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https://www.nationthailand.com/thailand/economy/40023716

Thailand, Cambodia moving towards oil and gas exploration in disputed waters

WEDNESDAY, JANUARY 04, 2023

Discussions of a joint development area (JDA) for oil and gas exploration in the overlapping claims between Cambodia and Thailand in the Gulf of Thailand have reached the level of the Cabinet, a Government House source said.

The proposal was heard by the Cabinet at its weekly meeting on Tuesday, the source said, adding that officials who were not relevant to the proposed JDA were asked to leave the meeting room for 20 minutes while it was discussed.

The source said discussions on the proposed JDA were raised by Deputy Prime Minister Gen Prawit Wongsuwan as the Cabinet meeting was drawing to an end.

The confidential discussions on the JDA lasted for about 20 minutes, the source said.

According to the source, Prawit told the Cabinet that he met Cambodian Mines and Energy Minister Suy Sem last month to discuss a joint development project for oil and gas exploration in the overlapping claims area.

Prawit told the Cabinet that Suy Sem was willing to implement a JDA with Thailand under the condition that the two countries exclude discussions of territorial borders from any JDA they agree to.

The source quoted Prawit as telling the Cabinet that Suy Sem was convinced to go ahead with a JDA in the overlapping claims area due to rising global oil prices.

Prawit told Suy Sem that any oil and gas extracted from the JDA would allow the two neighbours to depend on their own energy resources, the Government House source said. Moreover, Prawit also told Suy Sem that oil and gas exploration in the JDA would spark development of related industries.

The source said the Cabinet agreed to set up a committee to oversee a JDA with Cambodia. The committee would be chaired by a Foreign Ministry official.

The Cabinet agreed that the Thai-Malaysian JDA would serve as the model.

The overlapping claims area between Cambodia and Thailand covers about 26,000 square kilometres in the Gulf of Thailand. The area where the joint development project is planned is about 16,000 square kilometers, the Government House source said, adding that it was located above 11 degrees latitude. The Thai-Malaysia JDA began in 1979, following 11 years of negotiation.

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https://www.nationthailand.com/thailand/economy/40023712

Govt devises new plan to keep Thailand on top of canned pineapple market

WEDNESDAY, JANUARY 04, 2023

Thailand has been declared the world’s largest exporter of canned pineapples, earning about 20 billion baht yearly from the fruit, much to the joy of Prime Minister Prayut Chan-o-cha.

Government spokesman Anucha Burapachaisri said on Wednesday that Prayut was overjoyed when the Agriculture Ministry informed him that Thailand held a 32% market share of the global canned pineapple market. The next biggest supplier is the Philippines with a 22% market share.

“The PM reckons that cooperation of government agencies to support and promote canned pineapple has helped win Thailand the top spot,” Anucha said.

He added that the government has drafted a 2023-2027 development plan to support the canned pineapple industry and enhance its capacity in the production, processing and marketing of the product.

Anucha said the government plans to use the development fund as a key mechanism to boost revenue for pineapple farmers.

He added that since most pineapple factories are located in Prachuap Khiri Khan, it can be considered a pineapple metropolis for Thailand and the world.

Last month, Alongkorn Ponlaboot, adviser to Agriculture Minister Chalermchai Sreeon, said the Agriculture Ministry will establish a “pineapple metropolis” in Prachuap Khiri Khan this year to support growers of the spiky yellow fruit.

He said the support will also be extended to pineapple farmers in Phetchaburi, Ratchaburi and Kanchanaburi.

Apart from pineapple, the government is also paying attention to mamuang bao, a type of mango that is smaller but propagates fast. This mango is usually consumed unripe with a hot and sweet dip.

Anucha said mamuang bao has been registered as a geographical indication product for Songkhla and that it earns the province about 58 million baht per year.

Related story:

Agriculture Ministry to establish ‘pineapple metropolis’ next year: Alongkorn

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https://www.nationthailand.com/thailand/economy/40023695

TAT aims to woo more tourists with Thailand-China siblings campaign

TUESDAY, JANUARY 03, 2023

The Tourism Authority of Thailand (TAT) is ready to launch a campaign under the theme “Thailand and China are siblings” in a bid to attract Chinese tourists to the country, the agency said on Tuesday.

The campaign comes after the Chinese government announced in December last year that it would lift travel restrictions from January 8.

TAT Governor Yuthasak Supasorn said the agency would focus on promoting Thai tourism products and services via Chinese online platforms, such as Ctrip, Fliggy and Lvmama.

