Baht strengthens to 5-month high against the dollar
THURSDAY, DECEMBER 01, 2022
The baht opened at 35.05 to the US dollar on Thursday, strengthening from Wednesday’s close of 35.26 to a five-month high after the central bank raised its key interest rate by a quarter point.
The currency will likely move between 34.95 and 35.20 against the greenback during the day, Krungthai market strategist Poon Panichpibool said.
Poon said conditions supporting the baht strengthening included a risk-on market, falling dollar, and gold sales after the price rebounded. Foreign inflows to the Thai stock market are adding to the upward pressure, he said.
The baht could test its support level at 35 to the dollar and even strengthen to 34.80 if these supporting market conditions persist, he added.
He forecast its short-term resistance level at 35.30-35.40, explaining that exporters may wait for the baht to weaken before selling the dollar.
Poon advised investors to use hedging tools such as options to manage risks in a highly volatile currency market.
Bank of Thailand raises policy rate by 25 points to fight inflation
WEDNESDAY, NOVEMBER 30, 2022
The Bank of Thailand’s Monetary Policy Committee (MPC) on Wednesday voted unanimously to raise the policy interest rate by 25 basis points to 1.25% to control inflation.
MPC secretary Piti Disyatat said the rate hike took immediate effect.
Piti said the rate rise was based on economic recovery driven by tourism and private sector consumption amid higher-than-projected inflation because of high energy prices.
After going unchanged for more than two years during the Covid-19 pandemic, the policy rate was raised by 25 basis points to 0.75% in August and to 1% the following month.
The MPC projects Thailand’s economy will grow 3.2% this year, 3.7% in 2023 and 3.9% in 2024, Piti told a press conference on Wednesday.
It noted an increasing number of foreign arrivals along with rising consumption driven by an upward trend in employment, wages and salaries. The MPC also saw better income distribution across the country, Piti said.
The MPC believes tourism and consumption will continue to be main economic drivers for Thailand in 2023 and 2024, offsetting a slowdown in exports, he added.
MPC forecasts headline inflation of 6.3% this year, 3.0% in 2023, and 2.1% in 2024
Headline inflation had passed its high point in the third quarter, Piti said, after breaching expectations mainly because of rising power bills. It was now expected to fall toward the target span by year-end, he added.
The MPC forecast core inflation would not exceed previous targets of 2.6% this year, 2.5% in 2023 and 2.0% in 2024.
Piti said the MPC saw Thailand’s financial status as still stable since commercial banks had strong levels of funds and reserves while household and business debt repayment is improving in line with the reviving economy.
But the MPC also realized that SMEs and households were still vulnerable to rising living costs and debt given income levels have not fully recovered.
Hence, the MPC believes debt restructuring measures should be maintained while the government should enact specific measures to help vulnerable groups.
Although the cost of private sector borrowing is rising in line with the policy rate, Thailand’s overall financial situation is easing as fund raising by firms and borrowing and bond issuing continue to expand, Piti said
The MPC said it was keeping a close watch on financial markets and baht exchange rate fluctuations as it implemented financial policy with the goal of maintaining price stability, sustainable economic growth and stability of the financial system.
CP Group to launch “Forum for World Education 2022 – Changing Economy, Adjusting Education for Future Trends”
WEDNESDAY, NOVEMBER 30, 2022
The “Forum for World Education 2022 – Changing Economy, Adjusting Education for Future Trends” is about to be launched for the first time in Thailand at the C.P. Leadership Institute between December 1st -2nd, 2022.
Senior president of the CP group, “Dhanin Chearavanont,” and executives from major corporations like Google, Amazon, and McKenzie, as well as educational leaders from the public and private sectors worldwide, including the deputy minister of trade and industry of Singapore, the OECD, the Kosen Institute from Japan, etc., are ready to brainstorm ideas, exchange experiences to change and develop education for the future 5.0, and meet the needs of the businesses.
The Forum for World Education (FWE) holds an annual symposium called “Forum for World Education,” which was first conducted in Paris, France, in 2019 according to Dr Cheng Yan Davis, the organization’s co-founder and secretary general.
