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https://www.nationthailand.com/business/econ/40019311

The Constitutional Court’s suspension of Prime Minister Prayut Chan-o-cha from duty will not affect Thailand’s economic recovery or foreign investor confidence, the Thai Chamber of Commerce (TCC) said on Wednesday.

TCC vice chairman Visit Limlurcha made the remarks after the majority of court judges voted to accept an opposition petition for deliberation on Prayut’s tenure and suspended him from duty until a ruling is made.

The judges voted 5:4 to accept the petition, which was forwarded to the court by the Secretariat of the House of Representatives.

Being the first deputy prime minister, Prawit Wongsuwan automatically took over as caretaker prime minister.

Visit felt the court’s decision would not affect Thailand’s economic recovery or foreign investor confidence.

He said preparations for the Asia-Pacific Economic Cooperation summit in November would continue as the Constitutional Court could come out with a ruling on Prayut’s tenure before the summit begins.

“Even if a court ruling does not come in time, there are still the caretaker prime minister and other Cabinet ministers,” he pointed out.

According to Visit, foreign investors “aren’t uncertain” about the issue because it is purely a domestic matter.

Published : August 24, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019278

The baht opened at 36.08 to the US dollar on Wednesday, weakening from Tuesday’s close of 36.13.

The currency is expected to move between 35.95 and 36.25 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He said the baht could swing sideways in a wide range even though it was supported by a weakening dollar and an increasing gold price.

However, Thailand’s political situation would cause currency market volatility in the short term, especially if foreign investors decided to sell their Thai stocks to reduce risks, Poon warned.

Meanwhile, businesses are awaiting the opportunity for increased transactions, he said. Importers hope the baht will strengthen to a level below 36 to the dollar, while exporters will not hurry to conduct transactions because they have already closed their risks.

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

Published : August 24, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019227

The baht opened at 36.14 to the US dollar on Tuesday, weakening from Monday’s close of 36.08.

The currency is expected to move between 36.05 and 36.25 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

He added that the baht is likely to fluctuate and weaken as the dollar will continue strengthening until the US Federal Reserve issues a statement on Thursday.

The baht has also been pressured by the dropping price of gold and the Japanese yen sparking a buying frenzy. The Japanese currency has fallen to below 26 baht per 100 yen.

Poon said foreign investment is not flowing into the Thai market as much as before because foreign investors are waiting for the Thai stock index to drop, while also waiting for bond yield to rise before purchasing.

He speculated the baht’s new resistance level will be from 36.20 to 36.30 to the dollar.

However, he reckons, that the baht will not weaken much unless there are new factors that encourage foreign investors to dump a lot of Thai assets, such as China enforcing new lockdown measures or if the political situation in Thailand worsens.

The strategist advises investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Published : August 23, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019219

Charoen Pokphan Group (CP Group) has advised Thai businesses to prepare for China to reopen in the latter part of this year.

CP Group senior vice president Thanakorn Seriburi said he expects China to reopen soon, following two years of tight restrictions under Beijing’s zero-Covid policy.

He said Thailand’s exporters should be ready for the reopening of Chinese markets as the country’s purchasing power will increase sharply. He added that tensions with Taiwan would not affect the economy.

“China’s economy will expand despite Covid-19 impacts,” he said, noting that China’s GDP grew 0.4 per cent in the second quarter.

He added that Beijing is targeting 5 per cent economic growth this year despite the private sector saying it would be satisfied with 4 per cent.

Thanakorn said Chinese economic expansion is being driven by infrastructure projects including high-speed rail, motorways and airports.

“Infrastructure development is aiding China’s distribution of agricultural products, reducing logistics costs and facilitating travel.”

He added that Beijing is focused on three areas of economic development: keeping city residents in place to expand the urban service sector, large-scale agriculture, and investment in high technology.

Published : August 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019204

Finance Minister Arkhom Termpittayapaisith has instructed state firms to speed up investments to shore up the country’s economy and told 17 loss-making state enterprises to find measures to improve their financial situations.

Arkhom was speaking at a meeting of executives of 52 state enterprises.

He said state enterprises had used only 60 per cent of their 350-billion-baht investment budget by the end of July, falling short of their 95 per cent target.

He added that the state firms’ combined assets of 14.7 trillion baht were large compared to Thailand’s GDP of 17.6 trillion baht.

“As a result, state enterprises play a crucial role in driving the country’s economy,” Arkhom said. “State firms must speed up investment budget spending, especially on mega projects that are crucial to the country’s development.”

Meanwhile, 17 state firms that had been accumulating losses for years must increase efforts to halt the slide.

Arkhom also assigned the following four policies to state firms:

– Improve performance by adopting new technologies.

