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https://www.nationthailand.com/thailand/economy/40023742

Four industrial estates offer major incentives for investors

THURSDAY, JANUARY 05, 2023

The Industrial Estate Authority of Thailand is waiving rental and maintenance fees in four industrial estates for at least one year to attract investors, its governor, Veeris Ammarapala, said on Thursday.

The fees will be waived in two industrial estates in Songkhla province, one in Sa Kaew province, and another in Phichit province, Veeris said.

Fees are being waived and land prices are being lowered to attract investment, primarily from China and Saudi Arabia, in the four industrial estates, Veeris explained, adding that the measures applied to both new and current investors.

The measures are being implemented as supply chains accelerate their shift from China to Southeast Asia and investment from Saudi Arabia in Thailand increases following an improvement in the relationship between the two countries last year.

The four estates are Rubber City in Songkhla, Songkhla Industrial Estate (first stage), Phichit Industrial Estate, and Sa Kaew Industrial Estate.

The measures for each of the four industrial estates are:

– Rubber City, Songkhla: New investors will be exempt from rental and maintenance fees for one year from the day they sign the leasing contract. Current tenants will be exempt from rental fees for two years and maintenance fees for one year. New investors buying land in the estate will receive a 15% reduction from the land price as well as a one-year exemption from maintenance fees. Current investors will receive a 20% discount if they buy more land as well as the one-year exemption from maintenance fees.

– Songkhla Industrial Estate (first stage): New investors will be exempt from rental fees for three years from the day they sign a contract. They will be exempt from maintenance fees for one year. Current tenants will receive a three-year exemption from rental fees and a 25% discount in the fourth year. They will also be exempt from maintenance fees for one year.

– Sa Kaew Industrial Estate: New investors will be exempt from rental and maintenance fees for one year. Current tenants will be exempt from rental fees for three years and maintenance fees for one year. Investors who rent factories will be exempt from rental fees for two years.

– Phichit Industrial Estate: New and current investors will be exempt from rental fees for two years and from maintenance fees for one year.

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https://www.nationthailand.com/thailand/economy/40023741

Thailand’s 2024 budget of THB3.35trn gets nod from state agencies

THURSDAY, JANUARY 05, 2023

Four state economic agencies have approved the fiscal 2024 budget of 3.35 trillion baht with a budget deficit of 593 billion baht.

The 2024 budget is an increase of 165 billion baht from last year’s budget, but this year’s deficit is lower by 102 billion baht.

The four agencies – the Budget Bureau, National Economic and Social Development Council (NESDC), Bank of Thailand and Finance Ministry – will propose the budget to the Cabinet for approval next Tuesday.

NESDC secretary-general Danucha Pichayanan said that setting next year’s government expenditure at 3.35 trillion baht was appropriate given economic recovery following the Covid-19 crisis.

The 2024 budget is based on expected GDP growth of 3.3% to 4.3% next year from global economic recovery, he said.

“Recovery of the global economy and trade volumes will benefit Thailand’s exports, resulting in GDP expansion,” he said, adding that global trade volume next year is expected to expand by 3.7%.

He said the government’s plan to increase public spending while reducing the deficit in 2024 would boost Thailand’s financial status in the long term.

He also expects the budget deficit to drop as the global situation improves.

Finance Minister Arkhom Termpittayapaisith said preparing the 2024 budget had been challenging as it was necessary to increase expenditure while reducing the budget deficit.

He said the 2024 budget is in line with the government’s medium-term fiscal plan (2024-2027) for a deficit of no more than 3% of GDP.

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https://www.nationthailand.com/thailand/economy/40023724

Oil Fuel Fund to borrow another 30 billion baht to keep price of diesel low

WEDNESDAY, JANUARY 04, 2023

The Oil Fuel Fund Office will borrow another 30 billion baht more to increase its liquidity after its board meeting next week, the fund’s director, Wisak Watanasap, said on Wednesday.

Wisak said the fund’s board would meet on Monday to discuss its plan to borrow 30 billion more and would then submit the plan for Cabinet approval soon after.

