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https://www.nationthailand.com/business/40013069

The Thai insurance sector is gearing up for regional expansion under the Asean Framework Agreement on Services, according to the Office of Insurance Commission (OIC).

OIC joined hands with EY Corporate Services on Thursday for a seminar aimed at sharpening Thai insurers’ competitiveness as regional markets open up.

A recent study found that the Thai insurance sector was in good health, with most companies financially stable with strong foundations and potential for growth, OIC secretary-general Suttipol Taweechaikarn said. They also benefit from their wide range of products and selling methods, he added.

Moreover, the strong reputation of Thailand’s medical services has boosted business among foreigners buying Thai insurance and receiving medical treatment in the Kingdom, according to Suttipol.

Meanwhile the “new normal” era of increased online commerce provided opportunities for Thai insurers to sell their products online in other countries.

However, Suttipol urged the government to ease the limit on foreign shareholders so as to boost competitiveness of Thai insurance companies via investment. This would also strengthen bonds between Thailand and its neighbours while increasing choice for consumers and helping the economy to grow, he said.

Most of the seminar participants agreed that easing the foreign shareholding limit of 25 per cent would increase capital for Thai insurers and aid transfer of expertise and technology plus development of new products.

They also agreed that Thai vehicle, health, accident, and personal lines insurance was well set to meet demand in the Asean market.

Suttipol noted that the current foreign shareholder regulation is flexible in line with World Trade Organisation rules, with the limit lifted to 49 per cent in special cases. However, any decision to change the limit should take into account the readiness of the Thai insurance sector, he cautioned.

Published : March 05, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013068

At a forum hosted by Spring News on Friday, many speakers explained how the Metaverse can be used to make Thailand a leader in the tourism industry as well as promote its indigenous products.

Metaverse Thailand’s co-founder Parin Panichpak told the virtual forum, entitled “Spring News Special Forum Metaverse”, how this new technology can be used to impart knowledge in school. He said children can be taught lessons using virtual games and edutainment.

Parin also said that the Metaverse offers many job opportunities like people can display the art of Muay Thai to potential visitors or sell real estate.

However, he said, there may be a problem with ethics and transparency, so the government must come up with laws and the private sector should comply. Yet, he said, too many restrictions may stop the private sector from reaching its full potential.

As for tourism, he said the Metaverse can play a key role in promoting the country and its unique products to tourists.

Kitti Pornsiwakit, president of Smart Tourism Committee, said that if the Metaverse is used correctly, it can help make Thailand a leader in the tourism industry again. However, he added, tourism operators need to learn how to do this and he has joined up with two government agencies to develop a course on the application of Metaverse in tourism.

He said initially a pilot project will be created to promote two minor provinces, adding that the picture will be clearer in two months.

Pathom Indarodom, vice president of the Digital Council of Thailand, said though the country’s digital infrastructure is as good as any other nation, Thailand is still ranked 53 among 65 countries when it comes to preparing for the future.

He blamed this on Thai people’s lack of interest in learning new things and adopting new technology for application in the business sector.

Pathom said Thailand is still in the Metaverse 1.0 era when we have to wear heavy virtual reality (VR) glasses, yet companies like Elon Musk’s Neuralink have broken barriers by creating an interface between the human brain and computers.

He said very soon everything in the real world will be available in the virtual world and people will be able to enter the Metaverse without any equipment.

However, he said, he was worried about Thailand’s inability to compete with other countries due to local people’s attitude towards the digital world.

Blockchain Prime Holding’s co-founder Pongbol Iemvicharana lauded the development of the Social Bureau: Decentralised Justice System, saying the Metaverse will make it difficult to identify people and will open the door to hacking. With this justice system in place, the bureau can hunt down culprits and punish them, but he said, information should be made available to the public as well. This way, he said, the public can have data in hand and protect themselves when conducting transactions.

Trikun Srihongse, country manager for Zipmex, said his company’s goal is to revolutionise investment in digital assets for decentralised financial services. They will apply blockchain and crypto technology to access finances more easily, while NFTs (non-fungible assets) will play a bigger role once the Metaverse has grown.

Published : March 05, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013049

A total of 23 hotels in Thailand worth a cumulative 13.2 billion baht were sold to local and foreign investors in 2021, marking a 550 per cent jump from 2020, global property broker Jones Lang LaSalle (JLL) reported recently.

Chakkrit Chakrabandhu Na Ayudhya, JLL’s executive vice president for Asia’s Hotels & Hospitality Group, attributed the sharp jump to a recovery in Thailand’s tourism industry and an improved outlook for the Covid-19 pandemic.

“The availability of investment-grade properties at reasonable prices is another factor that drew investors,” he said.

Potential buyers began noticing Thai hotels in the second half of 2021, he said, adding that the total value of Thai hotel sales in 2020 accounted for less than 2 billion baht due to the Covid-19 crisis. However, the value skyrocketed almost six times in 2021.

