Food security high on Apec’s priorities, especially in aftermath of pandemic
WEDNESDAY, SEPTEMBER 28, 2022
THE NATION
Food security is an important issue for members of the Asia-Pacific Economic Cooperation (Apec) to enable people to access quality foods, a senior Thai Foreign Ministry official said on Tuesday.
Deputy director-general of the ministry’s Department of International Economic Affairs, Prinat Apirat, was speaking during the 8th Apec Media Focus Group “Apec and Food Security: Sustainability beyond global uncertainties” at King Mongkut’s Institute of Technology Ladkrabang in Bangkok.
She said Apec economies are paying attention to three aspects related to food security — production, distribution and sustainable food system.
She also pointed out that sustainable food system is a pain point for Apec economies as food production has been disrupted by the Covid-19 crisis and geopolitical conflict.
“So, sustainability is a key part of this discussion, including of natural resources, environment biodiversity and waste management,” she said.
She added that the discussion will also focus on implementing a regulatory framework, policies, partnerships and practices for production.
Meanwhile, Pasinee Napombejra, senior policy and plan analyst at the Agriculture Ministry’s Office of Agricultural Economics, said food security has become a major concern for Apec economies more than it was 10 years ago.
She added that Thailand has implemented a road map for food security, covering food safety and trade facilitation, improving the livelihood of people, sustainability of natural resources and environment, digital innovation in the agricultural sector and balancing the economy, social and environment with the Bio-Circular-Green economy model.
MPC raises key policy rate in bid to tame impact of inflation on economic growth
WEDNESDAY, SEPTEMBER 28, 2022
THE NATION
The Monetary Policy Committee (MPC) on Wednesday further raised the policy interest rate by 25 basis points to 1.00 per cent per annum with immediate effect.
The latest hike by 0.25 percentage point followed a similar increase last month.
The MPC has sent out a strong signal since June that it would increase the policy rate to cool down inflation. In June, the MPC voted to maintain the policy rate at 0.50 per cent while three members voted to increase the rate by 25 basis points.
MPC secretary Piti Disyatat said the committee voted to raise the policy rate because the Thai economy was still recovering, driven by the tourism sector and spending by the private sector, while inflation was still high.
Piti said the MPC expected Thailand’s economic growth would be 3.3 per cent this year and 3.8 per cent next year because of the push from from the tourism sector and spending by the private sector. He said the MPC saw the tourism sector’s recovery had exceeded expectations and more sectors of the economy were improving.
The MPC expected headline inflation would be 6.3 per cent this year and 2.6 per cent next year, Piti said. He explained that the MPC expected lower inflation next year because it believes global oil prices would go down while supply issues related to raw materials for manufacturing would also ease.
Piti added that the MPC expected core inflation this year and next year would be 2.6 and 2.4 per cent respectively.
He said the MPC expected inflation to rise because of increasing cost of manufacturing and surging demand for raw materials, but the MPC would closely monitor inflation and try to control it.
The MPC also saw that Thai banks still enjoyed stability with strong reserves, while businesses and households have better capabilities to repay their debt.
Piti said the MPC regarded the overall financial situation was still easing with government bonds offering higher yields and private firms having the capacity to mobilise funds via bonds.
The MPC would also monitor the volatile exchange rate and the baht’s depreciation, which has weakened along with other currencies in the region, Piti said.
Since the MPC see potential for growth of the economy, but is facing a risk from rising inflation, the MPC had decided to gradually increase the policy rate to ensure sustainable economic growth in the long run, Pitti said.
New business registrations rise 33 per cent year on year in August
WEDNESDAY, SEPTEMBER 28, 2022
THE NATION
More than 7,400 new firms were registered in August, a sharp 33 per cent increase year on year, the Business Development Department said on Wednesday.
Thosapol Thangsubut, director-general of the department, said 7,418 new limited partnerships and limited companies were registered in August, up 27 per cent over the previous month and 33 per cent more than in August last year.