Wisak said the fund had already borrowed 30 billion baht from Krung Thai Bank and the Government Savings Bank following an executive decree from the Finance Ministry guaranteeing the fund’s loans took effect last year.

The first loan reduced the fund’s deficit to 121.491 billion baht as of January 1, Wisak said.

The fund will continue to borrow from state-run banks, he said, adding that the fund had enough cash to

repay debts from oil subsidies until February or March.

Falling global oil prices in November and December helped the fund collect an additional 8 billion baht, Wisak said.

He said the fund will continue subsidizing diesel oil prices so that the retail price could be kept at 35 baht per litre until the government made a decision to raise or lower the price.

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https://www.nationthailand.com/thailand/economy/40023721

Excise Department looking at overseas practices before levying carbon tax

WEDNESDAY, JANUARY 04, 2023

The Excise Department is studying guidelines issued by many countries for collection of carbon tax, with the study expected to be completed this year.

The department’s director-general, Ekniti Nitithanprapas, said on Wednesday that Singapore has two types of carbon tax collection — on goods, and on production.

European countries have implemented measures to collect carbon tax on production, both domestic and overseas, he added.

He pointed out that carbon tax collection on goods that emit carbon dioxide is appropriate for Thailand as the country collects tax from retail prices.

“Initially, Thailand would collect carbon tax on goods that are subject to excise tariff, such as diesel, benzene and biodiesel,” he said.

He said collection of carbon tax on production would take some time as the department needs to study the guidelines.

“We have to check how much carbon dioxide is emitted during the production process,” he said, adding that the department has set up a working team and summoned related agencies to discuss this issue.

Ekniti explained that Singapore, for instance, collects 5 Singapore dollars per metric ton of carbon dioxide emitted during production.

He added that European countries’ move to collect carbox tax on production overseas aims to prevent business operators from taking advantage by moving their production base.

“Guidelines to collect carbon tax on goods that are subject to excise tariff will be made by paying attention to environment,” he said.

He added that the department would also launch guidelines to reduce carbon tax on eco-friendly products.

“Apart from driving the economy, the department’s campaign will urge people to use more energy-saving products,” he said.

Ekniti said that the department plans to reduce tax on electric vehicle (EV) batteries for domestic manufacturers from the current 8 per cent in a bid to meet the government’s campaign to promote the use of EVs in the country.

He added that the department is discussing this issue with related agencies, expecting to reach a conclusion by this year.

“However, manufacturers must have a plan to recycle batteries,” he said, adding that this move would also help reduce the price of EVs.

Related stories:

• Singapore explores underground space to protect nation against rising sea levels
• Flood-prone Thailand, Laos to partner on tackling climate-change issues
• COP27: Key Outcomes and Implications for Thailand

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https://www.nationthailand.com/thailand/economy/40023720

BOT accelerates setting up of new transnational payment system for Thai consumers

WEDNESDAY, JANUARY 04, 2023

The Bank of Thailand (BOT) is pushing the development of a new payment system to match Thailand’s economic recovery.

Siritida Panomwon Na Ayudhya, assistant governor of BOT’s Payment Systems Policy and Financial Technology Group, said on Tuesday that the central bank aims to develop a payment system that allows users to perform transactions overseas.

She added that the popular PromptPay application already supports payments in countries like Laos, Cambodia, Vietnam, Indonesia, Malaysia and Japan via the quick response (QR) code.

She said the volume of transactions via PromptPay has surged exponentially since the application was introduced in January 2018.

“Currently, 44 million transactions are made via PromptPay per month,” she said, adding that the transaction volume is expected to grow further.

Siritida went on to say that BOT joined with the Monetary Authority of Singapore to launch the PromptPay-PayNow system in April 2021. The system allows users to transfer cash to and from Singapore via registered phone numbers.

“As of September last year, 505,000 transactions worth 3.8 billion baht were made via the PromptPay-PayNow system,” she said.

She added that BOT is planning to set up a similar system with Malaysia in the third quarter of this year, and with Vietnam after that.

