Thailand eyes new stimulus schemes as New Year gifts for the public
TUESDAY, OCTOBER 25, 2022
Government agencies and state enterprises have been instructed to devise New Year gift ideas for the public that will not be seen as vote-buying tactics.
The agencies have until November 29 to come up with proposals, so the Cabinet can consider and approve them in time for the New Year, the order said.
The edict, dated October 21, cited an October 18 Cabinet resolution stipulating that the proposed gifts should provide practical benefits to the public and not go against the Election Commission rules and regulations.
The order also specified that the said “gifts” should help stimulate the country’s economy, like the “Let’s Go Halves” co-shopping subsidy scheme and the “We Travel Together” tourism promotion campaign. The schemes, launched in phases, aimed to stimulate the economy and offer a helping hand to people suffering from the fallout of the Covid-19 crisis.
Thailand eyes Bueng Kan airport to boost tourism, border trade with Laos
SUNDAY, OCTOBER 23, 2022
An airport in Bueng Kan province will not only boost regional travel and promote trade but will also meet the Transport Ministry’s investment plans.
The ministry, which oversees the Department of Airport, said this project is also significant because it will promote the East-West Economic Corridor.
Bueng Kan shares a border with Laos and is about five hours by bus from Vientiane.
The department is currently studying the design of the 4,400-rai airport in Bueng Kan’s Muang district and assessing its environmental impact. This will become Thailand’s 30th airport.
The agency expects to submit the study results to the Cabinet by 2023, and if approved the project should kick off in 2026 and be completed by 2029.
“The aim is to meet travellers’ demands and boost border trade as Bueng Kan is located near Laos’ Bolikhamsai province,” the department said.
The initial cost of the airport will be about 3.15 billion baht and will cover the passenger terminal, runway, aircraft parking area and other buildings.
The construction project is about 12 kilometres from the fifth Thai-Laos Friendship Bridge, which is currently under construction.
The Department of Airport expects the airport to serve 149,172 passengers and 1,244 flights per year when it opens in 2029 and believes the numbers will rise to 494,252 passengers and 4,120 flights by 2059.
Thailand offers tax breaks to lure foreign, domestic investment in four economic corridors
SATURDAY, OCTOBER 22, 2022
A meeting of the Special Economic Zone Policy Committee chaired by Prime Minister Gen Prayut Chan-o-cha on Friday approved measures to lure investment in four economic corridors for target industries.
The Board of Investment (BOI) will issue the measures, a government spokesman said.
The Northern Economic Corridor – Chiang Rai, Chiang Mai, Lamphun and Lampang – will target creative, digital, wellness tourism, agriculture and food companies.
The Northeastern Economic Corridor – Nakhon Ratchasima, Khon Kaen, Udon Thani, and Nong Khai – will target bioeconomy, agriculture and food companies.
The Central-Western Economic Corridor – Ayutthaya, Nakhon Pathom, Suphanburi, and Kanchanaburi – will target electrical appliances, electronics, agriculture and food companies.
The Southern Economic Corridor – Chumphon, Ranong, Surat Thani, and Nakhon Si Thammarat – will target bioeconomy, wellness tourism, agriculture and food companies.
The committee approved promotional measures to establish an ecosystem for target industries, offer tax and non-tax benefits for investors, develop infrastructure to promote business, procure funding sources, and amend existing regulations to make it easier to register and operate target industries.
The committee also granted BOI promotional privileges to another 17 types of business in the border special economic zones of Tak, Songkhla, Sa Kaew, Trat, Chiang Rai, Nong Khai, Nakhon Phanom, Mukdahan, Kanchanaburi and Narathiwat. Among the 17 newly eligible business are rubber-product manufacturers, traditional Thai medicine firms, and renewable energy generators.
Global recession inevitable next year, Apec finance ministers say, express concern about inflation
THURSDAY, OCTOBER 20, 2022
Nongluck Ajanapanya
The global economy will not avoid recession next year, finance ministers of the 21 Asia Pacific Economic Cooperation (Apec) members agree.
They reached the consensus at the 29th Apec Finance Ministers’ Meeting on October 20 in Bangkok.
Thailand’s Finance Minister Arkhom Termpittayapaisith told a press conference that Apec members and delegates, and representatives from the Asian Development Bank (ADB), the International Monetary Fund (IMF), the World Bank Group, the Organisation for Economic Cooperation and Development, and the Apec Policy Support Unit were well represented and eager to share their perspectives in order to find the best economic solution together.
