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Thailand to supply more gas to meet high demand in Myanmar
BANGKOK, June 18 – Thailand is prepared to allocate
more natural gas from the M9 gas field to Myanmar as the neighbour needs
more energy to serve the growing demand for the country’s development,
Thai Energy Minister Arak Chonlatanon said on Monday.
After his recent visit to Myanmar, the Thai minister
said that under the contract, 60 million cubic feet (MCF) of gas per day
will be delivered to Myanmar.
However, after a request from Myanmar and talks with PTT, the Thai oil
and gas conglomerate running the project, an additional 60 MCF per day
could be allocated for delivery.
Offshore block M9 is located some 300km south of Yangon in the Gulf of
Martaban.
Additionally the Electricity Generating Authority of Thailand (EGAT)
will send Myanmar two power generators, able to be run by oil or natural
gas, to serve Myanmar's electrical power demand the country is due to
host the Southeast Asia (SEA) Games and the World Economic Forum on East
Asia next year.
Energy assistance to Myanmar will not only help the neighbour but also
demonstrates goodwill as Thailand is also investing in energy in
Myanmar. A joint committee was set up to see if there are more energy
channels by which Thailand could help Myanmar, Mr Arak said.
However, energy support to Myanmar will not negatively impact Thailand's
energy security, he added.
Under the 30-year agreement, PTTEP will start producing natural gas at
300 MCF per day in block M9 in 2013. The amount of 240 MCF per day will
be delivered to PTT while the remaining 60 MCF will go to Myanmar for
domestic use. (MCOT online news)
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Thai central bank: Special measures not needed to cope with eurozone crisis
BANGKOK, June 18 – The Bank of Thailand (BoT) is
confident that the strength of the Thai financial system and economic
fundamentals are sufficient to not require issuing any special measures
in response to potential risks of the euro zone crisis.
Speaking after the first meeting of the central
bank's Monetary Policy Committee and Financial Institutions Policy
Committee on Monday, Dr Prasarn Trairatvorakul, BoT governor, said the
meeting assessed the current economic conditions and concluded that the
financial system remains stable with strong economic fundamentals.
Financial institutions are secured and liquidity in the system is
adequate to support recovery of the Thai economy, therefore the current
situation does not warrant any special measures to protect the economy.
Mr Prasarn said there is a major risk of crisis in the euro zone
countries, which lingers and may affect stability of the international
monetary market and the world economy. In the short term, it can cause
volatility to Thailand’s capital market.
Foreign currency liquidity is likely to tighten sporadically while in
the long term, the global economic slowdown can inevitably adversely
impact the Thai economy.
The meeting also discussed possible policies and instruments such as the
interest rate, the currency exchange rate, and capital flows to ease the
potential impacts on Thai economy’s stability and monetary system.
Regarding capital flow, since the beginning of this year, foreign
capital has witnessed a net inflow and there have been no signs of
irregular outflow.
Regarding the election result in Greece, the BoT governor commented that
it helps ease concerns over escalating problems and is seen as positive
to the monetary market given that the elected parties set up a coalition
government to support austerity measures.
However, he noted that it does not mean Greece’s debt crisis will be
wiped out. The establishment of the new government and Greece’s bailout
packages must be monitored.
Expertise and experience of the two committees will help assess risks
effectively and come up with proper tools to handle the situation, the
BoT governor said.
The next meeting is scheduled for December or earlier if needed. (MCOT
online news)
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Auto sales in May hit record high
BANGKOK, June 19 – Auto sales in May hit a record
high of more than 115,000 units, a 107.6 per cent increase, Toyota Motor
Thailand Senior Vice President Wuttikorn Suriyachantananon said.
Total auto sales in May were recorded at 115,943
units, including 55,983 sedans, an increase of 137.5 per cent, 59,960
vehicles for commercial purposes, an increase of 85.8 per cent.
Automotive sales in May hit a record high monthly sales volume,
resulting from the popularity of new auto models and the government’s
supportive measures. Moreover, production capacity of all automakers has
returned to normal, so they can now deliver more cars to customers, Mr
Wuttikorn said.
Pick-up trucks in particular rose 89.4 per cent to 52,155 units.
Cumulative sales in the first five months totaled 483,052 units, an
increase 33.5 per cent year-on-year. The market for sedans and vehicles
for commercial purposes grew 22.6 per cent and 42.2 per cent
respectively due to favourable domestic economic conditions with a high
auto demand registered since the beginning of this year.
The market trend in June is likely to grow constantly and the economic
crisis in the euro zone countries may not have a direct impact on the
Thai economy, but the situation must be closely monitored. (MCOT online
news)
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Cabinet to look at private sector’s economic suggestions
BANGKOK, 18 June 2012 (NNT) - The Joint Standing
Committee on Commerce, Industry and Banking has made 16 economic
suggestions to be submitted to the Cabinet during the coming mobile
meeting on 19 June 2012 in Chon Buri province.
On 18 June, Prime Minister Yingluck Shinawatra chaired a meeting of the
Joint Standing Committee on Commerce, Industry and Banking to find
solutions to local economic problems. The meeting resolved to approve 16
economic suggestions voiced by the private sector, plus three more
issues to be forwarded to the Cabinet for consideration this week.
The 16 suggestions can be summed up into five issues, including the Map
Ta Phut industrial zone in Rayong province, development of logistics and
transport networking, trade and investment promotion, water resource
management and promotion of tourism and service.
Pattani gearing up for Ar-Rahnu Serantau 2012
BANGKOK, 18 June 2012 (NNT) - The Southern Border
Provinces Administrative Center (SBPAC) is collaborating with Pattani
province and the Pattani Islamic Cooperatives in preparing the
organization of the Ar-Rahnu Serantau 2012 conference between six ASEAN
member states.
On Monday at the Pattani City Hall, Deputy Governor
of Pattani Second Lieutenant Lertkiat Wongphothiphan chaired a meeting
on the Ar-Rahnu Serantau 2012, during which preparations for the event
were discussed and the province was officially announced as host.
Chairman of the Pattani Islamic Cooperatives Den Tohmeena also attended
the meeting today.
The 6th Ar-Rahnu Serantau 2012 is a conference on Islamic financing in
the six ASEAN member states, which include Malaysia, Indonesia, Brunei,
Cambodia, Timor-Leste and Thailand. The event is scheduled from 7-8 July
2012.
The preparatory meeting also highlighted the event’s public relations
plan to draw attention from the international community and security
measures for the arriving delegates.
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PM hears more development proposals at eastern seaboard meeting
CHON BURI, 18 June 2012 (NNT) – The establishment of
a joint panel to oversee the security systems and operations of the Map
Ta Phut industrial estate as well as other development projects in the
eastern region have been proposed during today’s regional joint
public-private sector meeting in Chon Buri province.
Prime Minister Yingluck Shinawatra today chaired the 5th joint public
and private sector meeting in a bid to seek solutions to lingering
issues at the Map Ta Phut industrial estate and other economic and
infrastructure problems in the eastern region.
Federation of Thai Industries Chairman Payungsak Chartsuthipol said that
during today’s meeting, representatives from the private sector
suggested that a permanent committee to help devise better quality
control and safety measures at Map Ta Phut be set up. The committee’s
role will correspond to Section 67 Paragraph 2 of the Constitution,
regarding safety standards, environmental concerns and public health.
Additionally, the meeting discussed re-organizing city areas in Rayong
province and its neighboring provinces as well as implementing zoning
regulations. Different areas are to be divided into industrial,
residential, disaster-prone and green zones.
