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https://www.nationthailand.com/thailand/economy/40021112

APEC Business Advisory Council presents APEC Economic Leaders Report to Prime Minister

TUESDAY, OCTOBER 18, 2022

On October 11, Mr Kriengkrai Thiennukul, 2022 APEC Business Advisory Council (ABAC) Chair, along with other Thai ABAC Members, presented the 2022 ABAC Report to APEC Economic Leaders to Prime Minister and Chair of APEC 2022 General Prayut Chan-o-cha at the Government House.

ABAC has been working closely with the Asia-Pacific Economic Cooperation (APEC) throughout the year, offering insights and recommendations to APEC across its workstreams, and the presentation of the ABAC Report is an important part of the APEC process. 

This year’s ABAC Report focuses on promoting speedy and sustained recovery and regaining the momentum for sustainable, inclusive and sustainable growth with an emphasis on climate change, food security, health resilience, low carbon economy, as well as advancing the FTAAP agenda and digitalization. 

ABAC has held three meetings this year and will hold the Fourth ABAC Meeting ahead of the APEC Economic Leaders’ Week in November 2022 to prepare for the upcoming APEC Leaders’ Dialogue with ABAC.

APEC has benefitted and incorporated ABAC’s practical recommendations in APEC’s work. This includes a recommendation from the ABAC Report in 2021 on having a mechanism to promote travel that resulted in the establishment of the APEC Safe Passage Taskforce. This year, the Taskforce has been coordinating APEC’s work towards the resumption of safe and seamless cross-border travel.

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https://www.nationthailand.com/thailand/economy/40021106

Thai production companies find foreign buyers for content worth nearly THB400 million

MONDAY, OCTOBER 17, 2022

Thai content providers struck deals worth 398 million baht at a South Korean film event, the Department of International Trade Promotion (DITP) said on Monday.

DITP director-general Phusit Ratanakul Sereroengrit said the department had taken eight Thai content providers to participate in the Asian Contents & Film Market 2022 at Busan Exhibition and Convention Centre in South Korea from October 8 to 11.

The eight Thai content providers were: 9Naa Productions, Benetone Films, De Warrenne Pictures, Halo Productions, M Flow Entertainment, M Pictures, Right Beyond and Thongkham Films.

“This move aims to promote Thailand’s soft power among filmmakers and investors worldwide, as well as increase marketing channels for Thai entrepreneurs in film and its related industries,” he said.

He said there were 134 trade negotiations between Thai and foreign entrepreneurs, generating 398 million baht in revenue.

The foreign entrepreneurs came from South Korea, Japan, Malaysia, Canada, Mongolia, India, Taiwan, Vietnam and the US.

“Content that received attention from foreigners revolved around action, thriller and boys’ love,” he said.

Phusit said the DITP is promoting Thai film and entertainment industries to get international recognition.

He added that Commerce Minister Jurin Laksanawisit is scheduled to promote Thai film and entertainment industries at two events, namely “American Film Market 2022” and “Thai Night”, in Los Angeles at the beginning of November.

“These events feature business activities, such as trade negotiations, film exhibitions, networking and seminars on business potential and trends,” he added.

Thailand considers South Korea, which is the 10th largest in the world, an important trade partner. Thailand-South Korea trade value last year was more than US$15 billion.

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https://www.nationthailand.com/thailand/economy/40021105

Thailand dreams big digital dreams with its brand new ‘Digital Infinity’ strategy

MONDAY, OCTOBER 17, 2022

Nongluck Ajanapanya

Thailand is set to launch an ambitious digital roadmap that will propel its digital industry forward, empower workers and position it at the forefront of the global digital revolution.

The strategic plan comprising eight projects under the “Digital Infinity” concept is being launched jointly by the Digital Economy and Society (DES) Ministry and the Digital Economy Promotion Agency (depa).

Assoc Prof Dr Nuttapon Nimmanphatcharin, depa president, told the press on Monday that the eight projects will go into operation gradually over the next 360 days and start showing concrete results by August 2023.

