Singapore sealed its first-ever agreement with Papua New Guinea on December 8, allowing Singaporean companies to purchase carbon credits from projects in Papua New Guinea to offset a portion of their carbon tax liability. The agreement, signed at the COP28 climate conference, is deemed significant as both nations are part of the Alliance of Small Island States (Aosis). Minister for Sustainability and the Environment, Grace Fu, signed the agreement alongside her counterpart, Papua New Guinea’s Minister for Environment, Conservation, and Climate Change, Simo Kilepa. The accord mandates pr
Prime Minister Narendra Modi, during his inaugural address at the Uttarakhand Global Investors Summit, expressed confidence that India would secure a position among the world's top three economies in his anticipated third term. Addressing over 1,000 investors and delegates at the summit themed 'Peace to Prosperity,' Modi highlighted India's recent development milestones, including lifting over 13 crore people out of poverty in the last five years. Encouraging a 'Vocal for Local' approach, he urged businesses to focus on capacity building, strengthen export-oriented manufacturing, and reduc
Singapore has inked a historic free trade agreement (FTA) with four South American countries—Argentina, Brazil, Paraguay, and Uruguay—a group known by the Spanish acronym Mercosur. This marks Singapore's first trade pact with these nations and Mercosur's first such deal with a South-east Asian nation. The Mercosur-Singapore Free Trade Agreement (MCSFTA) aims to facilitate increased trade by reducing tariffs and establishing transparent investment conditions. The agreement, signed at the 63rd Summit of Heads of State of Mercosur and Associate States in Rio de Janeiro, Brazil, targets
Indian Prime Minister Narendra Modi announced a $250 million Line of Credit (LoC) to Kenya for the modernization of its agriculture sector. The announcement came following extensive discussions with Kenyan President William Samoei Ruto, who is on a three-day visit to India aimed at enhancing overall relations between the two nations. In its foreign policy, India has always given high priority to Africa and has expanded its overall ties with the continent on a mission mode in the last nearly one decade, Modi said in his media statement after the talks. During the talks, both leaders ackn
In a bid to draw in more tourists, Thailand’s cabinet has approved a ministerial regulation that extends the opening hours of nightclubs and entertainment venues in key tourist hotspots. This latest initiative is part of the government's ongoing efforts to attract more visitors and boost economic growth. Under the new regulation, entertainment establishments, including clubs, karaoke bars and other venues in popular tourist destinations such as Phuket, Bangkok, Pattaya, Chiang Mai, and Samui will now be permitted to stay open for an additional two hours. Thereby extending their opening h
The Karnataka government has approved 62 industrial investment proposals valued at Rs 3,607.19 crore, aiming to generate employment for 10,755 individuals within the state. These proposals received approval from the State Level Single Window Clearance Committee, headed by Large and Medium Industries and Infrastructure Development Minister, Mr. M. B. Patil, during a meeting held on Tuesday. Key investors involved in these approved projects include Texcon Steels, Hundri Sugars and Ethanol Private Limited, Bren Life Sciences, Alpine Ethanol, Virupaksha Laboratories, and Qualcomm India, amo
Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz said that the kingdom has discovered two new natural gas fields in the Empty Quarter region. Prince Abdulaziz said the discovery of the Al-Hiran natural gas field was confirmed after gas flowed from the Hanifa reservoir at a rate of 30 million standard cubic feet per day, and 1,600 barrels of condensates daily. "Natural gas was also discovered in five reservoirs in previously discovered fields," the agency added, citing the minister. The discovery is set to reshape the landscape of Saudi Arabia’s energy r
The German government pledged to invest four billion euros in the Africa-EU Green Energy Initiative until 2030, with Chancellor Olaf Scholz saying that African countries should benefit more from their wealth of raw materials. Scholz discussed the pledge at a news conference on the G20 Compact with Africa summit in Berlin. He did not mention any specific projects but said the materials used in green energy should be processed in the African nations they come from. “This is about investments that pay off for both sides,” Scholz told delegates. “For example, on the road to climate ne
As many as 94,332 Indian tourists visited Singapore in October, up from 81,014 in the preceding month, said a media report on Tuesday. This surge positioned India as Singapore's third-largest tourist-generating market, surpassing Malaysia and Australia. According to the data released by the Singapore Tourism Board (STB), "A total of 94,332 Indian tourists visited Singapore in October, up from 81,014 in the preceding month. It took over countries such as Malaysia and Australia." Despite the impressive surge from India, Singapore's overall international visitor arrivals dipped to 1,125,94
South Korea is set to enhance its allure for foreign shoppers by doubling tax refund benefits starting in January. Finance Minister Choo Kyung-ho announced plans to raise the maximum limit for tax refunds on domestic purchases made by foreign tourists. Currently limited to 500,000 won ($370) per local purchase and 2.5 million won in total, the new policy aims to boost consumer spending amid a growing tourist influx. Under the proposed changes, the maximum refundable amount will be doubled, allowing foreign tourists to claim up to one million won (S$1,000) per local purchase and five millio