Up to Bt214.3 billion of this amount would be spent on getting the high-speed service up and running, with Bt4.99 billion put to compensation for land expropriation covering 400 rai along the route and the rest allocated to the development of commercial areas around the main station, Chulathep Chittasombat, director of the centre that oversees railway maintenance projects, said at a press conference yesterday.

Chulathep said the two infrastructure projects would equip the flagship economic zone with the rail transport it needs for freight and people.

The terms of reference for the high-speed train project – connecting the Don Mueang, Suvarnabhumi and U-Tapao airports – are being drafted on expectation for bidding to be opened this year and construction to start in 2019.

“The plots of land planned for expropriation will account for only 5 per cent of the total construction area, of which 95 per cent will cover the existing rail route,” Chulathep said.

The Office of Transport and Traffic Policy and Planning is conducting a feasibility study for construction of an Inland Container Depot (ICD) in Chachoengsao province to facilitate exports. Inspection and packing would be done before the goods reach ports in the EEC area.

Regarding the second phase of the high-speed train and double-track rail services that will connect industrial estates in the EEC, the SRT is requesting for an additional funds to hire consultants, at about Bt200 million for each project, to conduct studies and project design.

The bidding terms for the high-speed project will be announced in July on expectation for bid submissions in February next year, with the bid winner likely to be announced in May next year. The high-speed project’s full services would start in 2023.

An anonymous source from Bangkok Mass Transit System Plc said that the company is interested in the high-speed project and would assess whether to proceed with a bid based on factors such as expense, the cost of funding, projected income and the break-even period.

“Once the bidding conditions come out, the figures must be taken for evaluation and discussions will be held with a partner on the return on investment. If it’s satisfactory, all the parties will join up in a bid,” the source said.

Piyasvasti Amranand, the chairman of PTT Plc, said that the board had approved PTT Group’s planned purchase of the TOR for the high-speed project with the aim of a conducting a feasibility study into it. No consideration yet had been to given to company’s seeking of a partner for joint investment.

Prasert Marittanaporn, director of CH Karnchang Plc, said that the group was interested in joining the bidding for the high-speed train, citing its readiness to proceed in construction business.

“The company is ready and interested to bid. But the source of financing may need to be given more consideration, given the relatively high investment,” Prasert said. “It could be investment on our own or a joint investment with a partner. We have had some talks with potential partners.”

Separately, Deputy Transport Minister Pailin Chuchottaworn yesterday said that, after having chaired a brainstorming session on the creation of an organisation for the management of the Thailand-China high-speed rail service, eight financial advisers registered with the Securities and Exchange Commission were invited to bid for a model of establishment of such an organisation. The deputy minister cited the advisers’ expertise in financial management and real estate development.

Initially, the organisation may be established as a company to be listed in the stock exchange for fundraising and more management flexibility, he said. It must be a newly established unit owned and controlled by the public sector, independent from the SRT, which owns the high-speed train project, the deputy minister added.

“These financial advisers will present the model of the organisation within one month and then, a subcommittee will select the best proposal,” Pailin said. “The winner will be assigned as the project’s financial adviser in return as these financial advisers will conduct the study for us at no cost. The organisation is expected to be set up this year.”

The eight financial advisers are Kasikornbank, Siam Commercial Bank, United Overseas Bank (Thai), Finansa Securities, RHB, Ploenchit Capital, Avantgarde Capital, and PricewaterhouseCoopers FAS

Compared to 2016, the nominal increase adjusted for exchange rates was 3.7 per cent.

Property-casualty insurance set the tone last year. With a growth rate of 5 per cent, it grew almost twice as fast as life insurance (2.8 per cent), but also recorded the largest increase since 2012. Nevertheless, the growth discrepancy between the regions remains striking.

While premiums in Western Europe, for example, rose by a meagre 2 per cent, Asia (excluding Japan) soared by 10.2 per cent.

The top global performer last year was India, with bumper growth of above 30 per cent.

Asia, excluding Japan, also had another strong year in life, with premiums surging by almost 14 per cent in 2017.

