Exports to Middle East performing well
BANGKOK (NNT) - The Ministry of Commerce reports that the value of
Thai goods exported to the Middle East has continued to grow for a second
month at 2.9 percent, with health products being the most popular item.
However, the ministry has suggested exporters carefully manage risks
presented by exchange rate fluctuations.
The Department of International Trade Promotion’s (DITP)
Director General SomdetSusomboon, revealed today that the Middle East has
become an important market for Thai exports, despite tension in the Gulf of
Persia. Fresh and processed farm products, food, motor vehicles, and air
conditioners now have great sales potential in this market, as trading
partner countries such as Qatar and Bahrain are confident of the quality of
Thai products, and have placed successive orders.
Key products exhibiting growth include vehicles and
parts, air conditioning units, white sugar, processed seafood, and
computers. Processed seafood from Thailand is of particular interest to many
countries including those of the Middle East, along with health products
which have proven to be popular in this region.
The DITP chief has suggested exporters be cautious of
risks in currency exchange rates and increasing fuel prices. Exporters can
seek more information by visiting the DITP website www.ditp.go.th, or
calling the DITP hotline 1169.
Finance Minister: Budget bill to solve economic issues, reduce inequality
BANGKOK (NNT) - A Senate meeting was held today to deliberate the
government’s budget bill for the fiscal year of 2020. The Finance Minister,
UttamaSavanayana, said the budget bill will help address economic issues,
reduce inequality and create a foundation that is fair and accountable.
At the Senate meeting, the Finance Minister explained
that the government drafted the budget bill in accordance with the national
strategy, the economic development plan, the national reform plan and the
national security policy. The bill integrates all functions of different
ministries and agencies, strategically and operationally, to prevent budget
misuse and redundancy.
The budget bill was drafted to steer the government’s
work, so that the country will advance and the objectives will be met. This
is an important stage for Thailand while it elevates its potential and
reduces inequality and poverty comprehensively. The country will be able to
respond to global changes.
Initially, 40 legislators signed up to take part in the
budget bill debate. The Senate is required to approve or disapprove the bill
within 20 days, starting January 13, according to Section 143 of the Thai
constitution. The debate will be held until February 1, 2020.
SET promotes SMEs, startup fundraising via capital market
BANGKOK (NNT) - The Stock Exchange of Thailand (SET) is pursuing its
initiative to encourage SMEs and startup businesses to raise funds via the
capital market, expecting general investment this year to be challenged by
external factors, urging investors to properly manage the risks.
SET President PakornPeetathawatchai said the SET aims
to promote balanced growth due to technological changes in the capital
market this year, by streamlining its services at One-Stop Service points
for registered companies, as well as providing opportunities in Thailand and
abroad through capital market connections with Cambodia, Laos, Myanmar, and
Vietnam. The SET will be urging SMEs and startup companies to raise finds
via capital markets, and improve regulations to provide better ease of doing
He said the overall investment scene in Thailand’s
stock exchanges and capital markets will be subject to external challenges
and fluctuations, such as the trade policies of major countries, central
bank’s monetary policies, and international conflicts. Investors are advised
to manage their risk my investing in more diverse assets, and adopt short
and long term investment plans.
Stock markets of Thailand last year had an average
daily trading figure at 53 billion baht, which resulted in the highest
fluidity in ASEAN. Trade figures via TFEX have the average daily value of
430,000 contracts, which is the 26th biggest in the world. The IPO offers by
Asset World Corporation to the general public, has broken a new record in
Thailand of 380 billion baht, making it the largest funding by a real asset
company in the world in the past 5 years.
BGRIM-Energy China Consortium to build the World’s Largest Hydro- Floating Solar Hybrid Project for EGAT
BANGKOK (NNT) - B.GRIMM POWER – ENERGY CHINA CONSORTIUM consists of
B.Grimm Power Plc (BGRIM) together with China Energy Engineering Group
Shanxi Electric Power Engineering Co., Ltd. (Energy China) have signed a EPC
contract to build the World’s largest hydro-floating solar hybrid project
for the Electricity Generating Authority of Thailand (EGAT).