Proposals to build a high-speed rail from Bangkok to Rayong and Trat, to
use U-Tapao Airport as a back-up airport and to open a border checkpoint
in Trat to facilitate trade with Cambodia were also tabled at the
meeting.
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Labors encouraged to enter social security system
CHON BURI, 18 June 2012 (NNT) - Labor Minister
Phadermchai Sasomsab has instructed the social security network to
quickly promote understanding among workers who do not have social
security in a bid to encourage them to apply for the coverage.
A seminar was recently held in Chon Buri province by the Ministry of
Labor to encourage officials who work at the Social Security Office and
related agencies to try to promote better understanding of the social
security system among uncovered workers.
According to Mr Phadermchai, who chaired the seminar, over 24 million
workers in Thailand have not registered for social security benefits.
However, should they decide to apply, the Minister said they will be
able to select between two different social security plans.
The first one carries a monthly premium of 100 baht. The insured is
eligible for 200-baht compensation per day in case of illnesses or
accidents, 15-year payment for disabilities and 20,000-baht compensation
in case of death.
Under the second plan, the premium is 150 baht per day. The plan has the
same coverage as the first one, plus an additional benefit for seniors
entitled for a return of their savings upon retirement at the age of 60.
Mr. Padermchai pointed out that more than 840,000 people, who are mostly
freelancers and farmers, have recently applied for the social security
benefits.
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Commerce Ministry wants to establish rice federation in ASEAN
BANGKOK, 18 June 2012 (NNT) - The Ministry of
Commerce will be joining in a discussion with rice producers in ASEAN
about the establishment of a regional federation for rice, hoping to lay
down a joint rice management system.
Permanent Secretary for Commerce Yanyong Phuangrach said the Commerce
Ministry will soon be meeting with representatives of rice producing
nations which are also members of ASEAN. He said the discussion is to
collaboratively formulate measures to prevent the price of rice from
falling and regulate the management of such produce. The participants
will coordinate on the government, private and political levels through
a joint committee.
According to Mr. Yanyong, since ASEAN produces two-thirds of the global
rice, it is important that members of the ASEAN community do not compete
with but help one another to promote rice. He cited the much lower price
of Vietnamese rice, which has attracted buyers away from Thailand, as an
example of why ASEAN should strive for mutual growth in this industry.
Mr. Yanyong also proposed that a stock of ASEAN rice be set up, based on
mutual efforts, in order to provide rice at affordable prices for member
countries that demand a large volume of import, such as Malaysia, the
Philippines and Indonesia.
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DITP to push for a 10% increase in export of Halal food
BANGKOK, 18 June 2012 (NNT)-The Department of
International Trade Promotion Director-General Nantawan Sakuntanak said
the Halal food industry in Thailand will be upgraded to be on a par with
the international standards to further increase its export volume by
more than 10 % per year.
The DITP Director said the export of Halal food during the first quarter
of this year was worth 1.5 million US dollars, an increase of 5.3%
year-on-year. She said her department has, for this year, formulated a
plan to promote the Halal food business both inside and outside of
Thailand.
She claimed the Ministry of Commerce has reiterated the importance of
raising the standard of qualify for Halal food for the global community.
The DITP is also planning to develop a logistic system, as well as to
collect information of all Halal food products to facilitate the
exporting of the products, according to Mrs. Nantawan.
More market segments will also be sought to increase the export of the
food and business opportunity for Thai manufacturers. The DITP aims to
increase the export volume by at least 10% per year. Interested
individuals are encouraged to visit www.ditp.go.th for more information
or call 1169.
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DITP recommends orchids for export
BANGKOK, 19 June 2012 (NNT) - Department of
International Trade Promotion (DITP) has suggested that Thai exporters
export more orchids due to the rise in its price in the world market.
Deputy Minister of Commerce Poom Sarapol has disclosed that orchids’
price in the world market tends to rise in the near future due to the
decrease in its production. As a result, the DITP is urging Thai
exporters to apply new technology and innovation to the production for
varieties so that the market doesn’t saturate, and to create acceptance
and embed the high quality concept of Thai orchids in people’s minds.
Furthermore, Thai exporters should be looking to penetrate new markets
as well, such as India, Netherlands, Taiwan, Vietnam, Australia, and
Singapore.
Mr. Poom also stated that Thai orchid exporters should work together
with other agricultural product exporters to gain the competitiveness
and negotiation power in the world market, leading to the reduction in
costs.
In addition, labeling and packaging should also be standardized
according to the DITP standard. Labels promoting green-environment or
"Thai Orchids" brands should be put on the products. Exporters should
also participate in agricultural products or garden and landscape
expositions to get to know their competitors or find new distribution
channels for their products.
Should anyone be interested in the business, please call 1169 or visit
www.ditp.go.th
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PM checks up on Laem chabang port development
BANGKOK, 18 June 2012 (NNT) – The Prime Minister will
be checking up on the eastern sea board, Laem chabang port, Chonburi
province, regarding logistic system and area development before the 5th
mobile cabinet meeting is held during June 18 to June 19, 2012 .
PM Yingluck Shinawatra will be following up on Laem chabang Port
regarding logistics overview including the eastern sea board development
project and the deep-water Dawai deep-sea port improvement project.
There will be a comparative analysis between the 2 ports regarding
positive and negative impacts of both developments towards Thai
industry.
Meanwhile, the PM will be open to opinions and advice on the matter. She
will later visit Port A5-- an automobile loading dock---and freight and
cargo ships in operation at Port B1.
Accelerating the Development of Seven Eastern Provinces
BANGKOK, 18 June 2012 (NNT) - The Federation of Thai
Industries proposes the acceleration of the development of seven eastern
provinces, especially the Map Ta Phut area in Rayong.
The proposal will be submitted to the Regional Joint
Public/Private Sector Consultative Committee at the mobile Cabinet
meeting in Pattaya, Chon Buri, on 18-19 June 2012.
The Chairman of the Federation of Thai Industries, Mr. Payungsak
Chartsutipol, says that the seven eastern provinces include Rayong,
Chanthaburi, Trat, Chachoengsao, Chon Buri, Prachin Buri, and Sa Kaeo,
which are an important economic zone and generate sizable income for
Thailand.
Among the projects under this proposal is the development of the U-Tapao
Airport for commercial and tourism purposes. Another project involves
the construction of a transport network for the Bangkok-Rayong
high-speed train project, to be completed by 2017, in order to increase
the export value.
Mr. Payungsak says that the Government will be asked to speed up water
management projects to ease the drought problem, which has adversely
affected the tourism industry in the East. A budget of 50 million baht
will be sought for the establishment of an eastern water management
operation center to provide sufficient water for local consumption.
Moreover, he says, a project will be proposed for the new Map Ta Phut
town planning, in line with industrial development jointly carried out
by the public and private sectors, as well as local communities.
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Cabinet to Allocate Funds for Development Projects in Four Eastern Provinces
BANGKOK, 18 June 2012 (NNT) - The fifth mobile
Cabinet meeting, scheduled for 18-19 June 2012, at the Royal Cliff Grand
Hotel in Pattaya, Chon Buri, will allocate funds for development
projects, proposed by four provinces, namely Chon Buri, Rayong,
Chanthaburi, and Trat.
Each of the four provinces will be provided with a
fund of 100 million baht. Another 100 million baht will be allocated for
this cluster of eastern provinces, which will receive 25 million baht
each. This means that a budget of 125 million baht will be approved for
each province.
