Economic Growth in Thailand

  

Economic Growth in Thailand

Thailand is presently industrialized country. It exports lots of product to increase its GDP. The economy o f the country has grown to 6.5 % in the last the last year. In growing the GDP of Thailand the main sectors are industries and services. Moreover, Thailand gets 8.4% of its GDP from agriculture sector. The mining and construction sector add 3.4% to the GDP of the country. Telecommunications and IT services are also growing in the country. The unemployment rate in the country is low and servicing sector of the country is getting much involved in growing GDP of the country.

Agriculture Forestry and Fishing
Thailand has grown its agriculture sector to improve its GDP. The sector employed over 70% of the population in 1980s. Later in 2008, forestry and fishing added much to GDP of the country. Rice is produced at large scale in the country. The country stands among the largest rice exporters to the world. Fish exports are also grown up at the present. The fishing industry provides employment to over 300000 people in the country. So far as forest industry is concerned, the country has got a big blow by placing 25 percent of its area for forests.
Manufacturing Industry
Manufacturing industry of Thailand employs 14% of the population of the country. The industry adds 34.5 percent of the GDP of the country. The industry has got a big blow from 1995 to 2005.
Electronics Industry
15 % of total exports of Thailand include electronic devices. In 2009 the country exported over $33 billion worth electronic products. Hard Disks are manufactured at large scale in the country. In addition the television and radio are also a great source of GDP production in the country. The country is getting a boom in electronic industry. Lots of DSP chips are being made in Thailand and country is determined to improve its electronic sector. With the advancement in technologies the country is also looking for change in production of electrical products.
Automobile Industry
Thailand Automobile industry stands among the leading automobile industries in the world. The country exports over 1.15 million vehicles each year. The leading brands in the country are BMW, Ford, General Motors, Honda, Mazda, Isuzu, MG, Nissan, Mitsubishi, Tata, Toyota, Volvo, Mercedes-Benz and Daihatsu. The country is gaining a huge profit by making developments in this industry. The investors are making way to invest in this sector of the country as the country is known of production of high quality vehicles across the world.
Tourism Industry
Tourism adds much to the GDP of the country. Since 2002, the industry has given a big blow to the growth of the country. The tourism in the country has increased in the country in the last decade. At average over 15 million tourists visit Thailand each year. The country stands in the line of emerging countries and having a grown up GDP value. Investors are getting a chance to invest in different sectors of the country as well.

 

Financial Growth in China

  

Financial Growth in China

Economy of China

The socialist market of China is considered as the world's second largest economy which is nominated by GDP (Gross development product). China has increased its economy rate rapidly in the world that is why it is nominated as world's fastest growing economy with the growth rate which is 10% increased within the last thirty years. China's people sector is accounted for bigger shares of the national economy due the reason of its historical and political facts of developing country. China is popular for the manufacturing in the global and is included in the export of goods at a large scale. China is known for the fastest growing consumer market of the world and is also considered as second highest importer of the goods in the world. It is an importer of service products. China is the most popular and largest trading nation in the whole world and plays an important role in t6he international trading and is increasingly bounded towards the trading organizations in the past years. China was includes as a member of the World trade organization in the year 2001.
China is offering the free trade agreements with some of the nations which include South Korea, Australia, New Zealand, Pakistan and Switzer land. The provinces in the coastal region of China are increasing their scale for industries and more industrialized whereas regions in the hinterland area of the China are not much developed. As we know the importance of the China for the economic growth has increased so the country has attention health and structure of the economy. The goal of the China for the material is average for the well of the society in 2021. At the beginning of 2010's China became sole Asian nation consisting of GDP (Gross development product) above the 10 trillion marks with some of the European countries and United States. The economy of the China has initiated as the Asian Infrastructure investment bank from the past years in 2015. From the other aspects China is criticized by the Western media for its unfair practices of the trade which include intellectual property, artificial currency devaluation. In 2015 it was shown that china is getting slow in its economic growth. The main slow down was held in the industries such as coal, steel and cement in the auto industry as decreased sales.
Regional Economies of the China:
Chinas transport system make the differences and has affect the natural and human resources and that is why the industrial infra structure has produced a lot of changes in the regional economies of China.
Regional Development:
Following are some of the strategies which are considered as the poorer regions of the China relatively than the other regions:
Third Front:
Focused on the South Western provinces.
China Western Development:
It is designed to increase the condition or situation of the western provinces by the way of capital investment and development of natural human resources.
Go Global:
It is the way to encourage its enterprises to invest overseas.
Unfortunately the nationalist US President Trump has been ripping up trade agreements and treaties seems against global cooporation and started a trade war with China imposing protectionist tariffs on $250 Billion in Goods, it's hard to have a positive outlook in these testing times.

