Thailand hails RCEP bonanza as trade passes THB10 trillion in first year
THURSDAY, FEBRUARY 09, 2023
The first year of the Regional Comprehensive Economic Partnership (RCEP) has boosted Thailand’s trade volume with member countries by 7.11% to over 10 trillion baht, the government said on Wednesday.
Effective since January 1 last year, RCEP comprises 15 countries: the 10 members of Asean (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam) plus the five countries with which Asean has free trade agreements – Australia, China, Japan, South Korea, and New Zealand.
Thai exports to RCEP members in 2022 were worth 4.8 trillion baht, with major markets in Indonesia, Cambodia, Singapore and South Korea. Meanwhile, imports from RCEP members rose to 5.7 trillion baht, mostly from Brunei, Australia and Myanmar.
Export products that enjoyed the biggest benefit from the RCEP free trade zone were lubricant oil, canned tuna, tapioca chips, fresh durian, rice bran oil, and processed mackerel. Thailand’s biggest customer for these products was South Korea, followed by China and then Japan.
Thailand also imposed RCEP-related import privileges for synthetic textiles, plywood, engine components, ethylene polymer and fresh/dried grapes from China, South Korea and Japan.
Government spokesperson Anucha Burapachaisri said RCEP had led to impressive expansion of Thailand’s economy and strengthened the competitive edge of Thai products in global markets.
RCEP is the world’s largest trading bloc, covering over 30% of the global population.
Singles to sweethearts: The Standard, Bangkok Mahanakhon celebrates Valentine’s Day with amorous dining experiences
WEDNESDAY, FEBRUARY 08, 2023
Bangkok, Thailand, February 2023 – Whether you are looking to light each other’s flames with a fairytale dinner or come watch a movie screening by The Pool, the Valentine’s Day program from The Standard, Bangkok Mahanakhon covers all the bases.
At Tease, the entire month of February is dedicated to love with dainty cakes and decadent small bites served as part of a classic afternoon tea experience inspired by romance. Designed to be shared or enjoyed solo as a celebration of self-love, Valentine’s Day afternoon tea keeps things classy with Foie Gras and Beetroot Macaron; Tiger Prawn; Quail and Whiskey Party Pie; and Scallop Tartare with Parmesan and Chorizo. Their perfect match is the sweet selection starring Roselle Scones; Rocher Pop with Hazelnut, Coffee and Dark Chocolate; and Love Petal with Lychee, Rose, Black Tea and Almond. Valentine’s Day afternoon tea at Tease is available 1–28 February 2023 between 1:00 pm and 6:00 pm. The price of THB 1,200 ++ per person includes premium tea or coffee. Add THB 275 ++ for an optional glass of cava.
While, Tease After Dark is shaking things up throughout Valentine’s week for a swoon-worthy romantic twist of sharing Cava for two and a selection of tartlets to share with your loved ones. Available from 13 – 19 February between 6:00 pm and 10:00 pm, price is at THB 1,414 ++ per couple.
Over by The Pool, couples can snuggle up and share some romance while enjoying late-night screening of the 90s classic “Ghost” – an experience priced at THB 1,000 net per couple including popcorn and two-straw drinks, starts from 8PM.
The Standard Grill, meanwhile, will host Valentine’s Day tête-à-tête dinner sessions centered on a decadent four-course set menu. After an amuse-bouche of Scampi Tartlet with Candied Blood Orange, lovebirds will be offered a choice of Charcoal-Grilled Fremantle Octopus or Braised Duck Pie with Jerusalem Artichoke as a main course, followed by Parsnip Veloute with Pancetta Lardons, Green Apple and Pea Shoots. The third course, served table-side with assorted side dishes, is a choice between Oven-Roasted Dover Sole with Caper and Lemon Butter; Amelia Park Lamb Rack with Sourdough and Mustard and Chive Crust; or 450g CopperTree Farms Chateaubriand with Foie Gras Yorkshire Pudding and Red Wine Sauce.
Closing the menu of guilty pleasures is the classic Pavlova with Berry Compote, Lime Sponge and Vanilla Rose Whipped Cream Ganache. The Standard Grill’s Valentine’s Day dinner is available on 14 February from 5:30 pm till 10:30 pm and is priced at THB 2,799 ++ per person (add THB 1,200 ++ for four glasses of wine.)