He said the new firms have a combined registered capital of 24.393 billion baht and the top three registered businesses are construction firms, property developments and restaurants.
Thosapol noted that restaurants are the third highest number of new businesses registered for seven consecutive months.
He noted that the high number of new restaurants being registered could be attributed to the recovering economy and tourism after Thailand fully reopened to foreign tourists.
Thosapol said the high number of new businesses being registered in recent months was proof of investors regaining confidence after the country allowed businesses to resume operations fully following the Covid-19 pandemic. The fact that schools and universities have resumed normal classes and foreign arrivals are on the increase also have boosted the confidence of business operators, he added.
Meanwhile, a total of 1,941 businesses reported an end to their operations in August, an increase of 26 per cent compared to July and 65 per cent compared to August last year. The top three sectors that registered the most number of closures in August were also in the same sectors as new business registrations – construction, property and restaurants, Thosapol said. The 1,941 firms had registered capital of 12.5 million baht.
During the first eight months of this year, 53,577 new businesses registered with registered capital of 334.109 million baht, while 9,493 firms with registered capital of 78.163 million baht reported end of operations.
Thosapol said his department expects about 68,000 to 72,000 businesses would be registered this year.
As of August 31, there are 849,410 registered businesses operating in the country with total registered capital of 20.39 trillion baht. The businesses comprise 203,074 partnerships, 644,971 limited companies, and 1,365 public companies, Thosapol said.
Thailand signs mini-FTA with Gyeonggi province, South Korea’s ‘Silicon Valley’
WEDNESDAY, SEPTEMBER 28, 2022
THE NATION
The Commerce Ministry on Wednesday signed a memorandum of understanding (MoU) with South Korea’s trade promotion agency, to promote international trading and cooperation between Thailand and Gyeonggi, South Korea’s most populous province.
The MoU was signed by Lee Gae-youl, head of Global Trade Department and executive director, Gyeonggi Business and Science Accelerator (GBSA), and Phusit Rattanakul Sereeruengrit, director-general at Thailand’s Department of International Trade Promotion.
The ceremony was witnessed by Deputy Prime Minister and Commerce Minister Jurin Laksanawisit, Commerce deputy permanent secretary Keerati Rushchano, and Korean Ambassador to Thailand Moon Seoung-hyun.
“Under the MoU with GBSA, both parties will seek to minimise trade obstacles and locate new opportunities for economic cooperation,” Jurin said. He added that the MoU will serve as a mini-free trade agreement between Thailand and the South Korean province, and will be the sixth mini-FTA that the ministry has signed with three countries to promote international trade and investment.
Five previous mini-FTAs were with China’s Hainan and Gansu provinces, India’s Telangana state, Japan’s Kofu city, and South Korea’s Pusan city.
Currently Thailand has 14 full FTAs with 18 countries worldwide. Jurin said his ministry is targeting more FTAs in the coming years.
Jurin added that Gyeonggi has the highest GDP among South Korean provinces and is considered the country’s Silicon Valley due to the advanced IT industry, which will be greatly beneficial to Thailand’s small and medium-sized enterprises.
Trade volume between Thailand and Gyeonggi in 2021 amounted to US$3.2 billion, while this year the trade volume in seven months has already surpassed $2 billion.
Ambassador Moon Seoung-hyun added that to further promote bilateral trade between the two countries, South Korea will organise “G-Fair Korea 2022” in Bangkok on Wednesday and Thursday in a bid to find Thai business partners and suppliers for South Korean entrepreneurs and vice versa. He also hoped that the mini-FTA would bring about more business cooperation, especially in electronics and soft power industries, and that it could be incorporated into the Regional Comprehensive Economic Partnership of which both Thailand and South Korea are members.