Projects to be proposed by the four provinces focus on the development
of infrastructure and tourism facilities. They include the expansion of
waterworks, road construction, the development of local stadiums, the
construction of a one-stop service center to cope with increasing
cross-border trade and tourism, water management, flood prevention, the
beachfront landscape improvement, tourism safety, the improvement of a
runway, the planting of cash crops to ease falling fruit prices, and the
development of a vocational learning center. The development of the Map
Prachan Reservoir in Bang Lamung district is among the projects to be
proposed by Chon Buri. The 30-million-baht project aims to increase tap
water production to prevent possible water shortages and cope with the
rising demand and the growing number of tourists in Pattaya beach
resort.
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PM demands for 5-point revenue building strategy to be supervised and driven
BANGKOK, 18 June 2012 (NNT) – The Prime minister has
demanded that a committee be set up to supervise and implement the
revenue building strategies for tourism industry
PM Yingluck Shinawatra said she wanted the committee to be involved in
the implementation of the 5-point revenue building strategy for tourism
and to report its progress within July 2, 2012
According to Miss Sansanee Nakpong, the Spokesperson of the OPM, the PM
insisted that all related agencies appoint the board of directors to be
responsible for the operation and implementation of the assigned 5-point
strategy of increasing revenues for the tourism industry to 2 trillion
baht in 5 years.
She added that the progress must be reported to Mr.Niwattumrong
Boonsongpaisan, Minister of the OPM by June 2, 2012. In addition, PM
stated that Thailand’s tourism websites needed to be improved and
standardized in order for foreigners to conveniently access and
correctly collect accurate information regarding Thailand’s places of
interest as well as attracting foreign entrepreneurs to invest more in
Thailand.
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DITP to push for a 10% increase in export of Halal food
BANGKOK, 18 June 2012 (NNT)-The Department of
International Trade Promotion Director-General Nantawan Sakuntanak said
the Halal food industry in Thailand will be upgraded to be on a par with
the international standards to further increase its export volume by
more than 10 % per year.
The DITP Director said the export of Halal food during the first quarter
of this year was worth 1.5 million US dollars, an increase of 5.3%
year-on-year. She said her department has, for this year, formulated a
plan to promote the Halal food business both inside and outside of
Thailand.
She claimed the Ministry of Commerce has reiterated the importance of
raising the standard of qualify for Halal food for the global community.
The DITP is also planning to develop a logistic system, as well as to
collect information of all Halal food products to facilitate the
exporting of the products, according to Mrs. Nantawan.
More market segments will also be sought to increase the export of the
food and business opportunity for Thai manufacturers. The DITP aims to
increase the export volume by at least 10% per year. Interested
individuals are encouraged to visit www.ditp.go.th for more information
or call 1169.
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One-Stop Service Center to Accommodate Increasing Border Trade in Chanthaburi
BANGKOK, 18 June 2012 (NNT) – The Cabinet, during its
mobile meeting in Pattaya on 19 June 2012, will be asked to approve the
construction of a one-stop service center at Ban Phak Kat permanent
border checkpoint in Chanthaburi province.
The project aims to accommodate increasing cross-border trade and the
growing number of tourists in advance of the realization of the ASEAN
Community in 2015.
A budget of 45 million baht is required for the construction of the
one-stop service center, which is in line with the Government’s strategy
of enhancing Thailand’s competitiveness.
When completed, the project is expected to stimulate border trade, boost
local tourism, improve the living conditions of local residents, and
promote better understanding between Thailand and Cambodia.
The Ban Phak Kat permanent border checkpoint is located in Khlong Yai
subdistrict, Pong Nam Ron district, which shares a common border with
Cambodia.
The population of Chanthaburi is more than 516,000 and the per capita
income is about 75,600 baht, the 38th highest in Thailand. The province
has set a vision to become a trading center for organic fruit and one of
the world’s most important processing and trading centers for
top-quality gemstones.
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Efforts to Push for a Rise in Thailand’s Tourism Revenue
BANGKOK, 18 June 2012 (NNT) - All relevant agencies
have been instructed to set up committees to step up efforts to achieve
the Government’s target of generating Thailand’s tourism revenue of two
trillion baht within the next five years.
The instruction was given by Prime Minister Yingluck
Shinawatra at a workshop on tourism, held at the Royal Cliff Grand Hotel
in Pattaya, Chon Buri, on 17 June 2012, prior to the mobile Cabinet
meeting, scheduled for 18-19 June.
The committees will be responsible for pushing for the implementation of
the Government’s tourism strategies to achieve the target. They will
report their operations to Minister to the Prime Minister’s Office
Niwattumrong Boonsongpaisan on 2 July 2012.
The Prime Minister called for the improvement of tourism websites to
provide accurate and useful information for tourists. She believed that
the success in the tourism business would lead to not only more tourism
income but also the good reputation of the country, thus contributing to
the development of the country in other areas.
The workshop also discussed various urgent issues, such as tourism
safety, the revision of rules and regulations in immigration procedures,
and the development of transportation routes.
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PM inspects Map Ta Phut industrial estate ahead of cabinet meeting
RAYONG, June 17 - Prime Minsiter Yingluck Shinawatra
on Sunday visited the Map Ta Phut industrial estate in Rayong ahead of
Tuesday’s cabinet meeting.
The prime minister observed an emergency evacuation
drill at the Map Ta Phut industrial estate in the eastern province of
Rayong to see the progress of an emergency response plan at the
surveillance and environmental control centre after a fire at the
compound of the BST Elastomers Co. on May 5.
The company is responsible for paying compensation to families of the
deceased and those injured in the incident. It has sent mobile medical
units to nearby communities and set up a 10-million-baht fund to help
affected people as ordered by the prime minister.
The prime minister observed a drill of a mock fire
incident in an oil tank in a storehouse. About 200 fire fighters and
medical staff with 35 fire trucks managed to put out the fire and
evacuated people in the simulation. The prime minister instructed the
drill to be conducted periodically.
Ms Yingluck also ordered a flood prevention plan including evacuation of
local residents and machinery movement to be added in the emergency plan
and advised inspections in industrial plants which may not adhere to
acceptable safety standard. She underscored environmental concerns to
see whether Rayong province may become an example of proper
environmental management in an industrial estate.
After meeting with agencies concerned, Ms Yingluck received a letter
from representatives of the Eastern People Network, gathering at the Map
Ta Phut industrial Estate. Several factions of the group submitted
petitions, calling for the government to tackle problems on air
pollution, industrial waste and industrial impacts on local fisheries.
The prime minister told them that the government understood their
problems and were urgently addressing pollution in Rayong, encompassing
a large number of industrial plants. She instructed the governor and the
industrial minister to oversee the issue and report to her.
Ms Yingluck later travelled to the Royal Cliff Beach Resort in Pattaya
to chair a workshop on driving policies to increase tourism income to 2
trillion baht within five years as well as another workshop to boost
work efficiency of tourist police. (MCOT online news)
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More environmental management centres to be set up at industrial zones nationwide
RAYONG, June 17- Thai Industry Ministry plans to
establish environmental management centres at industrial estates across
the country to ensure safety of communities near the industrial zones
and to build confidence among foreign investors, according to Industry
Minister Pongsvas Svasti.
To resolve environmental impact caused by industrial
pollutants at each industrial zone, Pongsvas said some environmental
management centres have already been established.
The ministry planned to set up environmental management centres at
industrial zone nationwide as well.
The environmental management centres were aimed at enhancing cooperation
of all parties in responding to emergencies at each industrial estate as
well as promoting participation of relevant officials, provincial
governors and residents to closely monitor and tackle the problems.