– Protect the environment. PTT Plc, the Provincial Electricity Authority, Electricity Generating Authority of Thailand and the Metropolitan Electricity Authority must also minimise the impact of rising fuel prices on the public They must also support the transition from combustion engine vehicles to electric vehicles.

– Protect public health and the elderly while helping people to access funds.

– Guard food security. Arkhom said food-related state firms must develop new, alternative foods.

Published : August 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019186

The baht opened at 35.80 to the US dollar on Monday, weakening from Friday’s close of 35.74.

The Thai currency will likely move between 35.70 and 35.90 against the greenback during the day and between 35.30 and 36 during the week, Krungthai market strategist Poon Panichpibool predicted.

He said the baht is likely to fluctuate and weaken to test its resistance level at 35.90 as the dollar strengthens and the gold price heads downward.

Moreover, foreign investors may sell off Thai stocks or wait for their price to drop before buying them, so the baht is lacking supporting factors. He also mentioned that some exporters are selling the dollar, while some investors believe the baht will strengthen.

Meanwhile, the dollar may rise further if the market believes the US Federal Reserve will increase the interest rate to a fairly high level. He added that a slowdown in Europe is also supporting the dollar through the pressure on the euro.

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

Published : August 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019179

Technologies in the metaverse era will help some businesses to grow exponentially, said Pipat Wattanamongkolsiri, CEO of digital solution provider 9 Cat Digital.

Pipat was speaking at the “Metaverse Expo Thailand” in Bangkok on Sunday. The event was organised by The Nation.

The tech chief zeroed in on the benefits of blockchain, explaining that it would overcome various pain points for people thanks to its transparency, decentralised network and speed. The digital ledger technology is already spreading through diverse industries, including logistics, agriculture and healthcare.

“Many people are now asking how to maximise the uses and benefits of blockchain in their business,” he said.

However, he said that given the fast pace of technological development, it was no surprise to see many businesses making mistakes or overlooking new tech’s potential.

“In the next era, combining business and the metaverse will help companies to grow to a global level,” he said, adding that companies should seek partnerships to expand in the metaverse.

Marketing was another important key to boosting business growth in the metaverse era, said Pipat. And the good news for businesses was that marketing in the so-called Web 3.0 would become easier than in Web 2.0 if businesses equipped themselves with the new digital skills and tools of the metaverse, he explained.

The three-day “Metaverse Expo Thailand” wrapped up on Sunday.

#ThailandMetaverseExpo2022
#ThailandMetaverseExpo
#TheNation

#TME
#NFTThailand
#Thailand #Metaverse

Published : August 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019174

Thailand’s future e-commerce growth will be driven by expansion into the virtual world, experts said during the “Metaverse Expo Thailand” in Bangkok on Sunday.

Thanawat Malabuppha, CEO and co-founder of shopping search engine Priceza, said Thai e-commerce had grown exponentially over the past 17 years, thanks to the internet and Covid-19 crisis. Its success was due to its ability to satisfy consumers’ needs for convenience, diversity and promotions, he added.

Thanawat Malabuppha

“Even though Central continued expanding its branches, consumers prefer the internet rather than department stores as it meets their demand for convenience,” he said.

Under the government’s e-commerce development plan, Thailand is targeting e-commerce revenue of 5.35 trillion baht this year rising to 7.1 trillion baht by 2027.

Kulthirath Pakawachkrilers (right)

Kulthirath Pakawachkrilers, CEO of business-scaling solution provider Thailand e-Business Centre, compared the potential of e-commerce in Thailand and China.

She calculated that it would take Thailand up to three years to catch up with China. She advised Thai companies to focus on winning metaverse customers’ hearts rather than luring them with cheap prices.

“Thailand must see the metaverse as a new norm, and be ready to embrace what will happen next,” she said.

She estimated that 10 per cent of Thais are now ready to immerse themselves in the metaverse, led by hardcore gamers.

Kulthirath added that the advent of cryptocurrency is a warning for businesses to train their staff to understand new tech tools in order to boost revenue and growth.

Pawoot Pongvitayapanu, managing director and founder of e-commerce service provider Tarad Dot Com, said more Thais are now able to access technology thanks to the government’s economic stimulus during Covid.

He also pointed out that e-commerce would begin to disrupt local businesses soon as Thai retailers outside Bangkok are now adopting e-commerce platforms.

“In the future, retailers will be forced to use e-commerce to boost their business efficiency,” he said.

Pawoot Pongvitayapanu

However, the three speakers advised small and medium enterprises (SMEs) not to jump into the metaverse straightaway, warning its hardware, software and users are still insufficient.