He added that TAT plans to invite Chinese singer and actor, Ma Tianyu, to promote Thai tourism products and services via live streaming on January 10.

“Meanwhile, Ctrip CEO Jane Jie Sun will promote Thai tourism products and services via live streaming on January 11,” he said.

Yuthasak said TAT also plans to allow Thai entrepreneurs to promote their tourism products and services in China after the Chinese New Year festival. Chinese New Year falls on January 22 this year.

He said TAT will negotiate with airlines to increase flights between Thailand and cities in China. TAT will also design land travel packages between the two countries, such as via Laos-China high-speed railway and caravan, he added.

Yuthasak Supasorn

Earlier, China’s news agency Xinhua reported that Chinese tourists travelled 52.7 million times domestically from December 31 to January 2, generating more than US$3.8 billion earnings (130.68 billion baht) for the country.

Related stories:

• Nearly 12 million foreign tourists visited Thailand last year
• South Korea, Thailand launch mutual tourism campaign for 2023-2024
• Tourists flood Phi Phi on Jan 1 as Thailand ups 2023 forecast to 25m visitors

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https://www.nationthailand.com/thailand/economy/40023693

Thai entrepreneurs urged to partner Indian startups in fast-growing market

TUESDAY, JANUARY 03, 2023

Thai entrepreneurs should join hands with Indian startups to penetrate the fast-growing Indian market, the Department of International Trade Promotion said on Tuesday.

The department’s director-general, Phusit Rattanakul Seriroengrit, said startup business in India has continued to grow, thanks to support from the Indian government to stimulate the economy in the long term.

He said the number of Indian startups has increased exponentially from 400 to 70,000 over the past eight years (2014-2022), adding the number is likely to increase further, especially in India’s second-tier cities.

“The Indian government organised an event ‘Huddle Global 2022’ in Kerala state on December 15-16 last year which featured seminars on attracting foreign investment to expand the startup businesses there,” he said.

Phusit Rattanakul Seriroengrit

He said many countries are interested to invest in India’s startup business, especially countries from the Middle East and Europe.

He added that the Indian government is organising “Invest Madhya Pradesh-Global Investors Summit 2023” in the central state of Madhya Pradesh on January 11-12 to promote high-potential Indian startups.

“This is an opportunity for Thai entrepreneurs to join hands with Indian startups to penetrate the Indian market,” he said.

Each Indian state has different resources and expertise. For instance, he said Kerala state has expertise in spices and herbs, while Madhya Pradesh has expertise in chemicals and biomaterials.

“Each Indian state has a specific institution which serves as the centre for startup development,” he said, adding that specific institutions also connect Indian startups with foreign investors.

Related stories:

• Trade promotion agency launches ‘Wonders of Thai Jewels’ global branding campaign
• Thai automakers urged to cash in on Cambodia’s EV drive
• DITP launches new AI tool to evaluate Thailand’s trade prospects

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https://www.nationthailand.com/thailand/economy/40023691

Nearly 12 million foreign tourists visited Thailand last year

TUESDAY, JANUARY 03, 2023

As many as 11.81 million foreign tourists visited Thailand last year, the Tourism Authority of Thailand (TAT) said on Tuesday.

Thai and foreign travellers were expected to generate 1.5 trillion baht in tourism revenue for the country last year, TAT Governor Yuthasak Supasorn said.

He said most foreign visitors last year came from Malaysia (1.95 million), followed by India (965,994), Laos (844,959), Cambodia (591,657) and Singapore (589,770).

Most foreign visitors entered Thailand via Suvarnabhumi Airport (6.09 million), followed by Phuket International Airport (1.56 million), Don Mueang International Airport (972,614), Sadao Border Checkpoint (729,976) and Nong Khai Border Checkpoint (348,529).

Yuthasak Supasorn

“TAT aims to attract at least 25 million foreign travellers to Thailand this year, generating 2.38 trillion baht in tourism revenue,” he said.

Yuthasak expects at least 5 million Chinese tourists to visit Thailand this year once the country lifts travel restrictions from January 8 onwards. He also expects around 300,000 Chinese tourists to visit Thailand in the first three months of this year.

“Chinese tourists are expected to begin their trips after January 15,” he said, adding that independent Chinese travellers would arrive in Thailand earlier than other groups of Chinese tourists.

He said Thailand would take care of Chinese tourists based on hygiene and safety similar to other foreign visitors.