Ahead of the cabinet meeting in Chon Buri this week, Prime Minister
Yingluck Shinawatra and her entourage, including the industry minister,
on Sunday visited the Map Ta Phut industrial estate to inspect and
follow up plans resolving environmental impact and to observe an
emergency response drill.
Regarding financial assistance for persons affected by an explosion and
fire at the Bangkok Synthetics Co (BST) petrochemical factory at the Map
Ta Phut industrial estate and chemical leak at the Aditya Birla
Chemicals (Thailand) factory in the Hemaraj Eastern Seaboard Industrial
Estate in early May, Bt1 million compensation was distributed to the
families of each salaried employee killed in the incidents, and
Bt500,000 for each day worker who died in the incidents. (MCOT online
news)
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Minister of commerce assured Thailand will remain major rice exporter
BANGKOK, 17 June 2012 (NNT) - Mr. Boonsong
Teriyapirom, Minister of Commerce, was firm in stating that Thailand
would not lose its place as the world’s number one exporter of rice.
This assertion comes in the face of concern over the
increasing prices of Thai rice. It is believed these rising prices may
cause trade partners to import more rice from Vietnam and India. Thai
rice, however, is of high quality and can be sold at a premium price,
thus mitigating the fact that export numbers are down.
The price of Thai rice for export is higher than that during the same
time period last year. The price is USD 100 higher, at USD 670 per ton.
The minister of commerce is certain that export numbers will rise in the
later half of the year. Export numbers have been affected by the
Eurozone debt crisis, but rice is still a food staple, and has seen less
of an impact.
In the past five months, Thailand has already exported 3.17 tons of
rice, worth over USD 2 billion.
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Commerce Ministry: Thai exports will grow 15% in 2012 as planned
BANGKOK, 17 June 2012 (NNT) - The Commerce Ministry
has reaffirmed that the government's export growth target for this year
will be achieved as planned.
Commerce Minister Boonsong Teriyapirom said that the Ministry has
recently made an assessment of the export outlook for the rest of 2012,
after having met with representatives from all key industries, and it is
convinced that the export growth target will end up at 15 percent as
targeted.
Mr. Boonsong stated that the confidence in achieving such a growth rate
has taken into consideration the debt crisis in the Euro zone and the
sluggish economic condition in the US.
The affirmation was also agreed in spite of the earlier estimates by the
National Economic and Social Development Board and the Bank of Thailand,
which pegged this year's export growth at 8-9 percent.
The Commerce Minister added that export-related business operators have,
however, urged the government to come up with more supportive and
lenient measures to facilitate trade.
Accordingly, he expects new stimulus measures will be agreed upon during
the upcoming meeting between the Prime Minister and related
entrepreneurs as well as related agencies on June 29th.
Meanwhile, Permanent Secretary for Commerce Yanyong Phuangrach said that
the Ministry has continued to introduce all possible measures to help
exporters, who have faced with several problems, to hit this year's
target.
He now asks for cooperation from all concerned parties to work harder,
especially when non-major markets like China, India, Russia and many
other markets still have high potential for growth.
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Thai PM calls for close watch on impact of Eurozone crisis
BANGKOK, 16 June 2012 (NNT) – The Prime Minister has urged all related
agencies to keep a close eye on the economic crisis in Europe as its
impact can be drastic for Thailand.
Prime Minister Yingluck Shinawatra, on Friday, chaired a meeting with
the National Economic and Social Development Board (NESDB) and related
agencies, in which the discussion focused on the fallout from the
ongoing economic crisis in Europe.
Participating officials updated the PM about how the situation in Europe
has been affecting Thailand, while the Premier instructed all agencies
to come up with the most effective fiscal policy tools to safeguard the
country.
PM Yingluck, however, noted that Thailand has been preparing itself to
cope with the crisis fallout for some time, by putting more emphasis on
domestic spending and consumption, to help protect Thai SMEs and export
sectors from any severe impact.
However, she conceded that the European crisis remains an issue that
must be closely monitored, while adding that more measures may be
introduced once related figures from the Ministry of Finance, the NESDB
and the Bank of Thailand are available.
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Transport Ministry to launch new Thai-Cambodian rail route in 2013
BANGKOK, 16 June 2012 (NNT) - Thailand is set to open
a new rail route, which connects the country with Cambodia, to further
boost the transportation connection with Vietnam.
Transport Minister Charupong Ruangsuwan said on
Friday that Cambodia has recently asked Thailand to build a railway
bridge to connect the country's Aranyaprathet District with its Poipet
District.
Mr. Charupong stated that the project, which will link the two
neighbors' railway service, is expected to be completed in 2013.
He said that the construction plan is a part of the policy to make
Thailand and Cambodia become better connected by land, rail and water
transport.
The Transport Minister noted that the new rail track will also
strengthen the link between the 2 countries and Vietnam.
After completion, the entire route will enable passengers and goods to
travel from Bangkok to Ho Chi Minh City, via Aranyaprathet, Poipet and
Phnom Penh.
Meanwhile, Sa Kaeo Governor Sanit Naksuksi said that the Province is
planning to open a new border checkpoint by the end of this year, to
help alleviate the traffic flow at the Aranyaprathet -Klong Luk
checkpoint, where 12,000 people pass through each day.
He said that the heavy traffic of people has made goods transport to
start only after 10 a.m.
According to Mr. Sanit, the total trade value at this checkpoint is
worth nearly 40 billion baht, or almost half of the country's total
border trade value of 80 billion baht.
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PRD getting prompted for AEC in 2015
BANGKOK, 16 June 2012 (NNT) - The state-run PR body is set to prepare
civil servants for the realization of the ASEAN Economic Community
(ASEAN).
The Public Relations Department (PRD) Director-General Teerapong Sodasri
said that the PRD has started a training program to help its staff get
ready for a more liberalized ASEAN when the AEC is realized in 2015.
The training, which took off on Friday with more than 100 PRD officers
and staff, focused on ASEAN-related knowledge, which is essential for
the Department’s PR tasks and educational mission aimed at Thais at all
levels.
Prior to the start of the training, the PRD has set up the National
ASEAN News Center, while the PRD Director-General has been appointed
member of the National ASEAN Committee and to chair the Public Relations
Subcommittee on the ASEAN Community.
In the near future, The Thai government’s Public Relations Department is
set to set up a working group and to allocate more budgets to promote
the education of ASEAN languages and English for both its staff and the
public.
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GDP forecast will remain intact despite EU slump
BANGKOK, 15 June 2012 (NNT) - The National Economic and Social
Development Board (NESDB) will not yet revise the country’s GDP forecast
despite the Eurozone crisis. However, it will continue to monitor the
recession’s indirect effects on Thailand’s important trade partners
exporting to Europe.
NESDB Secretary-General Arkhom Termpittayapaisith said Prime Minister
Yingluck Shinawatra had assigned the NESDB to formulate national
economic strategies in a form of a business plan for the periods of
five, 10 and 20 years. The premier had also asked the office to update
Thailand’s economic information, especially the information about the
Thai-European trade relations and the Eurozone economy with a focus on
Greece and Spain where recession hit the hardest. The updated
information will be used to prepare Thailand for effects from the
Eurozone crisis.
Mr.Arkhom said the NESDB would maintain this year’s GDP forecast at
5.5-6% since the European downturn did not directly affect Thai exports.
The board will instead keep a close watch on Thailand’s important trade
partners like China and ASEAN whose exports to the EU account for 19%
and 22% respectively. Thai exports to the EU stand at only 9%.