“Marketing in the metaverse will begin bustling once technologies are ready and big players arrive,” Thanawat said. He expects people will adapt to the metaverse within three years.

#ThailandMetaverseExpo2022
#ThailandMetaverseExpo
#TheNation

#TME
#NFTThailand
#Thailand #Metaverse

Published : August 21, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019167

Prime Minister Prayut Chan-o-cha has hailed a report ranking Thailand as the world’s top country for wellness retreats.

Thai wellness resorts came top in international rankings based on research into Tripadvisor reviews by leisure website Slingo.

Published last Monday, the research focused on which countries have the best resort hotels, wellness and spa activities.

Thailand ranked No 1 with an overall wellness retreat score of 9.5/10.

“Often referred to as the spa capital of Asia, Thailand is home to some of the most therapeutic and luxurious retreats in the world. Thailand tops our list, with better reviews for wellness activities and resorts than any other destination we looked at,” Slingo said.

Indonesia ranked second with an overall wellness retreat score of 8.5/10 while Maldives was third with a score of 8.5/10.

The research also ranked the countries with the highest-rated wellness activities.

Maldives topped this list with 88.73 per cent of 29 spa and wellness activities rated four-star and higher.

Thailand was ranked second, but with a far higher number (2,673) of wellness activities sampled. Of these, 73.03 per cent were rated four-star or higher. The top-rated activity was the yoga and Pilates classes offered by Ocean Sound resort on Koh Tao.

Responding to the ranking, PM Prayut praised the hard work and high levels of service among Thailand’s tourism workers, his deputy secretary-general Anucha Burapachaisri said on Sunday. The PM is confident that Thailand has strong potential for wellness tourism, Anucha added.

“The prime minister would like to thank all personnel in the tourism sector for building a good reputation for the country,” he said.

Published : August 21, 2022

By : THE NATION

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https://www.nationthailand.com/business/econ/40019133

The Department of International Trade Promotion (DITP), Ministry of Commerce is organizing the must-attend annual event, the Trade Logistics Symposium 2022 – one of Thailand’s largest logistics forums – the heart of trade logistics business efficiency building and development.

Renowned speakers will take to the stage their perspective on logistics for e-commerce and cross border on September 1-2, 2022 at Lido Connect and on webinar.

Mr Phusit Ratanakul Sereroengrit, DITP Director-General states that DITP takes progressive measures to boost the logistics industry to conform to the policy outlined by the Deputy Prime Minister and Minister of Commerce (Mr Jurin Laksanawisit) which is fortifying the service sectors especially logistics business to ensure the continuity of logistics activities and enhance the capabilities of entrepreneurs. The Department organizes the Trade Logistics Symposium 2022 under the theme “Empowering E-commerce and Cross Border Logistics” to represent a knowledge sharing platform between the world’s foremost business leaders, experts and international organizations and logistics and international trade entrepreneurs. 

As the highlights for this year’s symposium, participants will have an opportunity to meet with the distinguished speakers from top organizations. Topics include: 

“E-Commerce and Cross Border impact on the ASEAN’s logistics industry” – focusing on how do e-commerce and border trade affect logistics business in ASEAN by Ms Cecile Barayre-El Shami – Chief of Digital Economy Capacity-Building Section, E-commerce and Digital Economy Branch from UNCTAD.

“Guide tips to start Door-to-Door service” – highlight on the strategies of entering the transportation field in the delivery and what lies behind the factors which make the business keep going in the battlefield of competition by Ms Jamie Ko – Director, Regional Public Affairs and Policy and from the main service provider in the region – Grab.

“Fulfillment and Warehouse in the 21st Century” – concept of how e-commerce is driving new distribution and warehousing by Mr Nattapume Pavaratn, the President of Warehouse, Silo and Cold Storage Business Association and SVP Group Commercial, JWD InfoLogistics Public Company Limited.

“Collaboration is at the heart of the e-commerce logistics” by Mr. Behzad Goudarzian, Logistics Manager and Mr Pravin Shetty, Regional IT Manager of ISS Global Forwarding – an internationally recognized supply chain solutions provider.

Panel discussion “Time for logistics marketplaces platform in Mekong Region?” by Dr Piyanoot Sumrith, the President of Thai Transportation & Logistics Association, Managing Director and Founder of WeMove Platform, the Start-up newcomer that connects shippers and carriers by using technology, together with Ms Rachelle Alexis Lim, Executive Director of Strategy & Business Development from 2C2P Co., Ltd. – a full suite payments platform trusted by global businesses.

Interested person can register free of charge at www.tradelogistics.go.th/symposium. Discover other exciting opportunities in logistics at Facebook page: DITP.Logistics. 
 

Published : August 20, 2022

By : THE NATION