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https://www.nationthailand.com/thailand/economy/40020365

Thailand launching innovation incubator to train up ‘generation of Elon Musks’

FRIDAY, SEPTEMBER 23, 2022

The National Innovation Agency (NIA) on Friday launched an ambitious plan to produce the next generation of innovators to boost Thailand’s development.

The STEAM4Innovator Centre is a collaboration with Rajamangala University of Technology Lanna, King Mongkut’s University of Technology North Bangkok, Prince of Songkhla University, Yala Rajabhat University, and the Department of Vocational Education (DVE), which oversees vocational colleges across the country.

STEAM stands for Science, Technology, Engineering, Art and Mathematics.

NIA executive director Pun-Arj Chairatana said his agency is on a mission to produce young innovators with creative ideas that can be developed for commercial potential.

He said the NIA focuses on the 3Gs – grooming, grants and growth – to forge a network of “innovation creators” and “innovation coaches”.

The agency has worked with the four universities and the DVE to train 394 teachers for the network through the Steam4Innovator Trainers’ Lab.

Next year, participating unis and colleges will apply Steam4Innovator principles in their general education courses for first-year students.

In 2023, the NIA will equip more than 15,000 youngsters with the knowledge and skills to create innovations, and many more in the following years.

Any academic institution interested in housing a STEAM4Innovator Centre can contact the four universities, the DVE or the NIA. Further information about the project is available on the STEAM4Innovator website.

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https://www.nationthailand.com/thailand/economy/40020341

Weaker baht a boon for export, tourism, but curse for industries relying on imports

FRIDAY, SEPTEMBER 23, 2022

THE NATION

The weakening of the baht will benefit the export sector but not importers, the Thai National Shippers’ Council (TNSC) said, while advising exporters to insure themselves against currency risk.

TNSC chairman Chaichan Charoensuk said on Thursday that the baht is currently at around 37 to the US dollar after the US Federal Reserve hiked the interest rate by 0.75 points on Wednesday for the third time this year to fight inflation.

“This has affected not just the baht, but all currencies are getting weaker against the dollar,” he said.

Chaichan added that a weaker baht will bring profits to exporters, but industries that rely on imported raw materials, like pharmaceuticals, will suffer from surging costs.

“Over the past few months, businesses did not stock up on raw materials due to high fluctuation, so now they have to buy materials again at a higher price until the baht gets stronger again,” he said.

However, he believes the weakening of the baht will only last for a short period and it will soon return to around 36 to 36.5 baht to the dollar before yearend.

“The Bank of Thailand will not allow the baht to become too weak and will issue new measures to ensure its stability,” he said.

The TNSC chairman has advised exporters to keep a close eye on the currency and acquire insurance against risks from currency fluctuation. He said nobody can accurately predict which direction the baht will move and by how much.

Chaichan added that a weaker baht will also affect the import of fuel for power generation, eventually resulting in higher electricity bills and costs. He urged the government to use measures to slow down the hike in electricity prices and do it in steps to soften the impact on businesses, especially small and medium-sized ones.

Wisit Limleucha, vice president of the Thai Chamber of Commerce, said another sector that could benefit from the weakening of the baht is tourism. “To make the fullest use of the situation, tourism operators must focus on selling locally made products instead of on brands imported from overseas, which will suffer a surge in price due to the weaker baht,” he said.

Wisit said he believes that with proper support from the government, inflation in Thailand will not be as bad as in other countries as Thailand can still produce its own food instead of having to import it.

THE NATION

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https://www.nationthailand.com/thailand/economy/40020330

Korn warns against setting predetermined rate for baht against US dollar

THURSDAY, SEPTEMBER 22, 2022

THE NATION

Former finance minister Korn Chatikavanij on Thursday advised the government against setting a target for pegging the baht against the US dollar, warning that doing so could cause a financial crisis.

Korn said the current slide of the baht, caused by a wider gap in policy rates of Thailand and the US, was a problem but not a crisis yet.

On Thursday morning, the baht slid further from 37 to 37.2 to the US dollar and continued to drop to 37.31 in the afternoon.

In his Facebook post, Korn said the US Federal Reserve (Fed) had steeply raised its policy rate by another 75 basis points on Wednesday to 3.0-3.25 per cent.

Korn said the US policy rate was the highest since the “Hamburger Crisis” in 2008, widening the gap between Thailand’s policy rate and that of the US to almost 3 per cent.

Korn said the US dollar had appreciated against the baht and other currencies because the market expected the Fed to raise the policy rate by another percentage point within this year.

“This is a problem, but not a crisis,” Korn wrote.

“A crisis will happen if we declare that we will defend the baht by setting an exchange rate target against the real market situation, such as 35 baht per dollar or any target.”

