Thailand holds global education conference “Forum for World Education 2022” for the first time

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Thailand holds global education conference "Forum for World Education 2022" for the first time

Thailand holds global education conference “Forum for World Education 2022” for the first time

TUESDAY, DECEMBER 06, 2022

FWE joins CP Group in sessions with business and educational experts to advance and transform education to satisfy business demands in the 5.0 era. CP senior president believes that education may help a nation develop.

Forum for World Education (FWE) in collaboration with Charoen Pokphand Group (CP Group) held a summit “Forum for World Education 2022” for leaders in education from public and private sectors around the world under the theme of “Shaping the Future of Education to Match Global Economic Trends” on December 1st -2nd, 2022 at the C.P. Leadership Institute, Pak Chong District, Nakhon Ratchasima Province, Thailand.

More than 400 education professionals from different countries collaborate with international business leaders who are concerned with human development and education to come up with a model for education that will serve both the requirements of the future and businesses all over the world.

The discussion at the forum will cover a variety of subjects, including “Strategies for Shaping the Future of Education in Line with Global Economic Trends” and “Educational Transformation & Human Capital Readiness to The World 5.0.” with the goal of transforming education and constructing a strong human resource base for the future global economy in the 5.0 era.

Thailand holds global education conference "Forum for World Education 2022" for the first time

World-class business leaders who value human development and education, as well as educational leaders from different nations, attended Forum for World Education 2022, including Dr. Cheng Yan Davis, co-founder and secretary-general of FWE, Mr. Anek Laothammathat, Ministry of Higher Education, Science, Research and Innovation, Dr. Tan See Leng, Deputy Minister of Trade and Industry, Singapore, Mr. Dhanin Chearavanont, senior president of Charoen Pokphand Group, Khunying Kalaya Sophonpanich, Deputy Minister of Education, Assoc. Prof. Dr.Khunying Sumonta Promboon, Andreas Schleicher, director of the Organization for Economic Co-operation and Development (OECD), Mr. Michael Bloomberg, founder of Bloomberg News and former Mayor of New York City, Mr. Vikram Rao, Head of Enterprise, ASEAN from Amazon, Dr. Inoue Mitsuteru, Senior Executive Director, Kosen Institute, Japan, Mr. Collin Marson, Director of Education, Google Asia Pacific and Mr. Li Kai Chen, Senior Partner and Managing Partner, Mackenzie.

Thailand holds global education conference "Forum for World Education 2022" for the first time

Dr. Cheng Yan Davis, co-founder of the Forum for World Education (FWE) and secretary-general of the Global Council for Education, said that the FWE has existed for more than three years as a forum for businesses who believe that education may spur economic progress.

“Today, we invite global educational leaders to a discussion focused on the future, both online and offline. FWE will make every effort to assist on research and education since we think education will advance commerce. Because of the pandemic we are currently experiencing, we would like to encourage everyone to utilize the potential of education to shape the global economy,” she said.

Thailand holds global education conference "Forum for World Education 2022" for the first time

The senior president of Charoen Pokphand Group, Dhanin Chearavanont, stated that the forum’s main issues were education and human development. Education is the key to human progress and determines how much a nation can develop. There won’t be a CEO if a strong organization doesn’t generate leaders with broad expertise. In the past, out of a fear that other organizations would take them away, we only created people to operate in silos. But at CP, we develop owners who are familiar with every aspect of the business—profits, accounts, losses, human resources, public relations, etc.—and we have no fear that they will leave the company. Instead, we believe that we have produced individuals for the nation and for society.

“Selfish people will never become excellent leaders, so if we want to build leaders, we must create leaders who are appreciative, know how to give, to learn, and able to be disadvantaged. Charoen Pokphand Group has six core values: Three Benefits, Speed with Quality, Simplification, Accept Change, Innovation, and the most important thing is Integrity. You have to be a good person who understands how to return favors to the land, show gratitude to parents, love your family, love the organization, and love your coworkers to be good leaders,” he said.

Thailand holds global education conference "Forum for World Education 2022" for the first time

The FWE meeting today is a preparation for continuing workforce development to satisfy of an increasingly complicated and unstable world, according to Dr. Tan See Leng, Deputy Minister of Trade and Industry, Singapore. Singapore places a high priority on effectively developing its human resources from an early age. In particular, the development of 21st century values and capacities, world knowledge, skills, and cultural distinctions, which have become incredibly relevant in the modern world.

