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https://www.nationthailand.com/thailand/economy/40023001

Thailand’s 10 border special economic zones log THB37bn investment

MONDAY, DECEMBER 12, 2022

Thailand’s 10 border special economic zones (SEZs) have drawn investment worth 37 billion baht so far, the government reported on Monday. Infrastructure projects to support business in the 10 SEZs are also 89% complete, government spokeswoman Ratchada Thanadirek said.

Prime Minister Prayut Chan-o-cha is confident the economic zones – located in Tak, Mukdahan, Trat, Sa Kaew, Songkhla, Nong Khai, Narathiwat, Chiang Rai, Nakhon Phanom and Kanchanaburi – will boost development and income for rural people in the remote provinces, she added.

The border SEZs were initiated in 2015 to tap potential for trade and investment from neighbouring countries and the Asean Economic Community. The Board of Investment offers privileges for companies setting up operations in the zones.

Ratchada outlined progress in five aspects of border SEZ development.

– Private investment: Since 2015, private firms have invested about 37 billion baht in the 10 SEZs.

– Infrastructure: Major projects include the construction of the Trat-Hat Lek highway and Highway 211 from Chiang Khan to Nong Khai. Overall, infrastructure construction is 89% complete.

– Development of Treasury Department land: The Industrial Estate Authority of Thailand and private firms have leased special zones in Sa Kaew and Songkhla to build industrial zones that have already attracted investors. Special zones in Trat, Nakhon Phanom and Kanchanaburi have been leased by investors.

– Immigrant workers: One-stop migrant worker management centres have been established in all 10 provinces and approved employment of 508,000 workers from neighbouring countries.

– Centres to aid daily recruitment from neighbouring countries: The centres have facilitated the employment of some 27,000 workers who cross the border back and forth each day.

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https://www.nationthailand.com/thailand/economy/40022999

Survey shows public confidence in government’s ability to tackle economic issues

MONDAY, DECEMBER 12, 2022

The Khon La Khrueng (Let’s Go Halves) campaign has been the most beneficial government scheme, according to a survey by the National Statistical Office (NSO).

Government spokesman Anucha Burapachaisri on Monday said that the NSO had surveyed 6,970 people aged over 15 years, from October 17 to 31, about their opinion on the government’s policies.

According to the survey, the respondents considered the following schemes as most beneficial to them:

• Khon La Khrueng (Let’s Go Halves) – 75.8%
• State Welfare Card – 69.9%
• Electricity Bill relief – 59.2%
• Rao Chana (We Win) – 25.1%
• Mor33 Rao Rak Kan (Section 33 Rao Rak Kan) – 14.8%

The survey also asked about the public’s satisfaction level with the government’s management. The respondents were:

• Mostly satisfied – 7.7%
• Very satisfied – 34.4%
• Moderately satisfied – 41%
• Less satisfied – 14.7%
• Do not satisfied – 2.2%

According to the survey, people aged over 40 years were more satisfied with the government’s management than those aged under 40.

Farmers and people who were house-husbands, housewives, retirees, students, and unemployed people were more satisfied than people in other occupation groups.

The survey also asked about the respondents’ trust in the government tackling economical issues: The respondents were:

• Most confident – 5.8%
• Very confident – 29.6%
• Moderately confident – 40.8%
• Less confident – 20.6%
• Not confident – 3.2%

Lastly, the survey also ranked the top five issues that people would like the government to help with urgently. They chose:

1. Control the price of consumer goods
2. Lower electricity and water bills
3. Solve agricultural problems
4. Solve unemployment
5. Add or improve government schemes

Related stories

• Revenue Dept exceeds collection target in first 2 months of fiscal 2023
• Thai businesses target three major markets to boost exports next year
• Thai exporters get ready for Europe’s control on carbon-emission imports

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https://www.nationthailand.com/thailand/economy/40022998

How Thailand’s poorest region is tapping BCG innovations for riches

MONDAY, DECEMBER 12, 2022

Stephanie Adair

Thailand’s much-publicised Bio-Circular Green (BCG) plan to boost the grassroots economy faces its biggest test in the rice-basket Northeast, the country’s poorest region.

