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https://www.nationthailand.com/thailand/economy/40024739

Thailand is promoting its green transformation to US investors

WEDNESDAY, FEBRUARY 08, 2023

The Board of Investment (BOI) is promoting Thailand’s potential in the green economy to attract US investors, BOI secretary-general Narit Therdsteerasukdi said on Wednesday.

He noted that the board’s first two roadshows this year were held in Seattle and San Francisco last month.

They focused on Thailand’s policy of increasing the use of renewable energy in the industrial sector by 50%, as well as the country’s plan to achieve carbon neutrality by 2050, Narit Therdsteerasukdi said.

He said the BOI highlighted the promotion of green technologies – such as carbon capture, utilisation and storage – in three main industries:

1. Electric vehicles: Thailand’s government is the first in the region to provide subsidies for buyers of electric vehicles, which sparked expansion of industries related to electric-vehicle manufacturing and maintenance.

2. Electronics: The government promotes a full spectrum of upstream electronics manufacturing, including wafer fabrication, electronic design, and research and development. Thailand is already the home of several large electronics factories.

3. Digital: Thailand is establishing large-scale digital infrastructure – such as data centres and cloud platforms – and is promoting digital transformation among business operators.

Narit said that the BOI also highlighted the government’s latest long-term resident visa scheme, which benefits foreign investors and executives in target industries who wish to live, work, and buy property in Thailand.

“We chose the US as the first roadshow destination this year as the country is a world leader in digital and electronic industries,” he said.

“We have ensured American investors that Thailand has a strong infrastructure and supply chain to support these industries. We also have various sources of renewable energy and personnel who are trained in the green economy to serve businesses that focus on sustainability,” he said.

During the roadshow Amazon Web Services announced a 190 billion baht investment in Thailand, while Google confirmed it would open its regional office for Google Cloud in Thailand, Narit said.

In 2022, American companies applied for investment promotions with the BOI for 33 projects, most of which were in the digital industry. Their combined investment was 50.29 billion baht, making the country Thailand’s third largest foreign investor last year. China and Japan ranked first and second.

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https://www.nationthailand.com/thailand/economy/40024733

Over 35% of land for Map Ta Phut port expansion reclaimed from sea

WEDNESDAY, FEBRUARY 08, 2023

Land reclamation for third-phase development of Map Ta Phut deep seaport in Rayong is 35% complete, the government said on Wednesday.

The port’s expansion will create a gateway for gas and petrochemical shipments from the Eastern Economic Corridor to the Asean region.

Third-phase development is being carried out with a budget of 64 billion baht – 52 billion from the private sector and 12 billion from the state, government spokeswoman Ratchada Dhanadirek said on Wednesday.

The reclamation of 1,000 rai (1.6 square kilometres) of land from the sea is the first part of phase 3, with 550 rai to be used for port facilities and 450 rai to trap soil residues.

The second part of phase 3 will see a port for liquid goods tankers and storage built on the reclaimed land.

As of January 12, the design for the expanded port had been completed while 35.88% of the land needed had been reclaimed, with progress 2.91% ahead of schedule, Ratchada said.

She added that a 5.5-kilometre retaining wall has been built around the reclaimed land, using 1.17 million cubic metres of rocks.

Port facilities for natural gas tankers at Map Ta Phut are due to open in 2027.

Ratchada said the Industrial Estate Authority of Thailand is now in the process of selecting firms to invest in construction of the port and related facilities for natural gas shipping in the third-phase area.

The project is designed to boost the Eastern Economic Corridor’s potential.

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https://www.nationthailand.com/thailand/economy/40024730

Prayut upbeat over ministry’s forecast of 4% GDP growth this year

WEDNESDAY, FEBRUARY 08, 2023

Prime Minister Prayut Chan-o-cha has backed the Energy Ministry’s prediction that Thailand’s economy could expand by as much as 4% this year.

Government spokesman Anucha Burapachaisri said on Wednesday that Prayut acknowledged the estimate submitted by Energy Minister Supattanapong Punmeechaow earlier this week.

The ministry forecasts Thai GDP could grow 4% in 2023, pointing to strong fiscal and financial discipline plus a sovereign credit rating that remains the same as last year.

It said government measures to mitigate impacts from the global economic downturn, together with the continued infrastructure development and efforts to seek investment in new technology and innovation will also push economic expansion.

