BANGKOK (NNT) – Thai businesses can expect expanded opportunities in Saudi Arabia, following the restoration of diplomatic relations between both countries.
According to the Thai Chamber of Commerce (TCC), a group of officials and delegates representing private firms are visiting Saudi Arabia from May 15-18, to further enhance the commercial affairs of the two countries.
The visit is being led by Deputy Prime Minister and Foreign Affairs Minister Don Pramudwinai. It is the first official visit by Thai officials and private representatives in 32 years.
TCC Chairman Sanan Angubolkul said delegates from 38 firms have joined the group, visiting the Saudi cities of Riyadh, Al-Ula and Jeddah and attending the Saudi-Thai Investment Forum on May 16, co-hosted by Thailand’s Ministry of Foreign Affairs and Saudi Arabia’s Ministry of Investment.
The visit aims to boost the value of Thai exports to Saudi Arabia to 150 billion baht, in line with Saudi Arabia’s Vision 2030 to see 65% of its national gross national product (GDP) generated by the private sector, and to increase the ratio of non-petroleum exports to 50% of GDP.
JAKARTA (March 21): The third Palm Biodiesel Conference that will take place in Yogyakarta, Indonesia on March 24 is an opportunity to strengthen cooperation and investment, as well as addressing the challengers in developing sustainable and environment-friendly, carbon neutral and renewable energy.
Co-organisers Indonesia Biofuels Producer Association (APROBI) and Council of Palm Oil Producing Countries (CPOPC) opine that palm biodiesel is part of energy transition that also contributes to the decarbonisation of the transport sector.
Therefore, better understanding, support and collaborative actions by palm oil producing countries, the associations and other stakeholders are key for the future of biodiesel and biofuel, the co-organisers noted in a statement Monday (March 21).
Supported by the Malaysian Biodiesel Association, Thai Biodiesel Producer Association and Indonesia-Malaysia-Thailand Growth Triangle, the conference will run in parallel with the first Energy Transition Working Group Meeting of G20 under the G20 presidency of Indonesia 2022.
Indonesian Coordinating Minister for Economic Affairs Airlangga Hartarto and Malaysian Plantation Industries and Commodities Minister Datuk Zuraida Kamaruddin will officiate at the conference.
It will feature leading industry speakers such as Indonesia Biofuels Producer Association vice-chairperson Paulus Tjakrawan, Malaysian Biodiesel Association president U.R. Unnithan, CPOPC executive director Tan Sri Yusof Basiron and Thai Biodiesel Producer Association chairman Sanin Triyanond.
This event will also feature a virtual exhibition engaging business players and relevant stakeholders of palm oil downstream products presenting their products offerings, latest innovations, investment and cooperation.
BANGKOK (NNT) – A private-sector-led committee is optimistic that Thailand will meet its 2.5-4% GDP growth target this year if various measures are implemented.
The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) stated that they are monitoring economic factors such as rising inflation, rising oil prices, tourist arrivals, and other variables.
Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI), said that the inflation rate is expected to be between 3.5-5.5% while exports are expected to grow by 3-5%. He stated that the committee is keeping an eye on a possible wage increase as well as the impact of rising oil prices caused by the Russia-Ukraine conflict on the Thai economy.
The FTI, however, said it disagreed with the 492-baht minimum wage increase suggestion, arguing that the spike would adversely impact small and medium-sized businesses already dealing with the economic impact of Covid-19 and higher inflation.
The FTI chairman also expressed concern about the government’s reduction of the diesel price subsidy program, which will cause diesel prices to rise above 30 baht per liter, warning that the inflation rate could exceed 5% if prices continue to rise. The JSCCIB urged the government to limit diesel prices to 35 baht for three months in order to ease the financial burden on households and businesses, as well as extend the diesel excise tax cut, which is set to end on May 20, for another three months.
Bangkok, 11 May, 2022 – The Tourism Authority of Thailand (TAT) is cooperating with Thai AirAsia in launching the “Amazing New Chapter: Rediscover Thailand Get ready to go to Thailand” campaign, which is aimed at millennials and young couples from Singapore.
The campaign was official announced in Singapore today (11 May) by Mr. Tanes Petsuwan, TAT Deputy Governor for International Marketing – Asia and South Pacific, and Mr. Santisuk Klongchaiya, Thai AirAsia Chief Executive Officer, as well as TAT officials and Thai AirAsia executives. The event was presided over by H.E. Mr. Chutintorn Gongsakdi, Ambassador of Thailand to Singapore.