So far, Japan, India, Italy, Malaysia, South Korea, Spain, Taiwan and the US have imposed tighter requirements, including negative Covid tests on travellers from China, where infection rates are soaring. However, Thailand has not tightened rules for Chinese visitors, its biggest overseas market before the pandemic struck in 2020.

Related stories:

• South Korea, Thailand launch mutual tourism campaign for 2023-2024
• Sharp jump in spending by Thais on parties and travel during New Year holidays, poll shows
• Phuket tourism revs up, 12 million arrivals expected this year

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https://www.nationthailand.com/thailand/economy/40023687

Sharp jump in spending by Thais on parties and travel during New Year holidays, poll shows

TUESDAY, JANUARY 03, 2023

The majority of people spent money on parties and get-together activities, according to a poll conducted by the University of the Thai Chamber of Commerce (UTCC)’s Centre for Economic and Business Forecasting on people’s spending during the year-end and New Year.

The results of the poll, revealed on Tuesday, surveyed an undisclosed number of participants.

Of the respondents, 68.4% said they spent money on parties/get-togethers, while 60.4% said they spent money on domestic and overseas travel; 47.7% spent on religious ceremonies or donations during the year-end; some 31% bought household appliances; 27.6% said they bought luxury items such as jewellery; 17.1% spent on alcohol for New Year celebrations; and 10.7% bought lottery tickets to try their luck in the New Year.

The UTCC said it was notable that this year only 9.4% of respondents said they spent New Year time relaxing at home, compared to 43.6% in 2021. This signals a big jump in travel demand during the New Year holidays, the UTCC said.

The UTCC had earlier estimated that around 103.03 billion baht would be spent by Thais during the New Year festival this year, a 20.1% increase from the previous year and the highest in 17 years.

“It would be the first time that consumer spending would be exceeding 100 billion baht since 2007,” the UTCC president, Thanavath Phonvichai, said last month.

He added that with the support of the government’s stimulus measures, such as “Shop Dee Mee Kuen” (Shop and Payback) and “Rao Tiew Duay Kan” (We Travel Together) schemes during the first quarter of next year, the country’s economy is expected to grow by 0.1% to 1%.

Related Stories

Consumer spending expected to hit 17-year high during New Year period

Domestic tourists to spend THB 11 billion during the New Year holiday

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https://www.nationthailand.com/thailand/economy/40023683

Phuket tourism revs up, 12 million arrivals expected this year

TUESDAY, JANUARY 03, 2023

Phuket expects to welcome 12 million domestic and foreign tourists this year, marking an 85% recovery from 14 million visitors in 2019, before the Covid-19 pandemic hit Thailand.

The Thai Hotels Association Southern Chapter said on Tuesday that China’s move to lift travel restrictions on January 8 will see almost 1 million Chinese tourists visiting the island by mid this year.

“Of the 12 million travellers expected to visit Phuket in 2023, 8 million will be foreigners and 4 million from within the country,” the association’s chairman Sueksit Suwanditthakul said.

He said Phuket is counting on visitors from China, India, Australia and the Middle East during the low season, and in preparation, hotels in the province have started recruiting staff.

“The occupancy rate of hotels in Phuket is expected to be 80% from January to February before declining to 70% in March,” he said.

Sueksit went on to say that Phuket welcomed 8.5 million visitors last year, 4.5 million of whom were foreign arrivals.

He said the hotel occupancy rate on the island from January to November last year was 45%. He added that judging by the occupancy in December, he expects hotels to be 76% full because most foreigners stay in Phuket for at least a week or two.

“In November, Phuket saw a surge in Russian tourists, or 27% of all foreign arrivals, followed by India [11%], Singapore [6%], Australia [5%] and the United Kingdom [5%],” he said.

He added that December saw 6,730 flights land at Phuket International Airport, 3,000 of which were international flights.

“Phuket’s daily average for flights in December was 217 or about 50% of the 450 flights per day average in 2019,” he added.

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https://www.nationthailand.com/thailand/economy/40023666

2023 positive for Thailand as EECO predicts full economic recovery

MONDAY, JANUARY 02, 2023

The Thai economy should return to the pre-pandemic level by mid this year thanks to the recovery of the tourism sector and private consumption, the Eastern Economic Corridor Office (EECO) reckons.

The agency said on Monday that it believes the economy will expand by 3.8% this year.

“However, there is still the risk of declines in export due to rising production costs and high-interest rates,” EECO said.

