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MOF to Reassess Thai GDP After Seeing Good Signal in Economy

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BANGKOK (NNT) – Ministry of Finance is going to reassess Thai GDP growth after seeing positive signs after the government eased the regulations. It predicted that Thai GDP will no longer shrink by 8.5 as previously forecast.

Mr. Wuttipong Jittangsakul, Fiscal Policy Advisor, a deputy spokesman for the Ministry of Finance, revealed that, even though the economy has been decelerating because of the COVID-19, there are positive signs in agriculture, heavy industry and consumption. VAT collection grew by 4.3 percent in the agricultural industry, which has been growing for 2 months at 9.2 percent per year.

The consumer confidence index has also risen for four months straight, after the government eased measures to prevent COVID-19, making economic activities more resilient. One of the factors is financial support for affected people, helping to increase spending.

Private investment also improved, especially in the machinery category. This was reflected in the improvement of the import volume of capital goods and vehicle sales.

Construction investment remains stable. While the real estate transaction tax dropped by 6.9 percent. Demand for food products, household-related products, disease prevention products and speculative products, such as gold, continues to expand. As the economy recovers, the FPO will reassess its forecast for this year in October.

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Deputy Agriculture Minister visits Nakhon Phanom

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BANGKOK(NNT)-A Deputy Minister of Agriculture and Cooperatives has paid a visit to Nakhon Phanom province, where he followed up on a campaign promoting farming as an occupation for younger people.

Deputy Minister of Agriculture and Cooperatives, Mananya Thaiset was accompanied by a group of officials in a visit Ban Don Daeng village in That Phanom district of Nakhon Phanom province, where she observed developments in the campaign Bring Farmers’ Children Home.

The campaign’s target is to realize a Ministry of Agriculture and Cooperatives policy to promote farming in their hometowns as an occupation for younger people, which will help tighten their family bonds.

127 persons have applied to join the campaign in Nakhon Phanom province, making the province among the top with most participants.

In this campaign, the Department of Agricultural Extension will be holding workshops on the farming lifestyle, while a farming cooperative will guide the participants in management and marketing, to allow them to manage their farms effectively.

The Ministry of Agriculture and Cooperatives is also working to promote Halal food production as part of the Thai Kitchen to the World campaign.

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Thai exports fall 7.94% in August

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Thai exports fell by 7.94 per cent to US$20.21 billion in August from a year earlier, the Commerce Ministry said on Wednesday, a smaller than expected drop, according to Reuters.

The Trade Policy and Strategy Office (TPSO) has indicated that the Thai export sector has improved for two consecutive months in August, after less-than-stellar months caused by the COVID-19 pandemic.

Reuters had forecast a drop of 12.05 per cent, after July’s exports fell 11.37 per cent year on year. The August figures signal a recovery after exports hit a low point with a 23.17 per cent drop in June.

In January-August exports contracted 7.75% from a year earlier, while imports tumbled 15.31%.

The recovery in August was driven by shipments of food, household appliances and Covid-19 protection such as rubber gloves, the global market for which has grown 125.9 per cent in the past nine months.

The post Thai exports fall 7.94% in August appeared first on Thailand Business News.

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Great Wall Motors (China) to Start Production in Thailand Next Year

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According to Thailand’s Industry Minister Suriya Jungrungreangkit, the company will have an annual production capacity of 80,000 vehicles and will begin producing sports utility vehicles and pickup trucks in 2021.

The company plans to invest 22.6 billion baht and employ 3,435 people.

After his meeting with Zhang Jiaming, president of GWM’s ASEAN operations, Mr Suriya said GWM would improve the production lines that it had taken over within the fourth quarter of this year for the production of vehicles with internal combustion engines and electric vehicles.

China’s leading sport utility vehicle (SUV) and pickup maker Great Wall Motors purchased General Motors’ Rayong car production facility in Thailand when the American car producer ceased operations in February this year.

Based in the city of Baoding, in the Hebei province, in the north of China, the company Great Wall Motors owns several brands of SUVs and cars like Haval, Great Wall, WEY and ORA. With more than 500 branches abroad, its vehicles are exported to more than 60 countries.

The post Great Wall Motors (China) to Start Production in Thailand Next Year appeared first on Thailand Business News.

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TAT photographs on the theme of “A Beautiful Bond” wins PATA Gold Award 2020

Bangkok, 25 September, 2020 – The Tourism Authority of Thailand (TAT) has won a PATA Gold Award for a series of travel photographs, which sensitively capture the “Beautiful Bond” between the Thai people and elephants, the national animal of the kingdom.

Conferred in the Marketing Awards category, it was one of five PATA Gold awards received by Thai entities this year. They were presented on 24 September, 2020, as part of the Virtual PATA Travel Mart 2020.

Under the theme of “A Beautiful Bond”, the photographs of Ban Nong Bua Elephant Village in Surin Province were taken by Ms. Daraporn Areesangawong and curated by the TAT Planning and Media Production Division to reflect the beautiful and deep historic bonds between the Thai people and pachyderms.

This year, the PATA Gold Awards contest received 121 submissions from 62 agencies, companies, and individuals worldwide. The Awards have been supported and sponsored by the Macao Government Tourist Office (MGTO) for the last 25 years.

