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https://www.nationthailand.com/thailand/economy/40023720

BOT accelerates setting up of new transnational payment system for Thai consumers

WEDNESDAY, JANUARY 04, 2023

The Bank of Thailand (BOT) is pushing the development of a new payment system to match Thailand’s economic recovery.

Siritida Panomwon Na Ayudhya, assistant governor of BOT’s Payment Systems Policy and Financial Technology Group, said on Tuesday that the central bank aims to develop a payment system that allows users to perform transactions overseas.

She added that the popular PromptPay application already supports payments in countries like Laos, Cambodia, Vietnam, Indonesia, Malaysia and Japan via the quick response (QR) code.

She said the volume of transactions via PromptPay has surged exponentially since the application was introduced in January 2018.

“Currently, 44 million transactions are made via PromptPay per month,” she said, adding that the transaction volume is expected to grow further.

Siritida went on to say that BOT joined with the Monetary Authority of Singapore to launch the PromptPay-PayNow system in April 2021. The system allows users to transfer cash to and from Singapore via registered phone numbers.

“As of September last year, 505,000 transactions worth 3.8 billion baht were made via the PromptPay-PayNow system,” she said.

She added that BOT is planning to set up a similar system with Malaysia in the third quarter of this year, and with Vietnam after that.

Siritida Panomwon Na Ayudhya

Separately, BOT has cooperated with Hong Kong, China and the United Arab Emirates on issuing a wholesale central bank digital currency (CBDC), Siritida said.

BOT will expand the digital currency to other countries later this year, she added.

“BOT will conduct an experiment on issuing retail CBDC via Thai banks this year,” she said.

She added that the central bank is also conducting an experiment on a peer-to-peer (P2P) lending system which allows people to seek loans online.

Related stories:

• 15 bank holidays announced for 2023
• BOT governor reaffirms Thailand taking ‘gradual and measured approach’ to economic recovery
• BOT to monitor loan campaigns by commercial banks to prevent aggravation of household debt situation

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https://www.nationthailand.com/thailand/economy/40023719

Soaring global demand for rice pushes Thailand closer to 2nd place

WEDNESDAY, JANUARY 04, 2023

Thailand is on track to becoming the world’s second-largest rice exporter after its shipments in the first 11 months of last year rose to 6.91 million tonnes.

This surpassed the 6.67 million tonnes exported by Vietnam, which held second place in 2021, the Thai Rice Exporters Association (TREA) said on Wednesday.

Meanwhile, India is still the top rice exporter after having shipped 18.25 million tonnes from January to November last year.

“We are confident that total exports in 2022 will exceed the target of 7.5 million tonnes thanks to surging demand from Iraq, China and the United States during the New Year holidays,” TREA president Charoen Laothamatas said.

He added that the 6.91 million tonnes of rice exported in the 11 months of 2022 marked a 26.8% increase year on year, with sales revenue rising 29.2% year on year at 123.51 billion baht.

In November, Thailand exported 706,270 tonnes of rice, down by 11.1% from the previous month, but revenue rose by 2.6% to 14.3 billion baht.

Other importers of Thai rice include Hong Kong, Canada, Singapore, Australia, Japan, Angola, Mozambique, the Philippines, Cameroon, South Africa, Yemen and Benin.

TREA expects rice exports in December to be recorded at around 800,000 tonnes as sellers are looking to replenish their stock that has been depleted over the holidays. This would push Thailand’s total rice exports in 2022 beyond the association’s target to around 7.71 million tonnes.

Related Stories

Thai rice exports rise 33%, closer to 7.5-million-tonne target for 2022

Thailand’s Hom Mali dethroned as World’s Best Rice after losing fragrance, exporters warn

Thailand opens rice DNA testing centre after Hom Mali loses world crown

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https://www.nationthailand.com/thailand/economy/40023716

Thailand, Cambodia moving towards oil and gas exploration in disputed waters

WEDNESDAY, JANUARY 04, 2023

Discussions of a joint development area (JDA) for oil and gas exploration in the overlapping claims between Cambodia and Thailand in the Gulf of Thailand have reached the level of the Cabinet, a Government House source said.

The proposal was heard by the Cabinet at its weekly meeting on Tuesday, the source said, adding that officials who were not relevant to the proposed JDA were asked to leave the meeting room for 20 minutes while it was discussed.

The source said discussions on the proposed JDA were raised by Deputy Prime Minister Gen Prawit Wongsuwan as the Cabinet meeting was drawing to an end.

The confidential discussions on the JDA lasted for about 20 minutes, the source said.

According to the source, Prawit told the Cabinet that he met Cambodian Mines and Energy Minister Suy Sem last month to discuss a joint development project for oil and gas exploration in the overlapping claims area.

Prawit told the Cabinet that Suy Sem was willing to implement a JDA with Thailand under the condition that the two countries exclude discussions of territorial borders from any JDA they agree to.

The source quoted Prawit as telling the Cabinet that Suy Sem was convinced to go ahead with a JDA in the overlapping claims area due to rising global oil prices.

