SINGAPORE: On Wednesday, November 8, CNA’s economic news was honored with three win at the 2023 SIAS Buyers ‘ Choice Awards. The Securities Investors Association ( Singapore ) sponsors the awards, which honor businesses and individuals who uphold the highest standards of social, corporate, and environmental governance as well asContinue Reading
Media PAThe Prince of Wales announced the five recipients of his yearly Earthshot Prize, saying that the climate crisis has” become very apparent to become ignored.”
Prince William declared that he thought this was the generation to take collective actions to safeguard the environment.
At a ceremony on Tuesday, he announced the winners of the£ 1 million($ 1.2 million ) prize.
They include a business producing electric vehicle chargers from recycled materials and assisting famous people in reducing food waste.
Prince William stated during a speech at the Singapore awards festival,” The past year has been one of great change and also greater challenge.”
” A year in which the weather crisis’ results have become too obvious to be disregarded.
And a time that has left many people feeling hopeless and vanquished.
But as we’ve seen this evening, there is still desire.
The awards ceremony was presided over by artist Hannah Waddingham, along with shows from OneRepublic and Bastille, Sir David Attenborough, Hollywood celebrity Cate Blanchett, and original New Zealand Prime Minister Jacinda Ardern.
The Princess of Wales expressed regret for not being present because she had remained in the UK to assist her 10-year-old son George with his” second set of significant exams.”
We hold onto the most potent rewards of all, optimism and hope, the prince continued, adding a cheery statement.
I choose to think that future generations will remember this generation as the time when we all took social activity for our world, he continued.
” We became the architects of shift towards a healthy and sustainable world the second we refused to accept the voices of neglect and pessimism.”
Prince William established the yearly prizes, which are now in their third year and are being held for the first time in Asia, to support initiatives to save the planet.
The prize honors President John F. Kennedy’s” Moonshot” goal of 1960s America at the time, who vowed to send a person to the Moon within ten years.
Nature is Protected and Restored:
sanitize our atmosphere:
resurrect our sea
Create a Waste-Free World:
Improve our culture:
Brass from water tube fixtures, household waste, and tiny metal components filtered from wastewater ooze were used to create the awards, which were then combined.
Guests were instructed to dress in” pre-loved” attire.
The meeting is scheduled to air on the BBC in the UK at 17:20 GMT on Sunday.
shabby PicturesRashmika Mandanna, an American actress, described a fake video of herself that went viral on social media as” extremely terrible.”
A British-Indian girl named Zara Patel morphed Ms. Mandanna’s experience into an Instagram picture.
For fake videos have been referred to as a more” damaging form of propaganda” by India’s minister of information technology.
The 27-year-old artist has primarily appeared in Telugu and Kannada movies and has received numerous honors for her performances.
She will then be seen in the Bollywood movie Animal, which is scheduled to release on December 1st, with artist Ranbir Kapoor.
The first person to report that the popular film depicting Ms. Mandanna was a fake was journalist Abhishek Kumar, who works with the fact-checking website Alt News.
The initial video was posted by Mr. Kumar on X( previously Twitter ). He emphasized that Ms. Mandanna’s mouth was replaced in the false video as she was seen boarding an elevator.
According to Mr. Kumar,” From a algorithmic POV ] point of view, the viral video is great enough for regular social media users to fall for it.” Additionally, he requested a legitimate model to handle similar situations in the future.
Amitabh Bachchan, a seasoned professional in Bollywood who co-starred with Ms. Mandanna next year, shared the post and stated that there was” a strong case for constitutional action.”
Such an event was frightening, according to Ms. Mandanna in a statement on X,” not only for me, but even for each of us who today is prone to so much damage because of how technology is being misused.”
She wrote,” I honestly can’t imagine how I was always address this if this happened to me when I was in school or college.”
Before more of us are impacted by like identity theft, the actor said she was appreciative of the support of her family and friends and urged an immediate resolution to the problem.
Ms. Patel, the girl in the original video, also said she was” deeply disturbed and upset” by the false video in her response.
