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https://www.nationthailand.com/thailand/economy/40023566

Massive investment planned for new Smart City in Eastern Economic Corridor

THURSDAY, DECEMBER 29, 2022

The government will invest 1.35 trillion baht to transform the eastern seaboard’s Eastern Economic Corridor (ECC) into a regional financial hub and a world-class smart city by 2037, deputy government spokesperson Rachada Dhnadirek said on Thursday.

In the first 10 years, the focus will be developing the business and financial area, regional business offices, government offices, medical facilities, and educational centres, she said.

This will be followed by creating a world-class smart city by 2037 to serve as a model for the development of smart cities across the country, Rachada added.

The smart city will be known for an innovative technological system that covers seven main areas: smart mobility, smart energy, smart environment, smart living, smart people, smart economy, and smart governance, she said.

The corridor spans three eastern provinces: Chon Buri, Rayong, and Chachoengsao.

Rachada said that most of the 1.35 trillion baht investment – 1.18 trillion or 87.5% – would come from the private sector, while 37.6 billion (2.8%) would be contributed by the Thai government, and the remaining 131.1 billion (9.7%) by state enterprises or joint ventures between the public and private sectors.

She said the 1.35-trillion-baht investment would expand gross domestic product by 2 trillion baht within 10 years.

The EEC smart city is expected to have about 350,000 residents by 2032, she said. At least 200,000 new jobs are expected to be created by that time. It will generate more than 1.2 trillion baht in salaries for employees and create between 150 and 300 start-ups, she said.

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https://www.nationthailand.com/thailand/economy/40023564

Ex-deputy minister slams Prayut government over failure to tackle rising household debt

THURSDAY, DECEMBER 29, 2022

A former deputy labour minister in the Cabinet of Prime Minister General Prayut Chan-o-cha on Thursday criticised the government for its lack of clear-cut measures to tackle household debt.

Narumon Pinyosinwat, who served in the second Cabinet of Prayut, said in her Facebook post that the government was only focused on debt moratorium measures and was providing new loans without a clear strategy to solve the problem.

As a result, she expects many families to remain trapped in their debt burden.

Narumon said the government should set a target for household debt at not more than 80% of gross domestic product (GDP) because a higher ratio of household debt would lead to a sluggish economy in the long term.

Narumon said all economic forecast agencies agreed that the global economy would slow down next year and it would affect the Thai economy, which would aggravate the household debt situation and affect economically vulnerable groups.

The impact of the global economic slowdown can already be felt in the contraction of exports by 6% in November and export growth for the year would slow down to 3.2%, compared to a 6% expansion last year, Narumon said.

The ex-deputy minister said the flood crisis in 2021 and the Covid-19 pandemic had aggravated the household debt situation from 80% of GDP in 2019 to 90% of GDP this year.

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https://www.nationthailand.com/thailand/economy/40023556

Business associations succeed in lowering rise in power price

THURSDAY, DECEMBER 29, 2022

The cost of electricity for businesses will not rise as much in January as proposed earlier this month, following an intensive and coordinated effort by Thailand’s largest business associations to prevent what they described as a crippling rise in the fuel tariff (Ft) rate.

The Energy Regulatory Commission has approved a decision by the Electricity Generating Authority of Thailand (Egat) to reduce a rise in the Ft rate during the first quarter of next year, commission secretary-general Komkrit Tantravanich said on Thursday.

Komkrit said the commission made the decision at a meeting on Wednesday.

The Ft rate is determined by the cost of fuel used for generating electricity and the cost of buying power from private generating plants.

Komkrit said Egat asked his commission to review the new Ft rates in light of fluctuations in the prices of natural gas and diesel, as well as exchange rates. The accumulated debt of Egat was also a factor considered.

Komkrit said the commission on Wednesday approved an Ft rate for non-household electricity of 154.82 satang per unit (100 satang is one baht). This was a 35.52 satang reduction from the Ft rate of 190.44 satang per unit approved on December 14.

The reduction from the December 14 proposed rate for non-household electricity lowers the per unit rate to 5.33 baht from the proposed 5.69 baht per unit, from January to April, Komkrit said.

