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BoI okays 26 EV manufacturing projects worth THB80bn so far: DES Ministry

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BoI okays 26 EV manufacturing projects worth THB80bn so far: DES Ministry

BoI okays 26 EV manufacturing projects worth THB80bn so far: DES Ministry

SUNDAY, OCTOBER 30, 2022

Thailand’s electric vehicle manufacturing industry alone has attracted 80 billion baht worth of investment, the government said, rejecting rumours that no new foreign investment has come into the country recently.

Noppawan Huajaimun, the Digital Economy and Society (DES) Ministry’s spokesperson, said on Sunday that government opponents are sharing “fake news” that the state has failed to attract foreign investment over the past eight years.

She said new foreign investments had come to Thailand every year, and the Board of Investment (BoI) has been regularly offering new tax benefits to foreign investors.

She said the BoI has approved 26 EV manufacturing projects from 17 companies this year alone. The projects have a combined investment value of 80.21 billion baht, not including the value of the land and circulation of capital, she added.

Noppawan said the BoI has, so far, approved tax benefits for the production of 838,775 EVs and issued promotion certificates to 16 projects, including six for manufacturing sedans, two for pick-up trucks and three for motorcycles.

Apart from these projects, BoI has also approved supporting packages for three data-centre projects located in Eastern Economic Corridor (EEC) industrial estates, Noppawan said.

Close to 25 billion baht will be invested in the three data centres, which will be built by Amazon Data Services (Thailand) Co Ltd.

The Digital Economy Promotion Agency (depa) is also cooperating with state and private agencies to develop 30 smart city projects in 23 provinces.

These include 15 new smart city projects in 14 projects that were approved on August 5 by a subcommittee chaired by DES Minister Chaiwut Thanakamanusorn, Noppawan said.

Thailand’s drop in global competitiveness rankings temporary, says govt

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Thailand’s drop in global competitiveness rankings temporary, says govt

Thailand’s drop in global competitiveness rankings temporary, says govt

SUNDAY, OCTOBER 30, 2022

Despite Thailand’s drop in competitiveness rankings, the many state subsidy schemes have helped businesses keep their heads above water, the government spokesman said.

Spokesman Anucha Buraphachaisri said on Sunday that though Thailand has dropped five points to 33 in this year’s International Institute for Management Development competitiveness list, the country is still improving in many respects.

The institute studied the competitiveness levels of 63 countries, with Denmark topping the list followed by Switzerland and Singapore.

Thailand’s ranking in economic performance has dropped from 21 to 34 as the Covid-19 pandemic had a short-term impact on the import-export sector, Anucha explained.

“However, Thailand’s exports will start rising once the situation returns to normal,” he said.

He added that Thailand’s consumer spending was still on a positive trajectory despite rising fuel prices, thanks to the government’s co-spending schemes like “Khon La Khrueng”.

The government’s ranking for efficiency has also dropped from 20 to 31 due to high public debts. Anucha said this was because the authorities had to take huge loans to boost the country’s liquidity, revive the economy, maintain employment and boost investment.

Anucha said that though Thailand’s business sector has dropped from 21 to 30, the country’s productivity is rising thanks to the government’s many projects, like Sustainable Manufacturing Centre, launched to enhance production.

Moves are also being made to boost entrepreneurs’ potential through tools like the Digital Economy Promotion Agency’s digital start-up fund.

The spokesman added that though Thailand’s ranking for overall infrastructure has dropped by one point to 44, basic infrastructure is improving because of new railway and road projects.

“The government is developing the digital infrastructure to meet the business sector’s needs and cover the changes in consumer behaviour,” he said.

“The government is also paying close attention to investment in the telecommunications industry.”

4.4 million Thais still earn less than 3,000 baht a month, says NESDC

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4.4 million Thais still earn less than 3,000 baht a month, says NESDC

4.4 million Thais still earn less than 3,000 baht a month, says NESDC

SUNDAY, OCTOBER 30, 2022

About 4.4 million Thai nationals are living below the poverty line now, dropping from 4.7 million during the Covid-19 crisis, the National Economic and Social Development Council (NESDC).

Danucha Pichayanan, NESDC secretary-general, said 4.4 million people or 6.3 per cent of the population are below the poverty line, which according to him is defined by a monthly income of 2,762 baht.
In 2019, before Thailand was struck by Covid-19, 4.3 million people were below the poverty line but that jumped to 4.7 million in 2020 when the country was at the height of the crisis.
In 2020, the Thai economy also contracted by 6.2 per cent, with 650,000 people left unemployed, marking a 74.4 per cent increase from a year earlier.
By region, Thailand’s South is worst hit with 1.1 million or 11.6 per cent of residents living below the poverty line. The Northeast came in second with 11.5 per cent of residents living in abject poverty, followed by the Central region (6.8 per cent), the North (3.2 per cent), and Bangkok (0.5 per cent), NESDC data show.