Ojo, The Standard’s gold-hued temple of decadence, will be putting its own spin on romantic dining with a special a la carte menu available on 14 February for both lunch and dinner. Highlights include Mexican seafood plate – a generous display of oysters, clams, Hamachi crudo, uni and octopus served with various accoutrements; grilled Phuket lobster with Chintextle shrimp paste, cactus salad and red mole; and tuna tostada with caviar and mandarin chilli kosho. There will also be special Mezcal-based cocktails and wine by the bottle.
For more information on The Standard, Bangkok Mahanakhon, please visit www.standardhotels.com/bangkok, call 02 085 8888, email stbkk@standardhotels.com or simply drop us a DM via LINE OA @thestandardbangkok.
Hero Motors opens a new transmission facility in Thailand, providing powertrain solutions for ICEs and EVs
WEDNESDAY, FEBRUARY 08, 2023
The inauguration of the new transmission facility of Hero Motors Thai, a new milestone in Hero Motors Journey took place on January 19, 2023. The event was presided over by Mr Pankaj Munjal, Chairman of Hero Motors Company (HMC) Group, chief guest Mr Andreas Schuster-Woldern, VP Purchasing and Supplier Network from BMW and in presence of senior executives from Thailand Government, customers and strategic partners.
Hero Motors Thai is a part of the Global footprint Expansion Journey and upscaling plans to become a complete assembly supplier, providing Powertrain solutions for ICE and Electric vehicles.
“This state of art manufacturing facility is a part of our strategic step to localize Powertrain solutions in ASEAN Region to cater to domestic as well as Global market” said Mr Amit Gupta, CEO of Hero Motors. He added, “E-Mobility is the future of Automotive industry and ASEAN will play a crucial role by being a Global Automotive Manufacturing Hub. Currently, ASEAN is the fourth-largest exporting region in the world, approaching 4+ Millions of vehicles manufactured annually. We are looking forward to serving better, our existing customers in the region and benefit from the growing automotive market in ASEAN”.
Mr Andreas Schuster-Wolden, Vice President Purchasing and Supplier Network from BMW, remarked, “Hero Motors has been a long-time supplier partner for us. We are excited for Hero Motors as they expand their manufacturing footprint with this facility. Considering the proximity and their track record in meeting the high quality & delivery standards, we believe this facility will take our partnership to next level”.
Mr David Hancock, CEO & President of Enviolo remarked, “we are procuring half of million of CVT hubs from Hero Motors. They honored their commitments through uninterrupted supplies even during pandemic period”.
Mr Chandra Shekhar Mittal, COO of Gears and Transmission business division in Hero Motors commented, “With growing business from our global customers and year-on year additions in capacities to our operations footprint in India, we took a strategic step to expand our footprint in ASEAN and today, despite pandemic related challenges, we managed to execute the setup of the facility as per plan”.
Hero Motors Thai plant is a world-class facility situated strategically at the Asia industrial Estate, the Largest Industrial Estate near Suvarnabhumi airport and will start production in Q1 2023 with a capacity of 25,000 gearboxes and 1.2 million individual gears components annually, expandable to almost 3 times. This facility is equipped with best-in-class machines and technology with semi-automated assembly lines, inhouse soft and hard machining of gears, heat treatment facilities with End-of-Line testing of Powertrain systems, EDU and Engine requirements in a phased manner. With Hewland expertise, this facility will be offering “build-to-print”, “design-to-cost” and “custom-made” Powertrain solutions to OEMs.
TPI Polene Power Plc (TPIPP) generates electricity from waste heat, municipal solid waste (MSW) and coal. With 180MW MSW-fired capacity, it is the largest power producer of its kind in Thailand. Its 220MW coal-fired plants are modified (in phases) to run on 100% MSW starting 2026.
Thai MSW comes in a highly heterogeneous form in: heating value, moisture content and general characteristics. The Achilles heel of MSW power plants is on how to maximize calorific yield, process 100% of the by-product and keep a tight lid on processing cost.