He said the aim is to generate at least 320 billion baht by upskilling more than 6.2 million Thai workers.

“The projects will help improve the adoption of digital technology and innovation, as well as the readiness of Thailand’s digital infrastructure and ecosystem to prepare for a thriving digital economy and society,” Nuttapon said.

The first project, “HACKaThailand 2023: Digital Infinity”, will kick off next month with a contest that aims to boost the digital skills of the Thai public.

Participants can use the digital knowledge gained at the hackathon to advance their careers, he said.

HACKaTHAILAND will comprise three main activities: an online learning platform, the hackathon and a digital showcase.

Nuttapon said the event will showcase a variety of advanced technologies under the themes of digital manpower development, digital industry development, digital technology adoption and innovation promotion and digital infrastructure readiness.

“Depa hopes that with hands-on experience at the event, more Thais will be able to experience and learn about digital technology and innovation,” Nuttapon said.

The other projects under the Digital Infinity strategy are Smart School Bus Platform, Smart City Ambassadors GEN 2, Thai e-Sports Internationalisation Project, Thai Game Industry to Global, CONNEXION Project, Reopening the Country with Digital Tourism Platform and Transform: New-Normal Market Project.

Nuttapon said the plan will cost approximately 3 billion baht, with depa providing 1 billion baht and the remainder coming from the private sector.
 

DES Ministry’s Vice Minister Newin Chochaiyathip told the press on Monday that the project is part of the government’s efforts to reskill and upskill Thais so they can become “digital citizens”.

“They will be able to adapt their skills and embrace digital technology for opportunities in next-generation professions,” Newin said.

He added that the new digital roadmap will also help the country develop its own digital experts, reduce reliance on foreign know-how and accelerate the development of Thai-made technology and innovation.

The government is also preparing a digital infrastructure and ecosystem to support economic activities to smoothen the transition to “Digital Thailand”.

He added that the government was committed to encouraging farmers, small businesses, community enterprises and entrepreneurs to use technology and solutions provided by Thai digital start-ups to improve business performance.

Nongluck Ajanapanya

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https://www.nationthailand.com/thailand/economy/40021104

BOI frames new 5-year investment promotion strategy to pave way for new economy

MONDAY, OCTOBER 17, 2022

Thailand’s Board of Investment (BOI) last week approved the framework of its new investment promotion strategy for the next five years, which will focus on entering the new economy era.

The strategy involves encouraging technological advancement, a transition to green and smart Industries, talent development, as well as creativity and innovation, to strengthen the country’s status as a regional hub for business, trade and logistics.

The new investment promotion strategy (2023-27) aims to promote investment to restructure the country’s economy around three core concepts: innovation, technology, and creativity; competitiveness and the ability to adapt quickly; and, inclusiveness, taking into account environmental and social sustainability.

“In view of the challenging, volatile and highly competitive global environment, the BOI will stay ahead of changes and keep promoting investment in a way that achieves concrete results, helping to lead Thailand into the new economy,” Narit Therdsteerasukdi told reporters during his first press conference since taking over as secretary-general of the BOI on October 3.


”To reach that objective, the BOI will broaden its role from that of a ‘promoter’ providing tax and non-tax benefits, to focus on becoming an ‘integrator’ of investment support tools, a ‘facilitator’ providing services, and a ‘connector’ linking industries to create more business opportunities.”

To implement the strategy and its vision of the new economy, the BOI will articulate its investment promotion policies around seven pillars:

● Upgrade existing industries, in parallel with the building of new industries in which Thailand has high potential, and an overall strengthening of the supply chain

● Acceleration of industrial transition to green and smart industries through investments in automation, digital adoption and decarbonisation

● Promotion of Thailand as a business centre, and an international trade and investment gateway for the region

● Strengthening SMEs and startups, ensuring they are connected to the global market and supply chain

● Promotion of investments in the different regions of Thailand that fits the potential of each area and enables inclusive growth

● Promotion of investments that will promote community and society development

● Promotion of Thailand’s overseas investment to expand business opportunities for Thai companies

Further details of the policies and sector-specific incentive packages will be presented to the board and announced in coming weeks, Narit said.