Siritida Panomwon Na Ayudhya

Separately, BOT has cooperated with Hong Kong, China and the United Arab Emirates on issuing a wholesale central bank digital currency (CBDC), Siritida said.

BOT will expand the digital currency to other countries later this year, she added.

“BOT will conduct an experiment on issuing retail CBDC via Thai banks this year,” she said.

She added that the central bank is also conducting an experiment on a peer-to-peer (P2P) lending system which allows people to seek loans online.

Related stories:

• 15 bank holidays announced for 2023
• BOT governor reaffirms Thailand taking ‘gradual and measured approach’ to economic recovery
• BOT to monitor loan campaigns by commercial banks to prevent aggravation of household debt situation

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https://www.nationthailand.com/thailand/economy/40023719

Soaring global demand for rice pushes Thailand closer to 2nd place

WEDNESDAY, JANUARY 04, 2023

Thailand is on track to becoming the world’s second-largest rice exporter after its shipments in the first 11 months of last year rose to 6.91 million tonnes.

This surpassed the 6.67 million tonnes exported by Vietnam, which held second place in 2021, the Thai Rice Exporters Association (TREA) said on Wednesday.

Meanwhile, India is still the top rice exporter after having shipped 18.25 million tonnes from January to November last year.

“We are confident that total exports in 2022 will exceed the target of 7.5 million tonnes thanks to surging demand from Iraq, China and the United States during the New Year holidays,” TREA president Charoen Laothamatas said.

He added that the 6.91 million tonnes of rice exported in the 11 months of 2022 marked a 26.8% increase year on year, with sales revenue rising 29.2% year on year at 123.51 billion baht.

In November, Thailand exported 706,270 tonnes of rice, down by 11.1% from the previous month, but revenue rose by 2.6% to 14.3 billion baht.

Other importers of Thai rice include Hong Kong, Canada, Singapore, Australia, Japan, Angola, Mozambique, the Philippines, Cameroon, South Africa, Yemen and Benin.

TREA expects rice exports in December to be recorded at around 800,000 tonnes as sellers are looking to replenish their stock that has been depleted over the holidays. This would push Thailand’s total rice exports in 2022 beyond the association’s target to around 7.71 million tonnes.

Related Stories

Thai rice exports rise 33%, closer to 7.5-million-tonne target for 2022

Thailand’s Hom Mali dethroned as World’s Best Rice after losing fragrance, exporters warn

Thailand opens rice DNA testing centre after Hom Mali loses world crown

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https://www.nationthailand.com/thailand/economy/40023716

Thailand, Cambodia moving towards oil and gas exploration in disputed waters

WEDNESDAY, JANUARY 04, 2023

Discussions of a joint development area (JDA) for oil and gas exploration in the overlapping claims between Cambodia and Thailand in the Gulf of Thailand have reached the level of the Cabinet, a Government House source said.

The proposal was heard by the Cabinet at its weekly meeting on Tuesday, the source said, adding that officials who were not relevant to the proposed JDA were asked to leave the meeting room for 20 minutes while it was discussed.

The source said discussions on the proposed JDA were raised by Deputy Prime Minister Gen Prawit Wongsuwan as the Cabinet meeting was drawing to an end.

The confidential discussions on the JDA lasted for about 20 minutes, the source said.

According to the source, Prawit told the Cabinet that he met Cambodian Mines and Energy Minister Suy Sem last month to discuss a joint development project for oil and gas exploration in the overlapping claims area.

Prawit told the Cabinet that Suy Sem was willing to implement a JDA with Thailand under the condition that the two countries exclude discussions of territorial borders from any JDA they agree to.

The source quoted Prawit as telling the Cabinet that Suy Sem was convinced to go ahead with a JDA in the overlapping claims area due to rising global oil prices.

Prawit told Suy Sem that any oil and gas extracted from the JDA would allow the two neighbours to depend on their own energy resources, the Government House source said. Moreover, Prawit also told Suy Sem that oil and gas exploration in the JDA would spark development of related industries.