Deepfakes, according to India’s IT minister Rajeev Chandrashekhar, are the” latest and even more dangerous and damaging form of misinformation and need to be dealt with by platforms.”
Social media platforms must make sure” no misinformation is posted by any user ,” he continued, in accordance with India’s IT regulations.
Platforms that don’t meet this requirement may be sued in accordance with American rules.
SINGAPORE: Political analysts told CNA that Singapore can anticipate holding its next General Election( GE ) in 2024 after Prime Minister Lee Hsien Loong announced on Sunday( Nov. 5 ) his timeline for the nbsp, handing over leadership to Deputy Premier Lawrence Wong.
Although Mr. Lee’s transition plans did not surprise the analysts, they claimed that the election date has been pushed back because of his desire to transfer the reins of power to M. Wong before the next GE & nbsp and by Nov. 21 of next year, which is the 70th anniversary of the ruling Peoples Action Party( PAP ).
If everything goes according to plan, Mr. Lee said, adding that there was no longer any justification for delaying the shift.
By November 2025, Singapore’s new GE must been announced.
Before turning 70 in February 2022, Mr. Lee had originally stated his intention to step down. This strategy was derailed by the crisis.
I will be at the new PM’s waste after( handing over). I may go wherever he believes I can be of assistance. On Sunday, Mr. Lee declared,” I’ll try my best to support him in his battle and win the second GE.” At the annual PAP awards and agreement, he was speaking to more than a thousand party members.
Given that Mr. Lee had been referring to handing over leadership to the next generation for a number of years, Dr. Felix Tan of Nanyang Technological University( NTU) observed that Sunday’s announcement was” overdue.”
” By saying that he would love to hand over before next November- it’s kind of an implicit way of telling Singaporeans, as well as the 4G ( fourth generation ) leaders, that probably there will be an election much earlier or at least in 2024 ,” Dr. Tan said. & nbsp,
” An vote should be scheduled by the following month. When? I wouldn’t want to calculate that just yet.
Given the lack of quality prior to Mr. Lee’s declaration on Sunday, Ms. Nydia Ngiow, managing director of public policy consultancy BowerGroup Asia, also cited earlier” common speculation” regarding the timing of the management transition.
She claimed that if PM Lee had decided to remain until the next GE is called, Mr. Wong and another 4G officials might not have been trusted.
Giving up the league before the GE should be seen as the prime minister’s confidence in the 4G leaders, particularly since there doesn’t seem to be much of a chance for them to prove their mettle going forward, Ms. Ngiow continued.
However, it could be argued that if he had been truly confident in the 4G, the national security portfolio — including defense, home affairs, and foreign affairs — could have been given to them earlier rather than having it continued to be managed by 3G ministers.
SINGAPORE: According to Prime Minister Lee Hsien Loong on Sunday( Nov. 5) the claim that Singapore’s great public service makes it unnecessary for it to have experienced or worthy officials is” ridiculous.” & nbsp,
Mr. Lee, the secretary-general of the People’s Action Party( PAP ) Awards and Convention this year, spoke about the impending leadership change. & nbsp,
Before the following general election, Mr. Lee, 71, declared he would hand over authority of his party to Deputy Prime Minister Lawrence Wong. & nbsp,
According to Mr. Lee, the PAP’s objectives are governing professionally, keeping clear, and winning elections, which may” need high-quality leadership.” & nbsp,
He continued,” The group has a strong, competent staff that is in contact with Singaporeans and has” shown what it can do.” & nbsp,
” Our public support is very good. According to Mr. Lee, there are times when people claim that Singapore’s legal servants are so excellent that we don’t have officials who are as skilled or experienced. & nbsp,
It’s a mad debate, I tell you. The legal services didn’t just appear out of nowhere.
