AUGUSTASIA BUSINESS OUTLOOK8NEWSROOMFOXCONN RECEIVES LICENCE TO FUND $ 551 MILLION IN VIETNAMThe General Civil Aviation Authority (GCAA) of the United Arab Emirates conducted Air Services Consultation meetings with the Civil Aviation Authority of China (CAAC) in Beijing on July 16th and 17th.The goal was to improve bilateral air travel relationships between the two nations and boost air connections. Saif Mohammed Al Suwaidi, Director-General of the GCAA, headed the delegation from the UAE. The talks led to the official agreement on a Memorandum of Understanding (MoU) aiming to boost air links between UAE and China airports.Furthermore, there was a mutual agreement to increase cooperation and collaboration in the civil aviation industry and to investigate new projects that could improve the aviation sector relations.Saif Mohammed Al Suwaidi, Director-General of the GCAA, emphasized the authority's commitment to improving air transport services, strengthening international presence, and enhancing air connectivity for the UAE's national carriers in this context. He praised the agreements made in the discussions, predicting a significant positive effect on the shared economic sectors.He highlighted the importance of working together and sharing knowledge between both nations in fields such as aviation security, safety, air transport, the aviation industry, and investments in the aviation sector. Foxconn Singapore has received approval to invest $551 million in two projects for manufacturing smart entertainment products and smart-system equipment in Vietnam's Quang Ninh province, according to sources.The firm has put over $3.2 billion into Vietnam since its initial presence in the Southeast Asian nation in the 2000s. The majority of its factories are situated in the northern regions of Bac Ninh and Bac Giang. In the previous month, it was reported by Vietnamese state media that Foxconn had been granted a license to invest $383 million in a facility for manufacturing printed circuit boards.As per the investment certificate, both projects are scheduled to finish construction by July, 2026. Following the installation and trial run of machinery, official production was scheduled to begin in May, 2027. Foxconn announced last year that it planned to put around $250 million into two new ventures in Quang Ninh, focusing on producing electric vehicle and telecom components.Foxconn Singapore, a division of the Taiwanese company, has secured approval for a $263.7 million project to manufacture smart entertainment devices, with an annual production capacity of 4.18 million units. According to the paper, the upcoming project will produce smart-system equipment on a 12.4-hectare (30.64-acre) site with a $287.2 million investment. UAE & CHINA INK MOU TO PROMOTE AIR TRANSPORT RELATIONSAUGUSTASIA BUSINESS OUTLOOK8
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