Meanwhile, people living in rural areas have seen a higher jump in income compared to those living in urban areas, NESDC said.
In 2021, the average monthly income of rural residents came in at 8,130 baht, a 7.1 per cent surge from 7,588 baht in 2019. Urban residents, meanwhile, earned an average of 12,018 baht per month in 2021, a 2.6 per cent gain when compared to 11,712 baht two years ago.
Thailand saw the gap between rich and poor expand slightly last year compared to 2019 before Covid-19.
The country’s income Gini coefficient is 0.43 in 2021, up from 0.429 in 2019, according to the NESDC.
The Gini coefficient is based on the comparison of the cumulative proportion of the population against the cumulative proportion of the income they receive, and it ranges between 0 in the case of perfect equality and 1 in the case of perfect inequality.
A World Bank report released last week says that Thailand had the highest income inequality rate in the East Asia and Pacific region in 2019, when the top 1 per cent captured 21 per cent of national income, while the income share of the bottom five deciles constitutes only 14 per cent.
The World Bank report, titled “Thailand Rural Income Diagnostic: Challenges and Opportunities for Rural Farmers”, cites Credit Suisse’s Global Wealth Report, which says that despite a decline in the wealth share of the top 1 per cent from 67 per cent in 2018 to 40 per cent in 2020, Thailand’s income gap remains wider than the East Asia and Pacific average of 38 per cent.

Thai start-ups raise over THB10 billion in just two months

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Thai start-ups raise over THB10 billion in just two months

Thai start-ups raise over THB10 billion in just two months

SATURDAY, OCTOBER 29, 2022

Thai start-ups managed to secure more than 10 billion baht in funding in September and October, as investment rebounded with the country’s reopening.

Thansettakij business daily reported on Friday that the past two months have seen major investment deals announced by five Thai start-ups in various industries.

The biggest deal was announced by e-commerce platform LINE MAN Wongnai, which raised US$265 million or 10 billion baht from several partners including Singaporean sovereign wealth fund GIC, Line Corp, BRV Capital Management, PTT Oil and Retail (OR), Bualuang Ventures and Taiwan Mobile. The deal raised the company’s value to over 37 billion baht, making it Thailand’s latest unicorn.

Thai start-ups raise over THB10 billion in just two months

The second deal was announced by Globish Academia Thailand, an online English learning platform, which raised over 90 million baht from leading venture capital firms Premier, NVEST Venture, ECG, 500 TukTuks, StormBreaker Venture and RareJob. Globish is entering a growth stage and aims to become a leading EdTech start-up in the Asean region.

Meanwhile, Green Yellow, a solar generation start-up, recently secured 831 million baht from the Export-Import Bank of Thailand to expand its solar-panels project for residential and business customers wishing to save energy and reduce carbon emissions.

Thai start-ups raise over THB10 billion in just two months

AutoPair, a provider of automotive-part sourcing and auto-shop management software, also secured 70 million baht from Mitsubishi Corp to expand the Japanese automaker’s parts-manufacturing wing.

Lastly, Fintech and blockchain start-up Forward recently completed its seed or first-stage funding with 160 million baht raised. The six-month fundraising project weathered a volatile cryptocurrency market to secure investments from Primestreet Capital, Beacon Venture Capital, KBANK, Bank of Ayudhya and KASIKORN X, among others.

Thailand needs ‘more investment in renewable energy, digitalisation by public, private sectors’

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Thailand needs 'more investment in renewable energy, digitalisation by public, private sectors'

Thailand needs ‘more investment in renewable energy, digitalisation by public, private sectors’

FRIDAY, OCTOBER 28, 2022

Nongluck Ajanapanya

Thailand’s public and private sectors should invest in renewable energy and digital solutions to maintain the country’s competitiveness and growth, according to Delta Electronics.

Green energy and reduction of carbon emissions are now part of the global mega-trend. All transformation processes take time, so the sooner the better, said Delta Thailand’s president, Jackie Chang.

He made the remarks during the annual seminar “Delta Future Industry Summit 2022: Smart Green Energy for a Resilient and Sustainable Thailand”.

The seminar provides a venue for Delta’s partners to network and solve problems while learning about the company’s latest solutions in EV charging, data centre, and industrial automation.

