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https://www.nationthailand.com/thailand/economy/40021267

Thailand, Cambodia to reach deal on disputed oil field by March: Energy minister

FRIDAY, OCTOBER 21, 2022

Thailand’s Foreign and Energy ministries are making progress in talks with Cambodia to relieve the fuel crisis by tapping disputed oil resources in the Gulf of Thailand. The 26,000-square-kilometre overlapping claims area (OCA) in the upper Gulf is estimated to hold up to 500 million barrels of oil, plus gas deposits.

Deputy PM and Foreign Minister Don Pramudwinai said on Friday that his ministry’s legal team and Energy Ministry representatives are studying details of the disputed areas in the upper Gulf.

“Right now, we cannot tell when the negotiations will conclude. Agencies involved are gathering information to determine what we can do about the OCA,” Don said.

Energy Minister Supattanapong Punmeechaow said that a Thai-Cambodian joint technical committee (JTC) will meet again within three months to finalise details of joint development oil project in the OCA.

The JTC met for the first time in October last year. The meeting, led by Deputy Prime Minister Gen Prawit Wongsuwan, set a framework for negotiations over the OCA and appointed two special committees, one for maritime zoning and the other for joint oil extraction.

“The ministry will try to conclude issue before the current Parliament’s term ends,” said Supattanapong, who doubles as deputy prime minister.

The House of Representatives’ four-year term will end on March 23, next year.

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https://www.nationthailand.com/thailand/economy/40021252

Baht plummets further against dollar on Friday

FRIDAY, OCTOBER 21, 2022

The baht opened at 38.23 to the US dollar on Friday, weakening from Thursday’s close of 38.12.

The Thai currency will likely move between 38.15 and 38.45 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

Poon said that the baht may weaken further if the currency market remains risk-off, adding that it could test the resistance level of 38.50 to the dollar.

He said the baht is being pressured by mass selloffs of long-term Thai bonds by foreign investors as yields on the US 10-year bond continue to rise.

Gold purchases as the price drops are adding to downside pressure on the baht. Meanwhile, investors are also purchasing yen after the Japanese currency weakened to 25.28 baht per 100 yen.

However, Poon did not think that the baht would breach its resistance level of 38.50 to the dollar since exporters were waiting to sell the greenback at this level and foreign investors shorting the baht may also sell for profit.

He added that foreign outflows from the Thai stock market were decreasing while signs of net buying from investors abroad would slow any weakening of the baht.

Poon advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

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https://www.nationthailand.com/thailand/economy/40021120

BCG and the path to green energy in APEC

FRIDAY, OCTOBER 21, 2022

From the theme of “Open. Connect. Balance.” chosen to frame Thailand’s hosting of APEC 2022, the thrust of “Balance in All Aspects” has been given importance as a pathway beyond recovering from the COVID-19 pandemic to long- term and sustainable prosperity.

Pointing out that “sustainability starts with how the region fuels its growth” under the topic of balance, APEC host Thailand indicates that while APEC is on the right track, having set energy intensity reduction and renewable energy- doubling goals, it needs to “accelerate energy transition efforts.”

Stating “APEC should explore how advanced technology can be utilized to produce clean and renewable energy,” Thailand has been emphasizing the application of the circular economy, in which value is created at all levels of production and consumption, throughout the past year.

The emphasis has included Thailand’s proposing the “Bangkok Goals on BCG Economy” as a key deliverable.

First introduced at the Informal Senior Officials’ Meeting (ISOM) in late 2021 and discussed extensively at both the second and third Senior Officials’ Meetings, the document seeks to “advance APEC’s sustainability agenda in a more holistic and integrated manner by emphasizing the whole-of-society and whole-of-APEC-system approach to achieve four goals.”

The four goals are: climate action, including net zero greenhouse gas emissions; sustainable trade and investment; sustainable management of resources and conservation of the environment and biodiversity; and resource efficiency and sustainable waste management.

Energy production and consumption are relevant to three of these goals, with Thailand working to lead APEC towards power that does not generate greenhouse gas emissions, is environmentally sustainable and is produced through the efficient use of resources, resulting in minimal waste.

The BCG Economy concept, placed at the center of the Bangkok Goals, or Bio-Circular-Green Economy Model, complements circular economy concepts with the bio and green approaches to provide a path to transforming current aspects of the economy into sustainable, environmentally-friendly forms.

