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https://www.nationthailand.com/business/40015976

Saudi Arabian delegations from both the public and private sectors are scheduled to visit Thailand from July 4-7 to discuss trade and investment between the two kingdoms, Board of Trade of Thailand chairman Sanan Angubolkul said on Thursday.

“This is a good opportunity to build mutual confidence in trade and investment. Thailand has the potential to become a hub in Asean for Saudi Arabian trade and investment,” Sanan said.

“The Board of Trade is confident that Thailand is well prepared to serve as Asean’s hub after recent roadshows,” he added.

The executive was referring to visits to Saudi Arabia by Thai delegations from the Board of Investment, the Eastern Economic Corridor and the private sector.

Sanan himself led a business delegation to Saudi Arabia for the first time in 32 years from May 15-18, in order to restore trade and investment.

After three decades of sour ties, Thailand and Saudi Arabia in January agreed to normalise diplomatic relations when Prime Minister Prayut Chan-o-cha paid an official visit to the Gulf nation and met with Crown Prince Mohammad bin Salman Al Saud.

Sanan said on Thursday that trade between both countries is estimated to reach tens of billions of baht this year.

He was speaking after attending a meeting of representatives from 38 companies who participated in the recent trip to Saudi Arabia. The meeting discussed the progress in negotiations with their Saudi counterparts, as well as business matching.

Sanan said Saudi Arabians appeared to be most interested in tourism and wellness, asking to learn about business management from the Thai side.

During last week’s roadshow, the Thai delegation introduced more selections of Thai-made food products to Saudi Arabian firms, in addition to their normal imports, according to Sanan.

He added, however, that the Thai government should ask Saudi Arabia to relax its import restrictions on certain food products, which he did not name.

“In addition to human food, the Saudis are also interested in animal food, as they have a lot of cats there,” Sanan said.

He also made it clear that Thai labour is in demand in Saudi Arabia, with that country seeking hospital executives, doctors, nurses, construction workers and automotive staff.

Published : May 26, 2022

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https://www.nationthailand.com/business/40015972

Prime Minister Prayut Chan-o-cha invited Japanese businesses on Thursday to invest in the Eastern Economic Corridor.

Prayut extended the invitation during a speech at the 27th International Conference on the Future of Asia (Nikkei Forum) in Tokyo at 1pm local time.

He told Japanese investors he believes Japan is a true friend of Thailand.

Prayut said Japanese Prime Minister Fumio Kishida’s visit to Thaiand and Asean early this month sent a positive signal for the region. The visit also marked the 135th anniversary of Thai-Japanese relations.

Japan is the second most important trading partner of Thailand and the two countries have been sharing strong economic ties since the signing of the Japan-Thailand Economic Partnership Agreement, Prayut noted.

He cited the bilateral trade value of US$60 billion (THB2.05 trillion) last year to prove that ties were strong.

Prayut also thanked the Japanese government and businessmen for believing in Thailand’s potential and for supporting the country’s economic and social development.

He expressed hope that Japan would attend the Asia-Pacific Economic Cooperation summit to be hosted by Thailand in November.

In his speech, Prayut also expressed confidence that Japan and other Asian nations will cooperate to revive the economy, survive the current crisis and cooperate to create peace and stability in the region.

The premier said Asian nations must support multilateral trade, with the World Trade Organisation serving as the moderator of rules.

He promised that Thailand would develop its business environment to facilitate international trade and investment and support foreign businesses.

Thailand, he said, is now upgrading its airports and developing its telecom networks and digital infrastructure, as well as high-speed Internet connection and cloud storage and smart city technologies.

Prayut said the country’s banking systems have been modernised with capacity to make transactions via apps. Thailand has also linked its digital payment system to those of Singapore, Japan, Cambodia, Malaysia and Indonesia and will expand the system to link other nations, especially Apec members.

Prayut went on to say that Thailand would firmly support multilateral trade, especially the idea of the Free Trade Area of the Asia-Pacific (FTAAP).

Prayut pointed out that economic revival must be sustainable and one way to see this is to use clean energy. He invited Japanese investors to join Thailand’s mission in achieving its goal of becoming carbon neutral by 2050.

Prayut added that Thailand has now started its transition to clean energy by supporting and boosting the electric vehicle industry.

Published : May 26, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015971

An adviser to the agriculture minister said on Thursday that Thailand would seek cooperation from Vietnam to leverage the bargaining power of the two major rice-producing nations.

Alongkorn Pollabutr, chairman of the committee steering Agricultural 4.0 policies and chairman of the Agritech and Innovation Centre, said he would discuss the details of plan with Vietnam in August.

Alongkorn unveiled the cooperation plan with Vietnam while he was giving an opening speech at the Agritechnica Asia & Horti Asia 2022 held at Bitec Bang Na Exhibition Centre.