Under the Power Development Plan B.E. 2561-2580
(PDP2018), the first Hydro-Floating Solar Hybrid Project has been
implemented by EGAT at Sirindhorn Dam. B.GRIMM POWER – ENERGY CHINA
CONSORTIUM as selected bidder with the deal worth over 842 million baht,
will construct and install a 45-MW Solar Power Plant on water surface
combines with existing Hydropower of EGAT.
Implementing this Project is an important co-friendly
energy scheme that will encourage and strengthen the kingdom’s security of
EGAT’s Director Gen.SomsakRungsita Deputy Permanent
Secretary for Defence representing EGAT Board of Directors presided over the
signing ceremony which was inked by Mr.ThepparatTheppitak, EGAT Deputy
Governor (Power Plant Development and Renewable Energy), BGRIM Chairman Dr.
Harald Link, BGRIM CEO Mrs. PreeyanartSoontornwata, and Mr. Wang Xinping,
Chairman of Energy China at the Centara Grand at Central Plaza Ladprao
Gen.Somsak said the scheme of this Project creates
synergy between solar and hydro power, representing an important step in the
development of green energy in Thailand and resolve an uncertain electricity
supply from renewable energy.
This Project’s development is consistent with the
government’s policy to support electricity production from renewable energy
and reduce dependence on fossil fuels for electricity generation according
to the current Power Development Plan of Thailand (PDP2018).
Mr.Thepparat said that the Hybrid Hydro- Floating Solar
for Sirindhorn Dam combine with solar power plant generate power from
sunlight during the day along with hydropower controlling power output by
the Energy Management System (EMS) allow continuous generation of
electricity which will enhance reliability of the country’s overall power
In the future, an energy storage system would
potentially be applied with the project to increase more reliable for
renewable energy production.
The solar panels selected for the Project are
crystalline double glass module which is suitable for being installed on the
surface of the water, also the solar panels, inverters and cables will be
installed on HDPE plastic floating platform, with UV resistance ability,
eco-friendly which is not dangerous to the environment and aquatic animals.
The project will be installed cover the surface area over 450 rai with low
cost of investment by sharing facilities with the existing transmission
system, transformers, and high voltage substations etc.
The Project is expected to complete with 12 months from
now and commercial operation date (COD) being set in December 2020.
BGRIM Chairman, Dr. Link said that entering into this
contract marks another milestone for BGRIM to demonstrate its potential in
engaging all dimensions of energy development.
He noted that the Hydro-Floating Solar Hybrid Project
at Sirindhorn Dam is regarded as a major step in the development of
renewable energy in Thailand.
It also enables BGRIM to increase the potential and
standards in the development of robust renewable energy business and serving
government’s policies as well. Our participation in this Project will opens
up opportunities other floating solar projects.
In partnership with a global partner, Energy China, as
one of the world’s largest comprehensive energy solutions and a major state
owned- conglomerate of the People Republic of China which has high potential
and cost-effective advantages in procurement, providing with highest
standard of engineering and of construction. We, the Consortium, confident
that the project will achieve COD with international benchmark, Dr Link
Chinese New Year spending expected to decline
BANGKOK (TNA) - Consumer spending during the Chinese New Year is
expected to contract for the first time in 12 years, says the University of
Thai Chamber of Commerce (UTCC).
UTCC President ThanavathPholvichai said the
university’s latest survey showed that Thai people were concerned over
economic uncertainties and had decided to cut their Chinese New Year
Thais are expected to spend 57.6 billion baht, down
1.3% from the previous year, according to the survey.
Consumers anticipated further economic slowdown,
negative results of drought and hazardous smog, he said, therefore they were
more cautious about spending and travelling.