Anucha added that the government’s success in reviving diplomatic ties with Saudi Arabia after 32 years will help expand Thailand’s export markets in the Middle East and Africa.

The Energy Ministry also forecast investment privileges granted to Thai and foreign businesses will rise to over 700 billion baht this year, with the 1 trillion-baht milestone following soon after.

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https://www.nationthailand.com/thailand/economy/40024708

Thai trade delegation bags contracts worth THB1.3 billion in UAE

TUESDAY, FEBRUARY 07, 2023

The Thai delegation to Dubai returned with trade contracts worth more than 1.3 billion baht under its belt, Commerce Minister Jurin Laksanawisit said.

Jurin led a team of senior ministry officials and representatives of private companies to the United Arab Emirates on Monday and Tuesday.

Before returning to Thailand on Tuesday, Jurin and his delegation met government officials and Thai companies operating in Dubai.

After the meeting, Jurin said the trip has resulted in the signing of five contracts worth 1.33 billion baht. Of them, two worth 21 million baht are related to food, one worth 630 million baht related to sanitary ware, one auto parts contract worth 542 million baht and one melamine ware contract worth 140 million baht.

Thai contractors will start supplying goods based on the contracts within this year, Jurin said.

At the meeting, state and private agencies agreed that Dubai could serve as a staging point for Thai firms to access markets in the six Gulf Cooperation Council nations, namely Saudi Arabia, Kuwait, Oman, UAE, Qatar and Bahrain.

The meeting was informed that about 15 to 18 Thai small- and medium-sized firms are operating in Dubai, including SCG International Middle East Trading LLC, Perfect Companion Trading LLC, as well as Little Bangkok and Siam restaurants.

The meeting also resolved to set up a Thai-UAE business council to facilitate bilateral trade and investments between Thailand and UAE.

The council will be a formal business platform endorsed by both governments, Jurin said, adding that it would generate some 30 billion baht of trade revenue for Thailand.

The minister said UAE is a top market for Thailand in the Middle East, with bilateral trade accounting for 730 billion baht last year, up by 74%. Of the total, 118 billion accounted for UAE’s exports to Thailand, up 22.19%.

The meeting also learned that a Thai developer has opened the Thai Souq in the Souk Al Marfa wholesale market in the heart of Dubai Deira.

Jurin said the Thai Souq has over 30 stalls that sell Thai products, including foods, drinks, artworks, souvenirs, fashion and accessory goods as well as Thai massage shops.

Jurin said the management of Thai Souq is willing to share its knowledge of exports to the UAE and operating businesses there with Thai SMEs.

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https://www.nationthailand.com/thailand/economy/40024671

Thai delegation visiting UAE in major THB30-billion export push

MONDAY, FEBRUARY 06, 2023

The Commerce Ministry is leading a delegation of members from Thai private bodies on a two-day trip to the United Arab Emirates, aimed at boosting exports by at least 30 billion baht this year.

Private agencies joining the trip on Monday-Tuesday include the Federation of Thai Industries, the Thai Chamber of Commerce, the Thai National Shippers’ Council and Thai Logistics Service Provider Federation, Commerce Minister Jurin Laksanawisit said on Monday.

“These private agencies would seek ways to penetrate the UAE market, which is considered new and important for Thailand,” he said.

Jurin Laksanawisit

He added that the ministry would meet the UAE Minister of State for Foreign Trade to discuss a trade agreement.

In addition, there would be a signing ceremony to set up a business council between Thailand and UAE in a bid to accelerate trade growth between the two countries, he said.

He added that a memorandum of understanding (MoU) would be signed between Thai logistics operators and DP World, an Emirati multinational logistics company which is connected to 78 seaports and 240 airports worldwide.

“This MoU will enable Thailand to export products to seaports and airports worldwide,” he said.

He expects Thai private agencies to generate at least 1 billion baht in revenue from selling goods during the two-day visit to the UAE.

“We expect this visit will help boost Thailand’s exports by at least 30 billion baht this year,” he said.

Exports from Thailand to the UAE include cars, air-conditioners, gems, wood, rubber, and canned and processed seafood.

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https://www.nationthailand.com/thailand/economy/40024662

Inflation in January falls to 9-month low as cost of living crisis eases

MONDAY, FEBRUARY 06, 2023

Thailand’s headline inflation fell to a nine-month low of 5.02% in January, from 5.89% in December, the Trade Policy and Strategy Office (TPSO) announced Monday.