Mr. Tanes Petsuwan, TAT Deputy Governor for International Marketing – Asia and South Pacific, said “With various factors supporting the return of tourism to Thailand, among them the relaxing of entry requirements to the kingdom, easing of travel restrictions in source markets worldwide and resumption of commercial flights, this is a great opportunity to stimulate travellers’ decision-making. This latest marketing campaign is expected to have a positive effect on the Thai tourism industry in the second half of this year.”
Singapore is a key visitor source market for Thailand, and the “Amazing New Chapter: Rediscover Thailand Get ready to go to Thailand” campaign is among the various joint promotion marketing activities the TAT Singapore Office is working on. The campaign utilises Thai AirAsia’s Singapore-Don Mueang and Singapore-Phuket routes, and is for travel in May to July 2022. It is expected to see millennials and young couples taking up over 3,000 seats to Thailand.
TAT Singapore Office is also organising a media fam trip to Thailand from 12-15 May, 2022, to promote the Singapore-Don Mueang route, new tourist attractions and activities, as well as tourism-related facilities and offers.
Mr. Santisuk Klongchaiya, Thai AirAsia Chief Executive Officer, said, “Thai AirAsia has always received great support from the TAT, and we thank them very much for their cooperation. Thai AirAsia is ready to help stimulate tourism and travel to Thailand, and in addition to the existing Don Mueang and Phuket routes, we are considering adding a Singapore-Chiang Mai route.”
Thai AirAsia currently operates a daily flight on the Singapore-Don Mueang route, and two weekly flights on the Singapore-Phuket route (on Tuesday and Saturday).
For 2022, TAT expects Thailand to welcome 10 million foreign tourist arrivals, generating 625.8 billion Baht in tourism revenue. Of these, the number of arrivals from short-haul markets are expected to include 1.1 million arrivals from ASEAN, 200,000 arrivals from Australia and 450,000 arrivals from South Asia (India), with travels starting from April 2022 onwards.
From 1-6 May, 2022, Thailand has recorded more than 85,000 foreign tourists – or about 15,000 travellers per day. Among these, Singapore was the third top market – after India and Malaysia and ahead of the United Kingdom and United States.
H.E. Mr. Chutintorn Gongsakdi, Ambassador of Thailand to Singapore
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BANGKOK (NNT) – Producers of bottled palm oil are reportedly facing higher costs following a spike in global prices.
World crude palm oil leaped to 62-63 baht/kg from 53 baht/kg during the pre-Songkran period. Fresh palm is currently priced at 13 baht/kg, over three times the state-guaranteed price of 4 baht.
The Ministry of Commerce previously set the ceiling price of bottled palm oil at 70 baht per bottle, though the actual price is now around 77-78 baht per bottle. Manufacturers have been forced to shoulder the excess costs.
Several palm oil producers have since resorted to slowing down their production line, while others are using stocked crude palm oil or mixing palm oil with other types of vegetable oil to prevent shortages.
A number of manufacturers have also started exporting local crude palm oil to foreign nations offering more lucrative deals. Thailand exported about 112,000 metric tons of crude palm oil in March, seven times higher than the previous month. The April figure is likely to continue this trend.
KUALA LUMPUR (March 28): Malaysia and Indonesia will be the focus of international oils and fats trade this year, supported by the projection of a 4% world economic growth and higher demand for vegetable oils, said the Malaysian Palm Oil Council (MPOC).
Chief executive officer Wan Aishah Wan Hamid said demand for vegetable oils is growing in tandem with the economic recovery but supply disruption had caused vegetable oil prices to record high levels, especially over the past few months.
“Palm oil prices skyrocketed in February 2022 and established new record highs, supported by current low stocks and lower production in the two major palm oil-producing countries, Indonesia and Malaysia,” she said in her presentation during the Palm Oil Internet Seminar (Pointers) on Monday (March 28).
Themed “Assessing 2022: Managing Opportunities and Risks”, the seminar features six presentations covering topics such as supply and demand of oils and fats, prices and the market outlook, opportunities for palm oil in Central Asia and the Middle East and North Africa markets, among others.