TPIPP’s success was borne out of years of trials and several permutations using its modified version of the MBT facility (proprietary process). With coal trading close to USD200/t switching to MSW makes economic sense. In addition, there is significant amount of carbon credits each year that currently is not yet monetized.
To maintain its competitive moat, TPIPP devotes its R&D resources to innovate in many key areas. While TPIPP’s NOx/SOx coefficients are low, far below the World Bank’s limit, bringing down these values further remains the long term commitment.
Khun Pakkapol, Executive Vice President (Finance) and Dr. Porakrit, Executive Vice President (Production) of TPI Polene Power Pcl receiving the Most Innovative Green Practices towards ESG – Waste Management – Thailand 2022 by the International Finance Magazine. For more corporate information/updates visit www.tpipolenepower.co.th
Digital lending platform MONIX closes US$20M pre-IPO round led by SCBX and Lombard Asia
WEDNESDAY, FEBRUARY 08, 2023
Bangkok, Thailand, February 8, 2023 – MONIX Co., Ltd., a Bangkok-based leading AI-powered digital lending platform, announced today that the company has secured US$20 million in the first close of its pre-IPO fundraising.
The investment was led by the mothership SCBX and a new investor Lombard Asia, a Southeast Asia’s growth-focused private equity manager, demonstrating the company’s strong growth in micro-finance lending on the path to IPO in the near future and becoming the market leader in Thailand’s digital lending arena.
Mr. Qinbin Fan, Chief Executive Officer, and Ms. Thiranun Arunwattanakul, Chief Operating Officer of MONIX, said “We are extremely delighted to welcome our new partner to jointly create better opportunities for underserved people. The new equity we have secured shows the confidence that SCBX and Lombard Asia have in our vision and market-leading position. We are dedicated to continuously delivering inclusive financial products and services across our platform by advancing the power of unrivaled and cutting-edge artificial intelligence and machine learning technology.”
Since its establishment in 2020 as a joint venture fintech startup between SCBX Group and China’s fintech unicorn Abakus Group, MONIX has been at the forefront of digital unsecured lending solutions for underbanked people in Thailand who are oftentimes overlooked by conventional banks or financial institutions. With the unwavering vision of creating opportunities for people to prosper and enjoy life, the company offers the humanized, AI-driven FINNIX application to over 36 million Thai people in order to improve the country’s informal debt problems. This application provides instant money in 5 minutes using only alternative data and does not require any paper documents or guarantors.
As of 2022, MONIX recorded US$458 million in loan disbursements to over 650,000 users, reflecting positive net profits despite the challenging economic situation. With the new funds raised, which bring the company’s aggregated funding to US$40 million, and continued support from both partners, MONIX is well-positioned to accelerate its growth and expansion of digital lending and financial product offerings, bolster customer growth and engagement, and innovate its services to enhance financial inclusion for Thai citizens, as well as prepare for an IPO.
Dr. Arak Sutivong, Deputy CEO of SCBX, said “This follow-on investment in MONIX marks our continued commitment and strong belief in the long-term prospects of the company. As the mothership of the group, SCBX continues to support our portfolio companies in their own way including MONIX’s external fundraising this round to fuel its growth and prepare for IPO in coming years, uplifting value of the company and maximizing returns to shareholders. Together with experienced talents from Lombard Asia and Abakus Group, we ensure MONIX will achieve its established plan. This also strengthens one of our powerful goals of SCBX to pursue new possibilities in financial services and maximize value of portfolio companies. Going forward, we continue to advance our strategy in unleashing hidden value from our investments across fintech space and look forward to many more achievement to come.”
Mr. Ekaluck Wangchucherdkul, Managing Director of Lombard Asia, said “MONIX is a market leader in an exciting and fast-growing business. The partnership is in line with our investment strategy of generating investment returns and creating a positive impact, in this case, by providing access to high quality financial services to the underserved. As an active investor, Lombard Asia will partner with MONIX’s management team to accelerate the execution of growth strategy and work toward a successful IPO.”
Sustainability a pillar of Radisson Hotel Group’s long-term success after Covid-19
WEDNESDAY, FEBRUARY 08, 2023
Radisson Hotel Group (RHG), one of the world’s leading hotel company, expressed its vested commitment to sustainability, as the world turns more to green practices.