He said that in addition to being concerned about the global recession, they were concerned about the high inflation caused by rising energy and food prices, as well as the public debt of each government, which is increasing exponentially due to the need to recover from the Covid-19 pandemic.
However, each country will be affected differently, and Thailand’s economy is expected to grow by 3.7 per cent next year, up from 3.5 per cent this year, he said.
It is due to a positive recovery in the tourism industry, with countries such as Japan opening their borders, he added.
“Hong Kong will return soon, while China has stated that they need more time to settle things in order to be more certain,” Arkhom said.
In contrast, the global economy is expected to slow from 3.2 per cent growth this year to 2.7 per cent next year.
Arkhom insisted that the meeting atmosphere was friendly and cheerful, but refused to discuss one of the meeting’s most divisive topics, the Russia-Ukraine war.
He said that members had their own different opinions.
This 29th Apec Finance Ministers’ Summit issued no joint statement, only a consensus to support sustainable finance and digitalisation.
Meanwhile, representatives from the IMF, ADB, and World Bank advised Apec members to implement more treasury policies to deal with the future economy.
“The policy should be more directly targeted at the poorest and most vulnerable groups who are the most affected by high energy and food prices,” Arkhom said.
He also added that the meeting considered using the Asean Catalytic Green Finance Facility to help with the development of green infrastructure.
Furthermore, the urgent need to protect the environment has prompted Apec members to launch Green bonds, Social bonds, Sustainability bonds, and Blue bonds. All aim to promote sustainability investment and the transition to net zero greenhouse gas emissions.
Arkhom mentioned that the meeting also covered digitalisation and tax policy. Every member has agreed to help each other through this digital transformation.
A limited edition of 1 million commemorative coins for the 29th Asia-Pacific Economic Cooperation (Apec) Summit in Bangkok will be available to the public for purchase from November 1.
The move is aimed at enabling Thais to be aware of the importance of the Apec Summit and to seek their cooperation in warmly welcoming all delegates, Foreign Ministry spokesman Tanee Sangrat said on Wednesday.
He explained that the copper-nickel commemorative coin features His Majesty King Vajiralongkorn on the head of the coin and this year’s Apec logo on the back. Each coin is worth 20 baht.
The Treasury Department will allow people nationwide to purchase the commemorative coin from November 1, Tanee said.
“The Foreign Ministry will announce details about reserving the special coin soon,” he added.
The Apec Summit is scheduled to be held at Bangkok’s Queen Sirikit National Convention Centre on November 18 and 19.
Thai Foreign Ministry sets up ‘war room’ for smooth, successful Apec Summit
THURSDAY, OCTOBER 20, 2022
The Foreign Ministry has established a “war room” to ensure the Asia-Pacific Economic Cooperation (Apec) summit goes smoothly, ministry spokesman Tanee Sangrat said on Wednesday.
His statement came after Foreign Minister Don Pramudwinai presided over a meeting on Tuesday to follow up on preparations for the summit, which is scheduled to be held at Bangkok’s Queen Sirikit National Convention Centre on November 18 and 19.
Don and the ministry’s high-level officials discussed a number of issues, such as preparation for ceremonies, facilities, security, public health measures to contain the spread of Covid-19, and public relations, Tanee explained.
“Don stressed the importance of cooperation between related agencies at all levels,” the spokesman said.
He confirmed all Apec nations would attend the summit.
Thailand has already received written responses from six economies.
“Three countries have said their leaders would attend the summit, while two will send representatives to attend the meeting,” Tanee said, adding that Thailand is currently waiting for a response from four nations.
He said the complete list of Apec economies attending the summit will be announced during a meeting of the national committee for preparation of the summit on October 31, which will be chaired by Prime Minister Prayut Chan-o-cha.
Tanee said the ministry has already prepared measures to provide security to Apec delegates during the summit.