The source said the Cabinet agreed to set up a committee to oversee a JDA with Cambodia. The committee would be chaired by a Foreign Ministry official.

The Cabinet agreed that the Thai-Malaysian JDA would serve as the model.

The overlapping claims area between Cambodia and Thailand covers about 26,000 square kilometres in the Gulf of Thailand. The area where the joint development project is planned is about 16,000 square kilometers, the Government House source said, adding that it was located above 11 degrees latitude. The Thai-Malaysia JDA began in 1979, following 11 years of negotiation.

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https://www.nationthailand.com/thailand/economy/40023712

Govt devises new plan to keep Thailand on top of canned pineapple market

WEDNESDAY, JANUARY 04, 2023

Thailand has been declared the world’s largest exporter of canned pineapples, earning about 20 billion baht yearly from the fruit, much to the joy of Prime Minister Prayut Chan-o-cha.

Government spokesman Anucha Burapachaisri said on Wednesday that Prayut was overjoyed when the Agriculture Ministry informed him that Thailand held a 32% market share of the global canned pineapple market. The next biggest supplier is the Philippines with a 22% market share.

“The PM reckons that cooperation of government agencies to support and promote canned pineapple has helped win Thailand the top spot,” Anucha said.

He added that the government has drafted a 2023-2027 development plan to support the canned pineapple industry and enhance its capacity in the production, processing and marketing of the product.

Anucha said the government plans to use the development fund as a key mechanism to boost revenue for pineapple farmers.

He added that since most pineapple factories are located in Prachuap Khiri Khan, it can be considered a pineapple metropolis for Thailand and the world.

Last month, Alongkorn Ponlaboot, adviser to Agriculture Minister Chalermchai Sreeon, said the Agriculture Ministry will establish a “pineapple metropolis” in Prachuap Khiri Khan this year to support growers of the spiky yellow fruit.

He said the support will also be extended to pineapple farmers in Phetchaburi, Ratchaburi and Kanchanaburi.

Apart from pineapple, the government is also paying attention to mamuang bao, a type of mango that is smaller but propagates fast. This mango is usually consumed unripe with a hot and sweet dip.

Anucha said mamuang bao has been registered as a geographical indication product for Songkhla and that it earns the province about 58 million baht per year.

Related story:

Agriculture Ministry to establish ‘pineapple metropolis’ next year: Alongkorn

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https://www.nationthailand.com/thailand/economy/40023695

TAT aims to woo more tourists with Thailand-China siblings campaign

TUESDAY, JANUARY 03, 2023

The Tourism Authority of Thailand (TAT) is ready to launch a campaign under the theme “Thailand and China are siblings” in a bid to attract Chinese tourists to the country, the agency said on Tuesday.

The campaign comes after the Chinese government announced in December last year that it would lift travel restrictions from January 8.

TAT Governor Yuthasak Supasorn said the agency would focus on promoting Thai tourism products and services via Chinese online platforms, such as Ctrip, Fliggy and Lvmama.

He added that TAT plans to invite Chinese singer and actor, Ma Tianyu, to promote Thai tourism products and services via live streaming on January 10.

“Meanwhile, Ctrip CEO Jane Jie Sun will promote Thai tourism products and services via live streaming on January 11,” he said.

Yuthasak said TAT also plans to allow Thai entrepreneurs to promote their tourism products and services in China after the Chinese New Year festival. Chinese New Year falls on January 22 this year.

He said TAT will negotiate with airlines to increase flights between Thailand and cities in China. TAT will also design land travel packages between the two countries, such as via Laos-China high-speed railway and caravan, he added.

Yuthasak Supasorn

Earlier, China’s news agency Xinhua reported that Chinese tourists travelled 52.7 million times domestically from December 31 to January 2, generating more than US$3.8 billion earnings (130.68 billion baht) for the country.

Related stories:

• Nearly 12 million foreign tourists visited Thailand last year
• South Korea, Thailand launch mutual tourism campaign for 2023-2024
• Tourists flood Phi Phi on Jan 1 as Thailand ups 2023 forecast to 25m visitors