However, visitors to the “Isan BCG Expo 2022” in Khon Kaen are now seeing how BCG is being put into action under the region’s strategy to become an Asean trade and economic hub.

The Northeast’s largest exhibition of sustainable innovations is being hosted by the Khon Kaen Innovation Centre (KKIC) and sugar/bio-energy giant Mitr Phol Group together with 50 companies.

Under the spotlight are biotechnology innovations and investment opportunities for local and CLMV (Cambodia, Laos, Myanmar and Vietnam) businesses seeking to expand in the Northeast. 

The showcase is divided into three forums. The Isan BCG Forum 2022 features more than 40 sessions led by 80 experts from various fields to build BCG knowledge and understanding. Elsewhere, in-depth lessons are offered at the Essence of BCG talks while the Green Stage is showcasing sustainable agriculture practices designed to boost business growth.

Northeast culture is also being promoted in activities including Isan Serng & Sound (music), an Isaan gastronomy chef’s table, and a walking-street exhibition divided into Creative, Innovative and Green zones filled with booths from all over Isaan.

The four-day “Isan BCG Expo 2022” runs until today (December 12) at Khon Kaen Innovation Centre.

Stephanie Adair

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https://www.nationthailand.com/thailand/economy/40022995

Thailand testing electric trucks to replace fleet of 400,000 diesel vehicles

MONDAY, DECEMBER 12, 2022

Thailand’s trucking industry will decide whether to switch its fleet of 400,000 diesel trucks to electric vehicles in April next year after EV tests, according to the Land Transport Association of Thailand.

Association president Apichart Prairungruang said the plan to switch from diesel to electric trucks came after the government released support measures for EVs.

He said that the association would test the EV trucks for safety to address concerns over possible battery explosions. It would also compare the capacity of electric and diesel trucks since the new EVs will be used for long-distance trips of 300-500 kilometres, he said.

The tests will focus on maintenance, after-sales service and whether routes have enough charging stations to keep the EV trucks on the road. It should take no longer than one hour and 30 minutes to fully charge an EV truck, Apichart added.

However, he is concerned about EV trucks’ shorter battery life of around six years compared with 7-10 years for diesel vehicles.

He said batteries also made electric trucks more expensive, at around 5-6 million baht per unit versus only 2.8 million for a diesel truck. He noted, though, that electric trucks cost less to run in the long term.

Apichart said the association would decide whether to switch to EV trucks after tests that are due to finish in April.

The association, which covers firms that operate around 400,000 trucks, is interested in EVs as a way of saving transport costs and protecting the environment, he said.

Related stories

• Tesla sees swift sales in Thailand as consumers snap up over 5,000 units in 3 days
• Incentives jolt Thai EV market with 25,000 sales expected this year
• Mercedes-Benz joins Thailand’s EV subsidy program

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https://www.nationthailand.com/thailand/economy/40022993

Revenue Dept exceeds collection target in first 2 months of fiscal 2023

MONDAY, DECEMBER 12, 2022

The Revenue Department is on course to meet its revenue collection target of 2.2 trillion baht in fiscal 2023, up 3.75% from last year, its director-general Lavaron Sangsnit said.

Revenue in October, the first month of the fiscal year, rose 19.5% year on year to 232 billion baht. November’s revenue also exceeded the target after the full reopening of the country spurred business activity, especially in retail and logistics, Lavaron said.

However, he warned of tougher times to come as a global economic slowdown looms in the next calendar year.

He also expects revenue from fuel tax in fiscal 2023 to fall given crude oil prices are forecast to drop from around US$100 to $90 per barrel.

He said the department was using artificial intelligence systems to detect tax evasion.

Related stories

• Finance Ministry brushes off protest over upcoming tax on stock trades
• Budget Bureau, development council support financial transaction tax
• Government gives the go-ahead for tax on share sales in stock exchange

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https://www.nationthailand.com/thailand/economy/40022976

KResearch forecasts 24 million-plus arrivals in Thailand next year

SUNDAY, DECEMBER 11, 2022

Thailand can expect to welcome as many as 24 million foreign tourists next year and earn up to 1.01 trillion baht in revenue, a top research house forecast shows.