Through the application of BCG in Thailand and the economies of APEC, the entire region is moving to realize the aspiration of “advance the transition to clean and renewable energy.”

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https://www.nationthailand.com/thailand/economy/40021233

Growing global demand for medical and wellness tourism offers bright prospects for Thailand

THURSDAY, OCTOBER 20, 2022

Increased health consciousness following the Covid-19 pandemic and a global trend towards an ageing society are boosting medical and wellness tourism worldwide.

Demand has increased for wellness and healthcare services by highly skilled professionals at affordable prices, and Thailand has become a popular destination.

Thai authorities and businesses are working together to help strengthen the country’s status as a global hub for medical and wellness tourism.

Meanwhile, industry experts pointed to Thailand’s potential to become an Asian and global hub for wellness and medical tourism due to high-quality services at affordable prices. Foreign visitors can access high-quality care at top-notch facilities for a fraction of the cost they would find in their home countries.

Demand for wellness and medical services has increased as many countries are moving towards an ageing society, with a large part of their population aged over 60.

According to the United Nations, 1.04 billion, or 13.5 per cent of the world’s population, are aged over 60 and the number is expected to increase to 2.1 billion, or 21 per cent in 2050.

Thailand is fast growing to become an ageing society, with 13 million or 20 per cent of its population aged over 60, according to last year’s data by the National Economic and Social Development Council. In 2032, people aged over 60 are expected to account for 28 per cent of the Thai population.

Thailand is ranked fourth in overall medical tourism spending and is the only Southeast Asian nation in the top 15 out of 118 countries assessed by the International Monetary Fund (IMF).

In 2019, before Covid-19 struck, medical tourism spending in Thailand accounted for one per cent of the total inbound tourism spending of 1.9 trillion baht. About 3.5 million medical tourists visited Thailand that year.

At that time, an increasing number of medical tourists came to Thailand to take advantage of the great value that top private Thai hospitals provided, the US Department of Commerce’s International Trade Administration said in its report in July.

The Global Wellness Institute in 2020 ranked Thailand ninth among Asia-Pacific countries and 24th in the world in terms of the “wellness economy” potential.

Also, Thailand was ranked second, after Australia, by the Wellness Tourism Initiative 2020 among popular destinations for medical tourists.

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https://www.nationthailand.com/thailand/economy/40021216

Thai SEC to host summit of international securities commissions

THURSDAY, OCTOBER 20, 2022

Thailand’s Securities and Exchange Commission (SEC) will host the 2023 annual meeting of the International Organisation of Securities Commissions (IOSCO), the SEC secretary-general said.

On Wednesday, secretary-general Ruenvadee Suwanmongkol and senior SEC officials took part in the handover ceremony for hosting the IOSCO summit during a meeting of the organisation’s Presidents Committee in Marrakesh, Morocco.

The committee is composed of presidents (chairs) of ordinary and associate members and meets once a year during the annual conference. It is chaired by the president of the ordinary member hosting the summit.

The 2023 IOSCO Annual Meeting will be held from June 13 to 15.

During the handover ceremony, Ruenvadee invited representatives of securities commissions from around the world to attend the Bangkok meeting.

They were also invited to stay on for the SEC Thailand Public Conference on June 16.

During the Presidents Committee meeting in Marrakesh, organisation members discussed the operations of the IOSCO Financial Stability Engagement Group to study and analyse financial stability of various nations so members could plan cooperation with respective central banks to maintain stability.

The meeting also discussed IOSCO operations related to digital assets.

The organisation thanked Thailand’s SEC for sending two officials to participate in its secondment policy meeting. The purpose of the secondment policy is to ensure there are appropriate human resources available at the IOSCO General Secretariat, located in Madrid.

The IOSCO is the international body that brings together the world’s securities regulators and is recognised as the global standard setter for the securities sector. The organisation develops, implements and promotes adherence to internationally recognised standards for securities regulation.

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https://www.nationthailand.com/thailand/economy/40021158

Baht strengthening may be limited in short term: market strategist

WEDNESDAY, OCTOBER 19, 2022

The baht opened at 38.09 to the US dollar on Wednesday, strengthening slightly from Tuesday’s close of 38.12.