Chang stated that while investment in renewable energy will be high, it will be worthwhile in the long run because the global economy is concerned about the environment. Many regulators will impose regulations requiring polluted or high-emission companies to pay compensation.

One of Thailand’s top priorities right now is to focus on establishing factory plants for electronic vehicles, he said, while praising the government’s policy of encouraging foreign investment, but he believes it should be expedited.

Aside from battery plants, Chang suggested that Thailand consider developing its own chip set and semiconductor in order to sustain Thailand’s EV industry as well as digital economy.

Thailand needs 'more investment in renewable energy, digitalisation by public, private sectors'

He emphasised the importance of assisting traditional automobile suppliers in Thailand in transforming their businesses to serve the EV industry.

He also pledged to assist the Thai government and entrepreneurs during this period of energy transition.


“As an EV parts manufacturer and EV charging solution provider, Delta has the local engineering and service capabilities to implement comprehensive EV charging infrastructure solutions,” Chang said.
 

Deputy Prime Minister and Minister of Energy Supattanapong Punmeechaow thanked Delta for supporting the National Energy Plan 2022, which will reduce carbon emissions to meet the country’s 2050 carbon neutrality target.

“Today, we are already seeing Delta contributing to Thailand 4.0, new S-Curve and sustainable goals, by building many essential EV parts and charging infrastructure in Thailand to supply top car brands, as well as paving the way for environmentally friendly buildings and manufacturing practices by promoting rooftop solar, batteries, and energy efficiency technologies,” said Supattanapong.

Chang concluded by saying that Delta is looking forward to collaborating with its partners to put solutions into action that promote e-mobility and digital transformation in support of Thailand 4.0 and thus create a new green economy.

Delta Electronics is a global producer of power and thermal management products and solutions. Currently, the company’s business categories include power electronics, automation, and infrastructure.

Nongluck Ajanapanya

Finance Ministry to spend THB10bn on recapitalising Thai Airways

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Finance Ministry to spend THB10bn on recapitalising Thai Airways

Finance Ministry to spend THB10bn on recapitalising Thai Airways

FRIDAY, OCTOBER 28, 2022

The Finance Ministry will sell stocks in other state enterprises to ensure its majority stake in Thai Airways International (THAI) does not fall below 40 per cent when THAI is recapitalised, the State Enterprise Policy Office (SEPO) said on Friday.

The debt-to-equity recapitalisation comes under the THAI’s revised rehabilitation plan, which was approved by the Central Bankruptcy Court last week.

Under the rehab plan, the Finance Ministry must maintain at least 40 per cent of THAI’s shares. It currently owns a 47-per-cent shareholding in the ailing national carrier.

SEPO is now considering which stocks will be sold to fund the recapitalisation, said its director-general Pantip Sripimol. She expects at least 10 billion baht will be needed to increase the government’s shareholding in THAI.

She added that THAI’s financial performance is improving now that it has resumed flights after pandemic restrictions were lifted.

Since filing for bankruptcy protection, the airline has halved its workforce from over 29,000 to 14,000 and reduced its fleet to 58 aircraft. It forecasts better-than-expected performance with cabin loads at 80 per cent or higher this year.

Pantip predicted THAI would be relisted on the Stock Exchange of Thailand in the latter part of 2024.

Kasikorn Bank (KBank) also expects THAI’s performance to improve as operating costs fall and tourism recovers. KBank forecasts the carrier’s earnings will rise to 40 billion baht in the fourth quarter of this year from 21 billion baht in the second quarter.

However, it predicts performance losses until 2024 due to rising fuel costs.

“It depends on how THAI deals with fuel and flight ticket prices to gain profit,” a KBank analyst said.

The airline filed for bankruptcy protection in late 2019 after reporting massive debts of 245 billion baht. The rehab plan was given the green light by Cabinet in May 2020 before being approved by the Central Bankruptcy Court. The rehab plan was then revised following a better-than-expected performance by the airline.

“Buddy Mart”, the community’s favourite store model, raises charm of ownership community relations, Makro’s expertise & partners, uplifts community economy

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“Buddy Mart”, the community’s favourite store model, raises charm of ownership community relations, Makro’s expertise & partners, uplifts community economy

“Buddy Mart”, the community’s favourite store model, raises charm of ownership community relations, Makro’s expertise & partners, uplifts community economy

FRIDAY, OCTOBER 28, 2022

Makro officially unveils “Buddy Mart” community business model overcoming obstacles in attaining investment loans for Shohuay stores; strengthens the original charm; focuses on community needs and preferences for a large selection of well-known brands; catering to customers via Makro’s Big Data and utilizing its 33-year extensive experience and accumulated expertise in handling Shohuay businesses.

