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https://www.nationthailand.com/business/40017009

Former PM Abhisit Vejjajiva has hailed the “crucial role” women play in driving Thailand’s economy but pointed out they do not enjoy the same power in politics.

Speaking at Thursday’s opening session of the “Global Summit of Women 2022” – titled “Doing Business in Thailand” – Abhisit noted that women make up half the workforce and 40 per cent of executive posts in large Thai companies.

However, though Thailand was the first Asian country to allow women to vote, their representation in leading political roles is still low, he added. 

The opening session was led by Marguerite Soeteman-Reijnen, who chairs the executive board of Aon Holdings. 

Abhisit went on to list five reasons why Thailand is a top destination for doing business and setting up corporate headquarters.

He said the Kingdom enjoyed strong fundamentals, with multiple potentials, investment-friendly conditions, leaders in many fields, and new and emerging opportunities.

Thailand is a middle-sized economy with space for businesses to grow, he explained, adding that investment here could bring access to the CLMV market (Cambodia, Laos, Myanmar, Vietnam) of 300 million people. Businesses setting up in Thailand could also tap the wider Asean market of 620 million consumers, plus the Regional Comprehensive Economic Partnership covering around 30 per cent of the world’s population and GDP.

Abhisit said the Thai economy was also well-diversified, with the automotive and computer sectors enjoying strong export ties with powerful markets such as the US and China. Thailand was also Asean’s top automotive exporter and biodiesel producer while ranking as the world’s fifth most popular destination for tourists.

Meanwhile, the Board of Investment (BOI) was boosting investment-friendly conditions by introducing a smart visa, One Start One Stop Investment Centre, and long-term resident visa, he added.

On emerging opportunities, Abhisit said Thailand was a great choice for companies’ regional headquarters, citing a recent cost-of-living survey that ranked Thailand at 46 – far cheaper than other major Asian cities such as Hong Kong (2) and Osaka (23).

Kanit Sangsubhan, secretary-general of the Eastern Economic Corridor, told the session that the EEC is the prime gateway to Asia. He also highlighted the new high-speed railway linking Thailand’s Nong Khai border with Laos and China.

Meanwhile the EEC’s Rayong, Chonburi and Chachoengsao provinces were being equipped with 5G technology to support the 12 targeted S-Curve industries with clusters of automation and robotics, health and wellbeing, and smart logistics. Kanit added that the EEC had chosen the Bio-Circular-Green (BCG) economic model to embrace environmentally friendly business and investment.

Thailand is hosting the Global Women’s Summit for the first time. The 32nd edition of the event brings together leading businesswomen from various sectors from all over the world. Most of the participants are female corporate leaders and entrepreneurs. 

The focus of this year’s summit is reviving women’s economic progress following setbacks suffered during the pandemic. The summit sessions will see professionals sharing advice on what works in this new economic landscape, whether it be government policies or business practices.

Published : June 24, 2022

By : Stephanie Adair

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40016978

The baht opened at 35.50 to the US dollar on Friday, unchanged from Thursday’s closing, and will move in the range of 35.40 and 35.60 on Friday, a strategist predicted soon after markets opened.

Krungthai Bank market strategist Poon Panichpibool said the currency is likely to weaken and test its resistance level at 35.75 to the dollar during the day, as it has already hit its previous resistance level of 35.50.

Meanwhile, the dollar is strengthening as it is getting continuous support, while foreign investors are selling risky assets, causing the baht to weaken this week.

He suggested monitoring the baht’s volatility in relation to the euro during the day, as the market will be receiving European economic information.

If it is worse than expected, it might pressure the market into selling the euro, causing it to weaken and support the dollar to strengthen in the short term.

Poon also believes gold transactions will help the baht strengthen if the metal’s price rebounds back to its resistance level from $1,840 to $1,850 per ounce. Poon advises investors to use hedging tools such as options to manage risks in the highly volatile currency market.

Published : June 24, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016975

The first day of meetings and seminars at the Global Summit of Women 2022 started on Thursday at Bangkok Convention Center, CentralWorld. 


The event brings together leading business women and from various sectors from all over the world. This is the first time in the summit’s 32-year history that Thailand is playing host.

More than 600 female leaders from 52 countries were welcomed by Prime Minister Prayut Chan-o-cha at the opening ceremony. Among the dignitaries were Kosovo President Vjosa Osmani, the Vice President of Vietnam Vo Thi Anh Xuan, women ministers, and business leaders from all over the world.

Thailand was cited by Bloomberg as a country with 40 per cent women’s leadership of major enterprises, since the summit’s main focus is facilitating women’s economic progress worldwide.

