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https://www.nationthailand.com/business/40013095

Thailand’s Public Warehouse Organisation (PWO) will set up warehouses in Myanmar to facilitate exports and help overcome losses incurred during the Covid crisis.

PWO director Kriangsak Prateepvisut signed a memorandum of understanding with his Myanmar counterpart Maha Shwe Ngwe last week.

This is the first PWO warehouse to be set up outside Thailand since the agency was established in 1955.

The new PWO warehouses in Myanmar, to be used to distribute consumer products exported from Thailand, will not just boost Thai exports but also give Thai exporters a competitive edge, Kriangsak said. The new warehouses will also help Thai online sellers penetrate the Myanmar market, he added.

Apart from Myanmar, the agency is also looking to set up warehouses in other countries and is in the midst of negotiations with China, India and countries in the Middle East.

Kriangsak explained that these warehouses aim to meet deliveries in time, so Thai exporters have an edge over their competitors from other countries. He added that logistical link-ups and warehouses in other countries will also help PWO overcome its cumulative losses.

Apart from setting up warehouses in Myanmar, PWO also plans to join hands with the country to promote the cultivation of soybean because Thailand still needs to import more than 2 million tonnes of soybean and 2 million tonnes of soybean meal for animal feed.

In another business plan, the PWO will build new cold storage warehouses on its unused plot in Bangkok’s Rat Burana district.

Once it gets a licence for operating cold storage warehouses, it will build new warehouses with a storage capacity of 50,000 tonnes. This project, Kriangsak said, should help PWO turn a profit for the first time and even generate revenue for investment in other projects.

PWO is also planning to build a large rice warehouse on the Treasury Department’s 22-rai plot in Lopburi. This warehouse will have both a rice mill and flour mill so farmers can sell both rice flour and polished rice.

The PWO is also planning to build warehouses to store goat meat in Krabi, beef in Surin and cold storage for seafood in Udon Thani, Kriangsak said.

Published : March 06, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013093

Tourists from Russia topped the list of foreign visitors to Thailand in February before Moscow was hit by international sanctions, Tourism and Sports Ministry figures show.

Atotal of 17,599 Russian tourists visited Thailand from February 1 to 28.

However, Russian tourists fell to the sixth in the rankings for the first three days of March after Russia was slapped with sanctions for invading Ukraine on February 24.

Thailand received a total of 203,970 foreign tourists from February 1 to 28, according to ministry statistics.

Of these 137,312 arrived under the Test & Go scheme, 57,775 under the Sandbox, 6,919 under the 7-day quarantine scheme and 1,964 under 10-day quarantine.

The top 10 countries sending tourists to Thailand from February 1 to 28 were:

– Russia (17,599 travellers)

– Germany (13,964)

– France (11,278)

– United Kingdom (11,231)

– Singapore (8,839)

– United States (6,919)

– United Arab Emirates (6,910)

– Australia (6,150)

– Israel (4,660)

– Kazakhstan (4,627)

– 111,793 travellers came from other countries.

The rankings from March 1 to 3 are:

– Germany (1,876 travellers)

– United Kingdom (1,678)

– Singapore (1,450)

– United States (1,180)

– Australia (1,004)

– Russia (886)

– France (867)

– United Arab Emirates (864)

– Israel (772)

– Kazakhstan (734)

– 13,657 travellers came from other countries.

Published : March 06, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013089

Entrepreneurs seeking to tap Thailand’s multimillion-dollar herbal industry will head to the famous Suan Sam Phran rose garden just south of Bangkok next week.

The Department of International Trade Promotion (DITP) will promote Thai herbal products’ potential to penetrate the global market at the garden in Nakhon Pathom on Wednesday (March 9).

The event will reveal how Thai businesses can add value to their herbal products under the country’s Bio-Circular-Green (BCG) economic model, said DITP director-general Phusit Rattanakul Sereeruengrit.

“The government expects the BCG model to help boost the country’s GDP by Bt1 trillion between 2022 and 2027,” he said.

The DITP roadshow is a collaboration with Patom, a Thai herbal brand that has achieved success in overseas markets.

“Sam Phran garden manager and Patom director Anak Navaraj and Patom’s sale & marketing director Datchanee Kunavichayanont will share ideas for operating businesses in line with the BCG model,” he added.

Sales of herbs have soared in the global market over the past two years as people seek remedies and protection against Covid-19.

The Thai herbal industry was worth US$54.73 billion in 2021 and is expected to hit $70 billion in 2026.

Published : March 06, 2022

By : THE NATION

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https://www.nationthailand.com/business/40013088

The wholesale price of a packet of instant noodles will rise to Bt25 from April as costs of packaging and palm oil have risen.

Thai Retailers and Wholesalers Association president Somchai Pornrattanacharoen said at least two instant noodles manufacturers have said they will raise the factory price by 25 satang from April.

He said the price hike would hit wholesalers as their profit will drop from 1 baht to 75 satang per packet.

“Manufacturers claimed that the move was caused by increasing costs for packets and palm oil for frying noodles,” he said.

The change would not affect consumers immediately as the retail price will remain at Bt6 per packet for now, he added.

However, manufacturers had asked the Department of Internal Trade (DIT) if they could raise the price of packet noodles, but the DIT asked them to postpone the move, Somchai said.

“The association would summon manufacturers to discuss this issue next week,” he added.

Published : March 06, 2022

By : THE NATION

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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