According to Mr. Lee, Singapore has a great civil service because it had great political leadership who developed it. & nbsp,
He continued,” The civil servants are excellent, but they can only produce good results because they are led by capable ministers who comprehend the problems, make wise choices, and command their respect. & nbsp,
According to Mr. Lee, this dynamic can be compared to that of an orchestra and a conductor so that ministers is direct and support civil servants in their function and fulfill their political promises. & nbsp,
He continued,” Singapore’s ministers and companies” performed beautifully” during the COVID – 19 pandemic, as an illustration. & nbsp,
However, we couldn’t have succeeded as we did without the ministers to make the significant and difficult decisions, to assume democratic responsibility for them, and to provide national management.
According to Mr. Lee, the choices to implement the” circuit break,” close borders, pre-order vaccines, or draw on resources were all political ones. & nbsp,
” Remember, if you have regular political leaders, your public service will be regular, and this state will become very regular.”
Singapore is” sunk ,” Mr. Lee continued, if it ever loses its uniqueness and is unable to stand out from other nations. & nbsp,
Therefore,” leadership registration is a crucial operation for the group and for Singapore.” nbsp
Singapore Airlines was voted 2023’s best airline in the Skytrax World Airline Awards, known as the aviation Oscars. Cathay ranked number eight. The city’s flag carrier took fourth place in 2019. Lau, 53, said investments in first and business class were especially important, as they were “big revenue drivers” forContinue Reading
Under the existing Republic of Korea-United States defense arrangement, in the event of war in the Korean theater of operations, combined component commands – air, naval, ground and marine corps – under the Korea-US Combined Forces Command play vital roles in maintaining the rock-solid combined defense posture that defends the lives of innocent citizens in Korea.
One exceptional element within such commands is the Combined Ground Component Command, led solely by the four-star ROK ground operations commander – unlike other component commands that are mostly commanded by US generals.
The CGCC, comprised of about 350,000 ROK soldiers and a couple of war-time augmented US divisions, is a striking exception to the Pershing Principle, which states that no US troops are commanded by any foreign military power and therefore it epitomizes the US commitment to defending democracy in Korea.
However, the CGCC is at a critical juncture – not due to external aggression but because of Korea’s extremely low birthrate of 0.7 per woman. In 2023, personnel who previously would have been exempted from military service – such as cancer patients and others with incurable diseases – are exponentially being assigned to active service or at least supplementary service.
At the current rate, the number of conscripts available in any given year in the 2030s is projected to be around 180,000. This falls short of what is needed to maintain a combat-ready posture, especially when considering the “3-1 rule (ratio) of land combat” against the 1.2 million North Korean active personnel.
Hence, Korea must beef up its reserve force, estimated at 2.7 million, to strive to maintain the readiness posture. This is in stark contrast to a decade ago when the number of new conscripts exceeded the established annual threshold of 300,000.
Back then, the military also adhered to an unspoken rule that reserve training should not be challenging. However, times have changed.
As part of the recent Ministry of National Defense’s (MND) re-enlistment pilot program, personnel including discharged reserve soldiers, non-commissioned officers and officers are increasingly answering the call.
While the current registered number brought in under the pilot program (only a few hundred) is not substantial, what is truly problematic is that those few reserve forces cannot completely assume active duties. They can only conduct reserve tasks, which hinders the integration of the active and reserve forces.
Moreover, due to the MND pushing for more demanding reserve training, the on-site commanders increasingly rely on symbolic incentives such as dismissing the top-performing squads early or presenting awards.
This has generated resentment among young servicemen who feel they have legally fulfilled their obligations during their active service, but are, all of a sudden, forced to do more without any tangible benefits.
Meanwhile, those who are not eager to be dismissed early have no motivation to train hard.
The rigid separation between the active and reserve components (and between peacetime and war) inhibits the overall enhancement of the ROK armed forces’ capabilities and defense readiness posture.
As in the case of the US reserve force system, facilitating re-enlistment into active positions and establishing a standing reserve force even during peacetime for integrated training of active and reserve servicemen is crucial. This approach enhances interoperability between the active and the reserve and independent mission capabilities of the reserve force in the absence of an active force – as seen in Ukraine’s war against Russia, driven by reserve forces.