The 2022 Annual Conference or Forum for World Education 2022 will be held in Thailand this year by the World Council for Education. The conference will be held at the C.P. Leadership Institute, Pak Chong District, Nakhon Ratchasima Province, between December 1 and 2, 2022, with the cooperation of CP Group and Concordian International School.
More than 400 education experts from various nations will attend the meeting with global business executives who are focused on human development and education to discuss how to design education so that it serves the needs of the business sector in every nation. The conference’s theme for this year is “Economic Changes, Education Adapts to Future Trends” or “Shaping The Future of Education To Match Global Economic Trends,” with the intention of transforming education, developing capable human resources, and advancing the development of the world economy in the 5.0 era.
Mr Dhanin Chearavanont, senior president of the CP Group, will speak on the theme of “Challenge & Opportunities for the New Chapter of Education” at the FEW 2022 conferences. Additionally, Dr Tan See Leng, Singapore’s deputy minister of trade and industry, will conduct an online guest lecture on the topic of “Importance of education in preparing our workforce for the future” to discuss the government’s role in promoting education to prepare Singapore’s next generation. Discussing “Strategies for shaping the future of education in accordance with global economic trends” with leaders of major corporations is another forum topic.
The panelists include Mr Vikram Rao, Head of ASEAN Enterprise from Amazon, Dr Inoe Mitsuteru, Senior Executive Director, Kosen Institute Japan, Mr Collin Marson, Education Director, Google Asia Pacific, and Mr Li Kai Chen, Senior Partner and Managing Partner Mackenzie. Additionally, Mr Supachai Chearavanont, Chief Executive Officer, CP Group, will lead an educational conversation on the subject of “Educational Transformation & Human Capital Readiness to The World 5.0.” A panel discussion featuring Michael Bloomberg, the creator of the Bloomberg News Agency and a former mayor of New York City, Andreas Schleicher, the director general of the Organization for Economic Co-operation and Development (OECD), and others will also be held.
The FEW 2022 seminars are being hosted in Thailand, and they will be filled with challenging and fascinating meeting themes. Leaders from China, East Africa, Germany, India, New Zealand, Singapore, Switzerland, Taiwan, Thailand, and the United States of America will participate in a panel discussion to generate fresh suggestions for bringing about dynamic change in educational systems and the key issues that will shape the future. Academic sectors such as the top universities in the world, including Harvard University, University of Cambridge, The Wharton School, University of Pennsylvania, NYU Shanghai, etc., will attend the meeting as well.
The Forum for World Education (FWE) is a non-profit world organization with its headquarters in Cambridge, Massachusetts, United States of America. FWE aims to connect the education system with businesses as well as give corporate viewpoints on educational management to drive and alter education systems to fit the fast-changing global society and economic context.
The “Forum for World Education 2022 – Changing Economy, Education Adjusting for Future Trends” will be held online and on-site during December 1 and 2, 2022. The C.P. Leadership Institute, Pak Chong District, Nakhon Ratchasima Province, is where the on-site format is held. For the online participants, you can register and observe at www.fwe2022.com.
APCOM HERO Awards 2022: A memorable night with real HEROs for LGBTQI communities in Asia Pacific
WEDNESDAY, NOVEMBER 30, 2022
The 6th APCOM HERO Awards ceremony took place at the Australian Embassy in the center of Bangkok on the night of November 25 under the theme “Unity & Diversity”.
This inspirational event convened multi-national LGBTQI communities, non-profit organizations, embassies, public and private sectors, to celebrate the HEROs of the year who dedicated themselves for LGBTQI communities in Asia Pacific region.
“The Australian Embassy is proud to host the 2022 HERO awards event tonight, which recognises outstanding service in HIV response across Asia and the Pacific. We have supported APCOM’s work over many years. LGBTQI rights are human rights which we will continue to fight for in every forum. The work of human rights defenders and civil society groups like APCOM is crucial to upholding LGBTQI rights across the region,” remarked H.E. Dr Angela Macdonald, Australian Ambassador to Thailand.
