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https://www.nationthailand.com/thailand/economy/40020048

First Thai-Saudi Business Matching Webinar Expected To Launch THB10bn Annual Trade

BY LINE : NONGLUCK AJANAPANYA

TUE, SEPTEMBER 13, 2022

The Federation Of Thai Industries (FTI) Is Teaming Up With The Federation Of Saudi Chambers Of Commerce (FSCC) To Co-Host A Webinar That Will Connect Thai And Saudi Businesses To Boost Bilateral Trade And Investment.

The online event will take place later this month and follows Commerce Minister Jurin Laksanawisit’s trade trip to Saudi Arabia last month.

FTI chairman Kriengkrai Thiennukul hailed the trip as a success after it resulted in an agreement to forge a Joint Business Council.

The collaboration between the two nations’ private sectors is expected to boost Thai exports of agricultural products, food, electronics, automobiles, and services.

Mutual trade is forecast to exceed 10 billion baht within one year of the signing of the agreement to establish the Thai-Saudi Arabian Business Council, said Kriengkrai.

Meanwhile Saudi Arabia will need more cooperation from Thai investors and businesses to develop its ambitious US$500-billion Neom smart city project, he added. Neom is part of the Saudi Vision 2030 strategy to reduce reliance on oil and create a more diverse economic model.

Kriengkrai commented that Thai products have already gained a foothold in the Saudi market.

“I discovered that Thai goods and services are quite popular among Saudi Arabians, and this is a new opportunity after three decades to reconnect with a huge potential market,” he said. 

Thai-Saudi relations were frozen for three decades amid the Blue Diamond affair after a Thai janitor stole gems from a Saudi palace in 1989.
 

The desert kingdom also pledged to facilitate visa processes for Thai businesses, and showed special interest in Thailand’s food, construction and air conditioner industries.

Saudi Arabia is currently Thailand’s 29th-largest export market. The value of trade between the two countries has increased by 46.42 per cent in the last seven months. Exports increased 14.79 per cent to $1.1 billion, while imports rose 56.83 per cent to $4.6 billion.

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https://www.nationthailand.com/thailand/economy/40020044

Business Sector Urges Government Support To Ease Power Bill Burden

BY LINE : NONGLUCK AJANAPANYA

TUE, SEPTEMBER 13, 2022

Thailand’s Industrial Sector Has Proposed A Short-Term Plan To Address Rising Electricity Bills, And Urged The Government To Provide More Assistance To Small And Medium-Sized Businesses.

The Federation of Thai Industries (FTI) revealed on Tuesday its proposal during the monthly press conference on Thailand Industry Sentiment Index (TISI) for August 2022.

FTI chairman Kriengkrai Thiennukul said businesses overall would tend to grow positively due to the easing Covid-19 pandemic situation. However, most entrepreneurs are concerned about the rising electricity cost right now because it will affect their overall costs and profits.

He noted that material prices were still high, so rising electricity bills would do more harm than good to businesses that are still recovering from the pandemic.

Meanwhile, FTI vice chairman Isares Rattanadilok na Phuket explained that electricity bills in Thailand are higher than in neighbouring countries as the kingdom is overly reliant on liquified natural gas (LNG) as the primary source of energy for power generation. The country lacks a free market system in the energy sector, resulting in the country having few players while having plenty of idle infrastructures that only adds to the cost burden, Isares said.

Thailand will need to reform its electricity system in the long run. However, because the business sector cannot wait, the federation has developed a short-term plan for the government to consider in order to reduce the electricity cost, Isares said.

“The first proposal is to import oil from Russia as an alternative source of LNG, and then the Energy Regulatory Commission should open a bidding round for purchasing electricity from idle small power producers rather than importing LNG to produce power,” Isares explained.

Kriengkrai also urged the government to take steps to mitigate the effects of the incremental increases in minimum wage and electricity charges, such as by granting an electricity subsidy to SME entrepreneurs and subsidising employment promotion to assist entrepreneurs in cost reduction.

The business sector requested that the government ease the import of foreign workers from neighbouring countries in order to alleviate labour shortages, including assisting entrepreneurs in using more machines for manufacturing.

Besides, the public and private sectors must work together to develop flood mitigation measures in economic areas, as well as systemic flood management plans to address the impacts of inundation and drought.

The FTI also revealed the latest TISI for August 2022, which increased from 89.0 in July to 90.5, as business returned to near normal with an improvement in domestic consumption while demand for industrial products continues to expand.

Meanwhile, the cancellation of the Thailand Pass and the implementation of a tourism stimulus measure called “We Travel Together” to promote domestic travel by Thais has given the tourism industry an additional boost.

Although fuel costs appeared to be improving in August 2022, entrepreneurs are still concerned about rising production costs such as logistics, and prices of raw materials such as animal feed, steel and aluminium, electricity fees, as well as a shortage of foreign labour in the manufacturing sector.

