| | OCTOBER 20239IN FOCUSUAE, THAILAND CEPA TO STRENGHTEN BILATERAL TIESKOREA FIRM SOLIS-IDC TO INVEST $2 BILLION IN INDIAIn a historic move, South Korean technology juggernaut SOLIS-IDC has revealed plans to spend $2 billion in India to build a cutting-edge data center. The corporation has hired the Global Forum for Policy and Strategy (GFPS) Advisory to help with negotiations and representations in the Indian market.SOLIS-IDC's decision to make this large investment in India reflects the country's emerging IT scene, expanding digital economy, and rising need for data storage and processing capabilities. Once operational, the data center is planned to serve a variety of industries, including e-commerce, cloud computing, finance, and others.The appointment of GFPS Advisory, a prominent consultancy firm with a track record of facilitating foreign investments, underscores SOLISIDC's commitment to ensuring a seamless entry into the Indian market. Ashish Jain, Chairman of GFPS, and, Suresh Sharma, President of GFPS will be spearheading negotiations and representations on behalf of SOLIS-IDC in India, as per ANI.In a statement, GFPS expressed their enthusiasm for this collaboration, highlighting the potential for mutual growth and benefit. "India is a key market for SOLISIDC, and we are excited to contribute to the country's digital transformation journey," said the statement. "Our state-of-the-art data center will not only create job opportunities but also enhance India's data infrastructure, serving the needs of businesses and consumers alike."SOLISIDC is well-known for its cutting-edge technological solutions, which include high-performance servers, data storage systems, and data management services. The company's plan to invest in India is likely to have far-reaching ramifications for the country's digital ecosystem, given its significant position in the global tech sector. The UAE-Thailand Comprehensive Economic Partnership Agreement (CEPA) will add $300 million to the Thai GDP, a top envoy said in Abu Dhabi as yet another negotiation round is underway in Bangkok this week. Sorayut Chasombat, Ambassador of Thailand to the UAE, noted that completion of CEPA and strong participation in the upcoming COP28 are his top priorities in the coming months."We want to be a strong partner of the UAE in this region. We recognise the UAE's role in this part of the world in promoting peace, stability, and prosperity within the region," Chasombat said during a media briefing at the Royal Thai Embassy.Chasombat arrived in the UAE in December 2022 and presented his credentials to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, in February. The negotiations to establish a CEPA free trade deal commenced in May. Chasombat noted that another round of negotiations is underway in Bangkok and will conclude this week. "We hope to hear the good news," said Chasombat, who is also the chairman of the ASEAN Committee in Abu Dhabi (ACAD) ­ a body of representatives of the Association of Southeast Asian Nations (ASEAN) member states in the UAE, as per khaleejtimes."We would be the third country in ASEAN to ink the agreement with the UAE. Trade with the UAE is very important to us."Last year, the UAE was Thailand's largest trading partner in the Arab world and ranked 13th globally. In 2022, bilateral trade amounted to $20 billion. Non-oil trade between the two countries reached $6.1 billion, up 21 per cent from 2021. Chasombat pointed out that the implementation of CEPA will bolster bilateral relations to another level."With the completion of CEPA, it will add at least $300 million to the Thai GDP. It will add at least $250 million to the bilateral trade between the two countries".
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