Standing for HIV, Equality and Rights, the APCOM HERO Awards is an annual event which acknowledges the region’s lesbian, gay, bisexual, transgender, queer and intersex (LGBTQI) communities and outstanding service to the HIV/AIDS response in Asia and the Pacific. The event is also a fundraiser for the APCOM Foundation, a leading NGO which works to fight HIV and advance LGBTQI health, rights and wellbeing across the Asia Pacific region. The Awards are being supported by a range of corporate sponsors, community organisations and diplomatic missions.
APCOM Foundation in partnership with three community organizations, APN+, APTN and ILGA Asia, we proudly unveil the HEROs of the year 2022 below:
1. Business Ally: Foodpanda (Thailand) The company that creates home for inclusion for all employees, a safe workplace that fully accepts employees’ identities.
2. Community Ally: Tebeio Tamton (Kiribati) Advisor and Co-Founder of Boutokaan Inaomataia ao Mauriia Binabinaine Association (BIMBA)
3. Community Hero supported by ILGA Asia: Rosanna Flamer-Caldera (Sri Lanka) The founder and Executive Director of EQUAL GROUND, one of the oldest and truly diverse LGBTIQ advocacy organizations pursuing LGBTIQ rights as part of the larger Human Rights framework in Sri Lanka.
4. Community Organisation: Blue Sky Society Company Limited (Vietnam) An organisation which creates a “home” for people living with HIV in Vietnam and provides necessary services for people who want treatment but do not dare to enroll in a public health treatment program for issues related to confidentiality.
5. Covid-19 Hero: Association of People Living with HIV/AIDS (APL+) (Lao PDR) During the COVID-19 lockdown APL+ collected data and information from key populations to identify the issues to further plan for supporting key populations in the communities.
6. Health and Wellbeing: Dr Wong Chen Seong (Singapore) A Consultant physician who co-created with members of key LGBTQI community-based organisations to provide healthcare workers across various sectors with the training to communicate with and serve LGBTQI patients and clients confidently and competently.
7. HIV Hero supported by APN+: Yasir Ali Khan (Pakistan) A well-known person in the HIV sector as a PLHIV activist, who runs a support group with large numbers of key populations living with HIV, with expertise in harm reduction in Pakistan.
8. Social Justice: Nada Chaiyajit (Thailand) Human Rights Campaign Advisor who successfully won a case on uniform justice and set precedent for the legal principle regarding gender identity and expression in Thailand.
9. Transgender Hero supported by APTN: Rully Mallay (Indonesia) She is a volunteer at the Transpuan Community in Yogyakarta Indonesia, and help organize communities, strengthen the capacity of organizational administrators and carry out economic empowerment in increasing community resilience from various vulnerabilities.
10. Young Achiever: Jeremy Tan (Malaysia) Health, advocacy, and Youth Officer who empowers health organizations in Malaysia to integrate their healthcare model with HIV services such as testing, counselling, and referral of treatment.
11. Shivananda Khan Award for Extraordinary Achievement: Senator Risa Hontiveros (The Philippines) Senator Risa Hontiveros is a health and women’s rights advocate, a proud activist, and a champion of the basic sectors. She is the Philippines’ first socialist woman Senator. Senator Risa Hontiveros is widely known and celebrated for her tireless work in promoting public health, the rights of women and other marginalized groups, including the LGBTQI+ community.
“Our Award recipients tell powerful stories of not giving up by creating a more inclusive, equal and just society. Despite the effect of Covid-19 extraordinary work is being done, and the HERO Awards is the platform to help highlight their efforts,” Midnight, APCOM’s Executive Director says.
The event gathered close to 300 participants physically and brought together celebrities, special guests, community representatives and advocates, members of Bangkok’s diplomatic, corporate and entertainment field to pay tribute to the extraordinary contributions of individuals and organisations who have improved the lives of LGBTQI people and people affected by and living with HIV throughout the Asia Pacific region. This year, Joe Chonlawit came back to be our special MC together with surprising Co-MC Anchilee Scott-Kemmis, Miss Universe Thailand 2021.