The seminar runs from March 28 until April 1.
Wan Aishah noted that Indonesia and Malaysia contribute up to 85% of global palm oil production.
Among other vegetable oils globally, 30% of oils and fats production comes from Indonesia and Malaysia as well.
She said the MPOC forecast Malaysia’s crude palm oil (CPO) production to be at 18.9 million tonnes this year, up from 18.1 million tonnes last year.
BANGKOK (NNT) – Total tax collected in the first half of the 2022 fiscal year has exceeded the Revenue Department’s collection target by 14%. This notable performance has been attributed to the use of digital technology and updated management practices.
Revenue Department Director-General Ekniti Nitithanprapas said the Revenue Department has been pushing the concept of “sustainable revenue.” This involves applying digital technology and modern management practices in tax collection to ensure financial sustainability.
Ekniti said the Revenue Department collected 101.695 billion baht in excess of the tax target for the first six months of fiscal 2022. During the same period, the department collected 4.2 billion baht in VAT from foreign electronic service platforms that offered services to users in Thailand. 10 billion baht is expected to be collected from this channel for the entirety of fiscal 2022.
The director-general said Thailand is currently negotiating with 139 countries for the issuance of measures to prevent tax avoidance. One of the measures involves mandating that multinational companies pay part of their taxes based on profits earned from countries that utilize their services. This would be the case regardless of whether the multinational has a permanent site of operation in each country.
Another key measure involves enforcing a global minimum income tax of 15% on companies that choose to transfer their profits to tax havens. Ekniti said that if negotiations bear fruit in 2023 as planned, Thailand will have a new source of income from multinationals that have so far evaded taxation.
Bangkok, 6 May, 2022 – The Tourism Authority of Thailand (TAT) invites tourists to experience one of the must-see spectacles of the annual festival calendar – the exhilarating Bun Bung Fai Rocket Festival in the Northeastern Thai provinces of Yasothon from 13-15 May and in Kalasin from 21-22 May.
The annual rocket festival, which takes place in the Northeast as the rainy season begins, is seen as a way of encouraging the rains to fall and to help the local rice crops to grow. It also allows people to have a fun and festive break before the hard work of planting and harvesting begins.
The celebrations differ from province to province, but mostly involve the firing of home-made rockets up into the sky with teams competing against each other to send their rockets the highest – some up to hundreds of feet. There are different types of rockets classified by the weight of gunpowder they carry. ‘Bung Fai Kilo’ indicates a rocket has 1 kg of gunpowder, ‘Bung Fai Muen’ is 12 kg, and ‘Bung Fai Saen’ is 120 kg. There are also parades with floats and displays of traditional costumes and folk dancing.
The Festival can be enjoyed in many provinces of Isan including Kalasin, Roi Et, and Yasothon with festivities in Yasothon and Kalasin being among the largest and most well-known of them all. There is also a rocket festival in Sukhirin district in the Southern province of Narathiwat initiated by the people who moved south from Isan. And with the event having been cancelled in 2020 and 2021, this year it is making a much-anticipated return.
Yasothon Bun Bung Fai Festival
13-15 May, 2022, at Mueang Yasothon District Office, Lan Wiman Phaya Tan (Phaya Khan Khak – Naga) and Phaya Thaen Park.
Over the three-day event, there are celebrations and activities to enjoy, in addition to the actual launching of the rockets. This includes colourful rocket processions of floats and folk dancing, merit-making ceremonies, a rocket team cheering contest, light and sound show, and Bung Fai parade contest.
Bung Fai parade contest, YasothonBung Fai (Rocket), Yasothon
Kalasin Bun Bung Fai Talai Lan Festival
21-22 May, 2022 at Kutwa Wittaya School in Kuchinarai district
A tradition of the ethnic Phu Thai Kutwa people, the celebrations in Kalasin stand out as many of the rockets are launched as part of huge cartwheel-like structures up to six metres in diameter. This year, in addition to the launching of 50 ‘Bung Fai Talai Saen’ (120 kg) rockets and two ‘Bang Fai Tai Lan’ (1,200 kg) rockets, other celebrations include colourful rocket processions of floats and folk dancing, a merit-making ceremony, and activities showcasing the traditions of the ethnic Phu Thai Kutwa people.
Bang Fai Tai Lan, Kalasin
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