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https://www.nationthailand.com/thailand/economy/40020749

Exim Thailand launches workshop to encourage more exports by Thai businesses

WEDNESDAY, OCTOBER 05, 2022

Nongluck Ajanapanya

Thailand’s Export-Import Bank of Thailand (Exim Thailand) is collaborating with four leading private organisations to launch “TOP X”, an intensive workshop programme, aimed at educating entrepreneurs on exports and developing enterprising businesses.

The programme is part of an effort to promote and assist Thai businesses, particularly small and medium-sized enterprises (SMEs), in exporting their goods and services.

The four partners are the Federation of Thai Industries (FTI), Thai National Shippers’ Council (TNSC), Thai Chamber of Commerce, and Mahidol University’s College of Management (CMMU).

Rak Vorkitpokatorn, president of Exim Thailand, stated at a press conference on Tuesday that the country currently has nearly six million entrepreneurs. However, even though they have the potential to compete in the international market, less than half of them export. The figure is even worse for SMEs, where only one per cent export.

“The problem is fear and lack of knowledge. TOP X will eliminate those difficulties and strengthen them with all essential information and tools,” Rak noted.

Thailand’s Finance Minister Arkhom Termpittayapaisith presided over the event and delivered a keynote speech, emphasising the importance of Thai businesses expanding abroad.

Speaking on the topic of “Export Opportunity for the Next Normal”, Arkhom stated that current scenarios and uncertainties have forced Thai businesses to expand their trade outside of the country. It is because the global market is larger and provides more opportunities for growth. Many supportive policies and measures have already been implemented by the government.

FTI chairman Kriengkrai Thiennukul praised the programme for helping the country create a new generation of entrepreneurs while equipping the old with updated knowledge.

“This is a proactive workshop designed to train our entrepreneurs to be skilled exporters. The majority of our top 50 exporters are now multinational corporations. As a result, we must assist our entrepreneurs in competing. Meanwhile, if you own a small business, the programme will act as a facilitator to help you go abroad safely “Kriengkrai stated.

Visit Limlurcha, vice chairman of the Thai Chamber of Commerce, added that the main objective of the programme was to adjust Thai entrepreneurs’ mindset about export.

“It is not difficult to export. They must overcome their apprehension. The programme will help them understand, expand their network, and provide experts to help them strengthen and sustain their business in the long run,” Visti said.

Chaichan Charoensuk, chairman of TNSC, added that doing business in the nation is not enough. The programme will show the way forward with new technology and innovation.

Wichitta Raktham, Dean of CMMU who is directly responsible for overseeing the course, said the programme will educate participants on how to seize opportunities, inspire them to take action, and provide some funding to help them achieve their goals.

“We will close every gap that prevents them from exporting,” Wichitta insisted.

The Top X Executive Programme Class 1 is a 10-week training and workshop course for business owners and executives of both large and small companies to develop and enhance export business knowledge throughout the export value chain.

The workshop includes on-site training with experienced experts as well as business trips both domestically and internationally.

The trainees will gain current and comprehensive knowledge, concepts, insights, and strategies on international business operation and management, as well as learn about relevant rules and regulations.

They will also broaden their experience through business trips, develop their business alliance networks, and expand their customer base through business matching deals.

Rak added that Exim Thailand will collaborate with Team Thailand to bring Thai entrepreneurs to the Next Normal global markets via both online and offline platforms, as well as the penetration of new frontiers, particularly the CLMV (Cambodia, Lao PDR, Myanmar and Vietnam).

“We have now established our representative offices there. The bank will contribute to the development of an international trade and investment ecosystem that connects Thailand’s economic, social, and environmental development and alliances, as well as add economic, social, and environmental value to the global community at large,” Exim’s president stated.

All 50 participants of this first class will be offered a credit facility from Exim Thailand, with the lowest interest rate of 4.5 per cent per annum in the first year, no asset collateral required, no front-end fee for an export insurance policy under Exim for Small Biz programme. The credit approval is within seven business days.

Rak concluded that in order to grow and thrive, Thai exporters, producers for exporters, and air-land-sea logistics service providers must step outside of their comfort zone. Exim and its partners will act as facilitators to ensure their survival and success.
 

Nongluck Ajanapanya

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https://www.nationthailand.com/thailand/economy/40020735

Key business body banks on tourism for Thailand to maintain economic recovery momentum

WEDNESDAY, OCTOBER 05, 2022

THE NATION

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) on Wednesday adjusted its 2022 gross domestic product estimate to 3 to 3.5 per cent, changing from the previous estimate in June of 2.5 to 4 per cent.