Mr.Arkhom said he believed the Thai economy would improve due to
government efforts to expedite flood prevention projects set to be
completed in August-September 2012. The projects will draw investment to
help stimulate the economy.
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TAT and Visa hold Amazing Thailand Grand Sale 2012
BANGKOK, 16 June, 2012 (NNT) - The Tourism Authority of Thailand (TAT),
in cooperation with Visa International Co. Ltd, and other members of the
tourism industry are holding the Amazing Thailand Grand Sale 2012 in
several locations. The event is meant to stimulate local businesses
during the Green Season. It is predicted that the number of tourists
will increase 10% over the next 3 months.
Mr. Suraphon Svetasreni, the TAT governor, revealed that the event has
resulted from cooperation among the TAT, Visa, and over 15,000 members
of the tourism industry, including department stores, shops, duty-free
shops, travel agencies, hotels, golf courses, and spas. All of these
industry members are jointly reducing their prices for products and
services. Reductions may go up to as high as 80%. These price slashes
are to encourage both Thai and foreign tourists to travel and make
purchases during the Green Season.
Amazing Thailand Grand Sale 2012 will be held at 7 locations, in
Bangkok, Chiang Mai, Phuket, Pattaya, Hat Yai, Hua Hin, and Samui
Island. The event will run from June 15 to August 15.
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BoT confident in existing measures to tackle European crisis fallout
BANGKOK, 16 June 2012 (NNT) – The Thai central bank is confident that
its current set of measures will be effective in handling any fallout
from the economic crisis in Europe.
Bank of Thailand (BoT) Governor Prasarn Trairatvorakul said that the
Friday meeting of economic ministers and related agencies discussed the
current situation in Europe and possible impacts as well as the existing
measures to handle such effects.
The meeting also estimated that the Euro-zone debt crisis could hit
Thailand in 3 ways, including trade, financial institutions and
financial market.
Mr. Prasarn stated that all agencies have been keeping a close eye on
all elements and are confident that impacts will be contained with the
help of the strong fundamentals of Thai financial institutions and the
country’s high foreign reserves.
Despite the scarce severe impacts on the local financial institutions
and market currently, the BoT Governor asserted that all related offices
will continue to monitor the situation.
According to Mr. Prasarn, up until May 6th, the baht had weakened by
only 2 percent, when compared with the same period of 2009 when the
depreciation was as serious as 10 percent.
However, for the export industry, he conceded that signs of fallout are
emerging, but with all concerned agencies on top of it, this year’s
export growth target of 8 percent will highly likely be achieved, still.
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Leading banker considers Thai political conflicts more worrisome than global economic crisis
BANGKOK, 15 June 2012 (NNT) – A leading banker has expressed worries
over the impact of the country’s political turmoil, while the global
economic problem persists.
KasikornBank CEO and President Banthoon Lamsam said on Thursday that the
current political conflicts in Thailand should be considered risk
factore bigger than the global economic issues.
Mr. Banthoon stated that the problems of Thailand must be handled by
people in the country, who should sort a more peaceful way out of the
conflict, particularly the brewing resentment surrounding the debate of
a controversial law.
He said that when people have continuously engaged in conflicts, no
concrete solution will ever be identified, just like the case of the
draft controversial laws that cannot be resolved in Parliament.
New Thai-Cambodian land transport route officially opened to accommodate AEC
SA KAEO, 15 June 2012 (NNT) – A new official route connecting Thailand
and neighboring Cambodia has been opened ahead of the realization of the
ASEAN Economic Community (AEC) in 3 years’ time.
On Thursday, the Thai Ministry of Transport joined Cambodia’s Ministry
of Public Works and Transport in the official opening of the
Thai-Cambodian Friendship Bridge, which connects the country’s Sa Kaeo
Province with PoiPet town across the border.
The opening ceremony was co-chaired by Thai Transport Minister Charupong
Ruangsuwan and Cambodian Minister of Public Works and Transport Tram Iv
Tek, who were joined by Asian Development Bank’s executives from both
countries and locals as well as state servants, military personnel and
the police from the 2 neighbors, amidst an army of Thai, Cambodian and
foreign members of the press.
The new route has been planned to facilitate trade and travelers from
the two nations through the Aranyaprathet-Poipet border crossing, while
further strengthening the Thai-Cambodian relations.
Sa Kaeo Governor Sanit Naksuksi pointed out that the newly-open route
will benefit Thai travel business operators greatly and prepare the
country for the emergence of the AEC in 2015.
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Gov't to speed up building dam to protect economic zones
AYUTTHAYA, June 14 - The government is speeding up building dams, using
a Bt350-billion budget, in this central province and also in Pathum
Thani to protect the country's economic zones, according to Deputy Prime
Minister/Commerce Minister Kittiratt Na Ranong.
He spoke at a seminar on 'New Post-Flood Investment steps' after
entrepreneurs in the two provinces were badly impacted by last year's
flood.
He noted the Cabinet agreed on a budget to build dams surrounding six
industrial estates in Ayutthaya and Pathum Thani. The money will be
distributed for dam construction within one to two weeks.
Mr Kittirate said that prevention measures and more infrastructure
construction in the northern and upper central regions will help cope
with the higher amount of rainfall and future floods.
Meanwhile, Board of Investment (BoI) Secretary-General Atchaka
Sibunruang said the number of projects applying for investment
promotions in the past five months reached 817 in the two provinces with
a total investment value of Bt370 billion.
Flood-affected companies put forward 426 projects which were approved
for importing industrial machinery to replace damaged equipment valued
at Bt97.1 billion.
There have also been new 78 investment projects in the flooded areas in
the two provinces with an investment value at Bt41.4 billion, reflecting
an obvious recovery of the industrial sector Ms Atchaka said. (MCOT
online news)
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Bangchak Oil to open more alternative fuel service stations to cope with rising car population
BANGKOK, 15 June 2012 (NNT) – One of Thailand’s leading oil business
operators is set to open many new service stations to make alternative
fuel readily available for motorists.
Bangchak Petroleum President Anusorn Sangnimnuan said that Bangchak is
planning to soon open as many alternative fuel service stations as
possible across the country, in its support for the government’s
promotion of substitute energy.
Mr. Anusorn stated that the expansion project is also aimed at making
the green energy more available for motorists, when more cars are
getting into the streets.
Under the preliminary plan, the number of service stations for gasohol
E20 will be increased from 505 to 600, while that for E85 fuel is set to
go up from 30 to 50 within this year.
The Bangchak Petroleum President said that the decision to open more
service stations was also due to the fact that around 1 million cars
with engines which run on E20 fuel, are now on Thai streets, while
around 12,000 engines from all major automakers that run on E10-E85 or
FFV fuel are also active in Thailand.
According to Mr. Anusorn, Bangchak’s gasohol E20 sales have been on a
rise and are expected to climb from 10 million liters per month in 2011
to 20 million liters per month before the end of this year. An expected
rise is also forecast for gasohol E85, which is pegged to rise from
440,000 liters to as many as 2 million liters before the year’s end.
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Thaioil gears up for AEC
BANGKOK, 15 June 2012 (NNT) – Thaioil Public Company Limited has
announced its 5-year invesment plan in preparation for the ASEAN
Economic Community (AEC).
Thaioil Chief Executive Officer Weerasak Kositpaisan has disclosed the
company’s 5-year investment plan for the Asian region with aims to brace
itself for the upcoming AEC liberalization. Mr. Weerasak pointed out
that the company is keen on establishing a land connection within the
region, with Thailand as the hub of oil transportation. The company's
main focus will rest on Myanmar, Cambodia, Laos, Vietnam and Indonesia.