MrThanavath said such consumer behaviors could be
described as “gloomy and unpleasant:” a big task for the government to
Thailand, India reach trade agreements worth over THB2.78 billion
INDIA (TNA) - Thai and Indian business operators have reached trade
agreements worth over THB2.78 billion during a high-level visit led by
Thailand’s Deputy Prime Minister and Minister of Commerce JurinLaksanawisit
to Bengaluru and Hyderabad.
Jurin revealed on Sunday, the last day of his five-day
visit to India, that Thai private companies and their Indian counterparts
successfully agreed on trade deals in business-matching events in the two
Private sector representatives from over 80 Thai
companies took part in the tour to Bengaluru and Hyderabad to expand trade
opportunities and boost export.
It is one of the India visits organized by the
International Trade Promotion Department after sending a trade delegation to
Mumbai and Chennai in September last year.
The Ministry of Commerce under Jurin has consistently
looked for new markets to replace current export markets during a global
Jurin said he held talks with Indian officials on a
proposal to establish a goods distribution center in Chennai.
His proactive policy set up ambitious plan to penetrate
markets of Indian states – Maharashtra, Gujarat, Karnataka, Tamil Nadu,
Talangana, New Delhi, West Bengal and the northeast states.(TNA)
OSMEP says Thai SMEs to grow in 2020
BANGKOK (NNT) - The Office of Small and Medium Enterprise Promotions
(OSMEP) has reported that the Thai economy is showing positive signs in
early 2020, as startup entrepreneurs are learning ways to apply innovations
and technology to enhance their business operations. The acting
Director-General of the OSMEP, WimonkanKosumas, said today her agency
expected the country’s economic growth to be 2.7 to 3.2% this year, while
Thai SMEs are expected to grow 3.0 to 3.5%, thanks to the government’s
economic stimulus measures and major infrastructure investments. Tourism and
e-commerce are also expected to grow this year.
Risk factors for Thai SMEs include the global economic
slowdown, the trade war between the United States and China, the baht’s
appreciation, the high level of household debt and the problem of financial
accessibility. However, businesses are adapting to the digital economy by
creating new products, and this is a positive sign.
This year, the OSMEP continues to focus on equipping
new entrepreneurs with greater knowledge on utilizing innovations and
technology to strengthen their operations. The agency will also help Micro
SMEs raise the quality standards of their products and services and use
technology to expand their businesses. The OSMEP plans to increase the
competency of some 380,000 SMEs this year.
The situation in the Middle East has affected some
sectors, but demand for Thai SMEs’ food and consumer products is still high.
The OSMEP is closely monitoring the situation in the Middle East.
BOT orders banks to revise interest rates
BANGKOK (NNT) - Good news for the general public and SMEs as the Bank
of Thailand (BOT) has ordered commercial banks to revise their interest
rates, and the fees they charge for their financial products and services
including ATM and debit card fees, to help reduce the burden borne by
The BOT now recommends commercial banks impose
advance refinance fees on personal loans, with SME loans to be based on
the remaining loan balance, as opposed to the entire loan amount, as
well as offering a period of grace where fees are not imposed.
As for housing loans, SME loans, and personal
loans, the interest rates for default cases will now be calculated on
the amount due, as opposed to the remaining loan balance. A period of
Grace will be offered to customers facing extraordinary circumstances.
These new interest rate guidelines are effective from now until 31st
Banks are now required to return customers annual
ATM and debit card fees in cases of cancellation, by refunding the
unused portion of the fee based on the time of year in all cases. With
the issuance of replacement cards or pins, no fee should be collected
unless there are significant costs associated with the replacement. This
directive is effective indefinitely.
BOT Governor VeerathaiSantiprabhob said today the
change in guidelines will help boost customer confidence in financial
companies and the overall monetary system of the country. The Bank of
Thailand will be asking the banks to revise their current interest rates
and fees to reflect true costs, reduce the customers’ burden, reduce
redundant fees, and fully disclose fees associated with other products