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Thailand’s 2013 GDP lowered to 3.8-4.3%
The Thai economy rose only 2.8 percent in the second quarter of this year
from a year earlier, a disappointing decline in growth which may limit this
year’s growth at only 3.8-4.3 percent, a leading economist said on Monday.
Arkom Termpitayapaisit, secretary general of the National Economic and
Social Development Board (NESDB), said the less-than-projected GDP expansion
was mainly due to a slowdown in household spending and the absence of the
government’s economic stimulus.
Private investment has increased by only 4.5 percent given a downturn in
domestic auto manufacturing while exports will experience a 1.9 percent
deficit.
Q2 growth at 2.8 percent was lower than the first quarter which posted a 5.4
percent increase, contributing to a total GDP expansion at 4.1 percent in
the first half of the year.
In the first six months of the year, Thailand’s exports increased by only 1
percent, domestic consumption by 3.4 percent and private investment by 5.1
percent, Arkom said, adding that the tourism sector has become the major
driving force for the Thai economy.
The NESDB has lowered this year’s growth forecast from an earlier projection
at 4.2-5.2 percent to 3.8-4.3 percent, he said.
With export growth at only 1 percent in the first half of the year, the
government will have an uphill task in driving it up to at least 8.7 percent
in the third and fourth quarters in order to attain a yearly growth at 5
percent, he said.
The government will have to boost monthly exports to US$21 billion from the
current $18.9 billion, said Arkom.
He was optimistic that exports would improve in the third quarter especially
in the auto, electronics and jewelry industries, contributing to a higher
GDP in Q3.
And the NESDB has closely monitored the economic recovery in Europe, the US
and Japan which was rather slow, while China’s economy fails to spring back
in light of the government’s delay in investment on mega infrastructure
projects and less economic stimulus.
The state agency projected a growth in arriving foreign tourists from 24.7
million people last year to 26.2 million people this year.
If the government sector speeds up budget spending and allocation to the
provinces as well as promoting exports to neighboring countries, Thailand’s
GDP could increase by 4.3 percent for the entire year, Arkom said.
He urged a more relaxed monetary policy to stimulate Thailand’s economy,
saying inflation remains low at 2.3-2.8 percent. (MCOT)
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Logistics sector urged to
quickly develop for regional
The logistics industry in Thailand needs to be developed
urgently to be ready for the launch of the ASEAN Economic Community (AEC) in
2015, according to a senior official of the Commerce Ministry.
Banyong Limprayoonwong, director general of Thailand’s Business Development
Department (BDD), said logistics companies have been encouraged to improve
their strategies and strengthen their operations and services to be globally
recognized by the International Organization for Standardization (ISO).
There are currently more than 18,000 logistics operators nationwide with a
combined registered capital at Bt285 billion while the logistics business
generated Bt768 billion revenue in 2011.
However, only 153 of them were awarded ISO standard designations, he said.
BDD offices in Bangkok and upcountry have regularly held seminars and
workshops to educate logistics operators about the significance of ISO
standards in relation to their business growth, he said. (MCOT).
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Tulip Group appoints “Projects Asia”
as project managers for
Centara Grand Residence Pattaya
An artist’s rendering of the planned Centara
Grand Residence Tower.
Tulip Group Thailand have officially announced that
“Projects Asia” have been appointed as project managers for their luxury
five star beachfront condominium and hotel, Centara Grand Residence Pattaya.
Projects Asia has been managing projects in Thailand for more than 23 years.
The 500+ major projects they have handled in that time cover every type of
building projects including luxury condominiums, branded hotels, mega
shopping malls and premium office developments.
Their project experience covers all of Thailand, from Phuket to Chiang Rai
and Kanchanaburi to Pattaya and of course many of Bangkok’s landmark
developments, more recently including the St Regis Hotel & Residences and
the Univentures’ Okura Prestige Hotel.
Tulip Group has also issued a letter of award to Thai Bauer for the piling
works on the project which is expected to start in October this year.
Thai Bauer Co., Ltd. is affiliated with the German company Bauer
Spezialtiefbau GmbH, a worldwide leading special foundation contractor.
Bauer South East Asia Pacific regional operations have been offering
foundation design and construction services for over 20 years with
operations in Malaysia, Hong Kong, Singapore, Thailand, Philippines,
Indonesia, Vietnam, New Zealand and Australia.
These two high profile appointments demonstrate Tulip Group’s commitment to
delivering a world class project, which the developer claims to be the most
exclusive ever to be launched in Pattaya Thailand.
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Commerce Ministry to merge 3 low-cost retail chains
Three retail outlets selling inexpensively-priced goods,
and operated separately by the Commerce Ministry, will be merged into a
single entity, according to Deputy Commerce Minister Nattawut Saikua.
He said the move was aimed at enabling the public to buy commodities at
lower-than-market prices throughout the country.
The Commerce Ministry has operated three retail chains - Took Jai, Show Huay
Show Suay and Blue Flag - under the supervision of the Business Development
Department and Internal Trade Department.
He said the proposal would be submitted to Commerce Minister Niwatthamrong
Boonsongpaisan and Deputy Commerce Minister Yanyong Phuangrach for approval.