According to the plan, the company will support the construction and
improvement of regional refineries, trade and investment, logistics
infrastructure, such as marine transportation, as well as improving the
quality and standards of Thaioil product and services. The five-year
plan will be carried out under a grand budget of 1.5 billion dollars, or
an annual sum of 300 million dollars.
Mr. Weerasak also predicted that the global fuel price during the second
half of the year will once again bounce back to 100-110 dollars per
barrel on the condition that the European Union finds a concrete
solution to its debt crisis and that Greece remains a member of the EU.
Additionally, the approaching winter season and the higher demand for
fuel after the embargo on fuel import from Iran is implemented on 1st
July will contribute to the adjustment in oil price.
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UTCC: Thailand still attractive to foreign entrepreneurs
BANGKOK, 15 June 2012 (NNT) – The University of the Thai Chamber of
Commerce (UTCC) has reported that foreign entrepreneurs view Thailand as
an attractive investment destination, while pointing out that political
conflicts and corruption are less worrying problems for the country in
comparison with the ASEAN Economic Community (AEC).
UTCC’s Brand Studies and Research Center Director Mana Khuntharaporn
announced the results of a survey on the image of Thailand in the
perspectives of foreign businessmen, investors and press. The study
found that Thailand is still an attractive country to invest in thanks
to its friendly and warm culture.
However, the country must quickly solve the problems of political
conflicts and corruption, which have rendered it weaker than it ASEAN
companions, especially Singapore. If Thailand is to become the most
attractive investment destination in the region, the country must rush
to deal with its pending problems.
Meanwhile, Thailand must speed up the development of the English
language skills among its population nationwide, as English is, at
present, mostly concentrated in Bangkok.
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DIT plans more “Blue Flag Fairs” to relieve rising cost of living
BANGKOK, 15 June 2012 (NNT) – The Department of Internal Trade has plans
to organize 1,022 Blue Flag Fairs across Thailand during May-September
to help reduce the cost of living.
Mrs. Watcharee Wimuktayon, Deputy Director-General of the Department of
Internal Trade has revealed the progress of Blue Flag Fair organizing,
saying a total of 1,022 such fairs will be held across Thailand from May
to September, 2012. The plan includes five fairs to be held in Bangkok
and its satellite provinces. One of the events is to be held from June
21 to 25 at Impact Arena Muang Thong Thani. Another one is being held in
Samut Prakan from June 13-17 and the rest will be held in Pathum Thani
province, Nakhon Pathom province, and at the 11th Infantry Regiment in
Bangkok.
At the regional level, the fairs will be implemented 12 times in total,
5 of which have already been done. At the district level, a total of 878
fairs are scheduled, of which 362 have already been achieved. The
purpose of the fair is to help Thai people shoulder their financial
burdens due to the rise in the cost of living.
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Commerce Ministry recruits TDRI to devise strategy to boost exports
BANGKOK, 15 June 2012 (NNT) – The Commerce Ministry
has enlisted the help of the Thailand Development Research Institute
(TDRI) in devising a strategy aimed at boosting the exports of rice,
fruit, textile and service.
Commercial Adviser to the Commerce Ministry Benjawan Rattanaprayoon has
disclosed that the ministry has hired the TDRI to set out an
import-boosting strategy for 4 major export products of Thailand,
including rice, fruit, textile and service. The strategy will support
both the marketing and export of Thai products in the state of high
competition.
Ms. Benjawan pointed out that in 2011, Thailand exported around 10.6
million tons of rice, worth almost 200 billion baht. At the same time,
860,000 tons of fruits (longan and durian), worth 20 billion baht, were
exported while the textile industry saw a total export value of 150
billion baht. Additionally, the service and tourism sector possesses the
potential to become the tourism hub of the Southeast Asian region.
Meanwhile, TDRI Director Somchai Jittasuchon said that among the 4 key
export products, rice poses as the most challenging item due to its low
productivity per rai and contradictingly soaring price. The price of
Thai rice is approximately 100 dollars/ton higher than that of its
competitors, which has caused a continuous drop in Thai rice exports. On
this occasion, Mr. Somchai suggested that old rice export markets must
be maintained while the country attempts to crack new ones.
The TDRI has urged the government to reconsider its regulations and
policies by reducing the impact from market intervention as well as
providing alternative options to relieve the pressure on prices.
Meanwhile, the government should recognize the importance of border
trade and benefits which the country stands to gain from the ASEAN
Economic Community (AEC) while setting a standard for Thai rice.
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Kittiratt: Baht stabilization to be carried out in line with global trade situation
BANGKOK, 15 June 2012 (NNT) – The Deputy Prime Minister in charge of the
economy has indicated that the attempt to stabilize the baht value in
preparation for the ASEAN Economic Community (AEC) must be carried out
in line with the global trade situation.
Deputy Prime Minister and Minister of Finance Kittiratt Na Ranong said
that once the AEC is established, Thailand will have more trade partners
as well as competitors, given many ASEAN neighbours produce the same
export products as Thailand. Thus, the baht value will become a crucial
factor to give the country an edge against its competitors. However,
Thai exports do not rely solely on ASEAN countries; exports to Europe
and America account for 10% of the country’s total exports. Therefore,
an appropriate stabilization of the national currency must be made with
relation to the global trade situation.
The Ministry of Finance and the Bank of Thailand have agreed that the
baht value should be stabilized at an apt level in order to create an
equilibrium in trade. The Deputy Prime Minsiter pointed out that a
proper baht value depends on the price and trade mechanisms. If Thailand
is at an advantage in trade activities, the baht value will become
stronger; if Thailand is losing in the competition, the baht will
depreciate. However, he added that the BoT will closely monitor the
currency exchange rate.
Mr. Kittiratt said that at present there is yet to be any cause for
concern. He added that the economic crisis of 1997 is a proof that
inappropriate intervention in the currency exchange rate can produce
disastrous outcomes.
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More to be collected from local fuel sales to boost State Oil Fund
BANGKOK, 14 June 2012 (NNT) – The country’s energy policy regulator has
announced an increase in local fuel sales contribution to the State Oil
Fund.
Permanent Secretary to Energy Norkun Sitthiphong said on Wednesday that
the latest National Energy Policy Council meeting has resolved to raise
the contribution of benzene and gasohol sales by 0.50 baht a liter.
As a result, the contribution of both benzene 91 and 95 sales goes up to
6.40 baht per liter. For gasohol 91, the collection will be raised from
2.50 baht to 3 baht per liter, while that of gasohol 95 will go up from
1.40 baht to 1.90 baht a liter.
Mr. Norkun said that the increase was approved due to easing global oil
prices, which led local oil business operators’ marketing margin to rise
above the 2-baht-a-liter mark.
He added that the higher collection will lead to the daily contribution
of 153 million baht to the State Oil fund each day, which is 10 million
baht more than the amount collected before the increase.
Currently, the State Oil Fund is still 21.06 billion baht in the red,
according to the Energy Ministry’s Permanent Secretary.
Regarding the diesel sales contribution, the meeting has decided to
leave the number unchanged.
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Thai Chamber of Commerce urged government to help SME operators from rising cost
BANGKOK, 14 June 2012 (NNT) – The Thai Chamber of Commerce is urging the
government to offer more helps to SME business operators, who are facing
immense pressure from the new minimum wage rule.
Thai Chamber of Commerce Vice Chairman Bhumindr Harinsuit said that the
government’s implementation of the 300-baht minimum wage policy has put
SME business operators across the country in a difficult position.