The Yoon Suk Yeol administration has been gung-ho about ROK’s prospects as a “global pivotal state.” Regarding many areas of governance and statecraft, Yoon’s determination seems well-received, both domestically and internationally.
A consequence, though, is that the ROK armed forces must take on more significant roles in the region as per the raised expectations of the West. However, achieving this goal is unattainable without the ROK Army, which is not only the largest standing army in East Asia’s democratic countries but also the first responder against authoritarianism in the region, adeptly utilizing both its active and reserve forces as the situation demands.
A new reserve system must then prioritize material incentives over symbolic ones, as many younger servicemen are no longer solely motivated by patriotism and camaraderie. The aforesaid approach of assigning extra duties to young soldiers without offering tangible rewards would backfire. Implementing a legislative framework for an institutionalized reserve system, supported by monetary compensations and other benefits, is essential.
Ensuing financial challenges are a concern. However, while such apprehensions related to maintaining a standing reserve force during peacetime are valid, neglecting to enhance the capabilities of the reserve component would incur greater costs at the onset of war.
The sheer number, 2.7 million, may appear substantial, but the overwhelming majority of these 2.7 million ROK reserve servicemen primarily serve as riflemen and have limited access to the latest weaponry and advanced systems – communication, fires, administrative and so on – that the active component operates. This significant disparity in capabilities and expertise could lead to catastrophic consequences when the active force is absent.
Some might propose a mass-manufacturing of drones and robots, but once (and if) both sides’ drones face attrition, traditional infantry urban warfare would most definitely ensue. The presence of numerous cities with millions of citizens and critical infrastructure and buildings acts as a multi-layered defense north and around Seoul.
Furthermore, North Korea’s significant special warfare forces, expected to be deployed to the rear areas south of Seoul and Camp Humphreys, necessitate a bolstered reserve force to counter them. This underscores the justification for maintaining a robust reserve force to secure the rear areas.
The state of affairs in East Asia is tempestuous. The ROK armed forces have been serving as the aegis of Korean citizens. However, ROK military brass may soon have to deploy its force overseas to defend other democracies.
In such scenarios, the dwindling active force cannot be deemed sufficient. To face these evolving challenges, strengthening and utilizing the reserve is imperative.
James JB Park ([email protected] / [email protected]) is a former staffer of the South Korean Blue House and former member of the National Security Council staff, as well as a reserve captain in the ROK Army. He is currently on deferment for his MA at Columbia.
The views expressed are those of the author and do not reflect the official policy or position of the ROK government, the presidential Blue House or the ROK military.
This article was originally published by Pacific Forum. It is republished here with permission.
Eric Nam, who last performed in Singapore in 2022, first gained popularity after competing in the South Korean competition Star Audition: Birth Of A Great Star 2. After launching his music career, he hosted a few talk shows and was praised for his interviewing skills – becoming one of the most prominent hosts for international celebrity interviews in South Korea.
He later co-founded digital media company Dive Studios, along with his brothers Brian Nam and Eddie Nam. which has since garnered over 500 million views and 80 million podcast streams. As a musical artiste, he has 2.5 million monthly listeners and over 1 billion cumulative streams on Spotify.
He was also recently among the recipients of the 2023 Time100 Impact Awards, which was held at the National Gallery Singapore last month and where he spoke about his advocacy work for mental health.
SINGAPORE: The highest civilian honor in Singapore, the Order of Temasek( With High Distinction ), has been bestowed upon past president Halimah Yacob. The Prime Minister’s Office( PMO) announced on Wednesday( Oct 25 ) that Madam Halimah would be presented with the honor by Mr. Tharman Shanmugaratnam at the NationalContinue Reading
Once again, the halls of the Bangkok Post resonate with the thrill of honouring brilliance and innovation within the corporate sphere. In our steadfast commitment to recognising exceptional leadership, we take immense pride in presenting the “Bangkok Post CEO of the Year 2023” awards.