Financial Developments of Asian Market

  

Financial Development in Asia

Financial Development in Asia:

Financial Development of a country is a part of private sector development to stimulate economic growth and to reduce poverty. Financial sector is the set of institutions, markets and instruments which play significant role in Economic Growth of a country. Fortunately, Asian Financial market has succeeded to assemble the efficient and significant financial systems. The financial systems in the growth of economy by counties of Asian market are transportations, Information Technology services, Trade, Retail, Banking, Agriculture and many other important things. Development in Asian financial system plays a great role the rapid development of equity markets and to reduce extent bond markets.
Financial Growth of China:
China is one of the largest and most advanced economies of the world. Reforms regarding Economic growth and market began in 1978 and were carried out in two stages; first in the late 1970s and early 1980s, and second late 1980s and early 1990s. The first type of reforms of financial growth involved agriculture, opening up to the foreign investments and permissions to start businesses. The second type of economic reforms refer to Privatization and contracting of state owned industry, protectionist policies, price controls, regulations, banking and petroleum. The success of these financial policies resulted in the growth of advanced economic society and reduced poverty.
Financial Growth of Japan:
There is a role of Banking and Stock markets in the economic and financial development of Japan. The main elements of the economic growth are Commercial Banking systems, extended loans to businesses, Dealing Foreign Exchange and Government owned financial institutions. The traditional banking system of Japan began in the late 1980s with commercial banks, regional banks, saving banks and other specialized institutions. Government Financial Institutions are able to collect more deposits and accounts playing a vital role in developing economical sectors.
Financial Development of India:
Financial or economic development of India mainly resulted from the growth of important industries in India. These important industries like Banks and Insurance, Agriculture, Trading Sectors, Transportation, Information Technology and Business processes. The progress and improvements in all these sectors help in making India one of the largest economies of the world. The economy of India today has felt many negative aspects but the economists are hoping to cope with those economic aspects.
Financial Development of Hong Kong:
Hong Kong is one of the economies of Asian market. Hong Kong has many incorporated network of institutions and systems which provide a wide variety of financial products and financial services. In Hong Kong, there is the emphasis on the Rule of Fair Market and Taxation System. Hong Kong' financial services contribute 17% of the city's Gross Domestic product. There are no limitations to foreign market and foreign businesses.
Financial development of Singapore:
The Financial Sector Development Fund was established in 1999 and the objective of this Fund is to promote Singapore as a financial sector, to develop and improve the skills for financial services, to support the Research based institutions and to develop Infra structure for financial services of Singapore. This Fund along with many other factors was significant in the economic development of Singapore.

 

Financial growth in Indonesia

  
gojek
Indonesia has four unicorns, all tech startups worth over $1 billion: ride-hailing Go-Jek, travel site Traveloka, and market places Bukalapak and Tokopedia. We can expect more unicorns to come from Indonesia once they improve things like transport (roads, rail, MRT, airports), internet (need more speed), decent electrical connections that don't suffer power cuts which bring tech companies to a standstill as mobile connections cannot handle the data volume of broadband, at least not until 5G is fully in use.