Michael Bäk, APCOM’s Private Sector Ambassador explained that “Today we celebrate to people whose dedication and passion help improve life, give hope, and create a positive impact for people living with HIV and LGBTQI communities across Asia Pacific. Our lives are better, healthier, and happier because the heroes we celebrate today have shown up and they have shown up every day. They should be recognized as the change makers, so let their works, their dedication, and their impact, inspire the policy and social change that we all deserve.”
With fun cocktail reception and delicious canapes accompanied by fine wines, the glamorous evening featured famous stage show artists by Jay Team and Network of Music and Arts of Persons with Disabilities (NMAD), mini-concert by Silvy (Warner Music), extravaganza drag performances by Srimala and Minnie Minage, and Finale with a fashion show by Ton Sirisak. While at the filed guests enjoyed the exhibition of Body Positivity campaign run by APCOM, music in the garden, charitable auction and luck draw, and interactive booths from networks and sponsors.
This HERO Awards ceremony helps acknowledge outstanding LGBTQI and HIV advocates and allies from across Asia and the Pacific, and showcase their inspiring work they have been doing for the LGBTQI communities.
You can also be a HERO to contribute to #CoronaAPCOMpassion COVID-19 Emergency Fund to provide immediate responses needed by the grassroots LGBTQI communities who are significantly affected by the COVID-19 outbreak in Asia Pacific.
Continental has joined forces with the outdoor clothing specialist Urban Circus to develop a highly Detectable Jacket that offers cyclists and pedestrians a new dimension of safety on the road.
As the daylight hours shrink, vulnerable road users like cyclists and pedestrians become more difficult to spot by the human eye and vehicles alike.
In comparison to conventional high-visibility jackets, the Detectable Jacket is much better recognizable to the human eye.
It is also up to twice more visible to LiDAR (Light Detection and Ranging) and camera sensors of Advanced Driver Assistance Systems (ADAS), which constantly monitor the vehicles’ surroundings.
For this solution, the partners have bundled their competencies – Urban Circus its expertise in outdoor clothing that protects against darkness, wind and rain, and Continental its experience with vehicle sensors – and developed a safe, stylish jacket that is suitable for everyday use.
“Our ‘Vision Zero’ – zero fatalities, zero injuries, zero crashes – not only includes automobile users, but also focuses especially on vulnerable road users.
With the Detectable Jacket, a joint innovation from Continental’s own development and production service provider Continental Engineering Services and Urban Circus, the outdoor wear specialist, we are moving one further step closer to making urban traffic safer for VRUs,” Eric Vincelot, Head of Continental Engineering Services (CES) France says.
More visible to Human Eye and the Vehicle The special arrangement of fluorescent and reflective inserts in the patented Urban-RPrint® technology fabric used for the Detectable Jacket is detected by on-board cameras and LiDAR systems faster and more reliably. To the eyes of the ADAS-sensors, the Detectable Jacket is up to twice more visible than conventional high-visibility vests.
Accordingly, the system can intervene faster and better, break or even stop completely. The size and position of the fabric inserts were chosen so that the sensors can directly detect the silhouette of a cyclist or pedestrian.
At the same time, the risk of dazzling the sensors and cameras was minimized. In addition, glass microbead technology increases visibility to the human eye by up to 300 meters.
This is made possible by the retroreflective Urban-RPrint® fabric, which is coated with thousands of micro-glass spheres and can reflect light from vehicle headlights up to 300 meters away. As a result, cyclists and pedestrians are better protected from accidents with vehicles, even in the dark and in poor visibility.
Unparalleled Safety and Unbeatable Style Urban Circus specialists have brought all their expertise in trendy, functional outdoor clothing to joint development. The Detectable Jacket is not only safe and innovative but also comfortable and stylish. It is wind and waterproof, thus saving also from draughts and heavy rain.
Thanks to the water vapour permeability, the jacket is still breathable and wicks moisture caused by perspiration to the outside, so that the wearer has a pleasantly dry feeling on the skin even during sweaty sports activities.
The jackets can now be ordered in Europe from this website. Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation.
In 2021, Continental generated sales of €33.8 billion and currently employs more than 190,000 people in 58 countries and markets.