“The pandemic crisis taught us to understand the importance of lifelong learning, which enables our workforce to adapt to unforeseen circumstances. Singapore continues to invest in lifelong learning and aiding those who have lost their employment by motivating them to be resilient and effective at work, especially through training and skill enhancement, along with future economic and technological progress,” he said.

Thailand holds global education conference "Forum for World Education 2022" for the first time

Mr. Andreas Schleicher, director of the Organization for Economic Co-operation and Development (OECD), revealed that the most important thing that affects the quality of education is student and teacher attitude in supporting learning.

“Learning attitudes play a critical role in determining how the next generation will develop. Children will create a learning and creative environment if they are not scared to make mistakes, dare to make decisions, and brave enough to take risks,” he said. “Also, if we provide everyone the chance to discover their aptitude and talent, they will be able to improve both individually and qualitatively. Additionally, the most crucial element in the process of learning and building a successful educational system is the teacher. The challenge is that there aren’t enough competent teachers. How do we encourage teachers of the new generation to go beyond the classroom? How can we recruit more qualified individuals to work as teachers in the system?”

The Forum for World Education (FWE) is a non-profit world organization with its headquarters in Cambridge, Massachusetts, United States of America. In order to influence and change the education system to suit the rapidly shifting global society and economic backdrop, FWE aspires to connect the education system with businesses and provide corporate opinions on educational management.

The “Forum for World Education” symposium, which annually hosted by FWE was first held in Paris, France, in 2019. The CP Group and Concordian International School collaborated to make this year’s Forum for World Education 2022 possible in Thailand on December 1 and 2, 2022, at the C.P. Leadership Institute in the Pak Chong District of Nakhon Ratchasima Province.

Mintel Sustainability Barometer 2022

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Mintel Sustainability Barometer 2022

Mintel Sustainability Barometer 2022

TUESDAY, DECEMBER 06, 2022

Climate change is one of the most significant storm clouds hovering over the global consciousness, and despite persistent warnings, it isn’t going away.

United Nations Secretary-General Antonio Guterres recently described our position as “on a highway to climate hell with our foot on the accelerator…We are in the fight of our lives, and we are losing”.

This is a scary prospect, but fear can sometimes be a great motivator for change, and there’s no doubt that we need to ramp up the changes we are implementing if we are to have any chance of averting climate disaster. This change must come from all stakeholders, but consumers have an important role in taking us off the highway to climate hell and onto greener pastures.

Consumer engagement

Consumer engagement in sustainability has undoubtedly deepened as environmental concerns escalated in recent years. Whilst this is encouraging, it doesn’t solve all of our problems. 

The biggest challenge is turning this heightened engagement into actual action by consumers. We need to prove to them that climate change threatens their health and costs them money and convince them of the personal – not just the global, altruistic – benefits of being more responsible. We need to sell ethics and eco-action – to paraphrase John Lennon – and sell it like people sell soap or soft drinks.  

Mintel Sustainability Barometer 2022

Climate and inequality

Like many negative influences, those most vulnerable tend to feel the consequences more keenly, and radical climate change is no different. The world’s richest 10% generated over half of the emissions between 1990 and 2015. Today, developing and poorer nations bear the brunt of the historic emissions of wealthy industrialised countries and their over-consumption. 

People living in coastal communities and increasingly hot, desertified, or melting ice sheet environments are displaced as migrants. Poorer people or those with disabilities are more exposed to the financial costs and health dangers of dependence on fossil fuels or extreme weather events. Rich countries and consumers have a moral duty to act politically and individually.   

According to research by Mintel, air quality, climate change and deforestation are Thai consumers’ top three environmental concerns, and they are concerns that consumers can impact. 59% of the emission reductions we need to achieve net zero are linked at least indirectly to what they choose to do or buy. 

Like everyone else, Thai consumers who care about these issues should strive to reduce the consumption of clothes, meat and dairy, ensure their packaging goes into a recycling scheme and select more responsible brands. They can also embrace micro-mobility options such as walking and cycling. When it comes to ensuring governments speed up the transition to renewables, it’s a case of voting for government programmes of action.  

Mintel Sustainability Barometer 2022

Accelerating momentum on a short timeline

Although we need consumers to be proactive, there are increasing levels of scepticism about the long-term effect their actions can have. In fact, the number of consumers who believe we still have time to save the planet if we act now has declined, and they’re right; we are running out of time. The previous COP commitments left us a long way off the target to limit warming to 1.5 degrees. Still, it’s not just consumers that need to step up: Governments and companies need to be honest about where they are and what needs to be achieved, take action and prove to consumers that their actions make them part of this journey.

