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Banks loan 963 million baht to the Bangkok Marriott Resort & Spa
German-Thai economic relations enjoy solid growth in first half of 2001 In the first six months of this year, despite the somewhat stagnant overall picture of Thailand’s foreign economic relations, German-Thai economic relations have developed remarkably well, according to the German-Thai Chamber of Commerce in a recent press release. On the basis of last year’s overall trade volume between Germany and Thailand of DM 8.7 billion, with a balance considerably in favor of Thailand, the newest figures of the German Federal Statistical Bureau reveal a remarkably further positive development. German exports to Thailand in the first half of the year reached DM 2.2 b., which is an increase of 39.4% against the relevant period of the previous year. Exports of machinery and plants to Thailand grew 80% (DM 693 m.), electrical and electronic products also 80% (DM 422 m.) and chemical and plastic products 6% (DM 374 m.); all three sectors making up the strongest export sectors of Germany to Thailand. Thailand’s exports to Germany in the first half of the year did not increase that dynamically. They went up only 3.2% and reached DM 2.5 b. The main export item was once again electrical and electronic products, which reached DM 634 m.; this sector decreased by 14.2% against the figures for the first six months of the previous year (DM 739 m). The second biggest Thai export sector was office equipment, which reached DM 311 m. (+43%), followed by textiles and garments with DM 220m. (-9.5%). Performance of agricultural products was also satisfactory, especially meat and processed meat (mainly frozen chicken) with DM 167 m. (+57%) and fish and processed fish (mainly shrimp) with DM 84 m. (+28%). The German-Thai Chamber of Commerce expects for the entire year 2001 a total German-Thai trade volume of DM 9.4 b. (German exports: DM 4.4 b., Thai exports DM 5b.). This will be the highest trade volume between Germany and Thailand ever, even markedly surpassing the so-far best result of DM 8.8 b. from 1997. It will be a growth against the previous year 2000 of 8.5%. The balance will be less favorable for Thailand (surplus of only DM 600 m.) compared to 2000 (surplus of DM 1.5 b.). On the investment side the picture looks similarly positive. The Board of Investment approved 17 German investment projects in the first seven months of this year, with a total investment volume of DM 484 m. During the entire year 2000, a German BOI-approved investment volume of only DM 341 m. was reached and in 1999 the relevant figure was DM 90 m. The figures concerning German investment projects, which actually “started-up” with their operations, are even better. In the first seven months they reached DM 201 m. which is an increase of more than 100% against the relevant start-up figure for the whole year 2000 (DM 90 m.). In previous years, most German investment went into the chemical and plastic sector as well as metalworking and machinery. During this year investments are in chemical, plastic, optical, components as well as procurement of goods and services. For the future all export oriented investments, especially the automotive sectors, will be rewarding. In recent years, German investment went strongly to central and eastern Europe, taking German investment away from Asia. This trend will gradually reverse as market-size and demographic dynamism are much more attractive in Asia.
Updated every Friday Updated by
Chinnaporn Sungwanlek, assisted by Boonsiri Suansuk. |
Khunying
Jada Wattanasiritham (3rd left), president and chief executive officer of the
Siam Commercial Bank PLC, presented the official loan agreement to William E.
Heinicke (standing 5th from left), witnessed by Dome Roongruang (standing far
left), vice president of the Siam Industrial Credit Public Company Limited,
Surakiat Wongwarin (standing 2nd left), managing director and head of the
Institutional Banking Group of the DBS Thai Danu Bank Public Company Limited,
Vorawee Wanglee, (standing 4th left), Chao Praya Resort Limited, Phirasilp
Subhapholsiri (standing 2nd right), president of the Bank Thai Public Company
Limited, and Nartsinee Sarnvanichpitak, (standing far right), first vice
president of the Thai Farmers Bank Public Company Limited.