Prawit told Suy Sem that any oil and gas extracted from the JDA would allow the two neighbours to depend on their own energy resources, the Government House source said. Moreover, Prawit also told Suy Sem that oil and gas exploration in the JDA would spark development of related industries.

The source said the Cabinet agreed to set up a committee to oversee a JDA with Cambodia. The committee would be chaired by a Foreign Ministry official.

The Cabinet agreed that the Thai-Malaysian JDA would serve as the model.

The overlapping claims area between Cambodia and Thailand covers about 26,000 square kilometres in the Gulf of Thailand. The area where the joint development project is planned is about 16,000 square kilometers, the Government House source said, adding that it was located above 11 degrees latitude. The Thai-Malaysia JDA began in 1979, following 11 years of negotiation.

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https://www.nationthailand.com/thailand/economy/40023712

Govt devises new plan to keep Thailand on top of canned pineapple market

WEDNESDAY, JANUARY 04, 2023

Thailand has been declared the world’s largest exporter of canned pineapples, earning about 20 billion baht yearly from the fruit, much to the joy of Prime Minister Prayut Chan-o-cha.

Government spokesman Anucha Burapachaisri said on Wednesday that Prayut was overjoyed when the Agriculture Ministry informed him that Thailand held a 32% market share of the global canned pineapple market. The next biggest supplier is the Philippines with a 22% market share.

“The PM reckons that cooperation of government agencies to support and promote canned pineapple has helped win Thailand the top spot,” Anucha said.

He added that the government has drafted a 2023-2027 development plan to support the canned pineapple industry and enhance its capacity in the production, processing and marketing of the product.

Anucha said the government plans to use the development fund as a key mechanism to boost revenue for pineapple farmers.

He added that since most pineapple factories are located in Prachuap Khiri Khan, it can be considered a pineapple metropolis for Thailand and the world.

Last month, Alongkorn Ponlaboot, adviser to Agriculture Minister Chalermchai Sreeon, said the Agriculture Ministry will establish a “pineapple metropolis” in Prachuap Khiri Khan this year to support growers of the spiky yellow fruit.

He said the support will also be extended to pineapple farmers in Phetchaburi, Ratchaburi and Kanchanaburi.

Apart from pineapple, the government is also paying attention to mamuang bao, a type of mango that is smaller but propagates fast. This mango is usually consumed unripe with a hot and sweet dip.

Anucha said mamuang bao has been registered as a geographical indication product for Songkhla and that it earns the province about 58 million baht per year.

Related story:

Agriculture Ministry to establish ‘pineapple metropolis’ next year: Alongkorn

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https://www.nationthailand.com/thailand/economy/40023695

TAT aims to woo more tourists with Thailand-China siblings campaign

TUESDAY, JANUARY 03, 2023

The Tourism Authority of Thailand (TAT) is ready to launch a campaign under the theme “Thailand and China are siblings” in a bid to attract Chinese tourists to the country, the agency said on Tuesday.

The campaign comes after the Chinese government announced in December last year that it would lift travel restrictions from January 8.

TAT Governor Yuthasak Supasorn said the agency would focus on promoting Thai tourism products and services via Chinese online platforms, such as Ctrip, Fliggy and Lvmama.

He added that TAT plans to invite Chinese singer and actor, Ma Tianyu, to promote Thai tourism products and services via live streaming on January 10.

“Meanwhile, Ctrip CEO Jane Jie Sun will promote Thai tourism products and services via live streaming on January 11,” he said.

Yuthasak said TAT also plans to allow Thai entrepreneurs to promote their tourism products and services in China after the Chinese New Year festival. Chinese New Year falls on January 22 this year.

He said TAT will negotiate with airlines to increase flights between Thailand and cities in China. TAT will also design land travel packages between the two countries, such as via Laos-China high-speed railway and caravan, he added.

Yuthasak Supasorn

Earlier, China’s news agency Xinhua reported that Chinese tourists travelled 52.7 million times domestically from December 31 to January 2, generating more than US$3.8 billion earnings (130.68 billion baht) for the country.

Related stories:

• Nearly 12 million foreign tourists visited Thailand last year
• South Korea, Thailand launch mutual tourism campaign for 2023-2024
• Tourists flood Phi Phi on Jan 1 as Thailand ups 2023 forecast to 25m visitors

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https://www.nationthailand.com/thailand/economy/40023693

Thai entrepreneurs urged to partner Indian startups in fast-growing market

TUESDAY, JANUARY 03, 2023

Thai entrepreneurs should join hands with Indian startups to penetrate the fast-growing Indian market, the Department of International Trade Promotion said on Tuesday.

The department’s director-general, Phusit Rattanakul Seriroengrit, said startup business in India has continued to grow, thanks to support from the Indian government to stimulate the economy in the long term.

He said the number of Indian startups has increased exponentially from 400 to 70,000 over the past eight years (2014-2022), adding the number is likely to increase further, especially in India’s second-tier cities.

