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https://www.nationthailand.com/blogs/business/40012195

Energy Minister Supattanapong Punmeechaow warned that the current situation was a precarious, almost critical, as demand for oil has grown rapidly due to the global economic recovery, tensions in international politics, the cold weather, and Opec Plus’ refusal to hike output.

He was responding during a meeting of the House of Representatives on Thursday to a question by Kittikorn Lohsunthorn, Lampang MP from Pheu Thai Party, about the high price of oil and possible solutions.

Meanwhile, there are transport groups that are demanding diesel price be reduced from 30 baht to 25 baht.

US President Joe Biden has called up Opec leaders to consider an increase in production.

Since December 2021, crude oil price has gone up by 4 baht per litre, diesel by almost 6 baht per litre, and petrol by 5 baht.

Supattanapong explained that the ministry has frozen the price of diesel fuel at not over 30 baht per litre, which is supported by 3.79 baht per litre from the Oil Fund, totalling 7 billion baht per month.

After spending 20 billion baht to control oil price, the Oil Fund is already 15 billion baht in debt and is preparing to borrow another 20-30 billion baht to continue to freeze the price, he said.

Regarding reduction of bio-oil, he said the government is considering new measures to take care of the people step by step. If the price drops suddenly, it will affect the oil palm farmers. When the formula was changed to B5, the price of palm oil would be about 11 baht, which was at a level that didn’t affect farmers too much.

He added that there was also a reduction in the energy conservation fund that used to collect 25 satang per litre. Today, it’s almost gone down to zero, he said.

Published : February 10, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012193

Thailand’s Commerce Ministry is matchmaking the Exim Bank with business entrepreneurs to help fund their foray into the RCEP markets after the world’s largest free-trade agreement came into force on January 1, Commerce Minister Jurin Laksanawisit said on Thursday.

The ministry’s project, called “Loan Matchmaking for Inroads into RCEP Markets”, aims to seek funding for small and medium-sized enterprises (SMEs), community ventures, and startup businesses so that they can export their products to 14 other member countries of the Regional Comprehensive Economic Partnership, which also includes Thailand.

Under the project, the Export-Import Bank of Thailand (Exim Bank) offers cheap loans with an annual interest rate of 2.75 per cent in the first year to SMEs seeking funds for their businesses.

Each eligible SME is allowed to borrow as much as Bt50 million as more than Bt3 billion have been allocated for this project, according to Jurin, who doubles as deputy prime minister.

The project is a collaboration between the ministry, businesses and financial institutions.

Thailand’s trade with the RCEP nations accounts for half of the total value. According to the FTA, 39,366 items of Thai-made products can be exported to other member countries with zero tariff, with immediate effect for 29,891 of those items since the agreement went into force on the New Year’s Day.

In addition to the function to launch the project in Bangkok on Thursday, the Commerce Ministry will also hold similar events in all four regions of the country, the commerce minister said.

RCEP is the world’s largest free-trade agreement, covering a third of the global population and accounting for about a third of the world’s total gross domestic products (GDP).

Its members are 15 Asia-Pacific nations — Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand, and Vietnam.

Published : February 10, 2022

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https://www.nationthailand.com/business/40012178

Thailand’s trade representative has an ambitious plan to draw as much as Bt1 trillion in foreign investments over the next year or two, which is enough to boost GDP growth by a hefty 3 per cent a year.

ML Chayotid Kridakon, who also heads a proactive team tasked with attracting investments, said on Thursday that the focus would be on five key industries – automobiles, electronics, medicine, digital, and tourism.

“These five major industries have relied heavily on foreign countries. Thailand has no potential to go it alone, so we need investors from outside the country,” he said.

Autos, electronics and tourism account for 50 per cent of Thailand’s gross domestic product, according to the trade representative.

If things go as planned, increased investment in the three industries would help boost the country’s GDP by 3 per cent per year, he said.

Since the beginning of this year, his team has held discussions with the embassies of the United States and certain Asian and European countries, as well as trade chambers and foreign corporations about their requests regarding investment in Thailand.

“All of them want the government to ease the visa rules. The request has already been granted, and it will take effect in two months,” ML Chayotid said.

He explained that the maximum period for the long-term residency visa has been extended to 10 years, while visa renewal can be done every year, instead of every 90 days as was the case in the past.

Published : February 10, 2022

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https://www.nationthailand.com/business/40012157

The Federation of Thai Industries (FTI) is concerned about the energy price situation and has asked the government to cut utility bills and cap the diesel price at less than 30 baht per litre to prevent inflation.

FTI chairman Suphan Mongkolsuthree said on Wednesday that operators were facing pressure from increasing manufacturing costs in both energy and transportation, while currency volatility was also affecting material and importing costs.

On top of this, he said, the container and semiconductor shortage problem is not getting any better.

Suphan cited a FTI January survey in which 1,335 operators in 45 industry groups were asked which factors worried them the most.