Apart from Prayut, the following is a tentative list of Apec leaders or their representatives who are scheduled to attend the summit:
1. Russia – President Vladimir Putin
2. China – President Xi Jinping
3. Canada – Prime Minister Justin Trudeau
4. Indonesia – President Joko Widodo
5. South Korea – President Yoon Suk-yeol
6. Hong Kong – Chief Executive John Lee
7. Australia – Prime Minister Anthony Albanese
8. Chile – President Gabriel Boric
9. Brunei – Sultan Hassanal Bolkiah
10. Malaysia – Prime Minister Ismail Sabri Yaakob
11. Mexico – Economy Minister Tatiana Clouthier
12. New Zealand – Prime Minister Jacinda Ardern
13. Papua New Guinea – Prime Minister James Marape
14. Peru – President Pedro Castillo
15. Philippines – President Ferdinand Marcos Jr
16. US – Vice President Kamala Harris
17. Saudi Arabia – Prime Minister Crown Prince Mohammed bin Salman (guest of the Thai government)
ABAC campaign aims to raise Thai people’s awareness on role in boosting the economy
THURSDAY, OCTOBER 20, 2022
Nongluck Ajanapanya
The Asia Pacific Economic Cooperation (APEC) Business Advisory Council 2022 (ABAC 2022) has launched a campaign to raise Thai awareness of their role and the importance of each involved party in driving the country’s economy both locally and regionally in the Asia-Pacific.
The campaign’s concept is “Business of the People”, which includes two important components. The first are survey results from the business sector, also known as the “Business of the People Poll”. The second is a short film that follows the development of a community enterprise.
Kriengkrai Thiennukul, president of the Federation of Thai Industries (FTI), said at the press conference on Wednesday that the campaign would emphasise the importance of the APEC CEO summit to the country and its people.
Furthermore, it would be another example to inspire Thai people to participate in the event, said Kriengkrai.
Sanan Angubolkul, chairman of the Thai Chamber of Commerce (TCC), noted that the summit would allow Thailand’s small and medium-sized enterprises (SMEs) to learn from the other 21 APEC member economies, which will boost their confidence and potential to the next level.
The Institute of Trade Strategies, University of Thai Chamber of Commerce, conducted the “Business of the People Poll” survey project for Abac 2022 hosted by Thailand in order to gather Thai entrepreneurs’ perspectives, comments, and information regarding the regional economy in Thailand and the Asia Pacific.
The institute polled 451 Thai entrepreneurs nationwide about the factors, challenges, and possibilities of future business growth in order to gain a better understanding of the facts and perspectives driving the economy from the participant’s perspective.
The poll revealed the business sector’s confidence for the next 5 to 10 years. The business community believes that the economy will recover and that opportunities will grow and expand.
Factors thought to aid recovery include the use of technologies and digitalisation to support consumer behaviour adaptation, the importance of sustainability, and the application of the Bio-Circular-Green economic model.
However, SMEs are still regarded as underfunded. There is a widespread belief that gaining knowledge and assistance from the government to reduce monopoly will enable small and micro-enterprises to continue operating effectively.
Similarly, recommendations from the business sector have been received, and these recommendations will be included in the policy proposals that will address such pressing issues.
The majority of respondents agree that the government and private sector collaboration to improve multi-level business cooperation to create environmental sustainability, such as green economy, is important.
Respondents also want the government to make it possible for communities to monitor product and ingredient cost per market mechanism, as well as monetary assistance, such as money for business recoveries and cost control.
They also advocate the reduction of bureaucracy in the public and government sectors, as well as political stability and policy regarding laws that benefit businesses.
Meanwhile, Kriengkrai described the ABAC short film as encapsulating ABAC’s mission: encourage people to work together to drive the economy and achieve a comfortable life for all.
He said that ABAC has decided to use a case study of a community enterprise in Nam Chun, Lom Sak, Phetchabun province.
It follows Nipon Pila, a former designer who decided to become a next-generation farmer. His story demonstrates that by improving, elevating, and driving the business to adapt to the changing social landscape, anyone can succeed.
It also demonstrates Nipon’s success, which results from collaborating within his community to build collective strength by moving forward together.
Sanan noted that economic growth is everyone’s responsibility and duty. That is why, through the film, ABAC would like to present the success story of a small entrepreneur who was able to integrate and achieve a sustainable business through drive and persistence.
The APEC Business Advisory Council consists of representatives from three groups: the Federation of Thai Industries, the Thai Chamber of Commerce, and the Thai Bankers’ Association. These three sector groups are also known as the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB),
This year, the Thai private sector will chair the APEC Business Advisory Council and host the ABAC meeting from November 14 to 16, and the APEC CEO Summit 2022 under the theme “Embrace, Engage, Enable”.
The main summit will be held from November 16 to 18 at the Athenee Hotel, a Luxury Collection Hotel Bangkok.