Most of the hotels sold last year are located in Surat Thani’s Samui island, Bangkok and Phuket – representing 44.3 per cent, 24.6 per cent, and 11.7 per cent of the total value respectively, according to JLL.

“Normally, Bangkok accounts for the highest hotel sales, but Koh Samui came in first last year, not just because more hotels were sold, but also because it had one with the highest price,” said Pimpanga Yomchinda, vice president at JLL’s Hotels & Hospitality Group.

The 23 hotels sold last year have some 3,000 rooms and their price averaged between 500 million and 600 million baht. The most expensive hotel located on Samui was sold for more than 1 billion baht.

More hotel purchase deals are under negotiation for properties in Bangkok and other destinations popular among tourists, Chakkrit said, adding that some of these hotels were worth more than 1 billion baht.

He said JLL expects the value of Thai hotel sales this year to exceed that of 2021.

Published : March 04, 2022

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https://www.nationthailand.com/business/40013042

Asean members are working on facilitating increased trade, removing trade barriers and reduce transaction costs to deal with the Covid-19 crisis, the top official at Thailand’s Department of Trade Negotiations said on Friday.

Department director-general Auramon Supthaweethum made the remarks after attending the 22nd Asean Trade Facilitation Joint Consultative Committee (ATF-JCC) via teleconference.

She said Thailand has requested additional details from Asean members on using trade measures to ensure that the operation will be in line with the agreement and facilitate Thai exporters, such as permission to sell medicines in Vietnam and import horticultural crops, medicines, tyres and air-conditioners from Malaysia and Indonesia.

Auramon Supthaweethum

“In 2021, Asean improved trade facilitation and the average score increased by 13 per cent compared to 2017,” she said, “Thailand was ranked No. 2 in Asean trade facilitation, behind Singapore.”

She added that Thailand has cooperated with Asean on operating under Non-Tariff Measures guidelines to remove trade barriers in the region as well.

In 2021, trade between Thailand and Asean was worth US$110.79 billion, up 17.09 per cent year on year. Of the total, Thailand’s exports accounted for $65.02 billion and $45.78 billion were imports, up 17.24 per cent and 16.89 per cent, respectively.

Major exports included oil, gold, electric circuits, trucks, beverages, air-conditioners and cars, while major imports included oil, electricity, natural gas, voice recorders, electronic components, electric circuits and coal.

Published : March 04, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013039

Thai AirAsia has been named the third-best low-cost carrier for punctuality by the aviation analytics and data provider Cirium. It won a 97.47 per cent score from 8,321 flights.

The top two places are held by Japan’s Solaseed Air and Starflyer with scores of 97.93 per cent from 13,955 flights and 97.75 per cent from 10,342 flights, respectively.

Thai AirAsia’s CEO Santisuk Klongchaiya said many airlines have been hit badly by the Covid-19 crisis as they have had to suspend or reduce flights.

However, he said, Thai AirAsia is always working towards maintaining its service quality, especially when it comes to safety and punctuality.

He added that Thai AirAsia has also scored seven out of seven in airlineratings.com safety rating.

Published : March 04, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013035

The headline inflation in February rose to 104.10 points, the highest in 13 years, the Trade Policy and Strategy Office announced on Friday.

Ronnarong Phoolpipat, director of the Trade Policy and Strategy Office, said headline inflation in February was 5.28 per cent higher than in the same month last year and 1.06 per cent higher than in January 2022.

He said the increase in inflation was mainly because the prices of energy and foods and non-alcoholic beverages rose because of their rising cost.

Ronnarong said core inflation in February rose by 1.8 per cent year on year and 0.52 per cent month on month.

“The headline inflation in February was the highest in 13 years — since 2008. Inflation could increase by 4 to 5 per cent if energy prices continued to rise and if the global oil price was over US$100 [3,200 baht] per barrel,” Ronnarong said.

He reasoned that oil prices contributed to 62.26 per cent of the figures for calculating the inflation index.

Although the inflation index had risen, there were other indicators that the Thai economy would improve, Ronnarong said.

He said the rising demand for new motorcycles and vehicles, reflected in the rising registrations in January 2021, increase in farmers’ income, increase in property tax collections, and increase in investments by the public sector were indicators of an improving economy.

He said the inflation index will continue to rise in March, year on year, in line with the high energy prices and rising electricity rates. The rising energy costs and higher power bills would cause the prices of instant foods and food ingredients to continue to rise.

But he expected the inflation index would later be adjusted to a proper level because the prices of fresh foods, including pork, vegetables and fruits, had started to go down and the government is continuing to implement measures to reduce the cost of living.

Ronnarong said the Commerce Ministry expects the inflation index in 2022 to see wide fluctuation but the ministry would re-evaluate the situation and adjust inflation forecast at the end of March.

