest nearly three times the initial offering. The Public Debt Management Office (PDMO) received 55.3 billion baht in purchase proposals for the bonds, leading to an increase in the issue size to 30 billion baht at an interest rate of 2.70%. The SLBs, designed to promote sustainable development, were issued with predefined performance targets, including reducing greenhouse gas emissions by 30% by 2030 and registering at least 440,000 new zero-emission vehicles by the same year. Investors included life insurance companies, asset managers, and foreign investors.
Thailand becomes the first Asian government and the third globally to issue SLBs, following Chile and Uruguay. The bonds are aligned with the United Nations Sustainable Development Goals and were certified by DNV (Thailand). The PDMO plans to continue its sustainable finance initiatives with future issuances, including a 15-year SLB benchmark to improve market liquidity and a sustainability loan to fund clean energy projects. The move signals Thailand’s commitment to combating climate change and advancing long-term sustainability.
Editor’s Note: Thailand’s first sustainability-linked bonds (SLBs) saw overwhelming investor demand, with offers nearly three times the initial amount, leading to an increased issuance of 30 billion baht at a 2.70% interest rate. The bonds, aimed at promoting sustainable development, set performance targets such as reducing greenhouse gas emissions by 30% and registering 440,000 zero-emission vehicles by 2030, marking Thailand as the first Asian government to issue SLBs.
IMF Projects Thai Economic Growth at 2.7% in 2024 Amid Fiscal Stimulus and Investment Boost
The International Monetary Fund (IMF) has forecasted Thailand’s economic growth at 2.7% this year and 2.9% in 2024, driven by planned fiscal stimulus measures and an uptick in public investment. The IMF highlighted robust private consumption, supported by government incentives, and a projected rise in private investment as key contributors to the growth outlook. Following its staff mission to Thailand, the IMF commended the Bank of Thailand’s October decision to lower the policy interest rate by 25 basis points, suggesting further rate cuts could bolster the recovery.
While Thailand’s economy grew by 3.0% in the third quarter—the fastest in two years—the IMF underscored the importance of flexible monetary policy amid lingering uncertainties. It advised authorities to remain adaptive, with monetary decisions guided by data and economic trends, and stressed the role of the exchange rate in absorbing shocks. The Bank of Thailand, which termed its recent rate cut as a “policy recalibration,” will review its monetary stance on December 18. The National Economic and Social Development Council predicts 2.6% growth this year, improving from last year’s 1.9% rate.
Editor’s Note: The IMF has forecasted Thailand’s economic growth at 2.9% in 2024, driven by fiscal stimulus measures, public investment, and strong private consumption. While the economy grew by 3.0% in the third quarter of 2023, the IMF emphasized the need for flexible monetary policies and further interest rate cuts to support recovery. The Bank of Thailand is set to review its monetary stance in December, with the National Economic and Social Development Council predicting a 2.6% growth for 2023.
Thailand Aims to Become Regional Hub for AI Training and Governance
Thailand plans to establish itself as a regional artificial intelligence (AI) training center, collaborating with UNESCO to help developing countries adopt AI ethics frameworks. The government is working toward cabinet approval of an AI governance framework for public agencies, aiming to leverage AI to address challenges in healthcare, agriculture, education, energy, and finance, according to the Electronic Transactions Development Agency (ETDA). Sak Segkhoonthod, senior advisor of the AI Governance Clinic, highlighted the transformative potential of AI, calling it the “second era of digital transformation,” while stressing the importance of responsible governance to mitigate risks.
At a seminar on AI governance, Sak noted the challenges posed by generative AI (GenAI), including bias, ethical concerns, privacy, security, and copyright issues. To ensure safe and effective AI implementation, organizations are advised to adopt governance structures that define strategies, manage risks, oversee operations, and select tools from vendors adhering to ethical AI policies. These efforts reflect Thailand’s commitment to fostering AI innovation while promoting ethical standards and global collaboration.
Editor’s Note: Thailand aims to become a regional hub for artificial intelligence (AI) training, partnering with UNESCO to help developing countries adopt AI ethics frameworks and working on a governance framework for public agencies. The country is focused on leveraging AI to address challenges across sectors like healthcare and agriculture, while ensuring responsible governance to mitigate risks such as bias, privacy, and security concerns.
Vietnam Advances Startup Ecosystem with Techfest 2024, Aims for Global Innovation Leadership
Prime Minister Pham Minh Chinh inaugurated Techfest Vietnam 2024 in Hai Phong on November 27, emphasizing the nation’s commitment to developing an innovative startup ecosystem. With the theme “Joining hands to develop Vietnam’s innovative startup ecosystem,” the event highlighted Vietnam’s focus on science, technology, and innovation as pillars for sustainable growth. The Prime Minister urged collective efforts from the government, businesses, and citizens to foster startups in areas like AI, semiconductors, green economy, and digital economy, calling for bold thinking and decisive action to position Vietnam as a global innovation leader.
Vietnam’s startup ecosystem boasts approximately 4,000 startups, including two unicorns and 11 companies valued over $100 million. The nation climbed to 56th in the Global Startup Ecosystem Index 2024 and 44th in the Global Innovation Index, cementing its status as a dynamic hub in Asia-Pacific. Techfest Vietnam 2024 features 150 activities aimed at investment and collaboration opportunities, having already facilitated over 800 domestic and international investment connections since its inception. With strong government backing, the event marks Vietnam’s readiness to embrace a new era of entrepreneurial growth and global competitiveness.