Mr. Ekapol Koosuwan, Project Lead – FR Transformation Buddy Mart Business Partner, said, “Buddy Mart is a community business model which has been developed into a successful formula under the concept “ครบ คุ้ม เพื่อนคู่ใจชุมชน” aimed at becoming everyone’s trusted buddy. What is important is to maintain the charm of Shohuay stores by emphasizing original owership and further strengthening relationships within the community. With the technology and Makro’s expertise in utilizing the data base for more than 33 years, Makro can truly understand the customer needs. At this official opening, we have joined hands with an important financial partner – Bangkok Bank – who assists in investments thus making it possible for Buddy Mart’s business partners to acquire up to 100% loans as well as repay by installments during an extended period of 5  years. This helps overcome lack of liquidity challenges and provides eligibility to take out loans to improve the Shohuay stores.

“Buddy Mart”, the community’s favourite store model, raises charm of ownership community relations, Makro’s expertise & partners, uplifts community economy

“Makro’s experience of working with more than 500,000 Shohuay, provides Buddy Mart a significant data base, in-depth knowledge and expertise in adjusting products in Shohuay stores to boost sales. Another focus is highlighting the charm of original ownership of Shohuay for example, leveraging on the close relationship with the community to craft a programme to boost sales at the stores on a continuous basis. In other words, the store owner can rely on Buddy Mart to help manage the store. In terms of community relations which is very important in running a Shohuay store, the store owner will be even stronger than before by using the marketing tools provided by us.”

“Buddy Mart”, the community’s favourite store model, raises charm of ownership community relations, Makro’s expertise & partners, uplifts community economy

Apart from this, selection of products that are suitable for the community is another important sale boosting factor at Buddy Mart stores.  We found that although popular brand names would normally attract customers to the stores, each store needs to choose products that cater to customers in that particular area and surroundings.  Makro therefore joins hands with well-known brands such as Thai Namthip, Unilever, P&G, Nestle to offer special deals at Buddy Mart stores whereas other business networks focus on selling their house brands only and launching promtoions on a continuous basis.

“Buddy Mart”, the community’s favourite store model, raises charm of ownership community relations, Makro’s expertise & partners, uplifts community economy

“Currently, there is tremendous interest in the Buddy Mart business model due to our expertise and impressive track record of over 33 years in the management of retail store. To reduce the cost from over-stocking, Buddy Mart has designed a system where orders can be placed with more frequency, up to 4 deliveries per week. The store owner can also adjust orders to better suit customer demands. 

With Buddy Mart business model and support, store owner can achieve 40% increase in their average sales,” Mr. Ekapol said in conclusion.

“Buddy Mart”, the community’s favourite store model, raises charm of ownership community relations, Makro’s expertise & partners, uplifts community economy

Another important strategy by Buddy Mart to draw more traffic to the store is the installation of other various services such as cash machine, automatic coffee machine and automatic washing machine. Future plans include sale of local products in the stores to drive businesses within the community, and strengthen the country’s trade and economy.

“Buddy Mart”, the community’s favourite store model, raises charm of ownership community relations, Makro’s expertise & partners, uplifts community economy

Chubb announces leadership appointments in Thailand

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Chubb announces leadership appointments in Thailand

Chubb announces leadership appointments in Thailand

FRIDAY, OCTOBER 28, 2022

THAILAND, OCTOBER 28, 2022 – Chubb today announced two leadership appointments for its insurance operations in Thailand. The appointments will take effect upon completion of the pending amalgamation of Chubb Samaggi Insurance Public Company Limited and Cigna Insurance Public Company Limited. The combined business will operate under the Chubb Samaggi name.

Khun Nittaya Piriyathamwong, who currently serves as Chairman of Samaggi’s Executive Committee, will remain in this position in the combined business. In this role, she will leverage her deep knowledge and industry experience to provide strategic directions for Chubb Samaggi and oversee the business’ executive committee.  

Andrew Nisbet, currently Country President for Chubb Samaggi, will remain in this role. His responsibilities will include leading the integration of the two businesses while continuing to meet the growth goals of the operations in Thailand. Khun Nittaya and Mr. Nisbet will report to Mr. Edward Ler, Head of Southeast Asia for Chubb.

Chubb announces leadership appointments in Thailand

“Khun Nittaya and Andrew are experienced and talented insurance executives.  I am very excited that we have affirmed their leadership roles at Chubb Samaggi at this important time for the business,” said Mr. Paul McNamee, Regional President for Chubb in Asia Pacific. “I look forward to seeing an even stronger team take our growth to a higher level in Thailand.”

