Tesla to Open First Service Center in Thailand

Tesla, the world's leading electric vehicle manufacturer, has announced that it will open its first service center in Thailand by the end of this year.

The service center will be located in Bangkok and will provide maintenance and repair services for Tesla owners and customers in the country.

Tesla has been expanding its presence in Southeast Asia, with plans to launch its Model 3 sedan in Singapore and Indonesia soon. The company also opened its first showroom in Vietnam earlier this year. Tesla hopes to tap into the growing demand for clean and sustainable transportation in the region.

The service center in Thailand will be staffed by trained technicians who can perform diagnostics, software updates, battery replacements, and other services for Tesla vehicles. The center will also have a lounge area where customers can relax and enjoy complimentary refreshments while waiting for their cars.

Tesla said that it is committed to providing the best…

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Growth in Asia and the Pacific to accelerate to 4.6 percent this year

According to the latest Regional Economic Outlook published by the International Monetary Fund (IMF), the Asia and Pacific region is exhibiting strong resilience amid prevailing challenges faced by policymakers.

The growth rate for this region is expected to increase from 3.8 percent last year to 4.6 percent this year, primarily due to the reopening of China and surging consumption that is boosting regional growth despite weak demand from other parts of the world. However, there are potential risks to this growth outlook, such as spillovers from greater-than-expected US monetary policy tightening and supply chain disruptions caused by geoeconomic fragmentation.

Despite the positive growth projections, the Asia and Pacific region also faces significant challenges. In the near term, policymakers need to maintain tight monetary and fiscal policies to stabilize public debt and bring inflation back to central bank targets. To manage global shocks, an integrated policy…

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BoT to explore yuan-baht settlement for Thai-Chinese trade

According to a recent report by the Bank of Thailand, China and Thailand are exploring the use of their local currencies for bilateral trade settlements. The aim is to reduce reliance on the US dollar and enhance financial cooperation between the two countries. The report claims that using yuan and baht for trade payments could lower transaction costs, increase efficiency, and facilitate trade flows. It also highlights the potential benefits of developing a cross-border payment system and a currency swap arrangement between China and Thailand.

In January 2021, both countries renewed the Chinese Yuan – Thai Baht Bilateral Currency Swap Arrangement for a period of five years. This arrangement allows for the exchange of local currencies up to RMB 70 billion or THB 370 billion.

Thailand, which depends on China for trade and tourism, is anticipated to gain a lot from the country’s reopening, according to a World Bank’s East Asia and Pacific Economic Report.

A risky…
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Green Hydrogen: A New Frontier for Thailand and Saudi Arabia

In April 2023, PTT Group, Thailand’s state-owned oil and gas conglomerate, announced a $7 billion investment in producing green hydrogen with ACWA Power, Saudi Arabia’s leading renewable energy company.

The project aims to construct a plant in Thailand capable of producing 225,000 tons of green hydrogen yearly, equivalent to around 1.2 million tons of ammonia.

Green hydrogen is a type of renewable energy produced by splitting water molecules into hydrogen and oxygen using electricity from sources like solar or wind. Unlike fossil fuels, green hydrogen releases no greenhouse gases when in use, making it a sustainable alternative for various applications.

Green hydrogen is promising for powering heavy-duty electric vehicles (EVs) such as buses, trucks, and trains that require more energy than batteries can offer. Moreover, green hydrogen can be converted into ammonia used for fertilizers, chemical feedstock, or fuel for ships and power plants.

Thai governm…
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Singapore retains its position as the Top Business Environment in the World

Singapore has retained its position as the world's top business environment for the 15th year in a row, according to the Economist Intelligence Unit (EIU). This achievement is based on the country's stable political environment, world-class infrastructure, and highly skilled workforce, as well as its regulatory environment, efficiency of the legal system, and access to financing.

The EIU considers several factors such as political stability, economic growth, infrastructure, labor market, and business environment policies. The biggest improvements over the past year are in Vietnam, Thailand, Belgium, Sweden, India, and Costa Rica. Vietnam is the biggest mover worldwide, climbing 12 spots in the rankings, while Thailand improves by ten places and India by six. Taiwan, South Korea, and Australia also rank in the global top 20.

However, Venezuela, Libya, and Syria are currently ranked at the bottom of the list due to significant political instability and economic ch…

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