The new minimum wage rule has been declared in 7 provinces since April
1st, and will be in effect in the rest of the provinces on January 1st,
2013.
Mr. Bhumindr is now asking the government to soon come up with new
measures to ease the problems faced by SME entrepreneurs.
Meanwhile, the University of Thai Chamber of Commerce’s Economic and
Business Forecasting Center Director Thanavath Pholvichai has commented
that the business sector has been most worried about the current
political situation in the country, as it can boost or shake business
confidence, which is essential to the promotion of trade and investment.
He also noted that while big businesses will be able to adjust
themselves to deal with a higher minimum wage policy, SME operators will
only have to shoulder heavier burden without benefiting from the new
rule.
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PTT and Bangchak cut retail prices of benzene and gasohol
BANGKOK, 14 June 2012 (NNT) – PTT and Bangchak have adjusted down
benzene and gasohol prices by 30 satang, and E20 and E85 by 85 satang,
while the diesel price is unchanged.
Both domestic oil retailers and refineries have announced that their
retail prices of benzene and gasohol are now 30 satang per liter lower
while those of E20 and E85 are 80 satang lower, effective since
midnight. Diesel price stays steady. As a result, benzene 91 is
currently sold at 40 baht and 45 satang per liter, gasohol 95 at 36 baht
and 53 satang, gasohol 91 at 34 baht and 78 satang, and E20 at 32 baht
and 88 satang. Price of diesel stays at 29 baht and 53 satang per liter.
The oil price adjustment follows a drop in the global oil price and an
increase in the contribution to the State Oil Fund demanded by the
Energy Planning and Policy Committee (EPPC). The EPPC has resolved to
raise the contribution of benzene and gasohol sales by 50 satang per
liter while that of E20 and E85 stays at the same rate. The move results
in an increase in the daily inflow of 153 million baht into the Oil
Fund, instead of 143 million baht previously.
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MOC to control 7 ready-to-eat dishes
BANGKOK, 14 June 2012 (NNT) –The Ministry of Commerce (MOC) will be
controlling 7 different main dishes of ready-to-eat meal. This policy
will cover 38 provinces in Thailand.
Yanyong Phuangrach, Permanent Secretary Ministry of Commerce, revealed
after a meeting on Monday, June 13 2012, that there would be 7 listed
meals that needed price controlling as follows: rice with pork or
chicken, rice with pork or chicken basil, rice with 1 or 2 toppings,
noodle with pork or chicken, rice with egg in brown sauce, will be 30
baht per dish, except in the South, where the dishes would be priced 35
baht; while rice with omelet will be 20 baht in the 38 provinces and 25
baht in southern provinces. Porridge with pork or chicken will be 25
baht, and 30 baht in the South. This policy is to be effective in food
courts, fresh markets, restaurants, department stores, government
facilities, and gas stations over 38 different provinces.
Mr. Yanyong also stated that the policy would be enforced at the end of
this week and will be evaluated every 2 weeks. Those found to have
violated the policy would face a fine of up to 140,000 baht, or up to 7
years imprisonment; or both.
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Industrial Works Dept joins hands with factories to reduce wastewater
BANGKOK, 13 June 2012 (NNT) - The Department of Industrial Works (DIW)
has signed a memorandum of understanding (MOU) with textile dyeing
factories on cooperation on a model project for wastewater management.
DIW’s Industrial Cluster 2 Bureau Director Somsak Jantararoungtong has
signed an MOU with 10 textile bleaching, dyeing and printing factories,
to carry out a model project for wastewater management.
According to Mr. Somsak, the model project will set an example of
effective wastewater management through the cooperation of nearby
communities. Wastewater released from factories will be measured
according to the CSR-DIW and the ISO 26000 standards. Meanwhile,
community members will have a chance to acquire more knowledge and
understanding of laws relating to industrial factories and wastewater
management. After a period of 8 months, the performance of the
participating factories will be used in establishing a wastewater
management guideline for other factories.
The industrial sector is responsible for 15% of the country's overall
wastewater release. The major sources of wastewater are the community
and agriculture.
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PM orders economic ministries to cope with impact from European crisis
BANGKOK, 13 June 2012 (NNT) – Prime Minister Yingluck Shinawatra has
expressed worries over the Eurozone economic crisis and assigned
relevant ministries to monitor the problem closely, given its possible
impact on the Thai economy.
Ms. Sansanee Nakphong, Government Spokesperson, disclosed that PM
Yingluck gave an opinion regarding the current economic situation before
the cabinet meeting on June 12, saying she was concerned by the crisis
in Europe which could affect Thailand’s economy in the future.
Mr. Kittiratt Na-Ranong, Deputy Prime Minister and Minister of Finance,
explained in the cabinet meeting that the Euro currency is depreciating
and will have an impact on Thailand’s export. Therefore, Prime Minister
Yingluck instructed 7 economic ministries and related institutions to
closely monitor the situation and be ready to cope with upcoming
problems.
On the same day, Mr. Surasak Riangkrul, Deputy Director-General of the
Department of Foreign Trade, revealed that Thailand’s exports under
various free trade agreements (FTAs) made with other countries were
valued at 9.42 billion US dollars in the first quarter of 2012, which is
a 5.98 percent drop compared to the same quarter last year.
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GSB to offer soft loans to flood victims buying new homes
BANGKOK, 13 June 2012 (NNT) – The Government Savings Bank (GSB) has
prepared 34 billion baht to be offered as soft loans to flood victims
seeking to buy new homes and rehabilitate their businesses.
GSB President and CEO Lersuk Chuladesa revealed that the bank will offer
soft loans to flood victims under two categories: those seeking new
homes and small and medium-sized entrepreneurs who need financial
assistance.
For homebuyers to be eligible for the soft loans, their loan request
must be worth not more than 3 million baht. The interest will be fixed
at 3% for five years.
For SME entrepreneurs, the loans will be offered at a maximum of 30
million baht with a 3% fixed interest rate for five years as well.
Mr Lersuk said the move is a response to the Bank of Thailand (BoT)’s
request for banks to help those affected by the 2011 flood devastation.
He indicated that out of the 34 billion baht prepared for the soft loan
scheme, 25 billion baht comes from the BoT while the other 9 billion
baht comes from the GSB.
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BoT warns gold speculators to be aware of gold price volatility
BANGKOK, 13 June 2012 (NNT) – The Bank of Thailand
(BoT) is keeping an eye on gold speculators amidst the unpredictable
price fluctuation, insisting however that it will not impose any
measures to control the price.
BoT Governor Prasarn Trairatworakul has revealed that the central bank
has been keeping an eye on the gold price movements and keeping records
of the gold trading, as both have effects over the exchange rates.
After discussing with the gold traders, Mr Prasarn said more people have
reportedly been buying gold for speculation. He explained that many of
them turn to speculating on gold instead of the US dollar as the
greenback has been unstable, whereas the prices of gold have been
volatile.
Concerning the price fluctuation, the BoT will not at present enforce
any measures to interfere with the gold market or control the gold
purchase. However, if there is any change, the central bank will discuss
with the Finance Ministry first before taking action.
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Electronics industry confident in performance of floodwalls around industrial estates
BANGKOK, 13 June 2012 (NNT) – The private sector has expressed
confidence that the construction of floodwalls around industrial estates
will prevent a repeat of last year’s catastrophe.
President of the Electronics and Computer Employers Association (ECEA)
Sampan Silpanart said that the project to construct floodwalls around
industrial estates is taking a clearer shape. Meanwhile, some industrial
estates have begun building two layers of floodwalls in hopes of keeping
their factories safe from floodwater.