Building upon our tradition of acknowledging trailblazers who have reshaped industries and ignited change, this year’s awards pay homage and extend applause to chief executive officers and top leaders for their unwavering guidance, transforming ordinary companies into beacons of success, progress and inspiration.
The awards encompass a diverse array of categories, each representing a facet of the dynamic business world. From visionary strategies to transformative leadership, these accolades spotlight not only corporate triumphs but also the remarkable contributions these leaders have made to society and the economy at large.
As we venture into a new era with 14 distinctive awards, each winner’s captivating story will be told, illuminating why they have captured the public’s imagination and admiration. Their narratives, achievements, innovative strategies and contributions that propel their organisations into the future will be spotlighted in the days ahead.
To mark the “CEO of the Year 2023” announcement, the Bangkok Post is from today launching a series about awarded CEOs on every working day, showcasing their achievements, business strategies, and inspirational visions both in the print edition and on our website.
CEO Montri Rawanchaikul understands the economic necessity for secure sources of energy, but vows that the firm will always keep the environment in mind
Mr Montri has been a driving force at PTTEP, leading initiatives to reduce carbon dioxide emissions and pave the way for sustainable approaches.
Chief Executive Officer Montri Rawanchaikul believes one key mission for PTT Exploration and Production Plc (PTTEP) is to devise ways to reduce the impact of its businesses on the environment, particularly by reducing the company’s carbon dioxide emissions.
Mr Montri said he is aware the company needs to continue to secure enough fuel to support the Thai economy, but this effort should not ignore the cost to the environment.
As someone who sets policies and strategic plans for PTTEP, Mr Montri has helped the company promote projects to cut carbon dioxide emissions, seek new alternative energies and pave the way to operate in a more sustainable manner.
One such project is developing Thailand’s first carbon capture and storage (CCS) facility at the Arthit gas field in the Gulf of Thailand, one of several efforts aimed at helping the government curb carbon dioxide emissions in the country.
The CCS project fits with the company’s campaign against global warming and the environmental, social and corporate governance (ESG) principles, which promote business development and taking better care of the environment and society, said Mr Montri.
ESG refers to a set of standards that are said to be able to lead to business sustainability.
“We expect the CCS project to store up to 1 million tonnes of carbon dioxide during gas production at Arthit within 2027,” said Mr Montri.
The company has already completed the preliminary front-end engineering and design phase of the project. It expects the CCS facility to start operating by 2027.
The Gulf of Thailand offers great potential to store carbon dioxide, amounting to roughly 40 million tonnes a year, because, geographically, the terrain is a sink area, which is suitable for the storage of carbon dioxide.
PTTEP is also cooperating with five companies from France and South Korea to produce green hydrogen in Oman, said Mr Montri.
Green hydrogen, which is used to fuel power generation and manufacturing processes, is produced by using electricity made from renewable energy to split water molecules into oxygen and hydrogen.
This project shows the company is not solely focused on the exploration and production of petroleum, as it is also seeking new opportunities to develop future energy.
Under a contract made with Hydrom Oman SPC, which operates under the government of Oman, PTTEP and its partners were awarded a 47-year concession to produce green hydrogen at Block Z1-02 in Dugm in eastern Oman.
The production facility, to be run by 5 gigawatts of solar and wind power, is expected to open in 2030, with an estimated 220,000 tonnes of hydrogen produced annually.
These two projects indicate PTTEP is focusing more on the environmental aspects of its businesses, which will, in turn, partly help the government to run a campaign to combat global warming successfully.
At the 26th UN Climate Change Conference held in Glasgow in 2021, Thailand announced it is determined to achieve carbon neutrality, a balance between carbon dioxide emissions and absorption, by 2050, along with a net-zero target, a balance between greenhouse gas emissions and absorption, by 2065.
PTTEP also has its own plan under — EP Net-Zero 2050 — concept, which aims to achieve a net-zero target by 2050.
“The CCS and green hydrogen projects will support PTTEP’s environmental efforts, driving Thailand and the world at large towards a low-carbon society,” said Mr Montri.
