ข่าวเศรษฐกิจประจำวันที่ 9 กุมภาพันธ์ 2554
NEW DELHI, February 9 – BUSINESS STANDARD – The 12th EU (European Union)-India Summit, to be held on February 10, would take stock of the progress so far in negotiations between both the sides on the ambitious free trade agreement (FTA). It would also discuss other bilateral issues concerning economic cooperation between India and the EU, climate change, energy and science and technology. The EU is India’s largest trading partner, accounting for approximately € 86 billion in trade in goods and services in 2010. Bilateral trade in goods alone rose 20 per cent between 2010 and 2011. The EU accounted for 19 per cent of India’s total exports and 14 per cent of India’s total imports in 2010. On the other hand, India accounts for 2.6 per cent of the EU’s total exports and 2.2 per cent of the EU’s total imports, indicating huge potential. The proposed FTA with EU would result in the removal of import duties on more than 90 per cent of total tariff lines. Both the sides have set a target of scaling the bilateral trade in goods and services to $200 billion by 2013. – BUSINESS STANDARD – Tata Consultancy Services, India’s largest information technology services provider, on Wednesday announced a joint venture (JV) with Mitsubishi Corporation, to increase penetration in Japan, the world’s second largest IT market. With an initial investment of $5 million from TCS, the company will have 60 per cent holding in the JV, to be named Nippon TCS Solution Centre. It will also establish a nearshore delivery centre in Japan and have 1,500 employees. – BUSINESS STANDARD – Hong Kong-based Cathay Pacific Airways on Wednesday said it would reintroduce daily flights from Delhi to Bangkok from February 14. This will be a full service flight, with a bigger seat capacity in business and economy class, the company said in a statement, adding, the airline aims at catering to the corporate and MICE travel to Thailand. – LIVEMINT – India’s fourth largest tyre maker CEAT Ltd, an RPG Group company, plans to set up a tyre manufacturing plant in Bangladesh. The company, according to deputy managing director Anant Goenka, will invest about $ 50 million to set up the new facility. This is one of the largest manufacturing investments in Bangladesh by an Indian firm, and the first by an Indian tyre maker. CEAT plans to employ 550 people in the first phase of manufacturing, and aims to start production by end-2013. – FINANCIAL EXPRESS – Myanmar has the world's worst legal system for doing business, retaining a position it has held for the last five years despite recent reforms, according to a report released yesterday. It remains "the country offering the least legal protection for foreign companies", said British risk analysis group Maplecroft, in a warning to investors attracted by the prospect of Western sanctions being lifted. Other poor performers on the annual ranking of 197 countries included North Korea, Somalia, Cuba, Afghanistan, Syria and Cambodia - but resource-rich Myanmar is singled out for posing "significant operational and strategic risks". Ongoing uncertainty in the energy-rich Middle East and North Africa "has made Myanmar's hydrocarbon resources even more attractive globally," it said, but warned improvements in the legal climate were urgently needed. Infrastructure problems, the absence of a law governing foreign investment and the urgent need for banking reform remain key entry barriers.