Top 7 Thai beauty market priorities as the market projects to grow by 5.4%
WEDNESDAY, SEPTEMBER 28, 2022
WGSN reveals the top strategies include Traceability and Transparency, Science-First Skincare and Holistic Beauty
According to Statista, the SEA beauty, health, household and personal care segment is valued at US$18.5bn and is projected to grow at an annual rate of 16% during 2022-2026. Thailand’s beauty market is valued at US$5.42bn as of 2022 and is projected to have a CAGR of 5.4% (2022–2026).
WGSN’s proprietary methodology predicts consumer trends on the 18 – 24 month horizon with 90 per cent accuracy, and the firm has unveiled its South & Southeast Asian beauty priorities analysis report that health is a concern that connects all countries in Asia.
In Southeast Asia and India, product safety and authenticity are particularly important, with counterfeit products and poor manufacturing processes posing a dangerous issue.
Thailand is prioritizing skin health as consumers gravitate to cosmeceuticals formulated with clean, natural and herbal ingredients. In addition, Thai consumers are also concerned about product safety and value innovative brands that are trustworthy and ethical.
“Health is one of Thai consumersʼ top beauty priorities, making clean and safe formulations is a must among beauty brands. Brands should prioritize traceability and transparency processes as top strategies, as Thai consumers expect to see full transparency on product sourcing and performance,” said Christine Chua, Beauty Analyst, WGSN.
WGSN has revealed the top 7 beauty priorities for Thailand, which include:
1) Traceability and transparency: Health is Thai consumer’s biggest beauty priority, making clean and safe formulations a must. Education is also important as they try to learn more and increase ʻingredient-fluencyʼ as 70 per cent of Thai consumers only recognise 3 out of 10 active ingredients and are looking to retailers to fill the gap.
2) Science-first skincare: Derma-backed beauty brands will grow in popularity, valued for perceived expertise and prestige branding. Alongside perennially popular all-natural formulations, ʻscience-madeʼ ingredients will gain traction.
3) Holistic beauty: A growing cohort of Thai consumers will continue to seek head-to-toe beauty and self-care products. Scalp care products will uptick, with hair loss one of Thai consumersʼ biggest beauty concerns.
4) Wellness products and services: Rising stress levels and burnout are driving demand for wellness products and services. Intentional products such as massage oils, foot baths, candles and aromatherapy-infused skin and body care will appeal to Thai consumers, while spending on professional treatments, spas and wellness retreats will continue to increase.
5) Gender-neutral to gender-specific: Thai men are developing more sophisticated beauty needs. While gender neutrality is expected, informed consumers are seeking facial skincare custom formulated for their concerns. Thailand is also home to a prominent trans community. Products that address the skin dehydration and hair loss common with hormone replacement therapies will be in demand and offer a white space opportunity for brands and retailers.
6) Experimental purchases: The growing affluence and usage of digital channels have created a thirst for innovation. 81 per cent of Thai consumers plan to spend more or the same as now on beauty, especially on new brands with good reviews. In addition, local brands are also leveraging local pride, using Thai art, food and heritage as their muse.
7) Community-minded: Conscious Thai consumers are seeking brands that fulfil their Protopian beliefs, benefiting others and the planet as well as themselves. For example, a Bangkok-based farm-to-face brand uses every part of the moringa, including the leaves, branches and seed, leaving no waste behind. The moringa is harvested organically in small batches to prevent overworking the soil and helps ensure fair trade for local families the brand partners with.
Social media and e-commerce have radically changed the way Thai consumers discover new brands and products. Moreover, with the growing ageing population in Thailand, the anti-ageing category is now a prime territory for brands and retailers. Sunscreens and skin screens are also popular by association, especially with the all-year summer in the tropics region.
Bangkok Airways wins two Best Regional Airline Awards 2022 for six consecutive years
TUESDAY, SEPTEMBER 27, 2022
THE NATION
The Skytrax Institute has recently announced the winners of the 2022 World Airline Awards, dubbed as the Oscar of the aviation industry, and Bangkok Airways has once again been crowned the winner of two prestigious awards; The World’s Best Regional Airline and The Best Regional Airline in Asia.