On October 8, 2021, the company celebrated its 150th anniversary. Continental Engineering Services (CES) was founded in 2006, and as an agile and flexible engineering and production partner develops tailor-made, technologically sophisticated solutions for a wide range of applications, including automotive, railway engineering, aviation, shipping, mining and smart cities.
2,000 employees worldwide contribute their expertise and experience in the key technologies for automated driving, information management & connectivity, electrification and services in the field of multimodal mobility. This makes possible a new level of individual, safe and sustainable mobility.
Urban Circus develops high-visibility clothing that makes users feel confident so that everyone can experience the city freely. The brand is reinventing the unattractive “yellow vest” by relying on innovation and the desire to move with the times. If the law imposes high visibility clothing on two wheels, Urban Circus makes it a style”.
CHIC designs award-winning super luxury interiors of Anil Sathorn 12 condo
WEDNESDAY, NOVEMBER 30, 2022
CHIC has joined developer Grand Unity Development Co Ltd to design the interiors of Anil Sathorn 12 – a super luxury condominium in the heart of Bangkok.
The specially designed interior meets all seven definitions of luxury set by the United States’ Well Building Standard and is Thailand’s first condo to win the Well Gold certification.
Kijja Patamasatayasonthi, Managing Director of Chic Republic Public Company Limited, a distributor of furniture, home furnishing products, and household items in the form of a large single store under the main brands “Chic Republic” and “Rina Hey” and imported products from abroad under the brand “Ashley” revealed that the company cooperated with Grand Unity Development Co., Ltd., the developer of Anil Sathorn 12, a super-luxury condominium in the heart of Sathorn area by providing furniture design-decorating services in the common areas, kitchens, bathrooms, and bedrooms, which will be completed in the fourth quarter of 2022.
This project meets the needs of the health and well-being of the residents including social and environmental responsibility, starting from the design, selection of materials in furniture production that complies with CRAB (California Air Resource Board) standards that contain hazardous chemicals such as Formaldehyde and Volatile organic compounds, as well as an installation that is environmentally friendly according to the WELL Building Standard, a world-class building standard for health.
He said that the company is very pleased to be entrusted with designing and decorating furniture. Grand Unity has expertise in developing real estate projects. The quality is internationally recognized. This collaboration with leading real estate developers in the country is another important step in promoting growth potential and helps drive to add value to the company significantly.
In addition, the company continues to strive to develop standardized products and services. Minimize the impact on humans and the environment, leading to a better quality of life, meeting the various needs of today’s consumers, and also being part of pushing all sectors to realize the importance of indoor health especially residential projects that enhance the quality of life of residents and the environment sustainably, and is in the process of negotiating for other projects under the operation of Grand Unity to be added in the future,” Kijja added.
Thaddao Jirasawat, Acting Managing Director of Grand Unity said that Anil Sathorn 12 project is a super luxury condominium project, next to Sathorn Road and St. Louis BTS Station, with the privacy, It has only 222 units and serves the needs of young residents and large families under the concept of “Luxury Redefined”.
Thaddao Jirasawat Acting Managing Director of Grand Unity Development Co., Ltd and Kijja Patamasatayasonthi Managing Director of Chic Republic Public Company Limited
The new definition of living – good quality of life internationally, means good health that stays with us throughout life. The company, therefore, provide good living conditions with the WELL Building Standard. Raise the quality of life of residents sustainably. It consists of taking into account 7 important health factors: Air, Water, Nourishment, Light, Fitness, Comfort and Mind.
“Collaborating with a business alliance with Chic Republic, which is famous for the quality of furniture design and decoration services for a long time, as well as product development, and residential design and decoration services, the standard is in line with the concept and policy of the Grand Unity according to the WELL Building Standard to improve the quality of life of residents in a healthy indoor environment at the same level as the world’s leading residential buildings
Grand Unity has always been a great pleasure to work with CHIC Republic, and CHIC has been a great partner. Ready to fully support us in every aspect. In the future, we are confident that we will be able to work together and help drive both companies to grow in a better direction for sure.”
