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Healthy economic growth in South despite violence
The Bank of Thailand (BOT) has predicted healthy economic
growth in the country’s southern region despite the violence and unrest in
the three southern-most provinces of Yala, Narathiwat, and Pattani. The BOT
has projected a 7 percent economic growth for the southern region this year,
as a result of rising prices for agricultural products.
Unrest has not really affected the tourism industry in
the whole of the southern region, senior bank official Pairote Hengsakul
said. American and European tourists who usually visit the region’s main
tourist resorts on the islands of Phuket and Samui understand that those
places have not been troubled by the violence, he said.
However, the number of Malaysian tourists has fallen by
50 percent since the violence started earlier this year. Their favorite
haunt, Hat Yai in Songkhla Province, is close to the three southern-most
provinces, which have been at the center of most of the violence.
The current economic growth in the region should continue
at the same rate in the second six months of the year, according to the BOT.
This would outstrip the national rate, currently predicted at 6 percent. The
higher growth rate is driven by the rising agricultural prices, especially
for rubber and palm. These are two key economic activities in the South.
Private investment has also surged. The average
investment in projects in the southern region has been five times higher
than last year. Private spending in the area in the first half of the year
has been very healthy, Pairote said, adding that the real estate sector has
grown by more than 30 percent, largely driven by foreigners wanting to own
houses in Thailand. (TNA)
AustCham business awards
The premier black-tie business event of the year!
Australia-Thai Chamber of
Commerce
With a record number of nominations and a very strong
field, the AustCham business awards this year is shaping to be the best yet.
The Conrad ballroom provides an excellent venue for the planned theme of
this black-tie dinner and a five-star menu promises to really whet
appetites.
On this note, a special thanks to Bob Coombes and Food
Glorious Food for sponsoring the main course and to Jonathon Glonek and
Bangkok Fine Wines for sponsoring a significant proportion of the wines for
the evening.
Date: Thursday, August 26
Time: 19.15 - 22.30 hrs
Cost: 2,000 baht
Location: “Ballroom”, The Conrad Bangkok
Begin the evening in the foyer for cocktails (champagne,
beer, wine and soft drinks) before moving into the ballroom where you will
be introduced to supporting sponsors and a very special message from
Australian Minister for Trade, Mark Vaile. The stage is now set for
colleagues and friends to recognize, acknowledge and award the most
successful Australian/Thai businesses.
Awards will be presented in six categories:
*Best SME Business
*Best Employer
*Most Environmentally Aware
*Best Services Business
*Best Exporting Business
*Best Manufacturer
The Business of the Year Award will be presented to the
best of the winners of the above six categories. These Business Awards were
inaugurated in 1994 in recognition of the achievements of Australian
businesses in Thailand. However, the focus has shifted over time,
particularly recently in the context of bilateral trade, and the Awards now
recognize the achievement of either Thai or Australian companies engaged in
Australia-Thai business endeavors.
These awards are intended to recognize those companies
which have made an outstanding contribution to the business sector over the
past year (for the year ending 31st December 2003).
Please look for more details by logging on to the
Chamber’s website www.austcham thailand.com and follow the “Business
Awards” link, or contact the AustCham office. Booking and pre-payment
prior to August 24 is essential.
For more details and to book this event, please go to website http://www.austcham
thailand.com/AustCham/asp/eventdetail.asp?EventID= 479&SponsorId=3
Workshop focuses on reform of Thai farm produce
Representatives of parties concerned, including local
farmers and government agencies, gathered at a workshop last week, aimed at
exchanging views and information, as well as brainstorming ideas on the
improvement of Thai farm produce. Deputy Prime Minister Chaturon Chaisang
chaired the workshop, organized by the Department of Agricultural Economics.
The workshop discussed what agricultural and food produce
should be improved to boost the country’s potential as one of the
world’s major food production bases, taking related factors into
consideration. The factors include their productivity in a given economic
area, as well as their added values and prospects in both local and overseas
markets.
Fourteen Thai farm products were selected to be included
in the scheme. They include pineapples, herbs, mangosteens, rubber, orchids,
oil palms, chickens, bulls, bee products, shrimps, and deer. Two committees
will be set up to take care of the scheme, according to Chaturon. He said
the scheme would support the government’s policy on promoting Thailand as
a world kitchen with the recognition of its quality and safe food. (TNA)
PTTEP invests in Myanmar to secure long-term petrol supply
Thailand’s giant oil company, PTT Exploration and
Production Public Company Limited (PTTEP) has announced that the company’s
president, Maroot Mrigadat, signed the Production Sharing Contract (PSC)
with Rangoon on August 7 to invest in offshore petroleum exploration Blocks
M-3 and M-4 in Myanmar as the operator with 100% interest. The Blocks M-3
and M-4, located offshore of the Gulf of Mataban, cover an approximate area
of 18,000 square kilometers.