At the event, Alongkorn welcomed Vietnam’s Deputy Agriculture and Rural Development Minister Tran Thanh Nam who was invited to attend the fair, a cooperative venture between Thailand’s Agriculture and Cooperatives Ministry and the German Agriculture Society.

In his speech, Tran thanked Alongkorn for welcoming him. He said his ministry would seek cooperation from the Thai agriculture ministry on five issues:

– Food security cooperation to increase value of crops

– Cooperation to boost the strength of farmers. Tran said Thailand has strong agricultural cooperatives and its Otop products are popular so Vietnam will send officials to learn about the work of cooperatives in Thailand.

– Cooperation to help Vietnamese farmers transition to farm machines

– Training in agricultural knowledge

– Cooperation on sanitary and phytosanitary (SPS) measures.

Alongkorn said the Thai Agriculture Ministry is ready to support its Vietnamese counterpart on the five issues.

Alongkorn said Thailand and Vietnam have a joint committee to function as a mechanism to facilitate agricultural and SPS cooperation between the two countries.

Alongkorn said the joint panel would schedule a meeting as soon as possible to discuss cooperation on seven issues:

• The Thai side will seek cooperation from Vietnam to cooperate on rice production and sale from the start to the export of rice with the goal to increase prices in the global markets so that farmers will have more income. Alongkorn said global rice prices were between US$300-400 per tonne during the past 20 years while the cost has been rising.

He said if the two countries cooperate on rice production and exports, they will have bargaining power and farmers in the two countries will overcome their poverty.

• Thailand will ask Vietnam to support the establishment of the Asean Rubber Council to develop the rubber industry and support plantation owners and increase the bargaining power of Asean rubber producers.

• The Thai side will ask Vietnam to speed up permission for import of mangoes and rambutans from Thailand after the two sides agreed in principle in 2016.

The Thai Agriculture and Cooperatives Ministry will also ask Vietnam to approve the export of chickens and eggs to Vietnam after the two sides earlier agreed in principle to discuss more details in the next SPS meeting.

• The Thai side will ask Vietnam to allocate quota for Thai trucks to transport fruits vie Vietnam to China to reduce the chances of Thai fruits going rotten.

• The Thai side will propose logistics cooperation between Thailand, Laos and Vietnam at the Vung Ang pier and Haiphong pier to open more channels for export of Thai fruits and agricultural products to China and other countries.

• Thailand also wants to send officials to study Vietnam’s One Commune One Product operations.

• Thailand will ask Vietnam to inform the name of its contact point as soon as possible before the next SPS can be held.

Speaking to reporters after the speech, Alongkorn said the meeting will be held in line with the discussion framework set by Agriculture Minister Chalermchai Srion, who has been invited by his Vietnamese counterpart to make an official visit to Vietnam. The two sides have yet to schedule the visit.

Alongkorn said the two sides have agreed in principle to discuss these issues in more detail when the Thai delegation attends the Agritechnica fair in Vietnam in August.

He said the Vietnamese agricultural ministry promised to send a formal invitation to its Thai counterpart soon.

Published : May 26, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015950

Various kinds of Thai rice are being promoted and publicised at Thaifex-Anuga Asia 2022 until May 28 at Impact Muang Thong Thani, Nonthaburi, in a bid to gain the confidence of consumers, the Department of Foreign Trade said on Wednesday.

The move also aims to create awareness about the quality and standards of Thai jasmine rice, as well as the country’s rice strategy between 2020 and 2024, said department director-general Pitak Udomwichaiwat.

He expects rice sales to increase this year in response to some positive factors, such as improvement in the Covid-19 situation, confidence in Thai rice quality and a weakening baht, resulting in competitiveness in the international market.

“The move is in line with our strategy to promote marketing and expand export opportunities for Thai rice, which will help generate revenue for the country and improve rice farmers’ quality of life,” he said.

He added that the publicising of Thai rice at the fair is an important step in the promotion of Thailand as a leader in rice production and marketing.

Published : May 26, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015947

The baht opened at 34.26 to the US dollar on Thursday, unchanged from Wednesday’s closing rate.

The currency is expected to move in a range between 34.15 and 34.35 on Thursday, predicted Krungthai Bank market strategist Poon Panichpibool.

Poon said the baht might fluctuate and strengthen during the day as the market is open to more risks and the dollar stabilises after the US Federal Reserve increased the interest rate according to market expectations.

The baht found support from increased gold sales as the price of the precious metal moved close to its resistance level from $1,850 to $1,860 (THB63,643) per ounce.

With the baht strengthening quickly, investors have changed their views on hedging tools.

Importers are waiting to buy the dollar if the baht strengthens to 34 or lower.