We must reward consumers and excite them about environmental sustainability to increase and maintain their engagement. This means showing them how much money they’ve saved by renting instead of buying something or by installing home solar instead of gas, for example. 

We also need to appeal to their sense of ego and individuality and let them show, share and even flaunt the fact that they’re taking small actions for good. The same marketing rules apply here as any other “product”: sell into them not just for the environmental benefit but for how they feel about themselves and look to their peers.

Mintel spokesperson: Richard Cope, Senior Trends Consultant

Firmenich announces Dragon Fruit as 2023 Flavour of the Year

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Firmenich announces Dragon Fruit as 2023 Flavour of the Year

Firmenich announces Dragon Fruit as 2023 Flavour of the Year

TUESDAY, DECEMBER 06, 2022

Firmenich, the world’s largest privately-owned fragrance and taste company, is excited to announce its 2023 Flavour of the Year, dragon fruit, celebrating consumers’ desire for exciting new ingredients and bold, adventurous flavour creation.

“This marks our 11th Flavor of the Year, which is something our customers have come to look forward to each year. Dragon fruit’s bold vibrancy is a perfect choice as we embark an exciting year of change,” said Maurizio Clementi, ad interim President, Firmenich’s Taste & Beyond division. “Our in-depth Human Insights have identified the strong shift towards well-being and sustainability in people’s food and beverage choices, as well as newly-emerging elevated expectations in terms of taste. As everything we do is rooted in nature and deep consumer understanding, this inspired us to choose a Flavor of the Year which captures both.”

Drawing Inspiration from Color & Trenz 

This is the second consecutive year of a sensory partnership between Firmenich and Pantone. The global colour authority has just launched its 2023 Color of the Year, PANTONE 18-1750 Viva Magenta, which it describes as a “brave and fearless, a pulsating colour whose exuberance promotes optimism and joy.”  Mikel Cirkus, Global Creative Director for Taste & Beyond said: “In the same way that Pantone’s Color of the Year captures the emerging themes seen in the world around us, our choice for Flavor of the Year does so by translating new signals into positive sensory experiences. Our 2023 choice of dragon fruit reflects the global consumer’s increasingly adventurous palate and desire for the new or exotic when it comes to ingredients and taste.”

Jeff Schmoyer, Firmenich Global Head of Human Insights, said: “Dragon fruit’s subtle flavour creates a wonderful opportunity to bring the exceptional creativity and expertise of Firmenich’s Flavorists to the fore, providing the perfect canvas for them to dare to imagine bold, exciting and delicious new taste combinations.” 

A Fruit by Any Other Name

Native to Central America, where it is known as Pitahaya, and thriving in tropical and subtropical climates across the world, dragon fruit’s flesh is rich in antioxidants and high in calcium. Dragon Fruit grows from a climbing cactus, making it a drought-resistant and naturally low water-use crop, requiring only a quarter of the water to grow compared to that of an avocado.

Much like the mystical creature that inspired its name, dragon fruit is fierce in appearance, with a scale-like skin in bold hues ranging from fiery yellow to bold magenta. However, its delicate flavour belies its imposing armour. With several different types varying in both colour and taste, dragon fruit ranges in flavour from milder melon and kiwi-like to slightly sweeter berry profiles with notes of beetroot.

Enter the Dragon Fruit

Part of its industry-leading Human Insights capability, Firmenich’s Trenz™ forecasting team spotted a post-Covid rise in dragon fruit across almost every major city in the world. While always popular within niche segments, the exotic fruit began showing up more universally across diverse markets and food service venues, as well as product applications, from the more intuitive juices and smoothies to less traditional formats like tea and cooked savoury dishes.

According to Mikel Cirkus, this is all part of a decade-long trend for boldness and discovery in food and drink. The pandemic increased the pace of this trend, with huge spikes in consumers broadening their palates for new seasoning. Notably, expenditures on spices & seasonings at home grew 27% CAGR[1], Trenz™ found. New product innovation has followed, with on-pack claims such as “bold” and “exotic” up by 38% since 2017, and the use of three- and four-way flavour combinations in products now cresting over 25% of all Food & Beverage launches.