Kasikorn Research Centre (KResearch) said on Sunday that the Thai tourism sector can expect a 60% recovery to pre-pandemic times now that people are less afraid of new Covid-19 waves being sparked.

“If there are new waves, we don’t expect them to result in lockdowns,” KResearch said, adding that more people will start travelling.

The centre added that Thailand can also expect to see more tourists from Middle Eastern countries rather than China.

“We don’t expect Chinese tourists to return in hordes yet because the Chinese government is still imposing stringent measures to curb infections,” KResearch said.

The centre added that the tourism industry can be expected to generate between 840 billion and 1.01 trillion baht in revenue next year.

“Each foreign traveller should spend about 42,000 baht next year, compared to about 40,000 baht per person this year,” KResearch said.

However, this is still lower than the 47,895 baht per person in 2019 due to changes in travel demand and the global economic slowdown.

The research house also said that the recovery of Thailand’s tourism industry still needs to tackle challenges like global economic slowdown, geopolitical tensions and the rising cost of living.

Related stories:

• Thailand and Taiwan Markets Lead the Nominations for Agoda Gold Circle Awards
• Cool temperatures and fog entice tourists north for long weekend
• TAT plans ‘clinics’ to guide Thai tourism industry on path to recovery

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https://www.nationthailand.com/thailand/economy/40022970

Thai oil traders can now dip into national reserves to meet rising demand for diesel

SUNDAY, DECEMBER 11, 2022

Thailand’s oil traders are being allowed to use 70% of the country’s oil reserves until the end of next month to tackle diesel shortages.

Nanthika Thangsupanich, director-general of the Energy Business Department, said on Sunday that the consumption of diesel will be high until the end of February due to the high tourism season and harvest season.

She said the consumption is higher than expected because the economy is picking up, which she said is leading to this crunch.

Hence, Nanthika said, the department will exempt oil traders from having to reserve oil from now until the end of February, and they will be allowed to take out 70% of the reserves until January 31.

She added that this measure will boost the supply by 219 million litres, which should be enough to meet consumer demands.

However, she said, it will take a few days for the oil reserves to reach the provinces.

The traders can start rebuilding their reserves from March 1, she added.

The Energy Business Act requires refineries to reserve more than 6% of crude oil in their quota and oil traders to reserve 1% of their quota.

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https://www.nationthailand.com/thailand/economy/40022945

Most hotels in Thailand getting closer to full recovery, survey shows

SATURDAY, DECEMBER 10, 2022

As many as 47% of hotels in Thailand have managed to revive their earnings to more than half of the pre-Covid levels, the Bank of Thailand’s confidence index for November showed.

“The number has risen from 32% of hotels in October,” said Marisa Sukosol Nunbhakdi, president of the Thai Hotel Association (THA).

“This signals that Thailand’s hotel industry is on the path to recovery thanks to the influx of foreign tourists during the high season, which runs from November to March.”

The central bank and THA surveyed 113 hotels nationwide from November 11 to 27.

The survey also revealed that the occupation rate in November rose to 59% from October’s 49% due to high-season arrivals and the Apec Summit in Bangkok.

Hotel operators believe more than 50% of the rooms will be occupied as more tourists can be expected during the cool season.

Meanwhile, the employment rate among hotels has remained unchanged at 73.3% of pre-Covid levels, though 81% of the respondents have said they will hire more workers in the next three months. However, most hotels do not intend to expand their workforce by more than 10%.

As for operational costs, 75% of the respondents said they expected operational costs in the last quarter to rise from the previous quarter. The main factors behind the increase are the rising cost of raw materials; surge in electricity, water and fuel costs; and higher wages to attract skilled workers.

To mitigate the impact, hotel operators are calling on the government to expand the limit of soft loans and bring down the interest rate from 3% per year.