The majority of participants are female corporate leaders and entrepreneurs from four continents. With this summit taking place during a pandemic, the focus has shifted to reviving women’s economic progress, which suffered a setback during Covid, with many losing their jobs, and many enterprises run by women collapsing. The core of the summit sessions will focus on professionals sharing on what works in this new economic landscape, whether it be government policies or business practices.

The Global Women’s Leadership Awards will also be presented to Dr. Krisana, or “The Pharmacist of the Poor”, who developed a generic antiretroviral drug that treats HIV at a lower cost, helping victims in many countries, especially in Africa.

The summit concludes on June 25 with two significant outcomes: it will be the first carbon-neutral gathering ever in its 32 years of history, implemented through the help of the Thai Host Committee; it will push Thailand’s Corporate Governance Code in a clearer language on gender diversity in corporate boards as a necessary component for good governance.

Throughout the 3-day Summit, there are many inspiring and educational sessions for women and everyone that is interested in moving forward, business-wise in a post covid world. There are sessions such as “Moving the Needle on Women-on-Boards: Does Advocacy Make a Difference?”, “Using Technology Apps to Expand Your Business Across Borders”, “Understanding the Virtual Financial Mainstream: CryptoCurrency, Metaverse, Esports, NFTs”, a Youth Forum will also be held for participants interested in meeting women entrepreneurs, business and government leaders.

2022 Global Summit of Women Bangkok, Thailand Women: Creating Opportunities in the New Reality Program

Published : June 24, 2022

By : Stephanie Adair

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40016965

The chief of Thailand’s Trade Negotiations Department has asked her Egyptian counterpart to speed up deliberations on a draft memorandum of understanding (MoU) for the establishment of a joint trade committee (JTC), she said on Thursday.

Oramon Supthaweetham, director-general of the department, said she recently met and held discussions with Wael Samir, director of the Asia Division under the Ministry of International Trade and Industry (MFTI), in Cairo.

During the discussions, Oramon asked Samir to speed up the deliberations on the draft MoU for setting up a JTC so that the two countries would have a mechanism to drive economic cooperation and tackle trade disputes and obstacles.

Oramon said she also proposed a joint action plan that would be used after the MoU on setting up the JTC is signed.

She quoted Samir as pledging that the Egyptian side would speed up the deliberations and inform Thailand as soon as possible.

She said she also informed Samir of Thai importers’ concerns about the requirement to use a Letter of Credit (L/C) as a method of payment for goods to be imported from Egypt because they were used to use other methods.

Oramon quoted Samir as replying that the requirement for Thai importers to open an L/C was just a temporary measure for the sake of Egypt’s financial and foreign reserve stability.

Samir wanted Thai importers who had problems with the measure to inform the department of commerce of the MFTI to find a solution.

She added that Egyptian business operators are interested to participate in international trade shows to be held by Thailand in the future and the Thai trade representative in Cairo will later inform them of the schedules.

Oramon said Egypt is a key trade partner of Thailand in north Africa and it has a population of 110 million people and its infrastructure and law would facilitate investments by Thai investors. For example, Egypt has duty-free zones for making goods for export to Africa and Europe.

She said Thailand could also become Egypt’s manufacturing base for exporting to Asean and East Asian nations by using the Regional Comprehensive Economic Partnership’s free trade rights.

Last year, Egypt was Thailand’s 44th largest trading partner, and fifth largest in Africa.

Thailand and Egypt transacted bilateral trade worth US$1.228 billion last year, up 37.88 per cent over the previous year. Thailand’s exports to Egypt amounted to US$1.174 billion. Thai goods exported to Egypt included seafoods, canned foods, automobiles and parts, chemicals and rubber products.

Thailand imported about US$53.42 million worth of goods from Egypt, mostly natural gas and medical supplies.

Published : June 23, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016959

Beauty and medical services will be the most lucrative businesses in Thailand in the second half of the year, the University of the Thai Chamber of Commerce (UTCC) predicted.

The prediction was made by UTCC’s Institute of Trade Strategies in its top-ten list of businesses that will have a bright future in Thailand.

Executive assistant Wachira Khoonthaweesup said the institute had studied and found that the top ten businesses with good prospects for the second half are:

– Medical and beauty services and e-commerce

– Platform business or businesses that provide electronic marketing and logistics platforms

– Insurance, life insurance, supplementary diet and health

– E-sports, social media and online entertainment

– Content making, especially by YouTubers, products reviews, media and advertising

– Medicine, medical supplies wholesale, FinTech, electronic payment, concert and events businesses

– Modern trade/modern convenient stores, herb sales

– Entertainment venues and automobile businesses

– Construction, non-condo property, tourism, hotels and related businesses.