Greater care for the environment will be a crucial part of PTTEP’s work in the future.
“The company will go on expanding its investment in natural gas production, but at the same time, it will also incorporate the greenhouse gas emission issue in the decision-making process of new gas projects,” said Mr Montri.
National energy security is important to fuel the growth of the country’s economy, but its development must be sustainable, which will be achieved through better environmental management, he said.
Chief executive Sara Lamsam’s vision is for the insurer to become the country’s most trusted life and health partner
Mr Sara believes positive factors will support the growth of the country’s life insurance industry.
Sara Lamsam is the driving force behind the success of Muang Thai Life Assurance (MTL), one of Thailand’s most prominent life insurance companies.
Backed by 30 years of experience within the Lamsam family in the life insurance industry, the 54-year-old president and chief executive officer has played an integral role in outlining and implementing business strategies that have driven MTL’s steady growth for decades.
A key strategy that led to the company’s outstanding performance and its ability to win accolades has been MTL’s provision of a range of innovative products and services.
MTL this year announced its goal of becoming a life insurer that stands out in terms of its product offerings via online platforms to reach various groups of customers and maintain a leadership position in the country’s life insurance industry.
Consumers can now access MTL’s products via both traditional and new distribution channels. The company established the Fuchsia innovation centre under a “think out of the box” concept to strengthen innovations in relation to its products, services, and management processes. The centre is an example of MTL’s collaborations in the form of business alliances to develop products that serve different groups of customers, particularly those requiring a unique product.
MTL Click, an application developed to allow customers to access all of the company’s services in one location, received the Business+ Product Innovation Award 2023 in May after over 800,000 individuals downloaded the app.
Two months earlier, the insurer launched MTL Fit, an app to help make people’s healthcare hassle-free. It offers dynamic pricing under an “MTL Fit Reward” feature for discounts of up to 15% on insurance premiums.
Last month, the company joined hands with Line BK to offer an innovative life insurance product for lower-income consumers and freelancers. These groups can easily access information and pay a small amount for life insurance protection via Line Pay.
Mr Sara said offering products and services that are easy to understand and equipped with innovation for the convenience and accessibility of customers enables MTL to meet the needs of every kind of lifestyle at different stages of life. That, in turn, enables MTL to be connected with more targeted customers.
Such a strategy helps the company expand its customer base while core products such as health coverage, critical illness coverage, unit linked-insurance, and pension insurance continue to expand well, supporting MTL’s ability to grow continuously and stand out in the life insurance sector.
Mr Sara, early this year, announced his vision for MTL to become the country’s most trusted life and health partner and become a market leader as the “health provider” of innovation in terms of health insurance coverage and wealth management under the concept of “MTL Next to You”.
He emphasised the concept of life insurance products that meet the needs of consumers through an “outside in” perspective. Using this strategy, the company offers services with new innovations through both digital and non-digital systems to meet the needs of customers who prefer either self-service or service with a human touch.
“The life insurance business today has changed the way of thinking as companies cannot only rely on an ‘inside out’ dimension in offering insurance coverage,” said Mr Sara.
“Nowadays, the world of life insurance is about personalised or ‘outside in’ to serve customers. Finding products that meet customer needs is very important, so big data and innovation is a key success tool for today.”
Using information systems to develop insurance plans via online and offline channels is a strategy that keeps customers satisfied, making MTL successful and its operating results grow even in times of crisis, he said.
The life insurance industry overall continued to grow in this year’s first half, with total insurance premiums reaching 300 billion baht, up 3.78% compared to the corresponding period last year. For the entire year, premiums are projected to grow 0-2% year-on-year to 613 billion to 624 billion baht.
In the first five months, MTL recorded higher growth than the overall market, with insurance premiums surging 14.4% year-on-year to 29.9 billion baht. Of the total, new insurance premiums accounted for 10.5 billion baht, up 13.8% year-on-year, and insurance renewal premiums soared 14.8% to 19.4 billion baht.