However, he is still concerned that the sector's production might be
impacted if the inundation reoccurs and employees' homes are submerged
under floodwater, given the electronics and computer sector requires a
large number of manual workforce to keep the production line going.
Meanwhile, he stated that the acquisition of accurate information on the
water situation during an emergency is quite a challenging task. Thus,
he urges the government to give advance warning as soon as it receives
any news of anomalies in order to reduce the severity of the damage on
the sector.
Mr. Sampan also pointed out that the electronics and computer sector has
now recovered 60-70% of its total production capacity. Some companies
are still in the process of recovery while others are modifying their
factories to prevent risks from flood. It is expected that the sector
will regain full recovery towards the end of the year.
The president added that electronic parts prices during the past few
months have been on an upward trend as demand outstrips supply. However,
the price is expected to go down in line with the world market’s price.
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Insurance Commission supervises “The Financial Services Commission” of Korea
BANGKOK, 12 June 2012 (NNT) – Mr. Pravech Ongartsittikul, Secretary of
Office of Insurance Commission (OIC) and Mr. Seok-Dong Kim, President of
FSC yesterday signed an agreement on “Cooperation in International
Insurance Supervision”. Mr. Pravech has said that the purpose of this
agreement is to promote insurance business supervision between Thailand
and Korea, and also to share information between the two sides.
Furthermore, the agreement also provides help in academic matter,
especially for those insurance personnel who lack efficiency.
There was also a lecture on the topic of “Lessons and Experiences from
Korean Insurance Business”, given by Mr. Dae-sik Kim himself. An
audience of over 200 attended the lecture.
Mr. Pravech added that the content of the lecture was very knowledgeable
and informative, given people learn from exchanging each other’s
experience in terms of knowledge and new technology that can be applied
to insurance business for stability and prosperity.
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BOI: Foreign investment not threatened by political conflict
BANGKOK, 12 June 2012 (NNT) – The Board of Investment
of Thailand (BOI) has reported an increase in investment applications in
May 2012 despite the country's internal political conflicts.
According to the BOI, 200 project applications for investment promotion
privileges, worth 82.5 billion baht, were submitted to the Board in May
2012. The number of investment projects has increased by 64.5%
year-on-year, while the value of investment rose by 54.4%. Despite the
private sector’s concerns over the political turmoil, which might impact
the country’s investment situation, the BOI pointed out that statistics
indicated that May 2012 saw over 50% increase in both the number of
projects and investment value.
The investment value from January-May saw a full-on growth worth 374.9
billion baht, which has helped Thailand edge closer to achieving its
annual target of 600 billion baht worth of investment promotion.
The BOI explained that the growth in May was attributed to the numerous
banking holidays in April, which had prompted investors to put off
applying for investment privileges till May. At the same time,
industrial factories have resumed their operation, while also expanding
their production capacity. Additionally, the government’s policies to
aid affected entrepreneurs have won the confidence of investors.
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EGAT to purchase 390 megawatts of electricity from Laos
BANGKOK, 12 June 2012 (NNT) – Electricity Generating Authority of
Thailand (EGAT) has been given a nod to purchase 390 megawatts of
electricity from Laos to solve the problem of electricity shortage in
northeastern provinces of Thailand.
Director of EGAT Mr. Sutad Pattamasiriwat stated that the Energy Policy
and Planning Officers had consented on the EGAT buying of electrical
power from Laos. The power will be from Sapien-Senamnoi project which
has the generating capacity of 390 megawatts, and will be transmitted
from a sub-station near the border of Ubonratchathani beginning in
August, 2018. The purchase contract is to run for 27 years at the cost
of 2.30 baht per unit.
Meanwhile, the Thai government has also given a green light to the Egat
proposed construction of coal-powered electricity generating plant at
its own expense, but ordered the agency to reduce the plant's generating
capacity to only 4,000 megawatts, as well as informing the locals of the
needs and necessity of coal power plant construction in the future. The
first plant will be able to distribute electricity in 2018.
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Thai Trade Center eyes opportunities for canned food exports to Italy
ROME, 10 June 2012 (NNT) - Mrs. Patama Singhara Na Ayudhaya, Director of
the Thai Trade Center in Rome, Italy, has revealed that a marked
downturn of the Italian economy should provide an opportunity for Thai
canned food exports to penetrate the market with their affordable
prices.
The EU member currently has an accumulated debt of 1,946,000 euros as of
January 2012, making it one of the countries with huge public debts in
the world. Italy’s public debts account for 120% of its GDP. A number of
Italian producers, approximately 3,000 companies, are in the process of
filing for bankruptcy. Since 2009, over 17,000 Italian companies have
shut down. This has led to lower purchasing power of Italian people.
Lower spending capability in Italy has led to a 27% decrease in Thai
exports to that country. Thailand exports goods worth more than USD 500
million to Italy annually.
Despite the general drop, Thai food exports to Italy are on a rising
trend. They include canned seafood, and fresh, chilled, and frozen fish,
squid, and shrimp. The economic recession has forced many Italians to
become more frugal, and they are turning more towards canned food
consumption.
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Academics predict Euro crisis fallout to hurt Thai exports considerably
BANGKOK, 10 June 2012 (NNT) – Academics have been
worried that the Euro financial crisis may hurt Thai exports
considerably.
Director of the International Trade Center of the University of the Thai
Chamber of Commerce (UTCC) Att Pisarnvanich said that the center has
estimated that the economic problems in European Union (EU) will likely
lead to the global economic slowdown, which will cause Thailand to miss
its 2012 export growth target of 15 percent.
The center has presented 2 scenarios under the assumption that the EU
crisis persists. In the first scenario, Thailand will be able to find
new markets to make up for lost trade in Europe and eventually manage to
push the export growth rate to 10-12 percent.
Mr. Att said that, under the second scenario, the EU economy suffers a
minus growth, the situation that leads Thai exports to grow between 8
and 9 percent.
He stated that Thai exports to EU are currently worth 700 billion baht
and represented 10 percent of the country’s total export value of 7
trillion baht.
Mr. Att went on to say that if Spain and Italy, whose imports from
Thailand are equivalent to 13 percent of Thai-EU trade, suffer similar
problems like Greece, Ireland and Portugal, Thai exports to this major
economic bloc will plunge around 100 billion baht and push GDP down by
0.5 percent.
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Rolls-Royce set to open aircraft part production base in Thailand
BANGKOK, 10 June 2012 (NNT) – A major British
aero-engine manufacturer has expressed an interest to expand its
production facilities to Thailand.
 Permanent
Secretary for Industry Witoon Simachokedee said that Britain’s
Rolls-Royce, which is the world’s leading aero-engine manufacturer, is
now interested in making an investment in Thailand, in the form of a new
manufacturing base for ASEAN market.
Mr. Witoon added that Rolls-Royce has also got a plan to invest in
Thailand’s energy business.
According to the Permanent Secretary for Industry, the leading British
manufacturer is in the middle of its feasibility study, with an eye
fixed on Thailand’s eastern seaboard as its probable manufacturing base.
Mr. Witoon said that Rolls-Royce has informed him that, if its plan is
realized, a large number of jobs will be created for Thailand and that
it will need numerous investment incentives from the Board of Investment
of Thailand to go on with the plan.
Rolls-Royce has first entered ASEAN through Singapore, where it has
invested in the research and development sector, with an investment of
around 10 billion baht.
The Permanent Secretary for Industry stated that, if Rolls-Royce does
come to the country, the investment value will definitely exceed the
10-billion-baht mark recorded in Singapore.
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