Indonesia contains the largest economy in South Asia and is emerged as one of the best market in the world. It is considered as the top 16th largest economy in the world by nominal GDP. Indonesia still depends upon the government budget spending, but from the recent years the economy of Indonesia is controlled by Private Indonesians from some foreign companies. In the financial as well as economic crisis that starts in the mid 1997 the government has taken custody of the significant portion of the private sectors. Since 1999 economy gets recovered and growth has improved and increased to over 4-6% in the recent past years.
Economy in new order:
There was high level of economic development in from 1987 to 1997 marked a lot of structural weakness in Indonesia. In the terms of corruption and weakness the economic growth became a high level, severe public through misconduct of financial sector. Corruption gradually goes on increasing with the passage of time as result of which the permissible system became very fragile, and there was no efficient way to put into effect contracts. Non traffic barriers, domestic subsides, barriers in domestic deals and sell overseas restrictions, all these things create the harmful aspect upon economy of Indonesia.
Financial Crisis:
Financial crisis in Asia started to badly affect the economy of Indonesia in the mid of 1997 which became financial and political calamities. Severe effects were produced due to financial along with the economic crisis. By the end of 1997, quick currency reduction was seen and public debt reached to $60 bin imposing some stress on the government' budget. Since 1998 a real GDP (Gross domestic product) contracted to 13.1%. The financial system reached its lowest point in the mid of 1999 and GDP for the whole year was about 0.8%. Inflation mounted up to 72% in the year 1998 but slow down by 2% in next year.
Investment:
Since late 1980s Indonesia had made some changes to meet economic needs and to encourage the economic growth. This growth was done by some financial support from some private investments both foreign and domestic. US investors highlight oil and gas sectors and some of the largest Indonesian projects regarding to Mining Projects. The presence of US banks, manufactures and service providers expanded especially after financial and industrial sector changes of the 1998. The economic crisis created continued private financing which creates problems too. The crisis further became more prominent in those areas where the additional changes were required. Indonesia again gains the investment grading rating from Fitch rating in late 2011, after losing the investment grade in December 1997 in the financial crisis while doing this Indonesia spent more than above Rp450 trillion.
Economic relations with the United States:
There is a relation between Indonesia and United states for the sort of business in which they get the things import and export. US exports to Indonesia in the late 1999 totaled $2.0 billion. The main exports of the US towards Indonesia were machines, chemicals, equipments for transportation, petroleum, natural rubber, footwear, equipments for construction, aviation parts, agricultural products, petroleum

 

Economies of Asian Countries progressing

  

Economies of Asian Countries progressing

Asia is the fastest growing economic region and continental region by GDP in the world. Asian Economy comprises of 4.4 billion people living in 49 different states. 4.4 billion 60% of the world's population. The comparison of the economies which are the part of Asian Economic Market is of great importance. These countries are China, Japan, India, Singapore, and Hong Kong.

Economy of Japan:
Japan was richest and most powerful economy of Asia for many years. Japan economy was the first Asian economy to industrialize and emerge. After World War 2, the economy of Japan was restructured with the close corporations of Government and banks. Japan then exported with the help of those corporations and is still exporting a large number of high quality products. Most economists describe that the best way to compare the living standards is to measure GDP per person at the purchasing system, which adjust for the differences in the standards of living in each country. Japan's economy was overtaken by Singapore in 1993, Hong Kong in 1997, and by Taiwan in 2010. Asia's so-called and newly industrialized economies are now richer than Japan.
Economy of India and China:
The two fastest growing major economies are India and China. The Economy of these countries play an important role in rapid growth and industrialization. The Industries of India such as Agriculture Industry, Transportation Industry, Trade Industry, and Banking Industry are merely the source of economy and contributes to the national GDP.
The economic growth of China was fueled by the production of Bamboo network. Bamboo network is the network of Chinese Businesses of the people operating business in markets and sharing similar cultural backgrounds. This bamboo network of Chinese businesses expanded after the migration of Chinese refugees to South East Asia.
Economy of Singapore:
Economy of Singapore is one of the rapid growing economies as well. Singapore emerged as economic growth economy after it gained Independence in 1965. The Government of Singapore established export oriented industries and multi racial workforce by encouraging foreign investors. The Government of Singapore also plays a prominent role in setting business and market trends and increasing the economic growth. Singapore, now-a-days is one of the richest countries of the world in terms of GDP and GNI per Capita.
Economy of Korea:
Most of the Korean imports especially in South Korea were granted by foreign aids. However, the increase in the economic growth came from the import system and assistance from the foreign companies and industrialization products and departments.

 

Role of Technology in Asian Economy

  

drone tech asia

Economic theory reveals that one Economy is a Technological Innovator while another Economy is the Technology Adopter. It refers to the idea that the innovations in the industry of Technology play a significant role in the economic growth and financial development of any country or region. The two basic models of Advanced Technology are Innovations and Adoption. Innovations are the models which are the new technological methods invented to grow economy and Adoptions are the models which stress on learning some methods and strategies from other largest economies and inheriting those methods