In his capacity as president of the Thai Life Assurance Association, Mr Sara believes that positive factors will support the growth of the country’s life insurance industry as people become more aware of the importance of life insurance and additional health or critical illness insurance policies. The trend of increasing medical expenses and uncertainty regarding the spread of emerging diseases such as Covid-19 have driven the growth of the insurance industry so far this year.
Life insurance policies, relative to the size of the Thai population, average 38%, while the value of the life insurance industry contributes roughly 3.8% to GDP at present. In some countries, life insurance companies can reach a larger number of people and can contribute up to 15% to GDP.
The life insurance business in Thailand still has plenty of room to grow, as many people are yet to be covered by insurance products.
Moreover, 95% of the funds in the life insurance system are invested in debt instruments, government bonds, and stocks. This suggests that the insurance business is connected to the country’s ecosystem.
The bank will continue to support its clients in growing and diversifying their investments in offshore markets, said Mr Gamba.
HSBC Thailand is leveraging its global connectivity and investment expertise to help both Thai and international clients grow their businesses worldwide, while maintaining a long-term commitment to expanding the bank’s business in the Thai market.
The bank aims to establish itself as the leading international bank in Thailand for outbound business, supporting the expansion of large Thai corporations regionally and globally.
“Globalisation is the bank’s superpower in connecting our clients to new business opportunities within Asean and beyond,” said HSBC Thailand’s Chief Executive Officer Giorgio Gamba.
In the wealth space, HSBC Thailand has been actively enhancing its capabilities in Thailand to better serve the country’s high-net-worth individuals and their families.
The bank will continue to support its clients in growing and diversifying their investments in offshore markets.
HSBC Thailand launched its onshore asset management business in September 2022 after introducing private banking business to the country in February 2021, and the bank has been able to grow the business segment satisfactorily, he said.
Foreign direct investment (FDI) has been growing in various countries and industries in the region, including Thailand. Japan accounts for one-third of Thailand’s inbound FDI.
China ranked second in terms of FDI last year and will play an increasingly important role in investment as many of that country’s companies are relocating their manufacturing bases to Thailand.
Thailand has attracted FDI in several industries, but especially agriculture, hospitality, healthcare, and manufacturing, particularly EV production and the automotive-related supply chain.
In addition, HSBC Thailand aims to continue to be the leader when it comes to inbound international business in the Thai market.
The bank earned its leadership position based on the growth potential of both the Thai and regional economies.
Meanwhile, Asean continues to be the world’s fastest-growing trade bloc, offering significant wealth and trade opportunities for businesses and investors alike.
“Thailand is a country where we see tremendous potential to grow and expand our business, so we have ambitious growth plans here,” Mr Gamba said.
HSBC Thailand announced an impressive performance in 2022, with revenue growing 28% and profit growing 55% year-on-year, representing a record high over a 10-year period. Strong relationships with customers, employees and the wider community are key to achieving these remarkable rates of growth.
Moreover, the bank will continue to invest in people, digital infrastructure as well as other resources to bolster its existing operations, which span wholesale banking, market and securities services, and private banking.
In response to local business expansion, HSBC Thailand has completed a capital increase, in line with the nation’s economic growth, he said.
HSBC’s country strategy was developed in parallel with Thailand’s national development plan.
With global networks and a high level of investment expertise, international connectivity is the bank’s key business strategy in supporting corporate clients investing and expanding worldwide.
The bank focuses on helping customers expand businesses in the world’s key economic corridors, where HSBC has an active presence, notably in China, the US, Europe, Asean, and the Middle East.
The bank supports Thai clients in growing their businesses in 42 countries.
HSBC Thailand has set out an ambitious plan to prioritise sustainable financing and investment that supports the transition to a net zero global economy, said Mr Gamba.
The bank also encourages Thai clients to strategise their portfolios and raise capital for renewable investment.
The bank committed to providing US$1 trillion of sustainable finance and investments by 2030 after achieving $211 billion in 2022.