But exporters might offload the dollar if the baht weakens from 34.30 to 34.40.

Poon still advises businesses to use hedging tools such as options to manage risks in the highly volatile currency market.

Published : May 26, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015935

The Mass Rapid Transit Authority of Thailand (MRTA) will open bidding from Friday for its THB140 billion Orange Line electric railway project.

The MRTA announced that interested companies can purchase the “request for proposal documents” (RFP) at its headquarters from Friday until June 10 from 9am to 3pm.

The documents must be submitted to the MRTA before July-end.

It said the winner of the bid would be announced and a contract signed by late this year.

The Orange Line, stretching precisely 35.9 kilometres, will roll from Bang Khunnon to Minburi.

It is divided into the eastern section – from the Thailand Cultural Centre to Minburi, a length of 22.5km, with 17 stations (10 underground and seven elevated) – and the western section, from Bang Khunnon to the Thailand Cultural Centre, a length of 13.4km with 11 underground stations.

The project will be a joint venture between the MRTA and the private firm that wins the bid.

The MRTA will not only invest in land expropriation for the entire project but also for the construction of railway infrastructure on the eastern section.

The bid winner will need to invest in construction of the railway structure for the western section and install the electrical system, carry out maintenance and operate services.

The project is divided into two phases:

The first phase entails designing and installing the electric railway and carrying out test runs. This phase on the eastern section is scheduled to be completed in three years and six months and on the western section in six years.

The second phase is to operate and maintain the electric trains across a period of 30 years.

Published : May 25, 2022

By : THE NATION

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https://www.nationthailand.com/business/40015933

One of the biggest food and beverage industry exhibitions in the country, “Thaifex – Anuga Asia 2022”, opened on Tuesday, to showcase Thailand as a world food hub.

By positioning itself as one of the leading global hubs for quality agricultural products and food,  the country aims to generate over THB10 billion in trade value during the five-day event.

Commerce Minister Jurin Laksanawisit said during the opening ceremony that Thailand has now emerged as the 13th biggest food exporter in the world and fourth biggest in Asia. 

Jurin said that though Thailand is quite strong in this market, competing with others and remaining the leader calls for some transformation to guarantee its premium quality products.  

“The food and beverage industry plays a vital role in the Thai economy with a market share of 2.3 per cent in global trade. Despite the broad range of international trade constraints due to the global pandemic, Thailand’s food and beverages sector has managed to export over THB286 billion in the first quarter of 2022, growing 28.8 per cent compared to the same period of 2021. So, this means that this market is a strong growth opportunity for the country,” said Jurin.

He added that the export success stemmed from the teamwork of the public and private sector commerce mechanism, specifically the Joint Public and Private Sector Consultative Committee on Commerce. 

“This body serves as a crucial mechanism to resolve trade issues, especially the international-related ones. One outcome derived from this mechanism was the reassurance to the world that Thai products, especially in the food and  agriculture industry, are safe and Covid- free,” he said.

In addition, Jurin has initiated a collaboration between four ministries —  Commerce, Public Health, Agriculture and Cooperatives, and Interior — to issue the Covid-19 Prevention Best Practice Certificate to 262 factories. 

He insisted that the goal of this certification is to successfully establish safety standards and traceability to increase confidence and upgrade Thailand into the global hub for quality agricultural products and food.

In order to serve the world’s demand for sustainability, Jurin added that another key policy is to ensure Thai food follows the
Bio-Circular-Green Economy model. To achieve this, he has instructed the Department of International Trade Promotion to establish a comprehensive “soft power” strategic plan. “This plan will not only promote Thai cuisine to the world but also imprint the unique and captivating Thainess in the heart and conscience of people around the world. This will in turn lead to a higher demand for Thai products and services while growing Thai exports to the world,” Jurin said. 

In addition, the Ministry of Commerce has continuously developed various international trade promotion activities to meet the changing demand of international buyers, Jurin added.

This year, while many countries have started reopening to international travellers, Thailand continues to rebrand from “Thai food” to “The World’s Food”. 

As Asia’s largest and most comprehensive food and beverage trade show, Thaifex – Anuga Asia 2022 “The Hybrid Edition” is being held under the concept “Re-imagine the Future of the Food & Beverage Industry”. This is in response to the high demand of buyers who wish to travel to do business in Thailand. 

The on-site fair runs from May 24-28 at Impact Muang Thong Thani, in Nonthaburi province. Meanwhile, those who cannot travel to Thailand can still visit the Thaifex Virtual Trade Show via the online platform held in parallel with the on-site trade event. 

Jurin expects the “hybrid” trade fair to generate over THB10 billion in revenue to the Thai economy.

Published : May 25, 2022

By : THE NATION