According to the survey:

• 70.1% were worried about the oil price
• 45.5% were concerned about the political situation in the country
• 43.8% had worries about the currency rate, and
• 42.6% were perturbed about loan interest rates.

The FTI gave the government four suggestions:

1. Control inflation and solve the cost-of-living problem by cutting utility bills, reducing LPG gas prices, and increasing the budget for the “Khon La Khrueng” (Let’s Go Halves) campaign.
2. Keep the diesel price below 30 baht per litre and clear up the material shortage or high-price problem to decrease manufacturing costs.
3. Roll out economic stimulus measures to help the economy recover, including measures to assist businesses that have been affected by the Covid-19 crisis.
4. Ease entry measures for foreign visitors by at least reducing the number of RT-PCR tests to only one under the Test & Go scheme and using Antigen Test Kits instead on the fifth day of arrival.

Related News

Registration opens for a million new co-payment recipients

Monetary Policy Committee keeps key policy rate at 0.5%

Government nets Bt102 billion income from Mineral Fuels Department

Published : February 10, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012155

The baht opened at 32.72 to the US dollar on Thursday, strengthening from Wednesday’s close of 32.77, the highest in two months.

The Thai currency is likely to move between 32.70 and 32.90 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the baht strengthened more than expected as foreign investors bought Thai stocks and short-term bonds worth more than 33 billion baht. But the Thai currency might fluctuate on Thursday as investors await US inflation results.

The dollar, too, is advancing and will continue to strengthen just before the US results, Poon said.

The baht found support after the gold price surged and reached its key resistance level of $1,830 (THB59,916) per ounce. This will help the baht not to weaken much in case the dollar strengthens if US inflation data is better than expected, he said.

Poon believes importers are waiting to buy the dollar at 32.70 while exporters would sell the currency if it reaches 33.00.

Related News

Baht ‘likely to swing sideways’ as investors await US inflation results

Baht to swing sideways from risk-off tendency before US inflation data released

Market investments will determine baht’s movements this week, says strategist

Investors continued to be in a risk-on state as they were supported by better-than-expected reports by listed companies even as worries were eased over an interest rate increase by the US Federal Reserve.

Moreover, the market is finding support from talks between French President Emmanuel Macron and his Russian counterpart Vladimir Putin, which might decrease the chance of a Russia-Ukraine conflict, Poon added.

Published : February 10, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012145

The Finance Ministry will begin registration of one million more users of the government’s Kon La Krueng (half-half) co-payment scheme Thursday morning, the ministry’s spokesman said on Wednesday.

Fiscal Policy Office director-general Pornchai Thiraveja, the spokesman of the ministry, said the registration will start at 6am and end at 10pm and will continue until one million new users sign up for Phase 4 of he co-payment scheme.

Those who wish to register should not have been recipients in Phase 3 because the Phase 3 co-payment scheme users were allowed to reactivate their accounts to use the scheme earlier.

Those who have received the co-payment scheme rights in phases earlier than Phase 3 can register by using the Pao Tang app or via the scheme’s website. Those who do not have the app can register via the Konlakrueng website.

Under Phase 4, each user will have Bt1,200 from the government transferred to their G Wallet account, opened via the Pao Tang app with Krungthai Bank. The electronic pocket can be used to make payments up to Bt150 a day to shops that support the scheme. Once a payment is made, half of the price will be paid with the money from the government and the user will have to pay the remaining half. The users must remit money to their G Wallet account before the co-payment can be made via the app.

Pornchai said 24.67 million people have been granted the Bt1,200 credit by the government so far, compared with 26.35 million users in Phase 3.

So far 1.33 million shops are participating in Phase 4.

As of 11pm on Tuesday, 21.17 million users have used the co-payment scheme in Phase 4 with the total spending of Bt16.334.6 million – Bt8.269 million from users and Bt8.065 million from the scheme. If a user makes a payment exceeding Bt300, he or she will have to pay the entire amount exceeding Bt150.

After the registration, the new users can use the scheme from February 17 to April 30.

Published : February 09, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/blogs/business/40012144

Exports of gems and jewellery, excluding gold, in December 2021 were worth US$587.16 million, up 29.33 per cent year on year. 
Total exports for 2021 (January to December), excluding gold, were worth $6.158 billion, increasing 26.94 per cent compared to 2020.

However, including gold, the exports were worth $10.04 billion, down 44.79 per cent year on year.

One of the key factors behind the increased demand was the recovery of key markets, with the US being the number one export market, up 51.29 per cent, followed by Hong Kong 0.78 per cent, India 60.65 per cent, Germany 1.70 per cent, United Kingdom 134.66 per cent, Belgium 21.23 per cent, Japan 6.49 per cent, United Arab Emirates 29.82 per cent, Australia 10.71 per cent and Switzerland 70.43 per cent.

Major products exported increased, such as silver jewellery 21.71 per cent, gold jewellery 31.75 per cent, platinum jewellery 51.89 per cent, polished diamonds 35.11 per cent, sapphires 17.35 per cent, polished hard gems 38.51 per cent, polished soft gems 0.74 per cent, artificial jewellery 9.70 per cent, silver 24.14 per cent, while gold, which used to be a speculative export when gold prices rose, was down 70.88 per cent.