There are also some negative factors to be concerned about, such as the global economic slowdown, high inflation, and tensions between Russia and Ukraine.

The survey was conducted in August 2022 among 1,304 enterprises represented by 45 industry clubs affiliated with the FTI. The findings revealed more factors of concern for business owners, such as the global economy (75.9 per cent), domestic politics (42.8 per cent), the baht’s exchange rate against the US dollar from an export perspective (39.3 per cent), and loan interest rate (35.7 per cent).

The TISI for the next three months is expected to be 99.5, up from 98.7 in July 2022, because entrepreneurs believe the Thai economy will gradually expand due to recovery of the tourism sector, increasing domestic demand, and the government’s economic stimulus measures.

Entrepreneurs are concerned about an incremental increase in the minimum wage rate from October 1, 2022, as well as a new round of rising electricity fees from September to December 2022, which will result in higher production costs. Similarly, risks associated with economic slowdown and geopolitics may have an impact on the Thai export sector, Kriengkrai concluded.

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https://www.nationthailand.com/thailand/economy/40020043

Finance Ministry Upbeat As Annual Tax Revenue Beats Target For 1st Time Since Covid

BY LINE : THE NATION

TUE, SEPTEMBER 13, 2022

Tax Revenue For 2022 Has Already Surpassed The Target Of 2.4 Trillion Baht, In A Sign That The Economy Is Recovering, The Finance Ministry Said On Tuesday.

Ministry permanent secretary Krisada Chinavicharana said the target had already been exceeded by 70 billion baht. The 2022 fiscal year will end this month.

The surplus would be 130 billion baht had the diesel tax not been reduced to soften the impact of soaring fuel prices, Krisada added.

The ministry expects this month’s revenue collection to increase in line with rising consumption and tourism.

The Revenue Department collected 1.67 trillion baht during the first 10 months of fiscal 2022, which was 210 billion baht more than at the same period last year.

But the Excise Department failed to meet its own revenue target after the government reduced diesel excise tax three times.

The Finance Ministry expects the economy to expand 3.5 per cent this year from 2021.

This is the first year since the Covid-19 pandemic began that the government has reached its tax-revenue target.

It missed the target by 336 billion baht (12.3 per cent) in 2020 and 307 billion baht (11.5 per cent) in 2021.

Krisada said the government’s decision to extend the diesel tax cut for two months from September 20 to November 20 would cost the government about 20 billion baht in revenue.

The government has set a revenue target of 2.49 trillion baht for fiscal 2023, which begins next month. Krisada said the Finance Ministry is confident that target will be met as well.

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https://www.nationthailand.com/thailand/economy/40020027

Thailand’s Unskilled Workers To Get A Raise From Oct 1

BY LINE : THE NATION

TUE, SEPTEMBER 13, 2022

The Cabinet On Tuesday Gave The Go-Ahead To The New Daily Minimum Wage Rate As Agreed Upon By The Tripartite Wage Committee. The New Wage Rate Will Go Into Effect From October 1.

At its weekly meeting chaired by acting PM Prawit Wongsuwan, the Cabinet gave the green light for the Labour Ministry to implement the new rates from next month.

Under the new rates, the daily earnings of unskilled workers will rise by about 5.02 per cent averaging about 337 baht per day.

Boonchob Suthamanuswong, permanent secretary for Labour Ministry, said the tripartite wage committee had agreed on the following minimum daily wage in different provinces:

• 354 baht: Chonburi, Rayong, Phuket

• 353 baht: Bangkok, Nonthaburi, Nakhon Pathom, Pathum Thani, Samut Prakan, Samut Sakhon

• 345 baht: Chachoengsao

• 343 baht: Prachinburi, Nong Khai, Ubon Ratchathani, Phang Nga, Krabi, Trat, Khon Kaen, Chiang Mai, Suphanburi, Songkhla, Surat Thani, Nakhon Ratchasima, Lopburi, Saraburi

• 338 baht: Mukdahan, Kalasin, Sakon Nakhon, Samut Songkhram, Chanthaburi, Nakhon Nayok

• 335 baht: Phetchabun, Kanchanaburi, Bueng Kan, Chai Nat, Nakhon Phanom, Phayao, Surin, Yasothon, Roi Et, Loei, Phatthalung, Uttaradit, Nakhon Sawan, Prachuap Khiri Khan, Phitsanulok, Ang Thong, Sa Kaew, Buri Ram and Phetchaburi

• 332 baht: Amnat Charoen, Mae Hong Son, Chiang Rai, Trang, Si Sa Ket, Nong Bua Lamphu, Uthai Thani, Lampang, Lamphun, Chumphon, Maha Sarakham, Singburi, Satun, Phrae, Sukhothai, Kamphaeng Phet, Ratchaburi, Tak, Nakhon Si Thammarat, Chaiyaphum, Ranong and Phichit

• 328 baht: Yala, Pattani, Narathiwat, Nan and Udon Thani.