“The Indian government organised an event ‘Huddle Global 2022’ in Kerala state on December 15-16 last year which featured seminars on attracting foreign investment to expand the startup businesses there,” he said.

Phusit Rattanakul Seriroengrit

He said many countries are interested to invest in India’s startup business, especially countries from the Middle East and Europe.

He added that the Indian government is organising “Invest Madhya Pradesh-Global Investors Summit 2023” in the central state of Madhya Pradesh on January 11-12 to promote high-potential Indian startups.

“This is an opportunity for Thai entrepreneurs to join hands with Indian startups to penetrate the Indian market,” he said.

Each Indian state has different resources and expertise. For instance, he said Kerala state has expertise in spices and herbs, while Madhya Pradesh has expertise in chemicals and biomaterials.

“Each Indian state has a specific institution which serves as the centre for startup development,” he said, adding that specific institutions also connect Indian startups with foreign investors.

Related stories:

• Trade promotion agency launches ‘Wonders of Thai Jewels’ global branding campaign
• Thai automakers urged to cash in on Cambodia’s EV drive
• DITP launches new AI tool to evaluate Thailand’s trade prospects

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https://www.nationthailand.com/thailand/economy/40023691

Nearly 12 million foreign tourists visited Thailand last year

TUESDAY, JANUARY 03, 2023

As many as 11.81 million foreign tourists visited Thailand last year, the Tourism Authority of Thailand (TAT) said on Tuesday.

Thai and foreign travellers were expected to generate 1.5 trillion baht in tourism revenue for the country last year, TAT Governor Yuthasak Supasorn said.

He said most foreign visitors last year came from Malaysia (1.95 million), followed by India (965,994), Laos (844,959), Cambodia (591,657) and Singapore (589,770).

Most foreign visitors entered Thailand via Suvarnabhumi Airport (6.09 million), followed by Phuket International Airport (1.56 million), Don Mueang International Airport (972,614), Sadao Border Checkpoint (729,976) and Nong Khai Border Checkpoint (348,529).

Yuthasak Supasorn

“TAT aims to attract at least 25 million foreign travellers to Thailand this year, generating 2.38 trillion baht in tourism revenue,” he said.

Yuthasak expects at least 5 million Chinese tourists to visit Thailand this year once the country lifts travel restrictions from January 8 onwards. He also expects around 300,000 Chinese tourists to visit Thailand in the first three months of this year.

“Chinese tourists are expected to begin their trips after January 15,” he said, adding that independent Chinese travellers would arrive in Thailand earlier than other groups of Chinese tourists.

He said Thailand would take care of Chinese tourists based on hygiene and safety similar to other foreign visitors.

So far, Japan, India, Italy, Malaysia, South Korea, Spain, Taiwan and the US have imposed tighter requirements, including negative Covid tests on travellers from China, where infection rates are soaring. However, Thailand has not tightened rules for Chinese visitors, its biggest overseas market before the pandemic struck in 2020.

Related stories:

• South Korea, Thailand launch mutual tourism campaign for 2023-2024
• Sharp jump in spending by Thais on parties and travel during New Year holidays, poll shows
• Phuket tourism revs up, 12 million arrivals expected this year

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https://www.nationthailand.com/thailand/economy/40023687

Sharp jump in spending by Thais on parties and travel during New Year holidays, poll shows

TUESDAY, JANUARY 03, 2023

The majority of people spent money on parties and get-together activities, according to a poll conducted by the University of the Thai Chamber of Commerce (UTCC)’s Centre for Economic and Business Forecasting on people’s spending during the year-end and New Year.

The results of the poll, revealed on Tuesday, surveyed an undisclosed number of participants.

Of the respondents, 68.4% said they spent money on parties/get-togethers, while 60.4% said they spent money on domestic and overseas travel; 47.7% spent on religious ceremonies or donations during the year-end; some 31% bought household appliances; 27.6% said they bought luxury items such as jewellery; 17.1% spent on alcohol for New Year celebrations; and 10.7% bought lottery tickets to try their luck in the New Year.

The UTCC said it was notable that this year only 9.4% of respondents said they spent New Year time relaxing at home, compared to 43.6% in 2021. This signals a big jump in travel demand during the New Year holidays, the UTCC said.

The UTCC had earlier estimated that around 103.03 billion baht would be spent by Thais during the New Year festival this year, a 20.1% increase from the previous year and the highest in 17 years.

“It would be the first time that consumer spending would be exceeding 100 billion baht since 2007,” the UTCC president, Thanavath Phonvichai, said last month.

He added that with the support of the government’s stimulus measures, such as “Shop Dee Mee Kuen” (Shop and Payback) and “Rao Tiew Duay Kan” (We Travel Together) schemes during the first quarter of next year, the country’s economy is expected to grow by 0.1% to 1%.

Related Stories

Consumer spending expected to hit 17-year high during New Year period

Domestic tourists to spend THB 11 billion during the New Year holiday