Kumpol Poonsonee, President ofUniventures Public Company Limitedor UV, added that With the potential and business stability of Grand Unity, a subsidiary of Univentures and CHIC Republic will be able to create confidence and satisfaction for the best customers, including elevating the quality of life of the residents in every project that can continue to work together in the future.
Eternal Energy to grow cannabis and hemp using greenhouse technology
WEDNESDAY, NOVEMBER 30, 2022
Eternal Energy Plc, a company committed to producing clean energy, and its partners are developing precision farming techniques to grow medical-grade and food-grade hemp and marijuana in greenhouses that could generate 100 million baht next year.
EE Plc president Worasak Kriengkomol said the company has been working with its subsidiary, Cannabiz Way Co Ltd, and partners AgrowLab Co Ltd andAgrowPlus Co Ltd to develop greenhouse planting technology for growing hemp and marijuana.
The indoor planting will use precision farming technologies and the planting will be carried out at greenhouses at the Cannabiz Way Valley in Wiharn Daeng district of Saraburi province.
Worasak said EE realises the potential growth of cannabis and hemp product businesses with growing demands in the country and abroad so the company had decided to invest in product quality marijuana and hemp buds for use as material.
Worasak said EE has decided to cooperate with Agrow Group to develop a greenhouse planting technique. Agrow Group in turn assigned its subsidiary AgrowLab to design greenhouses for growing hemp and marijuana.
Worasak Kriengkomol, Eternal Energy Plc president
AgrowLab, which has advanced agricultural technologies, will use its precision farming knowledge and AI and Internet of Things technologies to control the environment in the greenhouses and to monitor and track the marijuana and hemp plants to water and put fertilizer for the plants.
Worasak added that the project has been advised by Kasetsart University to ensure that the hemp and cannabis leaves and buds would meet medical-grade and food-grade quality.
He said that AgrowPlus, which is an expert in developing comprehensive agricultural product businesses, will help market the products from the farm.
EE expects to be able to grow about 16,000 hemp and cannabis plants within one year and it would make about 5 tonnes of dried buds.
During the first phase, the company expects to earn about 100 million baht and the income would be realised next year, Worasak said.
He said he is confident that the cooperation with Agrow Group would allow EE to realise its goal of upgrading its businesses to the new S-Curve industries.
The Aspen Tree and PIM launch training for residential care of older adults
WEDNESDAY, NOVEMBER 30, 2022
November 29, Bangkok – The Aspen Tree The Forestias, together with Panyapiwat Institute of Management (PIM) and Canada’s Baycrest have launched the “Care Angel Program” to introduce training for Thai healthcare professionals of top global standards, supporting the community’s new concept of “Holistic Lifetime Care”.
The Aspen Tree’s President, Ms Hye June Park, said: “The Aspen Tree aims to lead in ‘Holistic Lifetime Care’ in Thailand and the Asia-Pacific, working with PIM and Baycrest to launch the ‘Care Angel Program’ for outstanding care. This important step reinforces The Aspen Tree’s leadership in residences with full lifelong care for planning long-term well-being after 50.”
Care Angel Program is an advanced healthcare and nursing certification. The collaboration will develop staff who can provide superior service at The Aspen Tree, with specialized expertise in caring for older adults from Canada’s Baycrest Centre, a global leader in healthcare, housing, research, innovation, and brain health for older adults.
“The Care Angel Program is another key element for The Aspen Tree to become a national and regional leader in ‘Holistic Lifetime Care’, so residents can be confident of physical and mental well-being and quality of life,” said Ms Park.
Dr Anna Ballon, Vice President of Baycrest Global Solutions, said strong synergies between The Aspen Tree, PIM, and Baycrest would create a dedicated Care Angel team to look after The Aspen Tree’s future residents.
“We believe the Care Angel course can produce high-quality staff. The program will create employment opportunities and help raise care standards.”
Dr Ballon added that PIM has worked with Baycrest on a comprehensive Care Angel curriculum to meet the needs of clients and develop necessary skills. The course will build confidence in PIM’s specialists in holistic healthcare services for older adults.