TPSO director-general Wichanun Niwatjinda said the inflation slowdown reflected falling prices of energy and fresh foods.

The TPSO expects inflation to drop further this month.

Wichanun said headline inflation in January stood at 108.18 points, up 5.02% year on year but still the lowest for the past nine months.

Core inflation, which is calculated after deducting prices of fresh food and energy, stood at 3.04%, down slightly from 3.23% in December.

The TPSO expects inflation to rise but at a slower pace in February as the cost of fuel, electricity and cooking gas continue to impact the prices of food and other goods.

The Commerce Ministry forecasts an inflation rate this year of 2-3%.

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https://www.nationthailand.com/thailand/economy/40024654

Thai exports face hit as baht strengthens: Commerce Ministry

MONDAY, FEBRUARY 06, 2023

The strengthening baht will affect industries that rely on exports but import little or no raw materials, the Commerce Ministry has warned.

The baht has rapidly strengthened this year to 32-33 per US dollar, up from 35-36 in December, noted Poonpong Naiyanapakorn, director of the ministry’s Trade Policy and Strategy Office (TPSO).

“This will likely affect industries such as rubber products, canned seafood, processed food, and jewellery,” he said on Sunday.

“The stronger currency will slow these industries’ exports, their major source of revenue, while they will benefit very little from cheaper raw materials imported from overseas.”

However, the rising baht is having a far smaller effect on Thai industries than the global economic downturn that has reduced trading partners’ purchasing power, Poonpong added.

“A stronger baht will essentially make Thai [export] products more expensive, thus making it tough for them to compete with products from countries with cheaper currency,” he said.

The TPSO chief added that currency fluctuations are mostly due to investors speculating and thus hard to predict. He advised business operators to employ risk management strategies such as foreign exchange forward contracts with financial institutes.

“The Bank of Thailand will also monitor the currency market closely and employ monetary policies to prevent the baht from fluctuating too much.”

Poonpong added that stronger baht will however benefit import-reliant Thai industries, especially in energy, capital goods, raw materials, and semi-finished products, which are responsible for 83.8% of the country’s total imports.

The TPSO said there are currently no signs of imports flooding Thailand’s market to compete with local products, as import orders are usually placed at least three months in advance. The TPSO will continue monitoring the market closely, he added.

On Monday, the baht opened at 33.55 to the dollar, falling to a month-long low after closing at 32.96 on Friday.

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https://www.nationthailand.com/thailand/economy/40024646

Thai and Lao power agencies deepen telecom, energy cooperation

SUNDAY, FEBRUARY 05, 2023

The Electricity Generating Authority of Thailand (Egat) has signed a memorandum of understanding with its Lao counterpart to enhance cooperation in the energy and telecom businesses.

Egat governor Boonyanit Wongrukmit said on Sunday that he signed the MoU with Chanthaboun Soukaloun, the director of Électricité du Laos (EDL) on February 1 in a ceremony in Vientiane.

The MoU calls for closer cooperation between the state electricity producers of the two neighouring countries for at least three more years, Boonyanit said.

The MoU covers the telecom business, operation and maintenance of hydropower plants, and smart energy solutions.

Egat and EDL will jointly develop the telecom business in Laos by optimising each side’s existing resources, especially the fibre-optic networks linking Thailand and Laos, Boonyanit said.

The two agencies will continue to cooperate on the operations and maintenance of hydropower power plants in Laos, especially the Nam Ngum 3 power plant project, Boonyanit said.

Egat will share its knowledge of smart energy solutions so that the EDL can efficiently manage its power production, he said, adding that the two agencies will identify potential smart micro-grid sites in Laos.

The Egat governor said Thailand and Laos have been cooperating on power production, electricity sales, and development of power transmission networks for 60 years.

Close cooperation between the two agencies will enhance their businesses, especially the telecoms, Chanthaboun said.

Laos’ fibre-optic network is linked to China, Vietnam, and Cambodia, so Egat and EDL will be able to cooperate to develop their joint telecom business, he added.

Laos has over 80 dams throughout the country that can generate electricity, so EDL needs cooperation from Egat to operate and maintain its hydro power plants and train its staff, Chanthaboun said.

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https://www.nationthailand.com/thailand/economy/40024640

Jade perch: Is it a viable fish for Thailand?