“Although Thailand is still being pressured by a declining global economy as a result of international conflict, the committee believes that the tourism industry, which is recovering at a faster than expected pace, will help us sail through this crisis,” said JSCCIB chairman Sanan Angubolkul.

The committee, which comprises representatives from the Thai Chamber of Commerce, the Federation of Thai Industries, and the Thai Bankers’ Association, estimated that total exports in 2022 would expand in the range of 7.0 to 8.0 per cent year on year, while headline inflation will be at 6.0 to 6.5 per cent.

“The recovery of the tourism industry is showing an upward trend above our expectation, with 1.17 million foreign visitors recorded in August. We believe that total foreign arrivals this year will be around 9-10 million people, whose spending will help create jobs and demand in tourist provinces,” said Sanan. “However, domestic consumption this year is likely to be affected by the rising inflation that diminishes people’s purchasing power.”

The JSCCIB also predicted that total damage from floods this year would be in the range of 5 to 10 billion baht. The committee estimated that rice output would be affected by the floods, but not to the level that could create a major impact on the overall economy. “We also believe that industrial entrepreneurs have been preparing their facilities to minimise the risk of floods affecting their operation,” said Sanan.

The committee said inflation would remain high throughout the year despite fuel price in the global market dropping to below US$100 per barrel. “Inflation, along with the weakening of the baht to 38 to the US dollar, would continue to raise import costs for industrial entrepreneurs,” said Sanan.

“Business operating cost will also go up as a result of rising electricity bills since September and increasing daily minimum wages from October. These could be the reason for entrepreneurs to consider further raising the prices of products and services in the rest of the year,” he said.

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https://www.nationthailand.com/thailand/economy/40020733

Cabinet approves three extra holidays for Bangkok during Apec Summit to ease traffic woes

WEDNESDAY, OCTOBER 05, 2022

THE NATION

The Cabinet on Wednesday declared three extra holidays for Bangkok and surrounding provinces in the middle of next month to reduce traffic congestion during the Apec Economic Leaders’ Meeting.

The Cabinet announced November 16-18 will be extra holidays for government agencies in Bangkok and suburban areas, to create a five-day long weekend with the hope that Bangkok residents would leave the capital during the summit of the Asia-Pacific Economic Cooperation (Apec) forum.

Thailand, the host of Apec Summit 2022, announced that the meeting of leaders will take place on November 18-19 in Bangkok.

Government spokespersons said that the Cabinet wanted to reduce traffic congestion in Bangkok during the Apec Summit to ensure that participants of the meeting could conveniently reach the venue. The move also was aimed at providing protection to the economic leaders.

However, the Cabinet ordered government agencies that have to provide public services, such as hospitals, courts and banks, to consider whether to remain open.

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https://www.nationthailand.com/thailand/economy/40020732

Sept headline inflation slows as energy, food prices stabilise

WEDNESDAY, OCTOBER 05, 2022

THE NATION

September’s headline inflation rose by 6.41 per cent, a slight decline from the previous month, in line with a slowdown in energy, housing and food-ingredient prices, the Commerce Ministry reported on Wednesday.

Ministry deputy permanent secretary Poonpong Naiyanapakorn said the headline inflation index in September was 107.70 points, an increase of 6.41 per cent.

But the inflation expansion rate was lower than that of August, which saw inflation rise by 7.86 per cent.

September’s core inflation rose by 3.12 per cent, compared to an increase of 3.15 per cent in August, Poonpong said.

He noted that the overall prices of goods and services in September were still higher than the same period last year mainly because prices were adjusted higher to reflect increased manufacturing costs.

The rising prices were also attributed to floods, farmland damage and rising demand, which has improved.

Poonpong said the key factors that caused headline inflation to rise were an increase in energy prices by 16.10 per cent. Although oil prices have come down compared to the previous month, the prices were still higher than September 2021.

Meanwhile, electricity fees, cooking gas, medical treatment, personal services such as haircut, necessities such as toothpaste and shampoo, public transportation, school fees, tobacco, alcoholic drinks and cigarettes cost more than in September last year, he reported.

Poonpong pointed out that some goods and services have seen prices go down, including face powder, parcel fees, TV sets, air-conditioners and washing machines.

However, fresh food prices rose by 10.97 per cent as meat and pork cost more, while instant food prices increased slightly but those of food ingredients dropped, though they were still higher than in September 2021.

Poonpong said farms and fields were inundated while demand rose, causing the prices of food and non-alcoholic drinks to rise by 9.82 per cent.

The Commerce Ministry expects fourth quarter inflation to slow down in line with stabilising costs in manufacturing and transportation.