This is a remarkable achievement for Bangkok Airways as it has now won these two titles for six consecutive years. The awards were presented to Puttipong Prasarttong-Osoth, President of Bangkok Airways Public Company Limited and airline’s management at the Grand Ballroom of The Langham Hotel, London. In addition, the airline was also ranked 23rd in the Top 100 World’s Best Airlines category.
Puttipong said, “On behalf of the management and staff at Bangkok Airways, I feel deeply honored and of course delighted to receive these prestigious awards. These awards show that Bangkok Airways has been striving to improve our services both onboard and on the ground, providing a unique passenger journey across all touchpoints while ensuring the highest safety and hygiene standards.”
“I would like to express our sincere gratitude to our customers around the world who continued to have trust and confidence in our products and services and for casting their votes for us. This recognition has now made us the only airline in the world that has won these awards for six consecutive years. Furthermore, I would also like to thank the ones that made it possible — our entire team at Bangkok Airways – who have worked hard to ensure every passenger of ours was well taken care of, despite the challenges we all had to face. These awards offer a great deal of encouragement for everyone at Bangkok Airways to continue to deliver the best to our passengers. We are all motivated to further deepen our commitment to provide high-quality service, hygiene, and safety to make sure every journey is an exceptional one,” Puttipong added.
Energy Absolute collaborates with Computer Forms (Malaysia) Berhad for mass transportation development
TUESDAY, SEPTEMBER 27, 2022
THE NATION
EA Mobility Holding, a subsidiary company of Energy Absolute, has collaborated with Computer Forms (Malaysia) Berhad (CFM) to sign the contract of HOA (Head of Agreement) for developing Malaysia to become a zero carbon emission society to improve the quality of life for Malaysians. This change could implement electric transportation within the urban area for less greenhouse gas emission.
On September 26, the Head of Agreement was established between Datuk Wira Justin Lim Hwa Tat, Board of directors, Computer Forms (Malaysia) Berhad (CFM) and Mr Somphote Ahunai, Chief Executive Officer, Energy Absolute, who attended the ceremony. The purpose of this agreement is to establish the Joint Venture to invest in the electric vehicles business and the Ecosystem of electric vehicles completely in Malaysia.
Currently, Malaysia has a policy to decrease the consumption of fossil fuels and encourage the use of electric vehicles by up to 37% following the policy within 2022-2040. Furthermore, Joining COP26 from Malaysia’s government for responding to the national policy to become a zero carbon emission society. There is the main reason for the Joint Venture to develop a fully electric transportation system. CFM is interested in the performance and potential of Energy Absolute becomes the leader in the Clean Energy business and Electric vehicles in Thailand through their variety of products that have zero carbon emission. There are many types of businesses Developing and producing batteries, producing electric vehicles such as Electric buses, Electric Ferries and charging station providers. The charging station has a high technology named Ultra Fast Charge that could speed up the electric charge to 80% within 15-20 minutes.
Mr Somphote Ahunai, CEO, Energy Absolute, said that it is so honourable to establish the Joint Venture with CFM for developing mass transportation. This step could be one of the significant moments for EA that the company’s technology named Ultra-fast charge is accepted, and the organizational innovation is developed and produced in Thailand. Expanding the business to Malaysia can establish Joint Venture and develop products shortly that could expand the market in the Asia Pacific region and global market.
In the first phase, CFM will support the Joint Venture to explore the Electric vehicle market and Electric Charge Station in Malaysia. There is the signing of the Head of Agreement about trading electric bus 200 buses to Gemilang International Limited (GML) also installation Ultra Fast Charing station that can charge 15-20 minutes. This system is suitable for mass transportation because it’s not required to take a long time to charge.