The Global Automotive Industry and Automotive production centers are prominent in emerging developed economies of Asia. This industry considered the consumer demands with regards to Styling, Safety, Maintenance, Comfort and Manufacturing Efficiency. The Automobile countries of Asian region are China, India, Indonesia and Thailand.
Thailand is the largest automobile export industry of Asia. It is growing very fast with the International trade systems. Indian Automobile Industry is also very prominent because it caters very efficiently with the domestic and external demands of consumers. Indonesian Industry of Automobile is the set dominated by three major Car manufacturers of Japan and contributing to exports and economic growth. Moreover, advancements in the Security, Quality and Specialization of automotive products is very necessary in the economic growth and number of serious customers.
Internet has also increased the rate of economic growth with its effective trends. Internet serves as a vast range in the economic activity. Internet provides millions of daily online transactions and communications, smart phone downloads and TV shows which contribute to the global growth, productivity and employment. Large firms are managed through internet and those online firms are contributing to the economic growth of Asia. Internet Access also increases the growth in the Education field. With the use of internet common people as well as business people are facilitated because they can conduct large scale business firms and can get plenty of information in very little time. One of the researches demonstrates that the web accounts of India, Brazil, China, South Korea and Sweden prove as the significant models of growth of global GDP. The internet accounted 21% GDP (Gross Domestic Production) growth in the last five years among developed economies.
The advancements in cell phone accessories also contribute to the economy of a region. The well known cell phone largest companies are introducing new products and innovations in the previous models to catch the attention of customers. In 2014, mobile technologies and services generated 4.7 percent of the GDP in Asia. Moreover in 2014, the industry encourages public funding and contributes $130 billion in the form of general taxation. South Korea has well known mobile companies such as Samsung and LG.
TV and Entertainment services also pay attention to the economic growth and export systems. Taiwan is one of the Asian countries with the top competitive and free media. Cable Televisions, Newspapers, music, political channels, Radio, Magazines and Periodicals are the part of Taiwan media.

 

Trends in South Korean Market

  

Trends in South Korean Market

South Korea is one of the developing countries in Asia. Besides China and India, the country has a wide spread history which is found in its culture and customs. In the past the country faced lots of economical challenges but due to growth of several sectors in the area, the country has got a great economical health. At present, the country stands among the leading countries of the world.

Confucian Concepts of Etiquettes:
Confucius is one of the major trends to do business in South Korea. Confucius refers to the system of political and social ethics by a Chinese Philosopher emphasizing order, moderation and difference between superiors and sub ordinates. The business relationships in South Korea are formed with respect to the maximum age, best education and authoritative skills and capabilities. Korean business person will ask you about many facts such as marital status, age, qualification, educational grades, experience and many other things before making business interactions and relationships. Their queries will also inform how they are treating you.
Secured Relationships:
South Korean people avoid doing business with strange people. Unless, they do not trust you or do not have close and secured relationship, they would not share any data or information related to their company. Number of non-business conversations and interactions will help to get acquainted with the business people and to build a trustful relationship. These little talks will also help you to decide whether to start business with the related company or person or not. And also satisfy their queries in deciding to form business connections.
Socialization:
The best way to know the business people and their concerns is to socialize with them outside of the business departments and companies. Lunch, dinners, shopping and other informal occasions are very helpful to know each other personally and to understand their demands and concerns.
Business Punctuality:
South Korea is one of the countries with the good sense and implementation of business punctuality. Arriving in meetings and business conferences is one of the way of punctual business processes. Moreover, in South Korea the trend of business cards is very common. Business cards are the great source of information of the person you are meeting for business concerns. Information including your title, educational qualifications, your current position and requirements can be understood very easily through business cards.
The Bow and the Handshake:
It is the custom of South Korea to bow or shake hands and a symbol of respect by South Korean people. If you are meeting someone who is elder than you, it is customary for you to begin the bow. Shaking hands with both hands is regarded as a sign of respect.
Investors are looking at the trends of the South Korean market. The country welcomes the investors for investment in several sectors like agriculture, mining, fishing, automobile, electronics and manufacturing. It is good way of investment for investors to get interested in the South Korean finance market and get a huge result.

 

China and Business

  

china business shanghai

The Chinese economy is the second largest in the world and this offers many beneficial offers to business entrepreneur from the western world. The current economy of the country makes it the most ideal for young western business men and women. The best business ideas to incorporate in the country stems from those of the western world and modified to bettersuite the culture of the eastern world.