Poonpong said the ministry also expects headline inflation throughout 2022 to be between 5.5 and 6.5 per cent, with a 6.0 per cent median rate.

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https://www.nationthailand.com/thailand/economy/40020719

Baht expected to strengthen

WEDNESDAY, OCTOBER 05, 2022

THE NATION

The baht opened at 37.40 to the US dollar on Wednesday, strengthening from Tuesday’s close of 37.60.

The Thai currency will likely move between 37.25 and 37.50 against the greenback during the day, Krungthai market strategist Poon Panichpibool predicted.

He said the baht is strengthening and even exceeding its support level as the market is in a risk-on state and pressuring the dollar while affecting the gold price.

If US economic data on Wednesday is worse than expected, the market might feel the US Federal Reserve will not increase the interest rate as it might pressure the financial market into a risk-on state, Poon said.

Also, it might pressure the dollar while supporting the baht to strengthen or swing sideways near its support level of 37.30 to 37.40, the level that importers are waiting for to purchase the US currency, he added.

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https://www.nationthailand.com/thailand/economy/40020715

Arkhom briefs PM on volatility in financial markets and their impact on Thailand’s recovery

TUESDAY, OCTOBER 04, 2022

THE NATION

The government is closely monitoring factors that could affect economic recovery, including in financial markets, government deputy spokesperson Traisuree Taisaranakul said on Tuesday.

She was speaking after Finance Minister Arkhom Termpittayapaisith reported to Prime Minister Prayut Chan-o-cha that many factors were pressuring financial markets.

She explained that uncertainty over decisions at the US Federal Reserve meeting on Monday had caused the Stock Exchange of Thailand (SET) Index to drop by 31 points in opening trade on Tuesday.

“However, the SET Index rebounded by almost 20 points at the end of the morning session, as there was no signal on changes in interest rate,” she said, adding that this negative sentiment would not affect Thailand’s economic recovery.

She said the Finance Ministry and Bank of Thailand are monitoring international factors and capital flow closely.

She also confirmed that the government would continue to monitor factors that affect economic recovery.

The SET Index closed at 1,578.00 on Tuesday, up 19.95 points, or 1.28 per cent. Transactions totalled 64 billion baht with an index high of 1,584.57 and a low of 1,567.48.

THE NATION

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https://www.nationthailand.com/thailand/economy/40020712

PTT expects energy prices to fall next year, easing pressure on economy

TUESDAY, OCTOBER 04, 2022

THE NATION

National energy conglomerate PTT expects oil prices to fall next year, boosting Thailand’s economic recovery.

PTT president and CEO Auttapol Rerkpiboon forecast that the price of a barrel of oil would fall from US$90-$100 this year to $85-$100 in 2023, easing pressure on the economy.

He also expects the LNG price to drop from early next year as demand declines after winter in Europe. A falling LNG price would cut electricity generation costs, as natural gas is used to fuel power stations.

Auttapol told the “Thailand Economic Outlook 2023” seminar held by Krungthep Turakij, that PTT must strike a fine balance between ensuring sufficient oil and gas to meet demand, minimising environmental impacts, and keeping prices as low as possible. He added that PTT is focusing on maximising refinery and transport efficiency and using carbon capture storage technology to reduce environmental impacts.

The energy giant is also switching its focus to cleaner energy such as natural gas as oil consumption is expected to drop over the next decade, he said.

However, PTT will diversify investment to avoid dependence on a narrow range of energy sources.

“We must not bet on a single horse. We have changed our vision from ‘Thai premier league multinational energy company’ to ‘powering life with future energy and beyond”, Auttapol said, highlighting the English terms in quotes.

As part of the change in direction, PTT would focus on future energies such as hydrogen.

The CEO said the conglomerate was focusing on future energies by dividing its investment into six areas:

– New energy

– Life science

– Mobility and lifestyle

– High value and businesses

– Logistics and infrastructure

– AI & Robotics Digitalisation.

Auttapol added that all companies under the PTT Group were committed to achieving net-zero carbon emissions by 2050, 15 years ahead of Thailand’s national goal. As such, PTT would increase its solar electric generating capacity to 12,000 megawatts and double its tree-planting mission to two million by 2050.

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https://www.nationthailand.com/thailand/economy/40020705

Despite recovery trajectory, Thailand’s economy expected to face challenges next year, experts tell seminar

TUESDAY, OCTOBER 04, 2022

Nongluck Ajanapanya

Economists, high-ranking officials and business leaders together shared their perspectives on the best practical strategies and solutions for Thailand’s economy to survive and thrive.

They expressed their opinions during the “Thailand Economic Outlook 2023” event hosted by Krungthep Turakij newspaper on Tuesday in Bankgok to commemorate its 36th anniversary.