RHG’s Chief Development Officer for Asia Pacific, Ramzy Fenianos, recently told The Nation in an exclusive interview that the Covid-19 pandemic had made the world realize the importance of the environment and how tremendously it could affect everyone’s life.
“Covid-19 has shown people the value of human life and the fragility of our world, and this has accelerated the drive for sustainability as a key pillar in the industry,” he said.
Fenianos stated that RHG’s mission is to adapt to the needs of its customers while maintaining the group’s firm commitment to responsible business and sustainability practices.
Therefore, RHG is incorporating more innovative methods and tools to elevate the overall process aimed at achieving sustainability.
Radisson Hotel Group launched its first environmental policy in 1989. That landmark move has helped to significantly reduce its carbon footprint over the past years. By 2025, the Group aims to achieve its goal of reducing carbon emissions by 30% and eventually be carbon neutral by 2050.
To achieve its ambitious goal, RHG, in collaboration with the World Travel and Tourism Council (WTTC), has developed a new set of sustainability indicators known as ”Hotel Sustainability Basics”.
According to Fenianos, Hotel Sustainability Basics serve as a key performance index. For example, the Group is deploying the use of tools to reduce water consumption, and choosing local suppliers to reduce carbon footprint.
Moreover, energy conservation, waste reduction, and lowering of carbon emissions are also listed in the set as additional requirements.
“One of the most important task before us is to motivate our hotel owners to make their property and asset sustainable, such as setting up water bottling plants within the hotel or partnering with other companies to install electric charging stations,” he said.
Radisson Hotel Group has set intermediate targets in order to meet this ambitious mid-term decarbonization goal. One of these critical short-term steps is the implementation of the Hotel Sustainability Basics in all RHG hotels worldwide by the end of 2023.
In addition, as part of its efforts to encourage greater participation in protecting the environment, RHG welcomes its clients to take part in and benefit from these sustainability measures. Radisson Rewards members can make their hotel stays carbon neutral by redeeming just 325 points per day to offset the carbon footprint of their stay in a reliable and seamless way. Radisson Rewards is one of the few loyalty programs to offer this option in points and as an integral part of the stay, making green stays easy campaign.
Fenianos mentioned that according to Expedia Research in April 2022, 90% of travellers want to see sustainable options, and 95% of Asia-Pacific travellers choose sustainable options. The trend points to an increasing number of travelers showing a willingness to pay for sustainable options.
“We realize that today’s travelers are willing to pay more for an environmentally friendly, convenient, cleaner, and safer stay. I could say that sustainability is requested by most of our guests,” he stated.
Aside from focusing on sustainability, RHG also plans to continue its expansion strategy as the global tourism industry recovers.
Despite challenges such as inflation, RHG continues to grow in key markets in the region, including Thailand.
Fenianos said that RHG intends to add value to Thailand’s tourism, and added that the rich diversity of Thai natural resources, food, and culture would be key factors in making Thailand’s tourism stronger and more sustainable.
“We have a very positive outlook on Thailand’s market and have full faith in its potential,” Fenianos said.
The Group continues to be vested in the growth of Thailand and the region, and prioritises relationships with hotel owners, travelers, and employees while also advocating sustainability, he concluded.
Huawei aims to groom 20,000 Thai IT developers in three years
TUESDAY, FEBRUARY 07, 2023
Nongluck Ajanapanya
Huawei Technologies (Thailand) will focus on grooming at least 20,000 talents and developers in Thailand within three years as part of its sustainable growth strategy.
The announcement came as David Li, the company’s newly appointed CEO, unveiled Huawei’s six core business directions for Thailand in 2023 at a media briefing on Tuesday.
Huawei’s goal is to contribute social values and cultivate local digital talents in addition to achieving business success, he said, adding Huawei Thailand will place strong emphasis on developing information and communications technology (ICT) personnel in Thailand, with the goal of grooming 20,000 developers in three years.
Working-age groups and Thai entrepreneurs in small and medium-sized enterprises (SMEs) would be included in these figures, he added.