Wachira also listed the businesses that are expected to flop:

– Baseline/ground line telephone and fax machine manufacturing

– Textile dying

– Print media and journals

– Print media household and office delivery

– Printing houses, printing of books, flyers

– Brokers, producing/selling artificial trees and flowers

– Call centres and ceramic making

– Big-bundle clothes making

– Book renting/sale and photo shops.

Meanwhile, UTCC rector Thanawat Polwichai said Thailand is now on the path to economic recovery with more tourists visiting the kingdom after all Covid restrictions were lifted.

He said the recovery would be boosted by the government’s measures to help reduce the cost of living, a weaker baht and expanding exports.

However, economic growth could be more or less affected by external factors, including the on-going Russia-Ukraine war, soaring global oil prices, rising transportation costs in the country and high household debt, which could be impacted if the policy interest rate is later increased.

Published : June 23, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016956

Millers are buying paddy rice at much cheaper prices amid hardships faced by farmers after exports witnessed a drop because of price undercutting and strong competition from other countries, experts said.

The prices of paddy rice bought by millers have fallen by 200 to 500 baht per tonne after the cost of exported white rice dropped significantly, from US$960 (33,958 baht) for jasmine rice and $463 (16,370) per tonne for 5 per cent white rice on June 8 to $905 and $427 respectively on Wednesday.

Thai Rice Exporters Association president Charoen Laothamatas attributed the drop to a price undercut by India and Vietnam.

He said India now exports white rice at $338 per tonne while Vietnam sells it for $418, compared to the Thai price of $427. Vietnam sells jasmine rice at $523 per tonne and Cambodia $880, while Thai jasmine rice costs $905.

“The prices of Thai rice are much less competitive,” Charoen said.

Major US shippers have managed to reclaim their containers stranded at major ports so they can provide increased shipping services to rice exporters, thus allowing the market to witness high supply, he said.

India, which is a major rice exporter, has put a lot of its rice on sale and has won most purchasing orders from key markets, especially African nations, Charoen said.

India has not been hit by a drought this year and farmers there have switched to higher-yield species, so the country is in a position to export more rice at competitive prices, he pointed out.

“India is closer to Africa than Thailand is and of course it has its own ports so Thailand cannot compete in exporting rice to African nations,” Charoen noted.

He said it was fortunate that Iraq recently purchased 400,000 tonnes of Thai rice or else the prices would have plunged much deeper.

The on-going harvest of the second crop of off-season rice, which will continue into August, has seen a lot of paddy rice flood the market, prompting local prices to go down as well.

Charoen said Thailand is now banking on hopes of selling rice to Saudi Arabia as people there like to consume long, hard grain rice, a variety produced by Thailand.

Meanwhile, Thai Rice Mills Association president Rangsan Sabaimuang said the fluctuating prices in the global rice market have affected domestic prices.

The local prices of jasmine rice in the country now vary from 13,500 baht to 13,700 baht per tonne, compared to 14,000 and 14,500 baht earlier.

Thai Agriculturist Association president Pramote Charoensilp also confirmed that the current harvest has led to rice flooding the market, bringing prices down.

He said his association would consult government agencies on how to help affected farmers.

Published : June 23, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40016942

Thailand exported 1.01 million tonnes of livestock products valued at 106.65 billion baht in the first five months of the year, an increase of 2.08 per cent and 20.82 per cent year on year respectively, thanks to the improving Covid-19 situation globally that has helped increase the demand for food ingredients.

“The Agriculture and Cooperatives Ministry expects exports in the second half of the year to expand even further as more countries lift restrictions,” Minister Chalermchai Sreeon said on Wednesday.

The ministry has completed negotiations on poultry product trade with new markets such as Malaysia, Singapore, Saudi Arabia and Canada, which would help boost exports this year, he said.

Chalermchai said another factor underpinning increasing foreign orders is the result of the ministry’s campaign to help manufacturers achieve international standards in food safety, including Good Agricultural Practices certification, Good Hygiene Practices, and Hazard Analysis and Critical Control Points, which have helped the country penetrate new markets.

Of the 1.01 million tonnes of livestock products exported, 415,348 were meat and processed meat, 366,317 pet food, 125,077 tonnes of eggs, dairy products and canned food and 107,868 tonnes of farm animal feed.

Thailand’s largest markets in the first five months of the year were the European Union, the United States, Japan and the United Kingdom.

Published : June 23, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016932

The baht opened at 35.33 to the US dollar on Thursday, strengthening from Wednesday’s close of 35.50.

The currency is expected to move in a range between 35.25 and 35.50 on Thursday, predicted Krungthai Bank market strategist Poon Panichpibool.

Poon said the baht advanced last night as the dollar declined, but the Thai currency is likely to fluctuate and weaken during the day.

It is easy for the baht to weaken to test its resistance level of 35.50 because foreign investors might continue to offload Thai stocks due to concerns over a shrinking economy, he said.