The economy expanded by 4.5% in the third quarter of last year, it said

“Investment in production and construction sectors in the third quarter of last year rose despite rising production costs,” it said.

EECO said the operators of 376 projects in industries targeted for the Eastern Economic Corridor (EEC) have won investments worth 247 billion baht for the first nine months of last year.

The target industries include next-generation automotives, medical and wellness tourism, agriculture, food for the future, robotics, aviation and logistics, biofuels and biochemicals, and digital technologies.

“Investment in these industries is expected to expand further,” EECO said.

It added that 77 factories worth 6.66 billion baht had been set up in the EEC in the third quarter last year, 13 of which worth 1.66 billion are located in Chachoengsao, 40 worth 2.43 billion baht in Chonburi and 24 worth 2.55 billion in Rayong.

Related stories:

• Senior Transport Ministry official nominated as new EEC secretary-general
• Surplus supply still hurts property market in EEC provinces
• Cabinet approves operational plan for trillion-baht EEC smart city project

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https://www.nationthailand.com/thailand/economy/40023612

Despite declining sales, Bangkok is still the top market for second-hand houses

SATURDAY, DECEMBER 31, 2022

Bangkok remained the largest market in Thailand for second-hand houses in the third quarter, with sales revenue exceeding 600 billion baht, or 62.9% of national total, despite a decline in the number of units sold from the second quarter, according to the Government Housing Bank’s Real Estate Information Centre.

The centre said on Saturday that 59,181 second-hand houses – detached and townhouse units – were sold in Bangkok during the third quarter, down from 63,363 units in the preceding three months. Total sales value was 605.58 billion baht, down from 620.19 billion baht in the second quarter, the centre said.

As a result, the capital remains the largest market for second-hand houses in Thailand. It accounts for 36.6% of national sales by units sold and 62.9% of sales revenue

Nonthaburi was the second-largest market in the third quarter, with 11,255 units sold, followed by Samut Prakan (10,411), Pathum Thani (9,905), Chonburi (8,431), Chiang Mai (4,880), and Phuket (3,352).

The centre said the three major markets that saw the biggest declines in the sales revenue of houses sold in the third quarter were Phuket, down 14.1% from the second quarter, Chiang Mai, down 9.7% from the second quarter, and Chonburi, down 7.2% from the second quarter.

Nationwide, the centre said sales of second-hand houses fell 8.7% in the third quarter from the second quarter. It said downward momentum would continue in the final quarter of this year. The centre bases its numbers on data aggregated from banks, asset management companies and online real-estate portals.

Related Stories

Bangkok, Chonburi top choices for foreigners buying property

Chinese top foreigners who purchased condos in Thailand: REIC

Thai tourism stocks soar as China scraps quarantine measure from Jan 8

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https://www.nationthailand.com/thailand/economy/40023585

Demand for Thai durian rising in China despite new Covid-19 wave

FRIDAY, DECEMBER 30, 2022

Demand for Thai durian in China is still strong, an exporter said on Friday dismissing rumours that orders had dropped due to a spike in Covid-19 infections in the mainland.

“The price and orders of durian are not dropping as some have speculated,” said Thanes Sangthaworn, general manager at Chumphon’s Morakot Central Fruit Market. “Chinese importers are actually ordering more to build their stocks ahead of the Chinese New Year, which falls on January 22, when consumption of the fruit is expected to soar.”

Thanes said that due to the high demand, the price of Thai durian has risen across the board compared to the previous week.

For instance, Mon Thong durians of AB and ABC grades are now going for 160 baht and 140 baht per kilogram respectively, up from 140 baht and 120 baht per kilo from last week. Grade C Mon Thong now goes for 110 baht/kg instead of 100 baht/kg last week.

“With the price rising 50 baht/kg on average, durian is still a very lucrative crop for farmers in the South,” he added.

Thanes reckons the export of durian to China will see fewer obstacles next year as China announced this week that it will scrap quarantine measures for overseas arrivals from January 8, as well as downgrade Covid-19 from a Class A to Class B infectious disease.

The Commerce Ministry estimates the total output of durian in the South this year will stand at 600,000 tonnes, 80% of which has already been sold locally and overseas. December marks the end of the harvest season for durian in the South and consumers have to wait until late February when durian farms in the East enter harvest season.

Related Stories

Harvesting unripe durian can land you in jail for 3 years, govt warns

‘Non-stinky’ durian strain from Korat a big hit with connoisseurs

China’s durian market threatens to become less juicy for Thai exporters