The second phase will cover expanding the transportation market in Malaysia through EA’s products including Electric buses, Electric ferries and Electric trucks and also establishing a factory to produce many types of products in Malaysia.
This collaboration could be beneficial to both companies and could improve mass transportation in urban area to produce less pollution and reduce greenhouse gas emission. The Joint Venture from EMH and CFM would be the great opportunity for improving electric mass transportation by international collaboration. Lastly, it could encourage the consumption of clean energy and be a significant production base of electric vehicles shortly.
GQ Smart T-Shirt – maximum comfort, effortless washing
TUESDAY, SEPTEMBER 27, 2022
THE NATION
Introducing the GQ Smart T-Shirt, a T-shirt with the latest innovations for your maximum comfort that is also easy to clean.
GQ Smart T-Shirt makes your life easier and is suitable for all activities. GQ Air and GQ Stretch innovations eliminate the concern over sweat smell, while ensuring that the fabric is always flexible and breathable for all actions.
GQ Guard offers water repellent capability that allows you to enjoy your life to the fullest without worrying about stains. Meanwhile, GQ Smart innovation offers a wrinkle-free surface that needs no ironing, saving both time and electricity.
GQ Smart T-Shirt features smaller fabric threads that result in a soft, comfortable feel while minimising irritation on the skin.
GQ Smart T-Shirt comes in nine colours and five sizes, from S to XXL, offering a simple yet unique style for men and women. Available at online shop https://gqsize.link/AXCagY or GQ shops nationwide.
BTSC loses case over cancellation of Orange Line bidding
TUESDAY, SEPTEMBER 27, 2022
THE NATION
The Mass Rapid Transit Authority of Thailand (MRTA) was on Tuesday acquitted of unlawfully cancelling the first bidding process for the Orange Line’s western section.
The Central Criminal Court for Corruption and Misconduct Cases Tuesday ruled that the bid selection committee was authorised to cancel the process in the interest of the state and commuters.
The lawsuit was filed by the Bangkok Mass Transit System (BTSC), operator of the Skytrain and one of the original bidders, against MRTA governor Pakapong Sirikantaramas and six members of the selection committee.
It alleged that the seven defendants violated the Criminal Code by abusing their authority in cancelling bidding for the 128-billion-baht contract to construct the Orange Line section and operate the entire line.
The court reasoned that the seven defendants had changed the bidding rules and timeframe in line with the goal of the MRTA and Cabinet.
The changes were made after lengthy discussions among the committee and were not dictated by the governor, the court said.
It found that the plaintiff failed to provide convincing evidence that defendants cancelled bidding to benefit a private firm or had committed any malfeasance. The court also dismissed the plaintiff’s accusation that the defendants had discriminated against and persecuted BTSC.
The Orange Line project will run 35.9 kilometres from Min Buri in eastern Bangkok to Bang Khunon in the west.
The eastern section from the Thailand Cultural Centre to Min Buri is under construction and will stretch 22.5km with 17 stations, 10 of them underground.
The western section from Thailand Cultural Centre to Bang Khunnon will run for 13.4km with 11 underground stations.
The MRTA cancelled the first bid process on February 3 last year on grounds that it needed to change the bid criteria to prioritise technical data. Bids had already been put in by Bangkok Expressway and Metro Plc (BEM), and a consortium of BTSC, Sino-Thai Engineering and Construction and RATCH Group.
The second bid process was held on July 27 with two participants – the BEM and Italian-Thai Development Group. BEM won the contract by meeting technological requirements and offering the lowest price.