“We aim to develop relevant technology skills for local developers to improve Thailand’s digital technologies through activities, skill-building workshops, and certification through Huawei’s various training programmes, including youth competitions and scholarships,” Li explained.
He also touted the successes in three years of Huawei’s business operations in Thailand.
The work primarily included enabling 5G in various industries, establishing three local data centres for cloud service, collaborating with more than 300 partners to enter 10 industries with intelligent solutions, enabling digital power to support Thailand’s carbon neutral goal, sharing cybersecurity knowledge, and assisting in the development of over 60,000 digital talents in the country.
Li said Huawei’s six core businesses this year would be: improving 5G network connections by expanding to rural areas; strengthening digital cloud and unleashing its potential to Thai clients; assisting Thai businesses in completely transferring digitalisation via its ICT solutions; supporting the development of new energy for green solutions; upgrading Thailand’s cybersecurity on a global level; grooming local Thai workforce for digital skills and educating digital literacy for Thai users.
“We will jointly drive Thailand towards becoming the digital hub of Asean and will push forward intelligent industries, starting with the development of telecommunication infrastructure to enable more connectivity, which we believe is a basic human right. Connectivity will help drive social progress,” he said.
Despite the current global slowdown having an impact on global consumption, Li saw steady growth in 5G infrastructure, new energy, ICT and cloud.
He promised many projects and plans to keep growing in Thailand as well as support businesses and startups in Thailand to adopt secure and reliable cloud solutions that comply with the country’s Personal Data Protection Act (PDPA) with the aim of enhancing the country on the Global Cybersecurity Index.
Huawei is China’s leading global provider of ICT infrastructure and smart devices. The company employs 195,000 people and operates in more than 170 countries and regions, serving over 3 billion people worldwide.
Scoot gives Bangkok flyers the Pokemon experience in unique Pikachu Jet
TUESDAY, FEBRUARY 07, 2023
Jarupong Krisanaraj
In a bid to offer an extraordinary experience to passengers in the post-Covid-19 era, Singaporean low-cost airline Scoot operated its first Pokémon-themed Pikachu Jet, which landed at Bangkok’s Suvarnabhumi Airport on Tuesday.
Scoot, a subsidiary of Singapore Airlines, is the first airline in the Asean region to launch an exclusive design in collaboration with The Pokémon Company, the Japan-based company responsible for the media franchise.
The Boeing 787-9 Dreamliner aircraft was designed with yellow petals and leaves inspired by flower scents. It has a capacity of 375 seats, comprising 35 seats in ScootPlus business class and 340 seats in economy class.
Famous Pokémon characters, namely Pikachu, Pichu, Shaymin, Psyduck, Lapras, Celebi and Meganium, are depicted on the fuselage.
Inside the aircraft, passengers can look forward to eye-catching character prints on the seats and overhead cabins, as well as Pokémon-themed amenities and Japanese-inspired dishes.
Passengers can also purchase exclusive merchandise while making their booking on the Pikachu Jet or when onboard these flights, including lanyard, tote bag, and bucket hat.
“The Pokémon Air Adventures flight experience resonates with our fun and innovative brand DNA, and we are excited to bring smiles to travellers going into and out of Bangkok,” Scoot chief commercial officer Calvin Chan said.
“Thailand remains one of Scoot’s important markets and we are committed to connecting travellers between Thailand and other parts of the world,” he added.
Scoot is initially operating its Pikachu Jet in five countries – Singapore, Japan, Thailand, Taiwan, and South Korea.
The next to-and-from flight on the Singapore-Bangkok route will be operated on March 15.
Japan-based All Nippon Airways (ANA) unveiled the world’s first Pokémon Jet on July 1, 1998, two years after the appearance of a Pokémon video game. As many as 10 Pokémon jets have been unveiled by ANA so far.
Other Japanese airlines that have unveiled their Pokémon jets since 2020 are: Solaseed Air (December 19, 2020), Skymark Airlines (June 21, 2021) and Air Do (November 19, 2021).
Scoot became the first non-Japanese airline to introduce a Pokémon Jet on July 17 last year, followed by China Airlines (September 30) and T’way Air (December 28).
Pokémon video games are developed by Game Freak and published by Nintendo and the Pokémon Company under the Pokémon media franchise.