Mr. Ler said, “Thailand is the largest general insurance market for Chubb in Southeast Asia. When the combination is completed, Chubb Samaggi will be the largest accident and health insurer, as well as one of the top 10 general insurers, in Thailand. With the broadest, multi-line distribution for consumer and commercial clients, I’m confident we are positioned to harness the potential of a high growth market.”

Khun Nittaya has more than 20 years of experience in insurance and reinsurance. Prior to her current role, Khun Nittaya also served as Chubb Samaggi’s Country President.  In addition to her current role, She is also a member of board of directors of the Thai General Insurance Association. 

Mr. Nisbet has also more than 20 years of experience in the industry. He started his career at Chubb in 2006 as an Accident & Health Account Manager in his native New Zealand. Since then, he has held several leadership roles with Chubb across New Zealand, Australia, Japan and the United Kingdom. Credited with building and profitably growing accident, health and travel portfolios through diverse channels, he relocated to Thailand to lead the team at Chubb Samaggi in 2019. 

SEC officials visit Saudi Arabia’s Capital Market Authority

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SEC officials visit Saudi Arabia’s Capital Market Authority

SEC officials visit Saudi Arabia’s Capital Market Authority

THURSDAY, OCTOBER 27, 2022

Officials from Thailand’s Securities and Exchange Commission (SEC) paid a courtesy visit to the Capital Market Authority of the Kingdom of Saudi Arabia in Riyadh to build a bilateral relationship, share information on capital market developments, and discuss possibilities for cooperation and challenges of mutual concern. Both sides also exchanged views on developmental policies of their respective capital markets.

On October  26, 2022, the SEC Thailand led by Ruenvadee Suwanmongkol, Secretary-General, and  Pornpong Sakdapat, Assistant Director of the Investment Management Policy Department, together with Worrapat Pensawang, First Secretary, the Royal Thai Embassy, Riyadh, the Kingdom of Saudi Arabia, paid a courtesy call to His Excellency Mohammed Bin Abdullah El-Kuwaiz, CMA Chairman, Khaled Bin Abdulaziz Al-Homoud, member of CMA Board of Directors, and other CMA executives, to discuss and share information on capital market developments of both countries as well as exchange views on capital market policies, challenging issues, and mutual cooperation.

On this occasion, Secretary-General of the SEC Thailand cordially extended an invitation to CMA to attend the IOSCO Annual Meeting 2023, which will be hosted by the SEC Thailand during 13-15 June 2023, and the SEC Thailand Public Conference on 16 June 2023. CMA has accepted the invitation.

SEC officials visit Saudi Arabia’s Capital Market Authority
SEC officials visit Saudi Arabia’s Capital Market Authority

Terry Smagh to lead Infor’s cloud business in Asia Pacific and Japan

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Terry Smagh to lead Infor’s cloud business in Asia Pacific and Japan

Terry Smagh to lead Infor’s cloud business in Asia Pacific and Japan

THURSDAY, OCTOBER 27, 2022

Asian leader and software as a service firm Infor has set its sights on aggressive cloud adoption across the fastest-growing region. The industry cloud company has announced the appointment of Terry Smagh as senior vice president and general manager for Asia Pacific and Japan.

Based in Singapore, Smagh will be responsible for growing Infor’s business and driving customer success across key markets in the region, including Australia and New Zealand, Greater China, Japan, India, Southeast Asia and Korea.

“Businesses today have moved past the point of merely navigating economic recovery and uncertainty. Instead, they are doubling down and investing aggressively in building the competencies, technologies and skillsets that will truly position them to thrive in a new era of business, and fast. Cloud will continue to play a crucial role in that,” said Smagh. 

“Terry is a seasoned expert in the Asia Pacific enterprise software market and comes armed with over 20 years of international experience in driving exponential revenue and market growth,” said Wolfgang Kobek, executive vice president and general manager for international business at Infor. 

Smagh brings deep industry expertise in SaaS and data analytics to his role at Infor and has a proven track record in helping customers transform and grow their businesses across the region. He joins Infor following senior leadership roles at BlackLine, IBM, and Qlik, where he played an instrumental role in driving revenue growth opportunities and profitability.

A Singaporean at heart, Smagh also has an extensive understanding of local and regional market nuances and growth opportunities, having worked in regional roles for most of his career.

With a background in entrepreneurship, Smagh is passionate about scaling businesses and grooming leaders, and a huge believer in “get the right team, and the rest will follow”.  

Smagh will be responsible for spearheading growth for Infor across a broad range of sectors in APJ, including industrial manufacturing, food and beverage, automotive, high tech, distribution and logistics.