Editor’s Note: Prime Minister Pham Minh Chinh inaugurated Techfest Vietnam 2024, highlighting the country’s commitment to building a dynamic startup ecosystem focused on innovation in AI, semiconductors, and the green and digital economies. Vietnam’s startup scene includes around 4,000 startups, with two unicorns and 11 companies valued over $100 million, and it ranks 56th in the Global Startup Ecosystem Index. The event features 150 activities to foster investment and collaboration, showcasing Vietnam’s ambition to become a global innovation leader with strong government support.
Vietnam Strengthens 4G and 5G Infrastructure as Demand Grows
Telecom service providers in Vietnam are ramping up investments in 4G and 5G infrastructure to enhance connectivity while preparing for the future of mobile networks. Despite the rollout of 5G, the Ministry of Information and Communications (MIC) projects 4G will remain the dominant technology until at least 2030, holding a majority share of subscribers. Operators like Viettel, VNPT, and MobiFone continue to expand 4G coverage, with Viettel aiming to cover 98% of the population by 2025 and installing thousands of new base stations to serve rural areas affected by the shutdown of 2G services.
Concurrently, Vietnam is pushing 5G commercialization, with Viettel, VNPT, and others advancing network upgrades while investing in future technologies like 6G. VNPT plans to achieve nationwide 5G coverage and boost download speeds to 100 Mb/s, while MobiFone is set to install 4,000 new 4G stations next year. MIC officials emphasize that as 2G and 3G networks phase out, 4G remains vital for ensuring service quality and meeting consumer demand, underscoring its critical role in Vietnam’s telecom landscape.
https://en.vietnamplus.vn/telecoms-service-providers-invest-in-4g-5g-technologies-post304049.vnp
Editor’s Note: Telecom providers in Vietnam are investing heavily in 4G and 5G infrastructure to improve connectivity, with 4G expected to remain the dominant technology until at least 2030. Operators like Viettel, VNPT, and MobiFone are expanding 4G coverage, with Viettel aiming to reach 98% of the population by 2025, while also advancing 5G commercialization. The Ministry of Information and Communications emphasizes the continued importance of 4G in ensuring service quality as 2G and 3G networks phase out.
Indonesia Explores Nuclear Power to Reduce Fossil Fuel Dependence
Indonesia is in discussions with the United States and Russia to acquire nuclear power technology as part of its efforts to transition from fossil fuels, Deputy Minister Vivi Yulaswati of the Ministry of National Development Planning revealed. The country is considering both small modular reactors and conventional nuclear technology, aiming to operate nuclear power plants by 2036. While the plan remains in its early stages, with no orders yet placed, Yulaswati noted that it requires presidential approval and international collaboration, acknowledging Indonesia’s vulnerability to earthquakes as a significant consideration.
As Southeast Asia’s largest economy, Indonesia relies heavily on coal, which powers over half its electricity needs, while clean energy sources account for less than 15%. The government has ambitious plans to attract international investments for 75 gigawatts of renewable energy over the next 15 years. Despite a $20 billion pledge under the G7’s Just Energy Transition Partnership (JETP), funding delays have hindered emission reduction efforts. So far, $217.8 million in grants has been approved for 33 decarbonization projects, including expanding electric vehicle use in Bali, with additional projects under review.
Editor’s Note: Indonesia is exploring nuclear power technology through discussions with the US and Russia to reduce its reliance on fossil fuels, with plans to operate nuclear plants by 2036. While still in the early stages, the country aims to attract international investments for renewable energy and decarbonization projects, despite challenges in securing funding for its energy transition.
Indonesia Rejects Apple’s $100M Offer Over Local Investment Rules
Indonesia has turned down a $100 million investment proposal from Apple, aimed at lifting a sales ban on the iPhone 16. The ban, imposed last month, stems from Apple’s failure to comply with regulations requiring 40% of phone components to be locally sourced. Industry Minister Agus Gumiwang Kartasasmita criticized Apple’s proposal, saying it lacked fairness and fell short of the company’s investments in other countries. He urged Apple to establish production facilities in Indonesia to meet local requirements and avoid renegotiating investment terms every three years.
The ban prevents the iPhone 16 from being sold commercially, but the government permits individuals to bring in the device for personal use, with an estimated 9,000 units entering the country that way. Similar restrictions have also been imposed on Google Pixel phones for failing to meet the local parts mandate, as Indonesia pushes for greater investment from global tech giants to bolster its domestic manufacturing sector.
https://techxplore.com/news/2024-11-indonesia-apple-million-investment.html#google_vignette
Editor’s Note: Indonesia has rejected Apple’s $100 million investment proposal to lift the sales ban on the iPhone 16, which was imposed due to the company’s failure to meet local regulations requiring 40% of phone components to be sourced domestically. Industry Minister Agus Gumiwang Kartasasmita criticized Apple’s offer, urging the company to establish production facilities in Indonesia to comply with local requirements. The ban also affects Google Pixel phones, as Indonesia seeks to boost investment and strengthen its domestic manufacturing sector.