The education field is dominated by the Universities in China however, there is great opportunity for foreign educators and education providers. You will need to get proper licensing for the ministry of education of the country but this can be easily accomplished with the aid of a Chinese partner. This vast amount of plenty as it relates to opportunities not only exists for the entrepreneurs of the education field but also for many other small business owners. Small wine companies will succeed in this economy. The Chinese market for wines has recently seen an increase in the accessibility of foreign wines. The Chinese people have not yet become very picky about the wines they partake of.
Many of China's people are becoming city dwellers looking to enjoy what tech and the twenty first century provides. This leads Chinese people to migrate to their cities. It also creates a need for more convenient food and the quality of brand names. This open up the market for processed food importers. There is also the need for green tech and materials regardless of the country having the world's largest construction industry. The country is a leader in the solar energy game.
The Chinese population is quite aged and this creates the need for better medical devices. Foreign entities that supply medical devices of the highest tech have found a very lucrative market in this country. The major problems that these providers face is the intellectual property and registration of products and the pricing of those products. China tops the Asian travel market and it is growing exponentially. The government of the country has extended the tourist season in hopes of attracting more visitors and providing more opportunities for travel.
The economy of China can be described as explosive and as such, business owners may need the aid of consulting firms and consultants. The aid needed may include human resource, investment and legal consulting. This is a first in the country's history as their former economy had no room for this. The resources native to the land are still hard to come by. The booming economy of the country creates a need for high tech security. The providers of high tech security systems also have very lucrative opportunities for great business success.
The aviation sector of China's government is expected and predicted to purchase over four hundred and eighty billion dollars' worth of aviation equipment.Manufactures of aviation parts will have a market that they will reap success created by the purchase forecast of the country's aviation sector. Chocolate is a treat that the entire country enjoys and very picky about. The business of chocolate as it relates to the Chinese government is a booming one with customer looking to satisfy their desire for chocolatey delights. Products of every quality have found a place in this countries market. The importers of this delicious treat have a market to do business that is so radical it is open to almost every and any professionally created chocolate product.
The economy of china is one that is so diverse that it is virtually compatible with the businesses of the western world. There are a few things to consider when preparing to do business in the Chinese economy. It is important to study and accept the business practices of the country. You have to ensure you have a government approved plan of business. Ensure you partner up with someone from the country to make transition of your business smooth and effortlessly. It might be time consuming to trademark but you should do so to your ideas and may be the most important thing is to hire locals with all types and needed experiences. Patients will be a determining factor in your business' success in this country still so governed by tradition. Any attitude that will contradict the rules of the nation will only serve to ensure any and all your business ventures fail.

 

China stake in London gold vault

  

gold bars

Located in an undisclosed section within London is Europe's biggest and heavily protected gold vault. Its security is the best in the world and known to investment circles as the mini version for Fort Knox. Its roof is secured by electrified currents that can hold back all forms of assault and thievery. It has blast doors able to withstand grenades that are of military grade and with the firepower of a rocket launcher. It has state of the art fingerprint sensors able to detect blood flows within your veins and body system. The gold vault once belonged to Barclays who was the rightful owner of the vault for 4 years.

For a period, ownership of the vault was transferred to the overseas representatives for China's ICBC Standard bank in 2016. The vault has a storage capacity of $80 billion worth of gold bullions. Barclays handed over the keys after conclusion of the deal. None of the terms, pricing arrangements and deal details were disclosed to the public and remain a closely held secret. It is within Barclays strategy to slowly offload assets related to the commodities business in order to focus on its core commercial banking activities.
ICBC Bank, the Chinese national bank sought to purchase the facility in order to facilitate expansion plans and reach to the heart of London. Their aim is to solidify its status and force as a main price setter for various rare earths commodities right from gold up to nickel. London has long been the traditional gateway for trading gold bullion and has remained as the capital for hundreds of years. The physical trading for precious metals hub will remain in London despite rumors speculating the shift in demand to eastern world. Precious metals investors' number one concern is safety of their physical gold under their name, as commented by former executive for Barclays commodities section. London is the prime place for gold storage which offers highest safety and ease of mind.
There has been more than $5 trillion worth of transacted gold volume cleared in London alone, with increasing volume year on year over past years. ICBC officially became part member for e-clearing system mainly in the precious metals trade located in London, one of the first new member since 2005. ICBC Standard commodities head Mr Mark Buncombe commented that gaining membership status will spur better execution of the bank in the precious metals trading market. London has been the main physical gold trade clearing hub. However, China became the globally largest gold consumer, surpassing India who long held the pole position. Shanghai Gold Exchanges recently launched a brand new benchmark pricing to go head to head with London Gold Price standard.
Many western banks were cutting back on commodities trading business segment due to increased regulatory burden from various banking regulators since the global financial crisis. Barclays had once been fined 26 million pounds about 2 year back by UK financial authority due to manipulation of gold bullion price setting mechanism by one rogue trader. It is a serious manipulation due to the widespread reliance on the price by parties ranging from established banks to jewelers in the gold trade.
A complete overhaul was made to the 100 year old gold price setting system and transition was made to the digital world. UK regulatory bodies now heavily regulate the gold and silver pricing benchmarks. Barclays has been mulling a potential sale for the precious metals enterprise segment and are evaluating proposals from multiple fronts. It is no longer a potential viable profit generating business segment and Barclays will be willing to offload the businesses should an attractive offer come by.
 