The Thai currency will likely move between 37.90 and 38.15 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

He said the dollar’s strengthening might slow down as the market is in a risk-on state, but the baht is still being pressured by gold purchases and other currency transactions such as the Japanese yen.

Meanwhile, foreign investors off-loaded long-term bonds worth 5.8 billion baht in the past two days, so Poon expected any strengthening of the baht to be limited in the short term.

He did not expect the baht to exceed its support level of 37.80 to the dollar until there is a significant factor, such as the dollar weakening or foreign investors returning to buy more Thai assets.

Poon advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

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https://www.nationthailand.com/thailand/economy/40021142

As inflation pinches, many Thais willing to risk buying second-hand beauty products: survey

TUESDAY, OCTOBER 18, 2022

A large portion of Thai consumers are willing to buy second-hand beauty products via social media channels due to the rising cost of living, a survey has found.

Despite the risk of getting fake products, 22 per cent of Thai consumers are willing to take the risk of buying second-hand beauty products via Twitter and Instagram channels as well as other social media channels because they do not want to pay the full price for the products, said Mintel, a global market research firm.

Chayapat Ratchatawipasnan, senior beauty and personal care analyst of Mintel, said Thailand is now experiencing a 7.1 per cent inflation, so consumers are trying to save costs when buying beauty products.

Chayapat said that owners of beauty brands may lose some customers to second-hand sellers, but the brands could still command loyalty by creating an exchange market for users to sell their second-hand products.

Chayapat said the brands could also add their own promotions to the second-hand products exchange market. Such exchange markets also would ensure the quality of the second-hand products while retaining brand loyalty.

Mintel found that many consumers had turned to social media to search for second-hand beauty products instead of looking for new products on conventional media, he said.

He added that TikTok, which is a short video clip platform, has become popular among Gen Z Thais searching for second-hand beauty products.

Sales of second-hand beauty products via TikTok is expected to grow by 42 per cent, he added.

Mintel found that 46 per cent of Gen Z Thais admitted social media influenced their purchase of beauty products via online stores, Chayapat added.

He recommended that owners of leading beauty brands should use their second-hand exchange markets to contact various groups of customers via chats and messages through applications to draw them to their new products.

Chayapat said the research by Mintel also found that most of the buyers, who are at least 45 years old, do not like to risk buying second-hand products and 40 per cent of this group stated they bought beauty products directly from online stores of the brands.

So, while the brands create and run exchange markets for second-hand products of their own brands, they can still use the market to reach out to the group of buyers who are over 45 years old, Chayapat added.

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https://www.nationthailand.com/thailand/economy/40021112

APEC Business Advisory Council presents APEC Economic Leaders Report to Prime Minister

TUESDAY, OCTOBER 18, 2022

On October 11, Mr Kriengkrai Thiennukul, 2022 APEC Business Advisory Council (ABAC) Chair, along with other Thai ABAC Members, presented the 2022 ABAC Report to APEC Economic Leaders to Prime Minister and Chair of APEC 2022 General Prayut Chan-o-cha at the Government House.

ABAC has been working closely with the Asia-Pacific Economic Cooperation (APEC) throughout the year, offering insights and recommendations to APEC across its workstreams, and the presentation of the ABAC Report is an important part of the APEC process. 

This year’s ABAC Report focuses on promoting speedy and sustained recovery and regaining the momentum for sustainable, inclusive and sustainable growth with an emphasis on climate change, food security, health resilience, low carbon economy, as well as advancing the FTAAP agenda and digitalization. 

ABAC has held three meetings this year and will hold the Fourth ABAC Meeting ahead of the APEC Economic Leaders’ Week in November 2022 to prepare for the upcoming APEC Leaders’ Dialogue with ABAC.

APEC has benefitted and incorporated ABAC’s practical recommendations in APEC’s work. This includes a recommendation from the ABAC Report in 2021 on having a mechanism to promote travel that resulted in the establishment of the APEC Safe Passage Taskforce. This year, the Taskforce has been coordinating APEC’s work towards the resumption of safe and seamless cross-border travel.

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https://www.nationthailand.com/thailand/economy/40021106

Thai production companies find foreign buyers for content worth nearly THB400 million

MONDAY, OCTOBER 17, 2022

Thai content providers struck deals worth 398 million baht at a South Korean film event, the Department of International Trade Promotion (DITP) said on Monday.