During the first nine months of 2022, foreign and local investors filed with the BOI a total of 1,247 applications for investment promotion, worth a combined 439.1 billion baht (US$11.6 billion), Narit said.

While the number of applications rose 8.5 per cent when compared to the 1,149 projects seen in the first nine months of 2021, the combined value fell 14.1 per cent, from 511 billion baht, reflecting a smaller average project size.

Thailand’s Eastern Economic Corridor (EEC) area saw 376 projects applying for promotion, representing a combined investment value of 246.7 billion baht, or 56 per cent of the total value of applications in the first nine months, Narit said. Most are investments in Rayong and Chonburi provinces.

Foreign direct investment (FDI) applications decreased 25 per cent year on year to 275.6 billion baht

The main source of FDI applications in the first nine months was China with 45 billion baht, followed by Taiwan (39.3 billion baht), Japan (37.6 billion baht), the US (34.3 billion baht), and Hong Kong (26.3 billion baht).

During the first nine months, FDI applications data for China, Hong Kong and Taiwan all included investments in the manufacturing of new electric vehicles (EV) and parts. Major EV investments announced in Thailand this year involve plants by BYD, whose investment is coming through its Hong Kong-based unit, and Foxconn.

Over the nine months to September, the BOI issued promotion certificates to 1,101 projects, an increase of 17 per cent year on year. The combined investment value of the certificates amounted to 357.6 billion baht, an increase of 57 per cent, Narit said.

“The promotion certificate statistics, the closest data we have to actual investment, are sending a clear signal that over the next one to two years, there will be a significant increase in actual investment flows,” Narit said.

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https://www.nationthailand.com/thailand/economy/40021097

Government considering extending shopping subsidy scheme to lift economy in last quarter

MONDAY, OCTOBER 17, 2022

THE NATION

The Finance Ministry is looking at reviving the “Shop Dee Mee Kuen” (Shop and Payback) scheme to stimulate the economy towards the year-end.
 There is no word yet on whether the “Khon La Khrueng” (Let’s Go Halves) co-shopping subsidy campaign, which expires this month, would be extended.

The Fiscal Policy Office (FPO) said on Monday that it is finalising the details for the new phase of the Shop Dee Mee Kuen scheme, with some adjustments made to the original criteria when it was first introduced in 2020.

Under the original Shop Dee Mee Kuen, people who shopped for specified products, such as those with VAT (excluding alcoholic beverages, tobacco, accommodation, or flight tickets), OTOP, or books, will receive a tax discount in line with the scheme’s rules.

However, FPO director and Finance Ministry spokesman Pornchai Theerawet said a decision is yet to be made on extending the Khon La Khrueng to its sixth phase. Under the scheme, the government covers 50 per cent of bills for food, drinks and basic necessities up to 150 baht per day when paying via Pao Tang application at participating shops. The fifth phase will end on October 31.

Pornchai said the fifth phase, which capped the spending at 800 baht per person, has recorded total spending of 34.3 billion baht, from 24.02 million people, as of Sunday. He said 8.75 million people, or 36 per cent of all registrants, had already maxed out their 800-baht limit.

Pornchai added the FPO estimates that measures stimulating domestic spending would help boost the country’s economy towards the year-end, and hoped to see gross domestic product (GDP) in 2022 expand by 3.0 to 3.5 per cent.

He said the Fiscal Policy Office estimated next year’s GDP growth at least 4 per cent, with tourism sector a major contributor thanks to the increasing number of foreign visitors.

The Finance Ministry will release by the end of October its updated forecast on economic expansion this year and in 2023.

The International Monetary Fund in August predicted 2.8 per cent GDP growth for Thailand in 2022.