The commission also approved Egat’s proposal to maintain the Ft rate for household electricity use at 93.43 satang per unit, keeping the power rate for households at 4.72 baht per unit during the same period.

On December 14, the ERC decided to raise the Ft rate for non-household use by 97.01 satang to 190.44 satang per unit, which would result in a power rate for non-household use of 5.69 baht per unit – an increase of 21%.

The ERC’s decision sparked a backlash from businesses, which argued that a rise in the cost of electricity would undermine their profitability and competitiveness when they had yet to fully recover from the pandemic.

The Joint Standing Committee on Commerce, Industry, and Banking held a press conference earlier this month at which leaders of the country’s largest business associations appealed to the government, as well as Prime Minister Prayut Chan-o-cha, to delay the proposed rate hike, saying it could damage members of their associations as well as the country’s economy.

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https://www.nationthailand.com/thailand/economy/40023533

Bangkok, Chonburi top choices for foreigners buying property

WEDNESDAY, DECEMBER 28, 2022

Bangkok and Chonburi are the two provinces where most foreigners bought condominiums in the first nine months of 2022, the Government Housing Bank’s Real Estate Information Centre (REIC) said.

The centre reported on Wednesday that 75.2% of condominium ownership that had been transferred to foreign nationals from January to September this year were either in the capital or the eastern resort province.

Bangkok saw 3,325 units sold to foreigners, or 45.6% of all condo units sold to foreigners, while Chonburi recorded 2,155 units sold, or 29.6%.

Other provinces on the list, but at significantly lower numbers than the top two, are Samut Prakan, Phuket, and Chiang Mai.

The REIC noted that about 30% of condo units sold to foreigners are pre-owned.

“Sales of condominiums to foreign customers have been gradually rising in the past two years, but are still lower than the pre-pandemic level,” said the centre. “The reopening of borders, lifting of Covid restrictions, recovery of the tourism industry and the local economy are factors that have driven up property sales to foreigners.”

The REIC added that the biggest foreign clients of the condominium market have always been Chinese. However, since China has yet to fully reopen, Thai property sellers must seek buyers from other markets, such as Europe, the US, Australia, Russia and India.

The centre said that the recent announcement by the Chinese health authorities that the country will scrap quarantine measures for overseas arrivals starting January 8 could be an immediate gamechanger for Thailand’s tourism industry, but the impact of the measure on the property sector would be visible only late in the second half of 2023.

“The property market trend for foreigners next year remains to be seen, as Chinese buyers might not have the same purchasing power as before, due to the battering the Chinese economy has taken for nearly two years because of the strict zero-Covid policy,” the REIC pointed out.

“Plus, to boost its economy the Chinese government could impose measures that promote domestic spending rather than overseas purchases.”

Related Stories

Thai tourism stocks soar as China scraps quarantine measure from Jan 8

Chinese top foreigners who purchased condos in Thailand: REIC

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https://www.nationthailand.com/thailand/economy/40023526

Tourism officials moving swiftly to attract Chinese visitors

WEDNESDAY, DECEMBER 28, 2022

The Tourism Authority of Thailand (TAT) is in talks with its offices in China to update its plan for attracting Chinese tourists following Beijing’s announcement earlier this week that it will begin relaxing restrictions on travel on January 8.

The discussions began after China’s National Health Commission announced on Monday that it would allow Chinese citizens to apply for passports for travel from January 8, after nearly three years of strict pandemic border controls prevented tourists from leaving the country.

Visitors from China were Thailand’s largest tourism market before the pandemic struck in 2020.

TAT executive director of the East Asia region, Chuwit Sirivejkul, said the Chinese government’s announcement that it would allow its citizens to apply for passports for travel from January 8 was already leading to a surge of interest in travel to Thailand.

Online searches for travel packages skyrocketed in China and airlines have asked its aviation authorities to increase the number of international flights.

Chuwit said the TAT was working with its five offices in China – in Beijing, Shanghai, Guangzhou, Kunming and Chengdu – to revise its plan to attract Chinese tourists to Thailand.

“Chinese travel agencies have launched travel packages to Thailand for the upcoming Chinese New Year festival,” Chuwit added.

TAT governor Yuthasak Supasorn said the agency would discuss its plan to attract Chinese tourists with hotel operators, airlines, and airport operators.