However, the pressure from stock sales may be limited as foreign investors might gradually purchase Thai bonds because yields around the world are decreasing and some investors feel the current Thai bond yield level has already reflected signs that the Bank of Thailand would increase the interest rate, Poon pointed out.

Moreover, the Japanese yen has declined heavily and might pressure the baht to weaken, but then the Thai currency could strengthen from gold transactions, he added.

Published : June 23, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40016917

Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow said on Wednesday that he expected a deal this week with oil refineries for them to contribute voluntarily to the Oil Fuel Fund.

Supattanapong said his ministry has started talking to the refineries to encourage them to contribute a part of their gross refining margin to the oil fund for at least three months so that the fund would be able to subsidise diesel oil price.

“I expect a deal will be wrapped up this week,” the energy minister said.

He said the amount might be 7 billion or 8 billion baht but the ministry would have to first to reach an agreement with the refineries.

“Don’t press me now. I still need time to consult all sides for a suitable figure that will be acceptable to both sides. I can’t say now whether it will be more or less than the figure.”

He said the ministry would have to convince the refineries to voluntarily cooperate with the plan before the ministry studies the law to enable contributions from the refining margin.

“The government does not want to force the refineries, but we will seek cooperation,” the energy minster added.

Responding to the proposal by Kla Party leader chief Korn Chatikavanij for the Energy Ministry to enact a law forcing the refineries to contribute from their margin to the oil fund, Supattanapong said the ongoing talks were based on voluntary contributions so he did not want to set a condition that would bog down the talks.

“We’ll wait for the results of the talks that will come out this week,” the minister said.

Kulit Sombatsiri, permanent secretary at the Energy Ministry, said although the ministry has the power to order the refineries to reduce the refining margin to help bring down oil prices, there could be lawsuits in the future.

He said such an order could affect the shareholders of the refineries and could violate the Stock Exchange of Thailand (SET) law.

Earlier, Korn floated his idea for the government to order the refineries to lower refining margin, as they were making huge profits. He even suggested that the government slap a windfall tax on the refineries.

The Petroleum Refining Industry Club on Monday dismissed as untrue a claim by Korn that Thai refineries were enjoying a high margin of over 8 baht per litre of oil, saying they had to shoulder several costs.

During the past week, the share prices of refineries traded in the SET fell by about 13.3 per cent on average, causing their market capitalisation to evaporate by 76.8 billion baht.

Published : June 22, 2022

By : THE NATION

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https://www.nationthailand.com/business/40016914

The United Arab Emirates is interested in purchasing Thai rice, Vice Commerce Minister Sansern Samalapa said on Wednesday.

His statement came after discussions with Abdulnasser Jamal Alshaali, Assistant Minister for Economic and Trade Affairs at the UAE Ministry of Foreign Affairs and International Cooperation on Monday.

He said the UAE could be a gateway for Thai exports – especially agricultural products and food – to countries in the Middle East and North Africa.

Thailand, meanwhile, would enable the UAE to penetrate the Asean market.

Sansern went on to say that the UAE is interested in making a purchase contract for Thai rice, while the Gulf nation also saw an opportunity for the private sector of both countries to jointly invest in rice manufacturing in the future.

The UAE is interested in operating a telecommunications business in Thailand as well, Sansern said.

“The UAE is working on free trade agreements with many countries, especially those in Asean,” he said.

Sansern said the Emirates has also invited Thailand to consider a comprehensive economic partnership agreement between the two countries.

Meanwhile, Thailand has requested the UAE to conclude a memorandum of understanding on forming a joint trade committee to facilitate negotiations between the commerce ministries of the two countries.

“Additionally, the UAE has proposed a MoU on establishing a joint business council between the Thai Chamber of Commerce and the UAE Federation of the Chambers of Commerce and Industry to facilitate discussions,” Sansern said.

Furthermore, Thailand has invited Emirati businessmen to participate in Thai trade fairs scheduled this year, such as the Tilog Virtual Exhibition, Tilog Logistix, Bangkok Gems & Jewellery Fair and the Bangkok Refrigeration, Heating, Ventilation and Air Conditioning Fair.

In 2021, the UAE was Thailand’s 13th largest trade partner globally and the biggest in the Middle East.

Trade between Thailand and the UAE was valued at US$12.32 billion (394.34 billion baht), up 66.2 per cent year on year. Thai exports accounted for $2.78 billion while imports amounted to $9.54 billion.

Thailand’s main exports have been cars, wood, gems, ornaments, air conditioners, rubber products and canned and processed seafood.

The country mainly imported crude oil, fuel, metal products, jewellery, gems, silver bars, gold bars and natural gas.

Published : June 22, 2022

By : THE NATION