The restructured retail business, including a call centre, will be wholly
operated by the private sector, said Nattawut.
He said the Business Development Department would continue promoting retail
business in Thailand by providing know-how, management skills and access to
financial sources to retail shops which applied to join the Retail-Wholesale
Promotion Project.
He said 5,212 private retail operators have applied for assistance and
support under the project, representing a monthly increase by 13 percent for
wholesale operators and 17 percent for retail operators. (MCOT).
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PTTEP assures transparency in Myanmar investments
PTT Exploration and Production Plc (PTTEP) have given
assurances that its five-year US$3 billion investment on oil exploration in
Myanmar will be transparent.
Tevin Vongvanich, PTTEP president and chief executive, said the US$3 billion
allocation would be part of the company’s US$25 billion investment to
produce 600,000 barrels of oil in 2020.
The major portion of the US$3 billion investment, US$2 billion, will be
invested in Myanmar Zawtika Project and production should start in the first
quarter of next year with a daily capacity of 300 million cubic feet - 240
million cubic feet of which would be sold to Thailand and the remaining
volume to Myanmar.
PTTEP, a subsidiary of Thailand’s state-run oil and gas conglomerate PTT
Plc, has invested in four petroleum exploration and production projects in
Myanmar, including Yanada, Yetagun, Myanmar Zawtika, and Myanmar M3 and M11.
Tevin said PTTEP has transparently invested in Myanmar for more than 23
years and its acquisition of concessions for the MD7 and MD8 platforms was
normal, based on the two countries’ common interest.
PTTEP projects a US$24.671 billion investment in the next five years, mostly
in Thailand to maintain domestic oil production at 240,000 to 250,000
barrels per day while foreign investment should generate 600,000 barrels a
day in 2020, a sharp increase from the present production of 340,000 barrels
a day, he said.
Oil production should be increased by 9 percent this year and 10 percent
next year while this year’s sales volume expanded by 9 percent, or at
300,000 to 310,000 barrels per day, and by 10 percent next year.
Tevin denied a social media report that PTTEP paid a Bt8.5 billion
compensation for the oil spill at the Montara platform on August 21, 2009,
saying PTTEP was fined 500,000 Australian dollars by the Australian
government and paid 100 million Australian dollars for environmental
maintenance and closing the oil platform.
The Australian authorities were satisfied with the PTTEP follow-up of the
ecological and production systems and its prevention of the oil slick from
flowing to the Australian and Indonesian mainlands.
The spill lasted 74 days at a volume of 400 barrels per day, he said.
Asdakorn Limpiti, PTTEP vice president, said the company will pitch for the
purchase of the Pailin and Phu Hom petroleum exploration platforms, operated
by Hess Corp, a US energy company, and two other platforms in Indonesia.
Hess has announced sales of the platforms and results should be known late
this year, he said. (MCOT)
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Kvik seeks new partners
For more than 30 years, Danish kitchen brand Kvik has
been a major player in the European market, and is now celebrating the
opening of its 11th store in Thailand.
Kvik’s business is based on strong relationships with its partners.
Kvik Thailand executive
Thomas E Sorensen.
The company trains, supplies and supports each partner
withexperience and expertise that has brought Kvik huge success across the
European markets.
Kvik is part of the Swedish Ballingslöv Int. AB Group, a leading kitchen and
bathroom specialist in Scandinavia and the United Kingdom. It currently has
137 stores worldwide.
Kvik’s popularity in Thailand is based on its European success, along with
its Danish design history. Thais connect with Kvik products as they are
contemporary, smart, fashionable, imported kitchens offered at a
surprisingly low price, said Kvik Thailand executive Thomas E Sorensen.
“The charm of Danish design is innovative and contemporary, where form
closely follows function. Kvik pays great interest to human lifestyle and
behaviors and has designed kitchens to compliment this,” he said. “Take our
‘Sociable Kitchen’ with its large multifunctional work island placed in the
center of the room, it becomes the beating heart of the home, where family
and friends can gather for food preparation, a good laugh or deeper
conversation.”
A beautifully presented Kvik
showroom.
Sorensen said Kvik’s Danish design kitchens are designed
to serve the purpose of making its customers have a greater, more enjoyable
experience. Products are of high quality and affordable for the majority,
allowing everyone to own their own cool kitchen.
“We consider Thailand as the home market in Asia and we are planning to
expand our business across Asia,” Sorensen said. “This is the reason why we
are setting up production and warehouse facilities in Thailand to live up to
and deliver the dream kitchen to the customer faster, as our name ‘Kvik’
means ‘fast and smart’ in Danish.”
The company is also looking for partners who want to have their own
business. The company provides a full package business module including
business training, sales support, IT systems, marketing promotion and
campaign.
“This is to insure the best possible platform for our new partner,” Sorensen
said. “Currently we have gone from two to 11 stores in the past 12 months
and another four are under construction. It is still possible to become part
of the success, since we are looking for potential partners all over
Thailand.”
Those interested can e-mail Sorensen at
[email protected] or call 084-926 0318.
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