Tourism and Sports Minister Phiphat Ratchakitprakarn said Thailand would increase next year’s target for international tourists, from 20 million to 25 million, following Beijing’s announcement. This will help the country reach its 2023 tourism revenue target of 2.38 trillion baht, the minister said.

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https://www.nationthailand.com/thailand/economy/40023524

Krabi palm/rubber farmers urged to grow coffee as Asia’s thirst rises

WEDNESDAY, DECEMBER 28, 2022

Palm and rubber farmers in Krabi province have been urged to grow coffee instead, as demand for the beverage is rising faster in Asia than in other parts of the world.

Krabi’s coffee is now gaining international attention thanks to its certification as a Geographical Indication (GI) product, Deputy Commerce Minister Sinit Lertkrai said on Tuesday. Sinit was reporting on his visit to a coffee-processing community enterprise in Krabi’s Khlong Thom Nua, which he hailed as a triumph for the ministry’s GI policy.

“We wanted this policy to improve farmers’ quality of life, and we succeeded,” he said.

He said he now expects Krabi’s coffee to gain global attention, boosting Thailand’s soft power along the way.

Sinit Lertkrai and Thanawat Phukaoluan

Thanawat Phukaoluan, adviser to the agriculture minister, thanked the Agriculture and Commerce ministries for certifying Krabi coffee as a GI product, saying this had helped increase its value and expand Thailand’s coffee market.

The coffee business is popular among entrepreneurs and investors after being named among outstanding businesses this year, he said, citing data from trade fair exhibitor Informa​ Markets​.

The value of Thailand’s coffee is expected to hit 60 billion baht soon, he added.

This should prompt the government to encourage palm and rubber farmers to grow coffee instead, Thanawat said.

Coffee consumption in Asia has risen 1.5% over the past five years, beating Europe’s 0.5% rise and the US’s 1.2%, he said.

He added that Asia would become the global cafe business hub in the future.

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https://www.nationthailand.com/thailand/economy/40023521

Thai exports exceed 2022 target despite end-of-year slump

WEDNESDAY, DECEMBER 28, 2022

Exports rose 7.6% in the first 11 months of 2022 to US$265.34 billion or 9.16 trillion baht, exceeding the target of 9 trillion baht for the whole year, Commerce Minister Jurin Laksanawisit said on Tuesday.

Cross-border trade in the same period was worth 944 billion baht, down 0.51% from the previous year.

However, exports in November were down 6% on last year to $22.3 billion, while imports rose 5.6% to $23.65 billion. December’s export figures are also expected to drop from last year amid the ongoing global economic slowdown.

Thailand logged a trade deficit of US$15.08 billion or 522.2 billion baht in the first 11 months.

Export markets that saw the biggest expansion in volume in November were Iraq (215.6%), Bahrain (153.1%), Saudi Arabia (40.1%), the United Kingdom (22.2%), and Laos (21.3%)

Driving export expansion this year are the reopening of 72 of 97 Thai border checkpoints, a 10% rise in global food demand, growing demand for tech products as 5G coverage spreads, and easing of the semiconductor shortage, Jurin said.

Factors hindering exports include high inflation and the stagnating global economy, as well as the war between Russia and Ukraine.

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Thai exports in October see first contraction in 20 months

Global factors could slow Thai export growth in second half of 2023

Thailand’s rice exports boom, Iraq emerges as largest customer

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https://www.nationthailand.com/thailand/economy/40023509

Sunny outlook for Thai farmers as Malaysia runs short on eggs

TUESDAY, DECEMBER 27, 2022

Thailand’s association of egg farmers has shifted its focus to the Malaysian market after learning that the neighbouring country is running low on eggs.

A source from the association told the Thansettakij publication that Malaysia is having to import eggs mainly from India to meet the surge in demand.

In a nationwide survey, the association has learned that the consumption of eggs in Thailand was high during the Christmas-New Year holidays, the source said.

The cooperation also said it expects the price of eggs to remain high for at least one month, while the price of animal feed will remain high until mid-next year.

The source added that the association is concerned about the falling price of poultry meat, as it is also bringing down the price of meat from decommissioned laying hens.