ICBC Standard Bank is a leading financial markets and commodities bank that benefits from its unique Chinese and African parentage. We provide a strategic global markets position and an unparalleled level of expertise.  Headquartered in London, ICBC Standard Bank Plc also has operations in Dubai, Hong Kong, Shanghai, Singapore, New York, and Tokyo.

On 1 February 2015, Industrial and Commercial Bank of China Limited (ICBC) acquired a controlling stake in Standard Bank's London-based Global Markets business. The acquisition included Standard Bank Plc, the Standard Bank Group's UK subsidiary and the primary legal entity in the UK, as well as other international operations. Standard Bank Plc was subsequently renamed ICBC Standard Bank Plc to incorporate the new parentage.

The union of ICBC and Standard Bank creates a platform to serve the growing demands of Chinese clients for global commodities, fixed income, currency and equities products while continuing as a distribution platform for African risk.

Economic partnership between Powerhouses

  

handshake

In December 2017 foreign ministers of Russia, India, and China met for their fifteenth ministerial trilateral meeting in New Delhi. They want to boost further bilateral relations and trade.

China, India and Russia economic influence has been on the rise. Along with another emerging economy Brazil, China as well as India will attain the status as global dominant suppliers for manufactured goods as well as services, while Russia and Brazil plays a key role as raw materials suppliers for the upcoming decades to come. Russia became a key exporter of energy as well as military supply for India and China. Efficiency of trade is achieved due to close proximity between the 3 powerhouse nations. For years they have forged a beneficial trade partnership for all parties. Overall economic growth within Asia was spurred by the economic trades and partnerships. It is imperative for the economic partnership to remain solid for many years to come in order to power up growth for the whole Asian region. Did you know BRIC is an acronym for countries of Brazil, Russia, India and China.
China and Russia trade relationship have come a long way. In 2009, Transneft, the government owned monopoly for state oil pipeline, declared that the 2 countries had signed a 20 year energy deal worth $25 billion that will see Russia supplying fifteen million tons worth of oil and China in return providing government loans. OAO Rosneft and Transneft will be the loan benediciaries with each receiving $15 billion and $10 billion respectively. The pipeline stretches from west of Siberia, about 45 miles up north from China Russian country broders. China views the deal as being able to reduce oil import risks. Vladimir Putin commended on the deal as a win for steady oil market for Russia. Russia is on track to be China's largest supplier for energy within the coming 10 to 15 years as commented by Vice Prime Minister for Russia. The deal will catapult Russia as the biggest oil market in Asia.
India and Russia were established trade partners for many years. India has been sourcing military weapons from Russia, which includes planes, tanks as well as nuclear power. India's economy is powered by the services sectors and lacks natural resources. India will need 3 times the amount of oil it currently consumes. It needs new energy source and supplies or else its economic growth will stutter. India has partnered with Russia for its oil supplies and Russia is also dependent on India for steady oil and military contract revenues. It is estimated that total exports for military items and goods totaled $35 billion over a span of 40 years. Russia and India share military intelligence and technology for mutual benefits via production and sharing agreements. The latest venture is partnership to produce fighter aircrafts that will last for 50 years. The ultimate aim is to develop cutting edge technology and to greatly cut down production costs in order to mass manufacture the jets. It is currently developing the 5th generation aircraft and good progress has been made.
China, India and Russia's influence on the global scene cannot be underestimated for the coming years in the future. By 2050, together with Brazil, these 4 economies will be richer than current superpowers in the West. Each country has their strengths and unique growth engine. China's large surplus in its current account, Russia's abundance of raw materials and India's professional and well established services sector especially IT software and technology are prime evidence of focusing on their existing specializations and grow as a whole by fostering solid partnerships in economic terms in order to promote smooth trade and deals.
It is a matter of time before the 3 nations powers the growth for the whole world. They are becoming more dominant and have the capability to produce quality goods for the benefit of consumers worldwide.

 

  
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