Siam Piwat showcases ECOTOPIA, Thailand’s first eco-lifestyle multi-brand store, at Sustainability Expo 2022
TUESDAY, SEPTEMBER 27, 2022
THE NATION
Positioned as a model of value co-creation, the store highlights Siam Piwat’s capabilities as an organization of sustainability
Bangkok (September 26, 2022) – Siam Piwat Co., Ltd., a leading real estate and retail developer, the owner and operator of world-class projects such as Siam Paragon, Siam Center, and Siam Discovery, a joint owner of ICONSIAM and Siam Premium Outlets Bangkok, has reaffirmed its business philosophy of creating sustainable and mutual growth at the Sustainability Expo 2022 (SX2022), Southeast Asia’s largest sustainability event. At the expo, Siam Piwat set up a booth that encapsulated the essence ECOTOPIA – Thailand’s first and largest eco-lifestyle multi-brand store, reflecting its business tenet of creating shared value to foster sustainable growth for all and create net positive impacts for society, the environment, and the country.
As a pioneer introducing novelty for a better world, Siam Piwat has opened ECOTOPIA since 2017 to create Asia’s leading eco-lifestyle destination that offers environmental-friendly and well-being products for eco-conscious consumers. It has collaborated with 12 eco-co-creators and more than 300 brands of small entrepreneurs to curate more than 100,000 eco-friendly items available at more than 1,000 square meters, the third floor, Siam Discovery.
Ms. Narathip Rattapradit, Chief Operating Officer, Siam Piwat Co., Ltd., said, “The Sustainability Expo 2022, which was held under the theme of sufficiency and sustainability for the world, marked a major collaboration of Thailand’s leading organizations to create Good Balance, Better World, which shared the same business approach as Siam Piwat. It also presented an excellent opportunity for Siam Piwat to present a model of brand development that produced tangible sustainability outcomes. Over the course of 63 years, all projects developed by Siam Piwat have focused on creating shared value and net positive impacts for society and the country.
Siam Piwat has driven its business with the concept of sustainability, as can be seen in various projects, such as Siam Piwat 360° Waste Journey to Zero Waste, which seeks to achieve closed-loop waste management in accordance with circular economy principles, as well as the launch of Thailand’s first-ever drive-thru drop-off points for cleaned used packaging, which not only promotes waste separation but also helps to systematically bring waste into the management process, so that it can be recycled into raw materials or upcycled for other uses, thus contributing to the restoration of environmental balance.
Ms. Usara Yongpiyakul, Chief Executive Officer – Retail Business Group, Siam Piwat Co., Ltd., stated that “ECOTOPIA is a brand that has been developed in order to cultivate eco-consciousness in everyday life and encourage environmental revitalization. It has become a platform that revolutionizes the retail industry by creating a new business ecosystem that brings together nature lovers and an eco-community that unites them in an effort to change the world for the better. ECOTOPIA has also been ranked among the top 20 best retail stores in Asia by Inside Retail, Asia’s leading retail media, marking another successful step forward for Siam Piwat in its efforts to its advance sustainability business.”
The design and presentation of the ECOTOPIA booth also reflected Siam Piwat’s commitment to sustainability, as the components could be disassembled for further use.
You can visit ECOTOPIA by Siam Piwat both at the showcase booth in Exhibition Hall 3 on G Floor in the Better Living Zone and at the Marketplace Booth on LG Floor in the Marketplace Zone at the Sustainability Expo 2022, held on September 26 – October 2, 2022 at Queen Sirikit National Convention Center. A variety of activities await all visitors every day at the booth in the exhibition zone, including a photo corner and workshops held in collaboration with ECOTOPIA’s co-creators who are eco-curators, where you can learn how to color the sky with soft pastels with Friend & Forest and ENVIRONMAN, join “Uncle Ree” or Charee Boonyavinij for a workshop on how to grow vegetables for health and the environment, or take part in a workshop for nature-loving ladies hosted by Cleo in collaboration with Ali, a brand of chemical-free organic cleaning products.
The first 1,000 visitors to the ECOTOPIA booth in the Marketplace Zone will also receive an exclusive gift — vegetable seeds from Uncle Ree Farm, and will be eligible for special promotions and discounts.
For more information about activities, please visit: Facebook: ECOTOPIA and Sustainability Expo or www.sustainabilityexpo.com
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