Ms Wipada Kunaviktikul, Ph.D.RN, FAAN and Professor & Vice President of Health Science Affairs and Interim Dean of School of Nursing Panyapiwat Institute of Management (PIM), said: “Many countries have rapidly rising older populations, largely because people are living longer. The global economy will be driven by the silver economy so it’s important to understand the needs of older adults in areas such as food, tourism, health, and wellness. Educational institutions must speed up the development of professionals to serve this economy.”
The Care Angel Program will welcome applications for its 42 initial places from December 1, 2022 until March 24, 2023. The course will run from June 12 until December 8, 2023 with 830 hours of teaching and over 300 hours of theory and practical training on care for older adults and specialist skills for professional service.
The Care Angel course will offer further opportunities through scholarships for both training and living expenses. Students will have a chance to work with a world-class real estate company through The Aspen Tree and to join a Residency Training Program with Baycrest in Canada.
Frozen food business heats up with surge of new entrants
WEDNESDAY, NOVEMBER 30, 2022
The number of new companies entering the frozen food business in Thailand is surging, Deputy Commerce Minister Sinit Lertkrai said on Wednesday, adding that the segment was unscathed by the pandemic.
Sinit said that 92 new frozen food companies registered with his ministry during the first nine months of this year – an 84% surge over the same period last year when 50 new frozen food companies registered with the ministry.
The new companies are also getting bigger. The combined registered capital of the 92 frozen food firms that registered this year was 299.3 million baht, compared to 78 million baht for the 50 companies that registered in the same period last year, Sinit said.
The frozen food business attracted high levels of domestic and foreign investment even during the pandemic, the deputy minister added, noting that annual revenues in the segment rose from about 7 billion baht in 2019 to more than 10.5 billion baht last year.
The market capitalisation of the frozen food segment has hovered near 300 billion baht over the past three years, according to official data.
Thai investors dominate the segment, accounting for 86.20%. The major foreign investors are Japanese (6.51%), Chinese (1.86%) and Singaporean (1.46%). Investors from other countries own a combined 3.97% of the segment, according to official data.
Sinit said exports of eight frozen food products in the first nine months of this year were valued at 87.896 billion baht. These included fish and poultry to vegetable and fruit products.
There were 833 frozen food companies in Thailand as of the end of October, Sinit said, adding that most of them (89.5%) are small companies. A handful (6.3%) are mid-sized companies, while 4.2% are large, he added.
Although the companies’ combined revenues fell slightly last year, profits rose significantly, Sinit said. He explained that businesses in the segment have been adept at managing costs as demand for their products rises at home and abroad.
DES Ministry in major push for digital economy as driving force for growth
WEDNESDAY, NOVEMBER 30, 2022
A digital economy will be Thailand’s main driving force for growth in the next couple of decades, the top official of the Digital Economy and Society (DES) Ministry said on Monday.
Wisit Wisitsora-at, permanent secretary at the ministry, said businesses and industries such as fintech firms, health tech companies, and those using education technologies will benefit the most from the digital economy.
Wisit was speaking at the opening ceremony of “Thailand 4.0 – the Future and Beyond” seminar and exhibition held at the Centara Grand at Centra Plaza Ladprao Hotel on Monday.
He told the seminar that the ministry has policies to promote the development and usage of digital technologies to push Thailand beyond the middle-income trap.
The ministry has enacted an act on digital development for economy and society this year.
He said the act would promote investments in digital industries and innovations that can be applied for development of the economy and society as part of steering the country to Thailand 4.0.
Speaking at the same seminar, Puchong Nodethaisong, secretary-general of the Office of the National Digital Economy and Society Commission, said the seminar also aimed to encourage members of the society to catch up with digital technologies.
He said the promotion of digital technologies would not only benefit the economy but it would also benefit society by changing the behaviour of the people and increase utilisation of digital technologies.
Thaddao Jirasawat Acting Managing Director of Grand Unity Development Co., Ltd and Kijja Patamasatayasonthi Managing Director of Chic Republic Public Company Limited
Worasak Kriengkomol, Eternal Energy Plc president
He said the promotion of digital technologies would not only benefit the economy but it would also benefit society by changing the behaviour of the people and increase utilisation of digital technologies.
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