The outlook for exports in 2022 is expected to continue to recover since the world economy has begun to recover from the impact of Covid-19. The economic activities of many countries have continued to expand since March 2021, and many countries have adjusted their policies to return to normal state.

Published : February 09, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012142

The government has selected the Queen Sirikit National Convention Centre (QSNCC) as the venue for holding the Asia Pacific Economic Cooperation (Apec) Summit this year.

The decision was made during Wednesday’s meeting of a national panel in charge of making preparations for the summit of Apec members. The meeting was attended by Transport Minister Saksayam Chidchob and Chayatham Promsorn, permanent secretary at the Transport Ministry.

The meeting also selected the Royal Thai Navy’s auditorium as the venue for hosting the gala dinner for Apec leaders and their spouses.

The QSNCC has been closed for renovation for four years and it is scheduled to reopen on September 10 to host the Apec Summit.

Its space has been increased five times to 280,000 square metres.

The new QSNCC will have two large exhibition halls with more than 45,000 square metres of space, two large convention and seminar halls with over 10,000 square metres of space. The QSNCC also will have 50 small meeting rooms and its parking space can accommodate more than 2,700 vehicles. The convention centre also will have a passage linked to the subway to make it convenient for visitors coming to the centre.

Published : February 09, 2022

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https://www.nationthailand.com/business/40012136

The central bank’s Monetary Policy Committee (MPC) on Wednesday retained the key policy rate at 0.5 per cent to support the economy’s growth.

Piti Disyatat, assistant governor for monetary policy at the Bank of Thailand, said the decision was reached unanimously by the committee members.

He said the low policy interest rate of 0.5 per cent would support economic expansion along with other monetary and finance policies that focus on rehabilitation and increasing economic potential.

The measures are aimed at helping workers, businesses and households to have more income with sustainability, Piti added.

The committee believes that Thailand’s economy expansion will exceed the panel’s estimate at the last meeting.

The panel expects the country’s growth this year to be driven by growth in exports and increase in foreign tourists following the easing of Covid-19 restrictions, Piti said.

The MPC acknowledges that different economic sectors would see different levels of growth, Piti said. For example, the tourism sector would see growth lower than the pre-Covid level.

The MPC wants the government to continue to monitor Covid-19’s impact on workers, who would also be hit by rising cost of living and the fact that their pays have not been fully restored.

The committee realises that inflation may exceed the target in the first quarter because of rising prices of fresh foods and energy, but the average inflation in the year would be within the target because the committee does not expect to see more increases in prices of goods, Piti said.

He added that the MPC expected demand pressure on inflation to still be low this year.

The committee believes the country still enjoys high liquidity in the money system but the levels of liquidity would be different in different sectors.

The MPC advised the government to closely monitor global and Thai currencies and to create a new FX (foreign exchange) ecosystem to protect businesses from exchange risks, Piti said.

The committee called on the government to maintain health policies that would benefit economic recovery and to use monetary and finance policies to distribute liquidity to target groups. For example, the government should use a debt consolidation policy to allow financial institutions to help those in housing debt and micro-finance debt, Piti said.

Published : February 09, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012126

The Mineral Fuels Department said on Tuesday that it had generated income of Bt103.58 billion for the government in 2021.

Mineral Fuels director-general Sarawut Kaewtatip said the department had received Bt53.637 billion in revenue from oil and gas field concessions and returns from the Thai-Malaysian joint development project.

The remaining Bt49.948 billion revenue came from revenue taxes collected from the oil and gas fields’ concessionaires.

He said his department would this year call for bids for oil and gas prospecting firms to survey three more fields in the Gulf of Thailand – G1/65 field with 8,487.20 square-kilometre area, G2/65 field (15,030.14 square kilometres) and G3/65 field (11,646.67 square kilometres).

Sarawut said the new projects were yet to be approved by Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow before the bids would be called.

The department expects the new fields would compensate for the declining crude oil and gas reserves.

Sarawut said the department estimated investments of about Bt1.5 billion in the new fields, and natural gas and oil from the new sites could be sold within 2026.

Sarawut said the department is also coordinating the transfer of the Erawan field of the G1/61 plot from the original concessionaire, Chevron Thailand Exploration and Production Ltd, to the new contractor, PTT Exploration and Production Pcl. The original concession will expire in April 2022. The PTTEP will operate the field under the production sharing contract.

“It’s believed that within one and a half years, the PTTEP will be able to increase its production of natural gas in the Erawan field to 800 cubit fee per day, which will be sooner than the original two-year transitional period,” Sarawut said.

He said the department is also supporting the government’s policy of trying to reduce carbon emission by cooperating with concessionaires and agencies concerned to try the Carbon Capture and Storage technology. The technology is aimed at capturing emitted carbon from oil and gas fields and store it under rock layers under the sea.

Published : February 09, 2022

By : THE NATION