Korn wrote the post a day after acting Prime Minister General Prawit Wongsuwan confirmed on Wednesday he had made a suggestion during the weekly Cabinet meeting on Tuesday that the baht should be valued at 35 baht per dollar.

Korn said the gap in Thai and US interest rates would unavoidably affect the baht’s value until the US economy slows down.

Korn said he expected the US economy to slow down next year at the earliest.

“Once the US economy slows down, we will be benefited from declining prices of oil and consumer goods. By that time, the baht will appreciate automatically – especially if our current account improves to positive territory and if our revenue from tourism rises,” Korn said.

“Don’t cause panic by saying that the baht must be valued at this or that. Although the baht is valued at 37 per dollar, it will not cause a crisis like the Tom Yam Koong crisis because we have high foreign exchange reserves and we can handle public debt.”

Korn added that the government should not be worried about the baht’s value for now but should focus on helping economically vulnerable groups who have to shoulder high cost of living, and should help prevent debtors from being blacklisted or else they would have no chance even when the country’s economic situation improves.

THE NATION

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https://www.nationthailand.com/thailand/economy/40020323

Domestic vehicle sales, exports accelerate

THURSDAY, SEPTEMBER 22, 2022

THE NATION

Thailand’s automotive manufacturing output rose 10.5 per cent year on year to 1.18 million vehicles during the January-August period, the Federation of Thai Industries’ (FTI) Automotive Industry Club announced on Thursday.

Club vice president and spokesman Surapong Pisitpattanapong said August production alone reached 171,731 units, jumping 64.9 per cent year on year, thanks to rising demand for cars and pickup trucks in both domestic and overseas markets.

The eight months of 2022 saw domestic sales of 559,537 vehicles, increasing 19.6 per cent year on year, with sales in August alone being 68,208 units, up 61.7 per cent year on year.

“Automotive sales are rising due to new models and a gradually improving economy after Thailand fully reopened the country to foreign tourists and investors,” Surapong noted.

Meanwhile, 606,055 vehicles were exported in the eight months, valued at 368 billion baht – an increase of 0.4 per cent and 5.18 per cent year on year, respectively. Some 73,325 vehicles were exported in August, valued at 49.36 billion baht, rising 23.09 and 38.12 per cent year on year, respectively.

The automotive industry saw 600.62 billion baht worth of exports (vehicles, parts and components) in the eight months, increasing 2.96 per cent year on year. Total exports in August were 78.3 billion baht, a 23.9 per cent increase year on year.

Surapong said the automotive industry’s current performance is on track to meet the club’s target of 850,000 vehicles sold domestically and 900,000 exported units by the end of the year.

The club is keeping an eye on external factors that could affect sales and prices of vehicles overseas, including the Russia-Ukraine war, tension in the Taiwan Strait, the US central bank hiking the interest rate, and global inflation, he said, adding that his club would evaluate the situation every two months and adjust its estimations/targets accordingly.

Several internal factors could continue to accelerate domestic vehicle sales through the year, such as the government’s domestic tourism promotion campaigns and price guarantee schemes for agricultural products that would increase the need for transport, Surapong said.

THE NATION

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https://www.nationthailand.com/thailand/economy/40020317

Government revenue exceeds target, pointing to economic expansion

THURSDAY, SEPTEMBER 22, 2022

THE NATION

Revenue collection in 11 months of fiscal year 2022 has exceeded the government’s target by 117 billion baht, or 5.5 per cent, the Finance Ministry said on Thursday.

In 11 months of the fiscal year — from October 2021 to August 2022 — revenue reached 2.25 trillion baht, the ministry said.

“Compared to last year, revenue collection increased 6.8 per cent due to expansion of the economy, which boosted domestic consumption and imports,” Pornchai Theeravet, director of the Fiscal Policy Office (FPO) and the ministry’s spokesperson, said.

The Revenue Department collected 1.86 trillion baht in the past 11 months, increasing by 248 billion baht, or 15.3 per cent, year on year. The department exceeded the target by 14.6 per cent, or 238 billion baht. Most of the increased revenue came from value-added tax and corporate income tax.

The Excise Department, meanwhile, has collected 465 billion baht, down 5.8 per cent year on year, dropping by 28.7 billion baht. The department missed its target by 15 per cent, or 82.2 billion baht. Pornchai attributed the drop to the diesel tax cut in a bid to reduce people’s cost of living.

The Customs Department’s collection of 100 billion baht, was a 7.8 per cent increase year on year, up by 7.03 billion baht. The department exceeded the target by 9.5 per cent, or 8.79 billion baht.

Revenues contributed by state enterprises in 11 months of the fiscal year also exceeded the target by 11 billion baht. Revenue from other government agencies, however, missed the target by 17.1 billion baht, added Pornchai.

The government has set a revenue target of 2.49 trillion baht for fiscal 2023, which begins next month.

THE NATION