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2003 Motor Expo expected to boost car sales to record high
Total sales of automobiles are very likely to break a
record this year, given the industry’s recovery and continued economic
growth, according to an industry executive.
Kwanchai Papaspong, Chairman of International Media,
organizer of 2003 Motor Expo, said, “The auto industry had recovered along
with the economic growth. With the rejuvenation, total sales of vehicles
this year are projected to hit a record high.”
Kwanchai explained, “Before the economic crisis, total
sales of vehicles reached a record high of 580,000 units in 1996. But for
this year, sales are expected to be around 720,000 units. Of this, 520,000
units are predicted to be sold locally, and the remaining 200,000 will be
exported.”
The 2003 Motor Expo will be held during 29 November 29-10
December at the Impact Exhibition Hall, Muang Thong Thani in Nonthaburi
Province, with 35 automakers and importers expected to participate. It is
projected that the exhibition will draw more than 1.6 million visitors, up
from 1.5 million last year. (TNA)
New incentives offered to lure
oil trading giants
Minister of Energy Prommin Lertsuridej revealed at least
two major oil traders based in Southeast Asia have confirmed plans to move
their operations to Thailand in the wake of the government’s new plans to
make the country a regional oil trading hub in the next two years.
Esso subsidiary Exxon Mobil decided to move its regional
base to Thailand after the Board of Investment (BOI) granted its permission.
The Thai government is also considering slashing
corporate income taxes to 10 percent to be in line with that of Singapore in
order to lure oil traders and exporters. Ministry spokesman Metta
Banturngsuk said the new regulations allowing tax exemptions on raw
materials, reduced rental fees and the current corporate tax cut could be in
force within eight weeks. Other advantages for oil traders will be low
production costs and rental fees.
Energy Minister Prommin added that Shell may to shift its
operations base from the Philippines to Thailand, as may Singapore-based
Caltex. (TNA)
US sets crackdown on illegal
CDs as condition for FTA
Commerce Minister Adisai Bodharamik recently announced
that the USA has warned Thailand that it must take serious action to crack
down on illegal CDs if it wants to set up a joint Thai-US free trade area (FTA).
Speaking after meeting with Gary Edson, deputy assistant
for international economic affairs to the US president, and Karen Brook,
director of US Southeast Asian security operations, Adisai said that the US
officials had questioned him on Thailand’s readiness to establish the
joint FTA. In particular, the US officials had stressed the importance of
legislation to protect intellectual property rights and the amendment of
customs protocol.
Adisai said that he had explained that Thailand would
sign agreements on both issues during the upcoming meeting of Asia Pacific
Economic Cooperation (APEC) leaders in October. He noted that legislation on
illegal CDs had already come in for a first Parliamentary reading, while the
Ministry of Finance had already amended customs protocol in line with
international standards.
Adisai brushed off allegations that Thailand was taking
such measures simply to please the US, noting that Thailand was in the
process of establishing FTA’s with several other countries, and that as a
result it was necessary to amend regulations to smooth the way for increased
trade. (TNA)
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