Published : March 04, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013023

Krungthai Bank forecasts the baht will move between 32.45 and 32.65 to the dollar on Friday.

Krungthai market strategist Poon Panichpibool said the Thai currency is likely to swing in a wide range due to pressure from the Ukraine-Russia crisis, which is causing the dollar to strengthen.

However, the market’s risk-off condition is driving up the price of gold, causing investors to sell the precious metal which in turn was helping to support the baht, Poon said.

Meanwhile, investors purchasing Thai stocks in expectation of domestic economic recovery were also causing the baht to strengthen, he added.

The baht’s key resistance level will be 32.80 to 32.90 per dollar, while the key support level will be 32.20-32.40, Poon said.

The Russia-Ukraine war would encourage a risk-off state, which means markets will remain volatile. Poon said business operators should use hedging tools such as options to manage risk.

Published : March 04, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013022

The Stock Exchange of Thailand (SET) Index is expected to fall to between 1,680 and 1,685 points on Friday amid tensions between Russia and Ukraine, Krungsri Securities said.

It added that sanctions on Russia had also hit US and European economies with rising inflation.

“However, the rising oil price would help boost the index,” Krungsri Securities said.

It recommends the purchase of the following as an investment strategy:

• PTTEP, PTT, TOP, SPRC and BCP will benefit from the rising price of oil and gross refining margin.

• HMPRO, GLOBAL, DOHOME, MAKRO, CPALL, CRC and CPN will benefit from domestic economic recovery.

• BDMS, INTUCH, ADVANC and DTAC, which are defensive stocks.

The SET Index closed at 1,696.08 on Thursday, up 6.27 points or 0.37 per cent. Transactions totalled 113.82 billion baht with an index high of 1,705.50 and a low of 1,691.20.

Published : March 04, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013020

The state-run Port Authority of Thailand (PAT) has reported total revenue of Bt15.613 billion in 2021, up almost Bt1 billion from 14.632 billion in 2020.

PAT recorded a profit of Bt6.2 billion with expenses of Bt9.3 billion last year. Turnover was about Bt600 million higher than in 2020, said PAT director-general Kriengkrai Chaisiriwongsuk on Thursday.

Of total 2021 revenue, 70 per cent came from shipping, 12 per cent from marine transport, 9.54 per cent from land rental, 2.91 per cent from port services, and 4.89 per cent from other sources, Kriengkrai added.

Laem Chabang Port in Chonburi brought in the biggest chunk of revenue at 56.9 per cent, with 42.83 per cent from Bangkok ports and 0.27 per cent from ports in other provinces.

Thai ports handled 9.8 million TEU (twenty-foot equivalent unit) of containers via marine shipping, increasing from about 9 million TEU in 2020. Laem Chabang handled 8.4 million TEU, ranking 22nd in the world last year.

Phase three of the Laem Chabang Port project would see the port climb into the top 20 in the world this year, Kriengkrai said.

PAT aims to launch six other new projects in 2022 to boost efficiency of ports. These are the West Bangkok Port development project, construction of a road connecting Bangkok Port and Bang Na Expressway, building a railway container transport centre, the Ranong Port development project, the dry port development project, and the launch of a national shipping line.

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Published : March 04, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40013005

The value of Thai exports under free trade agreement (FTA) privileges last year rose by 31.40 per cent to US$76.312 billion, the highest privilege utilisation, the Foreign Trade Department said on Thursday.

Pitak Udomwichaiwat, director-general of the department, said the percentage of FTA privilege utilisation was as high as 78.17 per cent for exports from January to December 2021

The top three export markets with the highest use of FTA privileges were: Asean (US$26.28 billion – a 35.91 per cent increase), China ($25.327 billion – up 33.61 per cent), and Australia (US$8.47 billion, divided into Thai-Australian FTA of US$6.15 billion (a 23.19 per cent increase) and the Asean-Australia-New Zealand FTA of US$2.316 billion (a 16.49 per cent increase), Pitak said.

He said the top five export products with the most FTA privilege use were: heavy trucks with not more than five-tonne load; fresh durians; personnel transportation vehicles with engine capacity not exceeding 2,500cc; rubber products; and chicken meat and offal.

Pitak said the import of goods using FTA privileges in 2021 were valued at $44.871 billion, an increase of 28.51 per cent, and the percentage of FTA privilege utilisation was 25.63 per cent.

The importers used the FTA privileges the most with China, followed by Asean and Japan.

Pitak added that the GSP programme from the US ended in December 2020 and the US Congress is now deliberating a draft law to extend the privileges.

The bill is expected to be approved soon, but the conditions for granting trade privileges by the US government are expected to change, based on US priority for certain issues, such as environment and labourers, Pitak added.

Published : March 03, 2022

By : THE NATION