Ayutthaya agencies ordered to take steps to save industrial estates from flooding
WEDNESDAY, OCTOBER 19, 2022
Related agencies in Ayutthaya have been instructed to evaluate and tackle the flood situation in the province, where three industrial estates remain at risk of flooding.
The three estates – Nakhon Luang, Bang Pa-in and Ban Wa – are under the Industrial Estate Authority of Thailand (IEAT) supervision.
Deputy government spokesperson Rachada Dhnadirek said each industrial estate has prepared a flood prevention system, such as levees and water pumps, to deal with the situation.
“The IEAT confirmed the three industrial estates are still able to handle the flood situation while hoping it will improve gradually,” she said.
The three are still safe, she noted, adding that the water mass is still outside outer barriers.
As for worries about floods having an impact on workers’ commute to and from work, she said related agencies have been instructed to ensure roads leading to the estates are not blocked by flooding.
“Prime Minister Prayut Chan-o-cha has ordered related agencies to evaluate and tackle the flood situation periodically to mitigate the impact on locals and businesses,” she added.
Tax waiver for foreign actors in Thailand gets final stamp of approval
TUESDAY, OCTOBER 18, 2022
The Cabinet on Tuesday gave its final stamp of approval to waive the 10 per cent personal income tax foreign actors are required to pay while shooting in Thailand.
The five-year waiver, first proposed by the Finance Ministry in June, will go into effect 180 days after it is published in the Royal Gazette.
Deputy government spokesperson Tipanan Sirichana said this incentive will not only bring foreign filmmakers to Thailand but will also boost revenue for film-related companies as well as the tourism industry.
“It will help promote destinations in the country where big blockbusters are shot or where well-known actors were spotted,” she said.
Deputy government spokesperson Tipanan Sirichana
Apart from boosting Thailand’s standing in the global film industry, this incentive will also generate jobs in the sector and stimulate domestic consumption.
She said the waiver applies to foreign actors who are part of films made in Thailand by foreign companies or juristic partnerships established overseas.
She added that this regulation should help generate at least 3.5 billion baht in revenue, open the door to knowledge exchange as well as showcase Thailand’s many tourist attractions.
“The Tourism and Sports Ministry’s Tourism Department will cooperate with related agencies on boosting awareness of this measure and developing a relevant ecosystem,” she added.
Bhumjaithai denies its massive THB6.35-billion bridge project in South aimed to win votes
TUESDAY, OCTOBER 18, 2022
The Cabinet has given the Transport Ministry a go-ahead to build two massive bridges in the South.
The two bridges, which were approved on Tuesday, will cost a total of 6.35 billion baht to build.
The one linking Songkhla’s Krasae Sin district to Phatthalung’s Chaison district will cost about 4.5 billion baht, while the one between Krabi’s Ko Klang and Koh Lanta Noi islands will cost about 1.85 billion baht.
The projects’ environmental impact assessment reports have been approved by the Natural Resources and Environmental Policy and Planning Office, and construction should start in the latter half of next year and be completed by 2026.
Transport Minister Saksayam Chidchob, who is also Bhumjaithai Party’s secretary-general, said the bridges will be funded through foreign loans, 30 per cent of which will come from the World Bank.
He added that the projects will be up for bidding in December.
Meanwhile, Public Health Minister Anutin Charnvirakul, who is Bhumjaithai’s leader, denied these projects were a tool to win votes for the next general election, saying serving people is the government’s duty. He added that the Phatthalung-Songkhla bridge will cut the travel distance by about 70 kilometres and will help stimulate tourism and the local economy.
He also said he will continue to serve the public until Parliament is dissolved ahead of the May 7, 2023, general election.
He said that in addition to being concerned about the global recession, they were concerned about the high inflation caused by rising energy and food prices, as well as the public debt of each government, which is increasing exponentially due to the need to recover from the Covid-19 pandemic.
The Institute of Trade Strategies, University of Thai Chamber of Commerce, conducted the “Business of the People Poll” survey project for Abac 2022 hosted by Thailand in order to gather Thai entrepreneurs’ perspectives, comments, and information regarding the regional economy in Thailand and the Asia Pacific.
However, SMEs are still regarded as underfunded. There is a widespread belief that gaining knowledge and assistance from the government to reduce monopoly will enable small and micro-enterprises to continue operating effectively.
Deputy government spokesperson Tipanan Sirichana
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