The dialogue began with a keynote speech from Bank of Thailand (BOT) Governor Sethaput Suthiwartnarueput, who stated that despite the global economic slowdown and high volatility in the financial market, Thailand’s economy is gradually recovering due to a strong rebound in the tourism industry and domestic consumption.

However, he noted that high inflation and the US central bank’s monetary policy were still factors that Thailand needed to monitor closely.

He also defended the BOT’s monetary policy, claiming that it is on the right track because Thai economic conditions differ from those of other countries, hence Thailand did not need to adopt the same measures.

“Thailand’s economy requires a smooth takeoff rather than a smooth landing,” said Settaput.

Jon Penrice, president Asia Pacific of Dow Chemical Company, pointed out the possible strategies for the new world order in the coming year and beyond.

He predicted that volatility and uncertainty would become a normal part of doing business, so companies and agencies must be much more alert and resilient in the short term while still focusing on their long-term vision.

“None of the events are predictable,” he explained. “In this new world order, companies should focus on four key strategies: customer centricity, resilience and agility, a disciplined financial approach, and diversification.”

He warned businesses to brace themselves for several headwinds in 2023, such as the European energy crisis, the ongoing war in Ukraine, China’s slowdown, rising global inflation, and currency depreciation.

He advised businesses to invest in people and Environment, Social, and Governance (ESG) in order to sustain their growth because these two factors will help businesses reduce risk and costs in the long run.

Overall, Thailand’s economy will face more severe challenges in the coming year, particularly for monetary and fiscal policy, three economists from major banks and financial institutions said.

They attributed the situation to the US Federal Reserve’s commitment to bring down high inflation regardless of the risk of a hard recession.

Supavud Saicheua, economist and adviser at Kiatnakin Phatra financial group, pointed out that although the country’s economy is showing positive signs of growth, Thailand needs to improve its foundation and infrastructure, including embracing rapid changes in innovation and technology and caring more for the environment, in order to thrive in the long run.

Meanwhile, Bangkok Bank economist Kobsak Pootrakool is concerned about the country’s reserves, which needed to be increased to improve efficiency but not so much that the country cannot move forward. He urged both the public and private sectors to become more competitive.

Kiatipong Ariyapruchya, the World Bank’s senior economist for Thailand, added that the government should relax some finance and investment regulations.

Thailand has one of the toughest investment laws in the Southeast Asian region, he added, urging the government to amend the law, which would aid in unlocking Thailand’s manufacturing and services potential.

He also suggested that the Thai government develop a strategic plan to address the effects of extreme weather conditions, specifically water management and drought.

Despite the country’s difficult circumstances, two private-sector representatives were optimistic that Thailand’s economy will be able to handle and survive because Thailand’s private sector is capable and strong.

Sanan Angubolkul, chairman of the Thai Chamber of Commerce, said that what is needed now is to find new business models — other than export and tourism — to drive Thailand’s economy.

Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, said that their federation focuses on seven new S-curve industries, including Bio Circular Green economy and climate change.

He insisted that S-curve will open up new opportunities for Thai businesses and help attract foreign investment in the coming years.

Sanan and Kriengkrai also had a message for the next government. They assured that regardless of which party forms the new government, the private sector is always willing to collaborate and work with them. They urged the next government to pay close attention to what businesses need, to change some outdated regulations, and to be consistent.

The fierce competition between Thailand and Vietnam was a frequent topic of discussion in today’s debate. While most speakers lauded Vietnam’s rapid growth, Jareeporn Jarukornsakul, chairman and group CEO of WHA Corporation, stated that Thailand is still in a better position than Vietnam.

Thailand, she claimed, had the most advanced infrastructure in the region. Many foreign investors continue to prioritise Thailand. Hence, the country must continue to invest and develop, particularly in mega-trends such as electric vehicles, renewable energy, and green economy.

Siam Piwat Group chief executive officer Chadatip Chutrakul revealed the company’s 63-year secret to achieving exponential growth and surviving every crisis to become the country’s No. 1 retailer and real estate developer.

The tactic, she explained, is simply to be mindful and sincere with customers, employees and business partners. Besides, she suggested that thinking outside the box, creating new possible business paths, and expanding network and connections would be useful strategies in this new business context.

Nongluck Ajanapanya

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https://www.nationthailand.com/thailand/economy/40020700

FTI identifies 7 risks and offers 6 solutions for Thailand’s economic recovery

TUESDAY, OCTOBER 04, 2022

THE NATION

The Federation of Thai Industries (FTI) pinpointed seven risk factors for economic development in 2023 and offered six solutions to ensure recovery in the post-Covid era.