SUNDAY, FEBRUARY 05, 2023

Charoen Pokphand Foods (CPF)’s decision to start farming and selling jade perch as a new product has triggered concerns about whether this alien fish species will have an impact on Thailand’s ecosystem.

Jade perch is among 13 aquatic animals that the Agriculture Ministry has prohibited farming of since 2021.

Yet cooked and fresh jade perch products were introduced at the Kaset Fair 2023 on Friday. The fair is being held at Kasetsart University’s Bang Khen campus until Saturday.

Premsak Wanuchsoontorn, CPF’s manager for aquaculture research and development, said jade perch is popular in many countries including China, Taiwan, Hong Kong and Malaysia. He added that Vietnam and Malaysia have also started farming jade perch.

“The aim is to offer more alternatives to health-conscious people as jade perch has three times the amount of protein, collagen, docosahexaenoic acid [DHA] and Omega-3 fatty acids than salmon,” he said.

He said CPF is growing jade perch in a closed aquaculture system to stop it from entering the ecosystem. He added that there are still problems in farming the fish as it is vulnerable to illness.

“We are studying the farming of this fish more closely and believe it will become another aquatic animal that generates good revenue for Thai farmers,” he said.

Sombat Siripanwarporn, senior deputy director of CP Vietnam Corporation, said jade perch was imported from Australia and needs to be artificially inseminated because it is not suited to the Thai ecosystem.

“However, we have invented an easy way to inseminate the fish to help farmers,” he said, adding that this fish has a lot of meat and is highly nutritious.

Chalermchai Suwanarak

However, Department of Fisheries director-general Chalermchai Suwanarak said CPF has only been given permission to study the aquaculture of jade perch since April last year. He said permission was given under the condition that jade perch farming only be conducted in “areas specified by the department” and “live fish cannot be moved to other areas without permission”.

He added that the department has allowed CPF to only sell processed products like frozen fish and only via company channels like CP Fresh Mart, Lotus’s and Makro.

CPF is also required to provide study results to the department periodically, he said.

He added that CPF’s move to advertise jade perch products commercially violated the department’s conditions.

The department has ordered CPF to suspend the advertisement of jade perch within three days, or face a ban on activities related to the fish, he added.

Vinij Tansakul, an independent academic in aquaculture development, said that even though the fish was imported legally, it is unclear whether it will have an impact on Thailand’s ecosystem because it is difficult to determine exactly what the fish consumes in this environment.

“Even though it is not predatory fish, it is known to consume a lot, and might harm other aquatic animals and plants,” he said.

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https://www.nationthailand.com/thailand/economy/40024614

Appraised land prices in Bangkok top list nationally: Treasury Department

SATURDAY, FEBRUARY 04, 2023

The price of land in Bangkok remains higher than in any province in Thailand, with the most expensive plots in the capital’s central business district, according to the latest update on appraised land value by the Treasury Department.

The update is based on appraised prices as of January 1. The figures are used to calculate land tax and applications for mortgages. The update applies from this year till 2026, and replaces the prices used from 2019 to 2022.

Land plots in Bangkok can reach as high as 1 million baht per square wah (four square metres) in the central business district, primarily on Ploenchit, Silom and Wireless roads.

Land prices in Songkhla province are the second highest in Thailand – with an appraised value of up to 400,000 baht per square wah. The province is a transport and financial hub in the southern region, and has a wealth of tourist attractions and seaports.

Chonburi province, home to Pattaya, followed in third place with the highest appraised value of land at 220,000 baht per square wah.

Phuket and Nakhon Si Thammarat tied with prices at 200,000 baht per square wah, while Yala followed with prices at 170,000 baht per square metre.

The department provided the following list of appraised prices for land in Bangkok:

Ploenchit: THB1 million/sq.w.

Silom: THB1 million/sq.w.

Wireless Road: THB1 million/sq.w.

Ratchadamri: THB0.9 million/sq.w.

Sathorn: THB0.8 million/sq.w.

Sukhumvit: THB0.75 million/sq.w.

Yaowarat: THB0.7 million/sq.w.

Asoke: THB0.6 million/sq.w.

Phaya Thai: THB0.5 million/sq.w.

Thong Lor: THB0.5 million/sq.w.

Charoen Krung: THB0.5 million/sq.w.

Krung Thon Buri Road: THB0.45 million/sq.w.

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