They also hope the government will consider extending the “Rao Tiew Duay Kan” (We Travel Together) subsidy scheme. The Cabinet is scheduled to consider the next phase of the scheme on December 20.

Related Stories

19 Bangkok hotels selected for Apec delegations

Koh Chang sees increased footfall as hotels, resorts woo tourists with discounts

Mae Hong Son hotels fill up as sunflowers bloom in chilly weather

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https://www.nationthailand.com/thailand/economy/40022928

Thai businesses target three major markets to boost exports next year

FRIDAY, DECEMBER 09, 2022

Thai exporters are working closely with the Commerce Ministry to explore three markets with high potential — the Middle East, South Asia, and Thailand’s neighbouring countries — next year, according to the commerce minister.

The three major markets have seen an estimated 1.7 trillion baht in exports this year, which are expected to increase by another 300 billion baht next year to 2 trillion, said Jurin Laksanawisit, who also doubles as deputy prime minister.
He said on Friday that a “war room” would also be set up for a joint committee comprising his ministry and exporters.
The panel agreed at its meeting on Friday to set up the war room that would be staffed by Commerce Ministry officials, relevant state agencies, and private businesses involved with exports, according to Jurin.

“We will work together closely throughout 2023 to deal with the global economic slowdown and problems from 2021 and 2022,” the minister said.
The focus in the Middle Eastern market will be on Saudi Arabia, the United Arab Emirates (UAE) and Qatar, which are importers of food, car parts, air-conditioners and construction materials, Jurin said. He said the goal for next year was to increase exports to those three countries by 20% — from US$8.9 billion (310 billion baht) this year to $10.3 billion next year.
Regarding the South Asian market, the focus would be on India, Bangladesh and Nepal, which mainly import chemical products, plastic pellets, automobiles and car parts. The goal is to increase export value by 10% — from $12 billion this year to $13.2 billion next year.
As for the CLMV (Cambodia, Laos, Myanmar and Vietnam) market, the goal is to boost export value by 10-15% — from $28 billion this year to $33.5 billion next year. These countries mainly import construction materials, electrical appliances, plastic pellets, textiles, food products, fruits and vegetables.
The joint public-private committee also resolved on Friday to send Thai delegations to the UAE, India and China’s Yunnan province in a bid to boost trade ties, according to the commerce minister. The panel also urged the government to expedite Thailand’s negotiations for “mini” free trade agreements with certain cities in the United Kingdom, Pakistan and Persian Gulf states, he said.

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https://www.nationthailand.com/thailand/economy/40022924

Incentives jolt Thai EV market with 25,000 sales expected this year

FRIDAY, DECEMBER 09, 2022

The Excise Department expects some 25,000 electric vehicles (EVs) to be snapped up this year under the government’s subsidy scheme.

It also said that 81 million baht of the subsidy funds have been disbursed so far this year.

Under the scheme, EV automakers are entitled to subsidies and cuts on import duties of up to 150,000 baht per vehicle priced below 2 million baht, and up to 800,000 baht on EVs going for more than 2 million baht.

Ekniti Nitithanprapas, Excise Department director-general, said on Friday that the department will disburse the second lot of 194.5 million baht of subsidy before year-end.

“This campaign will bring down the price of electric vehicles and boost the adoption rate in Thailand, which in turn will reduce emissions and bring the country closer to becoming a carbon-neutral society,” he said.

The Excise Department also signed an agreement with Mercedes-Benz Manufacturing (Thailand) on Friday under the EV subsidy scheme. The pact requires Mercedes to produce as many EVs in Thailand as they import until 2025.

Companies that have already signed such agreements include the Thai assembly units of Chinese automakers like MG and GWM as well as Japanese giants like Toyota and Thai EV maker Mine Mobility.

Assembly units of electric motorcycles like Thai Honda and Deco Green have also signed similar pacts.

Ekniti added that the Excise Department is in talks with US EV maker Tesla into joining the programme.

Related Stories

Mercedes-Benz joins Thailand’s EV subsidy program

EV board changes gear to promote the use of electric vehicles

Thailand EV sales soar 223% as buyers take advantage of incentives