THE NATION

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https://www.nationthailand.com/thailand/economy/40021094

Thailand on track for economic revival to pre-Covid level by 2023, says BOT

MONDAY, OCTOBER 17, 2022

The central bank believes Thailand’s economy will return to pre-Covid levels by the end of this year or early next year.

Government spokesman Anucha Burapachaisri said on Monday that this forecast was included in the Bank of Thailand (BOT)’s latest economic report.

In the report, BOT forecast economic growth of 3.3 per cent this year and 3.8 per cent next year, with tourism and private sector spending being the main driving forces.

The central bank said with tourism picking up, the recovery is extending to other sectors as well.

Meanwhile, BOT believes that though the global economy is slowing down faster than expected, this slowdown should only affect the export sector, not the economy’s general recovery.

The central bank also pointed out that the Thai financial system was stable and commercial banks had healthy levels of reserves. In addition, it said, the private sector and households were also improving their ability to repay debts.

However, despite these positive factors, the central bank recommended that the government implement the following three measures to ensure sustainable growth.

Firstly, it said, the government should find a way to lower household debts. Secondly, the financial sector should support “green” companies to ensure sustainable growth, and thirdly, speed up the development of the digital payment infrastructure.

Anucha explained that the bank’s Monetary Policy Committee had increased the key policy rate by a quarter point to 1 per cent on September 28 to keep inflation in check and ensure the country can continue enjoying economic growth.

He also said Prime Minister Prayut Chan-o-cha has instructed all relevant agencies to come up with monetary measures that help all vulnerable groups, such as providing soft loans and restructuring debt.

The premier is also upbeat about the country’s recovery, especially after the International Monetary Fund predicted that Thailand’s GDP would expand by 2.8 per cent this year. The IMF has also indicated a 4 per cent surge next year thanks to a recovery in export and tourism.

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https://www.nationthailand.com/thailand/economy/40021059

Help small businesses, low-income earners, Arkhom tells G20 ministers

SATURDAY, OCTOBER 15, 2022

At this week’s G20 meeting, Finance Minister Arkhom Termpittayapaisith suggested that governments introduce financial measures to help small businesses and low-income earners in the face of a global economic recession.

The meeting brought together finance ministers and central bank governors from the Group of 20 (G20) countries.

Arkhom told them that rising prices of consumer goods and energy have become a huge challenge, with high inflation threatening to lead to economic recession.

Finance Ministry spokesman Pornchai Theeravet said on Saturday that Arkhom made the remarks while attending the two-day meeting in Washington DC at the invitation of Indonesia’s Finance Ministry, which hosted this year’s gathering on Wednesday and Thursday.

The meeting was attended by representatives from the European Union, eight industrial countries — United Kingdom, Canada, France, Italy, Japan, Germany, United States and Australia — as well as 11 large economies, namely Argentina, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea, and Turkey.

The G20 countries account for 80 per cent of the global economy and two-thirds of the world’s population.

This year’s G20 summit of finance ministers and central bank governors, held along the theme “Recover Together, Recover Stronger”, discussed six topics — global economy, international financial architecture, financial sector regulation, infrastructure investment, sustainable finance and sustainable taxation.

The meeting agreed to consider all tools necessary to address food and energy insecurity as well as the rising cost of living in many countries. It also highlighted the importance of cooperation to ensure a coordinated global response to tackle food insecurity.

The meeting reaffirmed G20’s commitment to the implementation of an international tax package while looking toward the implementation of the Asia Initiative Declaration on International Taxation, which calls for improved transparency and exchange of information for tax purposes.

On Thursday, Arkhom also met with senior executives from the financial institutions HSBC and Mitsubishi UFJ Financial Group, said Pornchai, who doubles as director of the Finance Ministry’s Fiscal Policy Office.

The executives of the two financial institutions voiced their confidence in the Thai economy and the government’s policies on investment for long-term development, the spokesman said.