Since the financial crisis, insurance premiums in the region have more than tripled.

With approximately €60 billion in additional premiums in life worldwide, around 80 per cent were attributable to the Chinese market.

Thailand showed robust growth of 6.6 per cent in 2017 and is now the seventh largest life market in the region, ahead of much bigger Indonesia.

In both lines combined, last year’s global premium growth totalled just under €130 billion.

Asia, excluding Japan, accounted for 76 per cent of the increase, with China accounting for more than two thirds of this.

“Asia is setting the pace for insurance markets, in particular in life,” said Michael Heise, chief economist of Allianz. “The past development is nothing less than amazing. This is part of a broader trend. The region succeeded in transforming high growth rates into mass wealth.

“The new Asian middle class is now not only driving insurance markets, but many consumer markets. Asian savers and shoppers are the growth engine for the world economy,” Heise said.

Allianz Research expects insurance markets to continue to recover, with premium growth forecast to reach around 6 per cent in the next decade.

This upturn primarily reflects the return of the global economy to normal growth and inflation rates.

Growth expectations for Asia, excluding Japan, are notably higher. The region should achieve growth of almost 11 per cent per annum over the next decade. At the end of the 2020s, around 40 per cent of global premium income should be written in the region.

Ten years ago, this figure was around 10 per cent and China is due to overtake the US as the largest insurance market.

“Global insurance markets are undergoing fundamental changes,” said Kathrin Brandmeir, economist at Allianz Research. “However, from our point of view, this disruption also offers great opportunities.

“With the new technologies, insurance cover can be made accessible and tangible for more people, and insurance products can become more attractive.”

Brandmeir said: “If we succeed in getting customers so enthusiastic about insurance that they would again spend as much of their income on insurance cover as before the crisis, global premiums could be about €1 trillion higher at the end of the next decade than in our baseline scenario.”

Kesara Manchusree, SET president, said “LIVE Platform service for fund mobilisation will start in the primary market on May 4, while trading in the secondary market needs to wait for the Securities and Exchange Commission’s regulations.”

In regard to price settlement, the stock exchange is open to both the blockchain system as ell as the normal price settlement system earlier used as several securities companies or related parties still use the old system.

As its effort to promote listed companies’ innovation, the SET will join forces with related agencies to evaluate listed companies’ level of innovation and the evaluation result is expected in the third quarter of this year.

The ministry said the draft bill had been passed by the Council of State and it rejected suggestions that the emerging cryptocurrencies sector was deserving of supportive government policies.

Prasong Poontaneat, revenue director-general, was responding to a letter from the Thai Blockchain Association that had been submitted to Deputy Prime Minister Somkid Jatusripitak.

The letter requested that the government revise the draft bill, particularly on the withholding tax of 15 per cent.

Prasong said that during a recent discussion between the association and the ministry, Finance Minister Apisak Tantivorawong insisted that officials proceed with enforcement of the bill and the collection of the withholding tax as specified.

According to Prasong, the draft emergency decree on digital asset business and draft amendment of the revenue code are going through the process for the announcement of their legal enforcement. The regulations are aimed at protecting retail investors who otherwise may fall victim to fraudsters, Prasong said, as digital currencies are not legally accepted in many countries, including Thailand.

“We are launching the laws to prevent any possible damage to people and the possibilities for money laundering,” he said. “The draft law requires the identity of digital currency issuers to be declared and they will have to deduct tax and send it to Revenue Department,” he said.

In regard to the Thai Blockchain Association’s contention that Singapore provides more tax privileges than Thailand, Prasong said that the draft law does not purport to support investment in digital currencies. Given this stance, the withholding tax has been set at 15 per cent, as this is a similar rate to the tax levied on deposits in Thailand.

An anonymous source from the Ministry of Finance said that once the bill comes into force, the Securities and Exchange Commission (SEC) will introduce its organic laws or regulations, such as permissions for licences, to regulate digital currencies as well as their underwriters. For example, companies which operate digital asset businesses must inform the SEC within 90 days.