DITP director-general Phusit Ratanakul Sereroengrit said the department had taken eight Thai content providers to participate in the Asian Contents & Film Market 2022 at Busan Exhibition and Convention Centre in South Korea from October 8 to 11.

The eight Thai content providers were: 9Naa Productions, Benetone Films, De Warrenne Pictures, Halo Productions, M Flow Entertainment, M Pictures, Right Beyond and Thongkham Films.

“This move aims to promote Thailand’s soft power among filmmakers and investors worldwide, as well as increase marketing channels for Thai entrepreneurs in film and its related industries,” he said.

He said there were 134 trade negotiations between Thai and foreign entrepreneurs, generating 398 million baht in revenue.

The foreign entrepreneurs came from South Korea, Japan, Malaysia, Canada, Mongolia, India, Taiwan, Vietnam and the US.

“Content that received attention from foreigners revolved around action, thriller and boys’ love,” he said.

Phusit said the DITP is promoting Thai film and entertainment industries to get international recognition.

He added that Commerce Minister Jurin Laksanawisit is scheduled to promote Thai film and entertainment industries at two events, namely “American Film Market 2022” and “Thai Night”, in Los Angeles at the beginning of November.

“These events feature business activities, such as trade negotiations, film exhibitions, networking and seminars on business potential and trends,” he added.

Thailand considers South Korea, which is the 10th largest in the world, an important trade partner. Thailand-South Korea trade value last year was more than US$15 billion.

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https://www.nationthailand.com/thailand/economy/40021105

Thailand dreams big digital dreams with its brand new ‘Digital Infinity’ strategy

MONDAY, OCTOBER 17, 2022

Nongluck Ajanapanya

Thailand is set to launch an ambitious digital roadmap that will propel its digital industry forward, empower workers and position it at the forefront of the global digital revolution.

The strategic plan comprising eight projects under the “Digital Infinity” concept is being launched jointly by the Digital Economy and Society (DES) Ministry and the Digital Economy Promotion Agency (depa).

Assoc Prof Dr Nuttapon Nimmanphatcharin, depa president, told the press on Monday that the eight projects will go into operation gradually over the next 360 days and start showing concrete results by August 2023.

He said the aim is to generate at least 320 billion baht by upskilling more than 6.2 million Thai workers.

“The projects will help improve the adoption of digital technology and innovation, as well as the readiness of Thailand’s digital infrastructure and ecosystem to prepare for a thriving digital economy and society,” Nuttapon said.

The first project, “HACKaThailand 2023: Digital Infinity”, will kick off next month with a contest that aims to boost the digital skills of the Thai public.

Participants can use the digital knowledge gained at the hackathon to advance their careers, he said.

HACKaTHAILAND will comprise three main activities: an online learning platform, the hackathon and a digital showcase.

Nuttapon said the event will showcase a variety of advanced technologies under the themes of digital manpower development, digital industry development, digital technology adoption and innovation promotion and digital infrastructure readiness.

“Depa hopes that with hands-on experience at the event, more Thais will be able to experience and learn about digital technology and innovation,” Nuttapon said.

The other projects under the Digital Infinity strategy are Smart School Bus Platform, Smart City Ambassadors GEN 2, Thai e-Sports Internationalisation Project, Thai Game Industry to Global, CONNEXION Project, Reopening the Country with Digital Tourism Platform and Transform: New-Normal Market Project.

Nuttapon said the plan will cost approximately 3 billion baht, with depa providing 1 billion baht and the remainder coming from the private sector.
 

DES Ministry’s Vice Minister Newin Chochaiyathip told the press on Monday that the project is part of the government’s efforts to reskill and upskill Thais so they can become “digital citizens”.

“They will be able to adapt their skills and embrace digital technology for opportunities in next-generation professions,” Newin said.

He added that the new digital roadmap will also help the country develop its own digital experts, reduce reliance on foreign know-how and accelerate the development of Thai-made technology and innovation.

The government is also preparing a digital infrastructure and ecosystem to support economic activities to smoothen the transition to “Digital Thailand”.

He added that the government was committed to encouraging farmers, small businesses, community enterprises and entrepreneurs to use technology and solutions provided by Thai digital start-ups to improve business performance.

Nongluck Ajanapanya