Another Gold Award was won by Mr. John Borthwick, an Australian freelance travel journalist and photographer, for Best Destination Story for his article on the “Thai Left Bank”, which highlighted the cultural and culinary attractions of Thon Buri. The article appeared in The West Australian, 7 March, 2019. His visit to Thailand was sponsored by the TAT Sydney Office.

The  four other Thai Gold Award winners were: 

  1. Grand Title Winner in Sustainability, YAANA Ventures, Thailand, for the Anurak Community Lodge.
  2. Destination Article, Thai Left Bank, Mr. John Borthwick, Australia. 
  3. Women Empowerment Initiative, Supporting and Promoting Women’s Career Development of Tourism Products of the “Nan-Ner-Jaow” Brand
    Designated Areas for Sustainable Tourism Administration (DASTA), Thailand.
  4. Youth Empowerment Initiative, DASTA NAN Youth Club (DNYC)
    Designated Areas for Sustainable Tourism Administration (DASTA), Thailand.

The post TAT photographs on the theme of “A Beautiful Bond” wins PATA Gold Award 2020 appeared first on TAT Newsroom.

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TGO announces success of climate change campaign

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BANGKOK(NNT)-Thailand Greenhouse Gas Management Organization has revealed the successful outcome of its technical campaign promoting knowledge of climate change and creating an international academic network, to help encourage the general public to reduce greenhouse gas emissions.

The Thailand Greenhouse Gas Management Organization’s (TGO) Executive Director Kiatchai Maitriwong, has revealed successful outcomes from the organisation’s 3-year technical skills enhancement campaign on climate change, which has helped in promoting skills and knowhow for the reduction of greenhouse gas emissions, among officials and academics from 10 ASEAN countries.

The campaign has received support from the Japan International Cooperation Agency (JICA), providing six training programs on greenhouse gas, the implementation of more eco-friendly technology, waste and waste-water management, in-depth analysis and measurement of greenhouse gas, as well as the promotion of low carbon businesses.

After the conclusion of the campaign, TGO will further develop these programs into a Thai language course, along with the establishment of a learning center on climate change, to promote the knowledge to officials and employees of government agencies, and private firms across the country.

TGO has also disclosed the outcomes of its campaigns for a reduction in greenhouse gas emissions in 2020, including the introduction of carbon credits, a campaign that is expected to help reduce 3.0 million tons of greenhouse gas emissions through the promotion of carbon offsets, as well as the carbon label for products that help reduce global warming.

The reduction of greenhouse gas emissions is considered a key factor leading to changes in manufacturing processes and consumer behaviour towards sustainability, thus mitigating the country’s overall environmental impact.

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Thailand approves Special Tourist Visa (STV) for long-staying visitors – Tourism

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The Thai Cabinet has approved a special tourist visa (STV) for long-staying visitors (90 days) in a bid to revive the tourism sector in Thailand.

Under the STV scheme, long-staying visitors can stay in the country for 90 days, which can be extended twice, each for a further 90 days.

The special visa scheme is expected to become effective after the official announcement and will be available until 30 September, 2021.

Before the COVID-19 pandemic, Thailand usually received no less than 2 trillion baht revenue each year from international tourists.

Thailand’s economy should contract between 8% to 12% this year given its reliance on exports and tourism and the strong baht, which gained more than 6% in the second quarter.

But the lack of international visitors has deprived the tourism sector of revenue, causing a knock-on effect to all sectors in the economy, and the government is now seeking to allow international visitors to return to limited areas of the country.

The STV will be granted to long-staying visitors who comply with Thailand’s COVID-19 control and preventive measures. They will be required to undergo a 14-day alternative local state quarantine (ALSQ) upon their arrival.

Visitors applying for this visa must be able to produce evidence of their long-term stay in Thailand, such as a receipt for their quarantine…

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How COVID-19 is boosting digital twins in office buildings – Real Estate

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The 65-story skyscraper at 311 South Wacker Drive in Chicago boasts magnificent views of the Chicago River, Grant Park and even Lake Michigan. However, for the owners, visibility of the building’s inner workings was more important, and more difficult to access.

To help, Zeller Realty employed a technology that exposes potential problems in the building’s HVAC systems — technology that has become exponentially more valuable during the time of COVID-19, and is often used in digital twins.

The digital twin market — the phrase used to describe a virtual copy of a physical building, combining a 3-D model of a facility with the dynamic data needed to show visualizations and analysis — is growing at hyperspeed.

Agile, scalable, and dynamic workplaces are needed now more than ever. Digital twins support these requirements by providing the data and visualizations needed to make more rapid and flexible decisions.”

Jim Whittaker, Engineering Services Lead at JLL

And real estate is one industry that has used it to uncover value during the coronavirus pandemic. Originally developed for the aerospace industry in the 1960s, digital twins are expanding their footprint across industries due to improved Internet of Things (IoT) sensors, modeling and other technologies.

The industry is projected to be worth US$35.8 billion in 2025, compared to $3.8 billion in 2019, according to research firm MarketsandMarkets.

The team at MIT’s Real Estate Innovation Lab says the benefits of digital twins for the commercial real estate industry are many, including management of building occupancy, increased budget reliability and faster delivery in the construction realm.

According to Jim Whittaker, Engineering Services Lead at JLL, the COVID-19 pandemic is…

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