On Tuesday, chicken meat from decommissioned hens cost 32 baht per kilogram, while chicken meat from poultry farms cost 41 baht per kilo.

The Livestock Development Department announced on Tuesday that the price for large hen eggs was 4.15 baht apiece.

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https://www.nationthailand.com/thailand/economy/40023503

Thai tourism industry waits expectantly as China scraps travel restrictions

TUESDAY, DECEMBER 27, 2022

Thailand’s tourism industry can expect a boost from China’s move to scrap measures on overseas travel of its citizens from January 8, the Tourism Council of Chiang Mai said on Tuesday.

China’s National Health Commission announced the move on Monday after nearly three years of strict pandemic border restrictions effectively prevented tourists from leaving the country.

Visitors from China were Thailand’s largest tourism market before the pandemic struck in 2020.

Council chairman Punlop Sae-Jew, however, said it was neccessary to monitor China’s reopening as there could be a change in the future.

He expects Chinese businessmen to visit Thailand in the first quarter of next year. Chinese tourists are expected to visit Thailand from the second quarter onwards, he added.

“In my opinion, the Chinese government would keep its citizens in the country during the Chinese New Year festival in a bid to stimulate their own economy before allowing them to travel abroad,” he said.

“Chinese tourists would not be able to travel overseas immediately as their passport may already have expired.”

Punlop confirmed that hotel operators in Chiang Mai are ready to welcome tourists. However, he said operators of some businesses are accelerating recruitment of employees, such as masseurs and bus drivers.

Meanwhile, La-iad Bungsrithong, adviser to the president of the Thai Hotels Association Upper North Region, said the occupancy rate of hotels in Chiang Mai in the fourth quarter this year was great.

“The occupancy rate in October and November was 70% and 75%, respectively,” she said, adding the occupancy rate in December was around 80% to 90%.

She expects Chiang Mai’s tourism in the first quarter of next year to recover gradually as Thailand has entered the tourism high season.

She added that the number of flights is a key to stimulate tourism in Chiang Mai as it can facilitate travel for tourists.

“We would hold talks with airlines on the number of flights to Chiang Mai,” she said, adding that the association would also hold talks with tourism entrepreneurs on what tourists need in the post-Covid-19 era.

“We have to set the prices of products and services to be affordable in a bid to attract tourists to the province,” she added.

Related stories:

• Bangkok’s annual light and digital art festival “Awakening Bangkok 2022” returns for its 5th edition to the Charoenkrung-Talad Noi neighborhood, aims to promote nighttime economy, social and economic sustainability, and festival tourism
• Thai tourism stocks soar as China scraps quarantine measure from Jan 8
• Thailand tops list of Southeast Asian travel destinations

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https://www.nationthailand.com/thailand/economy/40023497

Thailand minting fewer coins as people opt for online transactions

TUESDAY, DECEMBER 27, 2022

With Thailand fast becoming a cashless society, far fewer coins are being minted yearly.

Chamroen Phothiyod, the Treasury Department’s director-general, said on Tuesday that the department will mint 1.07 billion coins in the 2023 fiscal year compared to 1.60 billion in fiscal 2022.

The minting of coins for 2023 kicked off in October this year, he said.

Chamroen said he expects the production of coins to drop further over the years, though he believes the number of coins in circulation will not drop much as the department has to replace damaged coins.

He said the department replaces some 3 billion damaged coins on average per year.

“There are 38 billion coins worth 79 billion baht currently in circulation,” he said, adding that there is still a high demand for coins, especially among retailers.

He added that a drop in coin production can bring down his department’s revenue. He expects the production of coins in fiscal 2023 will generate about 900 million baht in revenue, compared to around 1 billion baht in 2022.

“To maintain its revenue, the department has decided to start producing commemorative coins,” he said, adding that the department also produces special coins for private agencies and other countries.

Earlier, the Bank of Thailand said the PromptPay application is a game changer as it helped turn Thailand into a cashless society.

PromptPay, which was introduced in 2015, allows people to make electronic transactions with a cheaper transaction fee.

It also allows government agencies to make transactions accurately and transparently, the central bank said.

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• 20-baht Apec 2022 commemorative coin ready for purchase from Nov 1
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