Speaking at the “Thailand Economic Outlook 2023” seminar hosted by Krungthep Turakij newspaper on Tuesday, FTI president Kriangkrai Thianukul said the Thai economy would face several risks next year due to the uncertain global situation, fluctuating finances and digital disruption.

“In 2023, Thailand’s industrial sector will be facing a ‘perfect storm’ fuelled by these seven risk factors, most of which are consequences of the Russia-Ukraine conflict,” he said.

The seven risk factors are:

• Inflation: Expected to continue rising next year. Thailand’s highest inflation in 17 years was recorded in August 2022 at 7.86 per cent

• Raw material shortage: Supply of products like microchips, animal feed, fertilisers, chemicals, etc, expected to drop.

• Rising energy cost: Cost of electricity rose 17 per cent this year, while the price of fuel hit a new high in eight years and the price of LPG rose 28 per cent year on year.

• Rising daily minimum wage: Daily minimum wage was raised by an average of 5 to 8 per cent nationwide.

• Weaker currency: The baht fell to its lowest in 16 years at 38 to 39 baht to the US dollar.

• Rising interest rate: The rate has been increased to 1 per cent with a tendency to rise further.

• Rising transport cost: 45 per cent hike in freight fees.

“These challenges could hinder the efficiency of our industrial sector. Meanwhile, our neighbour Vietnam has lower industrial costs and can be viewed by corporations as a better investment destination,” Kriangkrai said.

However, he said, industrial and private sectors could embrace these six solutions to gain a competitive edge globally. They are:

• Use BCG (bio, circular, green) economy as a framework for development

• Pre-empt implementation of new technology and innovation to avoid disruption.

• Enhance supply chain security to ensure uninterrupted production.

• Use renewable energy across all operations to reduce the cost of energy.

• Develop necessary skills among employees.

• Tackle climate change issues.

“The private sector may find it difficult to survive even after applying the six solutions without continued support from the government in driving economic growth in key areas,” Kriangkrai said. “We urge the authorities to ensure the continuity of economic policy implementation during the transition of power after the general election, which is scheduled in May next year. The survival of the industrial sector depends mainly on how well the public and private sectors work together for mutual goals.”

THE NATION

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https://www.nationthailand.com/thailand/economy/40020691

BOT governor reaffirms Thailand taking ‘gradual and measured approach’ to economic recovery

TUESDAY, OCTOBER 04, 2022

Bank of Thailand Governor Sethaput Suthiwartnarueput said on Tuesday that unlike many other countries, Thailand is taking a gradual and measured approach to the economy.

Speaking at the “Economic Outlook 2022” event held by Krungthep Turakij in Bangkok, the BOT governor said the Thai economy is in continuous recovery and the country’s monetary policy is on the right track.

He said Thai economic conditions differed from those in other countries, so Thailand did not need to adopt the same measures.

Sethaput also dismissed concerns that the BOT was raising the interest rate too slowly to rein in inflation, insisting “we are not behind the curve”.

He added that while Thailand has yet to recover to pre-pandemic levels, certain other countries had already met their economic targets.
 

Kobsak Pootrakool, chairman of the Federation of Thai Capital Market Organisations, said he was worried about the country’s exports.

Sanan Angubolkul, president of the Thai Chamber of Commerce, said China’s economic recovery next year would have a positive impact on Thailand apart from the return of Chinese tourists. He said Chinese tourists would definitely return as more than 90 per cent of China’s population has been vaccinated against Covid.
Although the number of foreign tourists has not reached the pre-Covid level, revenues at shopping malls of the Siam Piwat Group have exceeded 2019 numbers, group CEO Chadatip Jutrakul said.
Jareeporn Jarukornsakul, president and CEO of WHA Industrial Development, said Thailand still has plenty of investment opportunities although political changes could happen in the general election next year.

The other speakers are Jon Penrice Dow’s Asia-Pacific president, Kriengkrai Thiennukul Chairman of The Federation of Thai Industries, Arthid Nanthawithaya Chief Executive Officer SCBXNapat Jatusripitak, co-founder and CEO of ViaLink and managing director of Siametrics Consulting Co Ltd, Korawad Chearavanont, CEO and Founder of Amity Co Ltd, a social cloud company, Dermphan Yoovidhya, CEO and founder of Rapid Group, Pratthana Leelapanang. Chief Consumer Business Officer at Advanced Info Services Plc, Jirayut Srupsrisopa, founder and Group CEO of Bitkub Capital Group Holdings Co Ltd, Phichet Rerkpreecha, CEO at Line Company (Thailand)