Firmenich’s renowned Emotions360 consumer research offered a second clue. This proprietary in-depth study of natural ingredients identified that people are very excited about dragon fruit. In fact, Emotions360’s latest wave, which surveyed 18,670 consumers across eight countries around the world, indicated that 88% of consumers have heard of dragon fruit, and 56% have tasted it. In terms of consumer perceptions, dragon fruit triggers associations with adjectives like bold, exotic, exciting, impressive and fun. Given this positive association, it’s not surprising that the same consumers ranked dragon fruit in the 90% percentile among all ingredients with a high likelihood to rise in popularity in the future.

A Fiery Future

As much as dragon fruit is on fire in juice bars, markets, and street vendors around the world, the packaged Food & Beverage world was initially slow to innovate around this trend. However, this trend is changing, with product launches containing dragon fruit callouts now accelerating in all regions. In fact, dragon fruit use in CPG (Consumer Packaged Goods) is growing more quickly in foods than beverages, where innovations typically appear first.

Jeff Schmoyer, Firmenich Global Head of Human Insights, commented: “Dragon fruit may be still a ‘rare’ fruit flavour for CPG food & beverage brands, but it is no longer rare to consumers. And in fact, this has translated to one of the fastest growth rates of any ingredient we’ve tracked in recent years.  Given the small base and fast growth, it is certainly our boldest Flavor of the Year choice yet from a predictive foresight perspective. It’s possible that the initial lag in new product innovation is in part related to the challenge of realizing the flavour of dragon fruit. Our consumer research shows that the fruit can sometimes surprise people by not having the strong flavour to match its visual appearance. Instead, the taste is light, refreshing, sweet, and delicious.”

“For this reason, Firmenich believes that its flavour creativity will play a key role in amplifying the taste and celebrating combinations of dragon fruit with other flavours,” Schmoyer concluded.

Inflation, supply chain constraints to squeeze Thai exports in Q4

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Inflation, supply chain constraints to squeeze Thai exports in Q4

Inflation, supply chain constraints to squeeze Thai exports in Q4

TUESDAY, DECEMBER 06, 2022

Thailand’s exports will contract by 1-3 per cent in the fourth quarter compared to last year due to global inflation and raw material shortage, the Thai National Shippers’ Council (TNSC) forecast on Tuesday.

The council estimates that total exports in 2023 will grow marginally by 2-3%.

“Despite several monetary policies having been implemented by the US Federal Reserve, overall inflation is still high worldwide,” said TNSC chairman Chaichan Chareonsuk. “Meanwhile, major manufacturers are suffering from materials shortage, including semiconductors, wheat, soybean, corn, sunflower seeds and fertiliser.”

The TNSC estimated that total exports in November and December would come in at US$23.5 billion and $25 billion, respectively, growing from $21.7 billion in October.

Chaichan said the ongoing stagnation in the global economy will continue until the end of 2023, slowing Thailand’s export sector growth to 2-3%, or an average of $25 billion per month.

The TNSC chief urged the Bank of Thailand to help exporters by maintaining the baht’s stability, and keeping the policy rate at a suitable level to avoid adding to the manufacturing costs in 2023.

He also asked the government to consider adjusting the FT, or fuel adjustment cost for electricity generation, in gradual steps for both household and manufacturing sectors to cushion the impact from rising power bills.

“Next year we want to see more free trade agreements with international partners to maximise opportunities for Thai exporters, such as the European Union, United Kingdom, Turkey, RCEP [Regional Comprehensive Economic Partnership] members and other Asia-Pacific countries,” he added.

Chaichan pointed out that next year exporters should focus on new markets instead of current ones that are becoming saturated. These new potential markets include the Middle East, India and CLMV (Cambodia-Laos-Myanmar-Vietnam).

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Thailand’s improved business registration law to go into effect from Feb 7

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Thailand’s improved business registration law to go into effect from Feb 7

Thailand’s improved business registration law to go into effect from Feb 7

TUESDAY, DECEMBER 06, 2022

The amendments to the business registration law, which will make it easier for entrepreneurs and support the digital economy, will go into effect from February 7.

“These amendments aim to boost business flexibility and competitiveness, as well as support the digital economy and society,” Deputy Commerce Minister Sinit Lertkrai said on Tuesday. “Most importantly, they will help reduce expenses and operation costs among entrepreneurs in line with the government’s policy.”

Some key amendments are:

• The required number of company founders will be reduced from three to two;

• Merger process will become more flexible with business owners deciding whether the merger will result in a new company or hold its old identity;

• Businesses will not be required to publish meeting invitation letters in the newspaper unless they have many shareholders.