The monsters, created by Satoshi Tajiri and Ken Sugimori, first showed up in 1996 in Game Boy handheld consoles in Japan as Pocket Monsters Red and Green, before going international as Pokémon Red and Blue.
The main series of role-playing video games (RPGs), referred to as the “core series” by their developers, have starred in each generation of Nintendo handhelds with different Pokémon, storylines and characters.
While the main series were developed by Game Freak, several other companies have developed spinoffs encompassing other genres like action role-playing, puzzles, fighting and digital pet games.
Pokémon is said to be the largest media franchise, with successful anime series, films and merchandise, with spinoff games like Pokémon Go having crossed 1 billion downloads worldwide. As of March 2022, the series had sold over 440 million units worldwide.
Thailand is promoting its green transformation to US investors
WEDNESDAY, FEBRUARY 08, 2023
The Board of Investment (BOI) is promoting Thailand’s potential in the green economy to attract US investors, BOI secretary-general Narit Therdsteerasukdi said on Wednesday.
He noted that the board’s first two roadshows this year were held in Seattle and San Francisco last month.
They focused on Thailand’s policy of increasing the use of renewable energy in the industrial sector by 50%, as well as the country’s plan to achieve carbon neutrality by 2050, Narit Therdsteerasukdi said.
He said the BOI highlighted the promotion of green technologies – such as carbon capture, utilisation and storage – in three main industries:
1. Electric vehicles: Thailand’s government is the first in the region to provide subsidies for buyers of electric vehicles, which sparked expansion of industries related to electric-vehicle manufacturing and maintenance.
2. Electronics: The government promotes a full spectrum of upstream electronics manufacturing, including wafer fabrication, electronic design, and research and development. Thailand is already the home of several large electronics factories.
3. Digital: Thailand is establishing large-scale digital infrastructure – such as data centres and cloud platforms – and is promoting digital transformation among business operators.
Narit said that the BOI also highlighted the government’s latest long-term resident visa scheme, which benefits foreign investors and executives in target industries who wish to live, work, and buy property in Thailand.
“We chose the US as the first roadshow destination this year as the country is a world leader in digital and electronic industries,” he said.
“We have ensured American investors that Thailand has a strong infrastructure and supply chain to support these industries. We also have various sources of renewable energy and personnel who are trained in the green economy to serve businesses that focus on sustainability,” he said.
During the roadshow Amazon Web Services announced a 190 billion baht investment in Thailand, while Google confirmed it would open its regional office for Google Cloud in Thailand, Narit said.
In 2022, American companies applied for investment promotions with the BOI for 33 projects, most of which were in the digital industry. Their combined investment was 50.29 billion baht, making the country Thailand’s third largest foreign investor last year. China and Japan ranked first and second.
Over 35% of land for Map Ta Phut port expansion reclaimed from sea
WEDNESDAY, FEBRUARY 08, 2023
Land reclamation for third-phase development of Map Ta Phut deep seaport in Rayong is 35% complete, the government said on Wednesday.
The port’s expansion will create a gateway for gas and petrochemical shipments from the Eastern Economic Corridor to the Asean region.
Third-phase development is being carried out with a budget of 64 billion baht – 52 billion from the private sector and 12 billion from the state, government spokeswoman Ratchada Dhanadirek said on Wednesday.
The reclamation of 1,000 rai (1.6 square kilometres) of land from the sea is the first part of phase 3, with 550 rai to be used for port facilities and 450 rai to trap soil residues.
The second part of phase 3 will see a port for liquid goods tankers and storage built on the reclaimed land.
As of January 12, the design for the expanded port had been completed while 35.88% of the land needed had been reclaimed, with progress 2.91% ahead of schedule, Ratchada said.
She added that a 5.5-kilometre retaining wall has been built around the reclaimed land, using 1.17 million cubic metres of rocks.
Port facilities for natural gas tankers at Map Ta Phut are due to open in 2027.
Ratchada said the Industrial Estate Authority of Thailand is now in the process of selecting firms to invest in construction of the port and related facilities for natural gas shipping in the third-phase area.
The project is designed to boost the Eastern Economic Corridor’s potential.
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