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https://www.nationthailand.com/business/40012485

The baht opened at 32.14 to the US dollar on Friday, strengthening from Thursday’s close of 32.18 to its highest level in seven months.

The Thai currency is likely to move between 32.10 and 32.20 during the day, Krungthai Bank market strategist Poon Panichpibool predicted.

Poon said that the baht was supported by gold trading and foreign inflows to the Thai stock market, even though the currency market is in a risk-off state.

Moreover, the baht has risen past the key support level, causing some exporters to sell dollars which is allowing the baht to strengthen.

He said these factors – especially gold trading due to risks from the Ukraine crisis – would continue to support the Thai currency.

He added that if the crisis eases, the baht could weaken, triggering sales of energy stocks and foreign outflows from Thai stocks.

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He advised keeping a close watch on the Omicron situation as rising cases and bed occupancy rates could pressure the public health system. He said the worst-case scenario would see the government tightening prevention measures again.

A further sudden rise in the baht could trigger controls by the Bank of Thailand, he added.

He concluded that the currency market is highly volatile and in a risk-off state after the US emphasised that Russia could attack Ukraine at any time. Investors are choosing to cut risks and seek “safe havens” such as the dollar, Japanese Yen, gold, and government bonds.

Published : February 18, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012482

The Stock Exchange of Thailand (SET) Index was expected to fall to the support level between 1,700 and 1,705 points on Friday due to tensions between Russia and Ukraine, Krungsri Securities said.

It said this negative sentiment had driven investors to seek a safe haven in gold due to the index volatility.

“However, mass buy-ups of company shares that are expected to rise based on their business turnover last year will help boost the index,” Krungsri Securities said.

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

• EA, GPSC, AMATA, WHA, AH and STANLY will benefit from the government’s electric vehicle promotion package.

• BBL, KBANK, KTB, SCB, TTB, BLA and THREL will benefit from news of the US interest rate hike.

• IVL, SPRC, GULF, BANPU, TU, CPF, ORI, WHA, AMATA, HMPRO, CPN, CRC, BLA, NER, ITEL, XO, ASK, UBE, FORTH, TH and SNNP that are expected to grow based on their business turnover last year.

The SET Index closed at 1,711.58 on Thursday, up 10.13 points or 0.60 per cent. Transactions totalled 101.53 billion baht with an index high of 1,718.55 and a low of 1,708.43.

Published : February 18, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012465

A three-baht reduction in the excise tax for diesel oil, which takes effect from midnight on Thursday, will cost the state 17 billion baht in lost revenue over the next three months, but will benefit the country’s economy in the long term, Excise Department director-general Lavaron Sangsnit said.

He said on Thursday that the excise tax cut would bring the domestic price of diesel oil to a “suitable level” that would be beneficial to the Thai economy.

The tax reduction came at a time when the Oil Fuel Fund reached its ceiling of 30 billion baht allowed by the Cabinet to borrow.

The oil fund is expected to get certified by the Office of the Auditor-General in March so that it can negotiate with financial institutions regarding its debts.

“The three-baht tax reduction for three months will lead to about 17 billion baht in lost [state] revenue. We trade this for a smooth economic recovery that is not affected by high energy cost,” Lavaron said.

He explained that when economic activities return to normal, the lost revenue would be offset by increased taxes.

“Tax revenue often outgrows the economic growth rate. We hope that will happen,” the official said.

It has become a practice for Thai authorities to keep the price of diesel oil at no more than 30 baht a litre.

The rising global oil prices have increased diesel prices and led to calls from truck operators for a government subsidy to help curb their costs.

Published : February 17, 2022

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https://www.nationthailand.com/business/40012463

The Eastern Economic Corridor (EEC) Office has invited the Russian president to visit the EEC when he visits Thailand for the Apec Summit.

The EEC also held meetings with the Russian and Hungarian envoys on economic cooperation.

Phet Shinnabutr, deputy secretary-general of the EEC Office, said his office has invited Russian President Vladimir Putin to visit the Eastern Economic Corridor of Innovation (EECi) when he attends the Asia-Pacific Economic Cooperation Summit in Thailand in November.

Phet said the invitation was made when the deputy head of the Russian ambassador’s office in Thailand led a delegation to visit the EEC Office to discuss prospects of cooperation in the EEC.