He added that the amendments also include other points, like a business will have to be registered within three years or its memorandum of association will expire, all share certificates will require a company’s seal and companies can use technology to hold board meetings.

Sinit said the amendments were announced in the Royal Gazette on November 8 and will go into effect from February 7.

Related stories:

Baht plummets against dollar on Tuesday

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Baht plummets against dollar on Tuesday

Baht plummets against dollar on Tuesday

TUESDAY, DECEMBER 06, 2022

The baht opened at 35.03 to the US dollar on Tuesday, plummeting from Friday’s close of 34.75 after the Father’s Day holiday on Monday.

The currency will likely move between 34.90 and 35.10 against the greenback during the day and between 34.50 and 35.20 during the week, Krungthai market strategist Poon Panichpibool said.
 

Poon said the baht could weaken further as the dollar strengthens and cautioned investors to keep a close watch on Asian assets and currency sales in the short term.

He said the market has reverted to a risk-off state, and purchases of gold if the price falls would pressure the baht to weaken further.

Poon said the dollar is likely to strengthen if the market remains in a risk-off state as investors are concerned that the US Federal Reserve could increase the interest rate, especially if the US producer price index shows inflation is not slowing much.

The dollar could also be supported if China’s Covid-19 situation worsens and Beijing is unable to relax more disease control measures.

Poon also advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.

Related stories

90% of durians imported by China come from Thailand: Agriculture Dept

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90% of durians imported by China come from Thailand: Agriculture Dept

90% of durians imported by China come from Thailand: Agriculture Dept

MONDAY, DECEMBER 05, 2022

Ninety per cent of durian imported by China now comes from Thailand, according to data released by the Department of Agriculture.

Thailand fed China’s huge appetite for the pungent spiky fruit by exporting 779,206 tonnes between February 1 and November 24 this year, generating 82.8 billion baht in revenue, government spokesperson Anucha Burapachaisri said on Monday.

“All thanks to Thailand’s success in fruit export development,” he said.

Prime Minister Prayut Chan-o-cha had also urged agencies and producers to help boost foreigners’ confidence in the quality of Thai durian, Anucha said.

The PM’s intervention comes after controversy over reportedly unripe and substandard durian being sent for export by Thailand.

Anucha advised to growers to check for three signs of ripeness:

1. The durian’s stem must be dark brown, swollen and rough.

2. The spikes should be spread out and springy when squeezed together, with dark brown, dry and brittle tips.

3. The interior fruit lobes or segmentation must be clearly visible.

Meanwhile, Covid-19 is also a concern after China briefly banned Thai durian shipments earlier this year following the discovery of virus-contaminated fruit.

Anucha hailed Thailand’s durian exports as yet another success for the Kingdom’s fruit quality, standards and export management.

These were part of Thailand’s five-year (2022-2027) fruit development plan covering production, transport and exports, he added.

“The plan also focuses on sharing information between related agencies to further develop and manage the Thai fruit trade in the future,” he said.

Related stories:

Thailand’s exports to Russia drop by 40% during first 10 months

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Thailand’s exports to Russia drop by 40% during first 10 months

Thailand’s exports to Russia drop by 40% during first 10 months

MONDAY, DECEMBER 05, 2022

Thailand’s exports to Russia during the first 10 months of this year fell by 40.31% to US$494.57 million (about 17.1 billion baht) from the same period last year, according to the Commerce Ministry.

Exports to Russia in October were worth $40.5 million, down 24.58% from the previous month and 67.87% from the same period last year.

Figures for the four main Thai product categories exported to Russia from January-October were as follows:

– Agricultural and fishery products: $50.25 million, down 17.40%

– Agro-industrial products: $93.91 million, up 12.53%

– Industrial products: $329.27 million, down 50.65%

– Minerals and fuel: $21.15 million, up 24.03%

The top 10 Thai products exported to Russia during the first 10 months in terms of value were:

– Vehicles, parts and accessories: $79.11 million, down 68.81%

– Rubber products: $67.27 million, down 17.13%

– Plastic pellets: $42.14 million, up 32.31%

– Machines and parts: $38.87 million, down 10.96%

– Canned and processed fruits: $38 million, down 0.23%

– Canned and processed seafood: $24.86 million, up 61.09%

– Refined oil: $21.12 million, up 25.25%

– Rubber products: $14.29 million, down 52.26%

– Food seasoning products: $13.24 million, up 41.15%

– Air-conditioners and parts: $10.74 million, down 69.41%

The ministry’s Information Technology and Communication Centre blamed the export slowdown on the ongoing war between Russia and Ukraine.