Phet said the Russian delegation and the Thai side discussed cooperation in four target areas — medical, digital, carbon emission reduction, and logistics.

The Russian delegation expressed interest to cooperate on digital, medical, and alternative energy industries in the EEC, and expressed interest to build smart cities and to develop the U-Tapao international airport as the aviation hub for the eastern region.

The delegation also expressed interest in helping Thailand develop education and personnel training.

Earlier, the EEC Office received Hungary’s ambassador to Thailand, Sandor Sipos, Phet added.

His office showed him progress of the EEC development as well as benefits Hungarian businessmen would receive from investing in the region as well in helping Thailand develop human resources.

The two sides discussed how to attract Hungarian businesses to invest in the EEC. The Hungarian side expressed interest in water resources management and smart city development.

Phet said the Hungarian ambassador promised to help the EEC Office invite Hungarian businesses to invest in the economic corridor by matching them with Thai businesses.

Phet said the EEC Office is now implementing the second phase of its investment plan, which aims at drawing 2.2 trillion baht in investments from 2023 to 2026. The plan aims at drawing foreign investors to invest in new industries to increase Thailand’s competitiveness.

He said the EEC Office has started pushing for negotiations between Thai businesses and foreign investors from Asia and Europe since the beginning of this year.

Published : February 17, 2022

By : THE NATION

#SootinClaimon.Com : ขอบคุณแหล่งข้อมูล : หนังสือพิมพ์ The Nation.

https://www.nationthailand.com/business/40012460

Thai representatives are attending an advisory council meeting of Asia Pacific Economic Cooperation (Apec) members in Singapore.

The first Apec Business Advisory Council (Abac) meeting for 2022 is being held from February 15 to 18 at the Resorts World Sentosa Convention Centre with 300 participants from 21 economic territories of the Asia-Pacific region.

Suphan Mongkolsuthee, chairman of the advisory council, said the first Abac meeting this year is being held in hybrid format – both onsite meeting and online conferences.

Suphan said Thai representatives, who attended the meeting in Singapore, included Dr Poj Aramwattananont, deputy chairman of the Thai Chamber of Commerce, and Kasemsit Pathomsak, deputy secretary-general of the Thai Chamber of Commerce. Poj attended the meeting as an Abac Thailand member and chairman of the Apec CEO Summit 2022 and chairman of the working committee preparing the Apec CEO Summit. Kasemsit is a member of the Apec CEO Summit working committee.

According to Suphan, the Abac meeting was kicked off by Gan Kim Yong, Singapore’s Trade and Industry minister. The meeting was chaired by Suphan.

Suphan said the Abac members also held a meeting with officials of the Apec’s Senior Officials’ Meeting (SOM). This year, Thanee Thongphakdee, permanent secretary at the Foreign Ministry who chairs the SOM 2022, attended the meeting with Abac members under the topic “Free Trade Agreement of the Asia-Pacific.

Suphan said the meeting discussed the issue of sustainability in the bio, circular, green economy.

Suphan said Abac’s Region Economic Integration committee held a meeting in the afternoon of the first day.

Published : February 17, 2022

By : THE NATION

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https://www.nationthailand.com/business/40012454

The ongoing training of “provincial sales teams” is expected to help secure international acceptance for goods made in the provinces, the Department of International Trade Promotion (DITP) said.

Department director-general Phusit Ratanakul Sereroengrit said the New Economy Academy (NEA) is training the second class of “provincial sales teams” to teach them how to conduct international trade deals.

The training, called “Provincial Salespeople Go International”, is being held on Thursday and Friday.

Phusit said the teams of provincial sales personnel are provincial commerce officers, members of the provincial chambers of commerce, members of provincial agricultural councils and entrepreneurs who are members of the Ministry of Commerce Biz Club. They must receive training from the NEA to be called “provincial salesperson”.

Phusit said so far members of “provincial sales teams” had acted as commerce envoys to help provincial enterpreneurs conduct over 100 international trade deals online, resulting in orders from overseas worth more than Bt1 billion.

Phusit added that the provincial sales force would use social media as a soft power to help promote geographical indication goods of certain districts in provinces.

The department is banking on “provincial sales teams” to help small and medium-sized enterprises (SMEs) and micro-SMEs in provinces push for international acceptance of their products.

Published : February 17, 2022

By : THE NATION