It said the value of Thailand’s exports to Russia fell by 73% in March after Russia invaded Ukraine in late February. The contraction continued with exports down 77% in April, 65% in May, 53% in June, 43% in July, and 25% in August.

The centre said the major reason for the slowdown was a shortage of ships and containers after western shipping lines boycotted Russia because of the war.

The value of exports also fluctuated each month mainly because of uncertainties in shipping and Russian purchase orders, it added.

The ministry forecast Thailand’s exports to Russia would drop by about 40% this year.

Great Wall Motor Sponsors HSBC BWF World Tour Finals 2022

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Great Wall Motor Sponsors HSBC BWF World Tour Finals 2022

Great Wall Motor Sponsors HSBC BWF World Tour Finals 2022

SUNDAY, DECEMBER 04, 2022

Great Wall Motor (GWM) drives forward the sports sector as the official automotive partner of the world’s leading badminton tournament ‘HSBC BWF World Tour Finals 2022’ to be held during December 7 – 11, 2022, at Nimibutr Stadium, National Stadium complex.

In addition, GWM will provide a fleet of the All New HAVAL H6 Hybrid SUVs and the All-New HAVAL JOLION Hybrid SUVs to deliver cutting-edge and convenient travel experiences to top badminton players and staff from around the world.

Great Wall Motor Sponsors HSBC BWF World Tour Finals 2022

GWM will be the first Chinese automobile brand to sponsor the global badminton tournament in the Thai market, reinforcing its commitment to become the xEV Leader that is ready to collaborate with all sectors to uplift the company’s stature as the Global Intelligent Technology Company and develop the Thai badminton industry while driving Thailand’s economy and society in response to the post-Covid-19 recovery, restoring happiness to people in Thailand and across the world.

Elliot Zhang, President of Great Wall Motor ASEAN, said: “It is a terrific opportunity for Thailand to host one of the most prestigious badminton tournaments such as the HSBC BWF World Tour Finals 2022 which will bring over 60 top-ranked badminton players from around the globe to Thailand. GWM is thrilled and honoured to partake in developing and promoting Thailand and the world’s badminton – the sport that always brings joy to Thai fans. Sponsoring this global competition reaffirms our position as a global automotive brand that focuses on further improving this borderless sports industry.”

Join GWM in cheering for top Thai badminton players – Ratchanok Intanon, Busanan Ongbumrungphan, Jongkolphan Kititharakul, Rawinda Prajongjai, Nuntakarn Aamsaard, Benyapha Aamsaard, Dechaphon Puavaranukroh and Sapsiree Taerattanachai – who will be competing for competition.

GWM also offers special activities for Thai badminton fans at all GWM partner stores, including online activities to win prizes such as free tickets, GWM points and many more.

In addition, consumers who participate in activities held at Great Wall Motor booth activities at the 39th Motor Expo 2022 and on GWM application will have a chance to win a ticket to watch the final match (limited number at 75 VIP passes & privilege tickets).

For more details, please visit GWM Thailand Facebook and GWM application from 1-11 December 2022.

Thailand can expect THB300 billion in Saudi investment next year

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Thailand can expect THB300 billion in Saudi investment next year

Thailand can expect THB300 billion in Saudi investment next year

SUNDAY, DECEMBER 04, 2022

Saudi Arabian companies are expected to invest up to 300 billion baht in Thailand next year, especially in targeted industries in the Eastern Economic Corridor (EEC).

Government spokesman Anucha Burapachaisri said on Sunday that Prime Minister Prayut Chan-o-cha has been informed of these projected figures.

Prayut led a delegation to Saudi Arabia earlier this year to rebuild bilateral relations after they were downgraded over the Blue Diamond Affair in 1989.

On November 18, Prayut also held talks with Crown Prince Mohammad bin Salman on the sidelines of the Apec Summit in Bangkok and signed pacts to expand diplomatic ties.

The spokesman said after the Saudi delegation visited the EEC during the Apec Summit last month, they showed interest in investing in digital innovations, medical tourism, precision medical equipment, food processing, clean energy and electric vehicles.

Thailand can expect THB300 billion in Saudi investment next yearAnucha added that the EEC Office has expressed confidence that Thailand will become an EV manufacturing hub in Asean after many automakers decided to set up their manufacturing bases here.

“The prime minister is pleased that all relevant sectors have cooperated to help make Thailand’s manufacturing sector outstanding in the eyes of foreign investors,” he added.