In the first four years (2004-2008), PTTEP expects to
spend approximately US$13 million for geological and geophysical studies,
seismic surveys and the drilling of an exploration well. Should the initial
work be successful, PTTEP has the rights to extend the contract for another
two years. The total investment for the six-year project will be
approximately US$23 million.
Maroot said, “Over the past few years, PTTEP has
consistently implemented its policy in seeking opportunities in neighboring
countries and other regions to secure a long-term petroleum supply in
Thailand. The investment in Blocks M-3 and M-4 is not only serving PTTEP’s
business expansion, but is also in line with the government’s policy to
focus on investment in neighboring countries. This investment strengthens
the good relationship between Thailand and the Union of Myanmar, and also
strengthens PTTEP’s roles in this region.”
PTTEP last year became the operator with 100% interest in
Myanmar’s offshore Blocks M-7 and M-9. The acquisition of Blocks M-3 and
M-4 will enhance the value of the previous two blocks through synergy and
operational efficiency.
Currently, PTTEP also invests in the Yadana and Yetagun
Gas Fields. They produce approximately 680 and 300 million cubic feet of gas
per day respectively. PTTEP has 25.5% stake in Yadana and 19.3% in Yetagun
Gas Fields. The company now invests in exploration, development and
production activities in Thailand and other Southeast Asian countries, such
as the Socialist Republic of Vietnam, Indonesia and Malaysia. It also
invests in the Sultanate of Oman in the Middle East, Algeria, and North
Africa. (TNA)
Thailand-China agree to exchange ICT experiences
Thailand has signed a deal with China which will see the two
countries work together to develop information and communications technology (ICT),
following the signing of similar agreements with India, Japan and South Korea.
The pact was announced by ICT Minister Surapong Suebwonglee, who said that the
deal would pave the way for the mutual exchange of experiences for the
development of the ICT sector, with Thailand hoping to learn from China’s
success in boosting the efficiency of state enterprises through the use of
telecommunications technology.
The agreement also looked at the development of
telecommunications networks in the Greater Mekong Region comprising China,
Myanmar, Vietnam, Cambodia, Laos and Thailand, with tentative agreements for the
establishment of regional broadband Internet networks.
Surapong said that the proposal would be discussed in more
details by senior officials from the region who are scheduled to meet in China
next month.
The two nations have also agreed to work together to develop
ICT personnel and electronic commerce (e-commerce), as well as other ICT-related
activities. Both countries expressed recognition of the importance of research
and development in the ICT sector, and pledged close cooperation between R&D
institutions in the two nations. (TNA)
Research shows ethanol helps reduce exhaust emissions
Researchers from King Mongkut’s University of
Technology Thonburi (KMUT) found that ethanol can help reduce dust and black
smoke emissions from automobile engines, proving that it is environmentally
friendly energy. They found that the use of ethanol and bio-diesels as
alternative fuels lowers small particles and carbon monoxide emission from
vehicles by 10 percent.
Car exhausts contain a range of toxic substances that can
have a serious impact on health, including carbon monoxide, nitrogen dioxide
and sulfur dioxide. The most obvious health impact of car emissions is on
the respiratory system. Once the substances are released into the air, they
are breathed in and transported in the bloodstream to all the body’s major
organs.
The test results showed that ethanol increases nitrogen
oxide in exhaust emission by 2 percent. Scientists said that it would not
seriously affect the air quality and concluded that ethanol did more good
than harm to the environment.
Dr. Surawit Khonsomboon, Chairman of the House Energy
Committee said that the study had proved ethanol worthy of government
support, concerning its qualifications as clean and cheap fuel extracted
from agricultural products. He also stated that ethanol could help the
nation save millions a year in energy costs. (TNA)
BOI signs investment pact with China’s Jiangsu Province
China’s Jiangsu Province declared its arms open to Thai
investment on August 6 following the signing of a mutual investment
agreement between the Board of Investment of Thailand and the Jiangsu branch
of the China Council for the Promotion of International Trade (CCPIT).
The memorandum of understanding was signed by BOI
Secretary-General Somphong Wanapha, who is currently leading a business
delegation to China to promote mutual trade and investment in two key
economic regions: Jiangsu and Shanghai. Somphong said that the deal would
expand investment opportunities for Thai businesspeople in Jiangsu, whether
in the automobile industry, the food and agriculture industry, the
electronics and technology sector, or the service sector.
The bulk of current Thai investment in Jiangsu is by the
food giant Charoen Pokphand. To date there are around 450 Thai investment
projects in Jiangsu, valued at over US$900 million.
Madam Su Yian, head of the Jiangsu branch of the CCPIT,
stressed the economic and cultural similarities between Thailand and Jiangsu.
Noting that Jiangsu businesspeople were queuing up to invest abroad, she
said that Jiangsu investors were aware of Thailand’s business potential,
particularly in the livestock and agriculture sectors.
The Federation of Thai Industries (FTA) has already
signed agreements with both Jiangsu and Shanghai in a bid to strengthen
business and trade cooperation between the private sectors of both
countries. Detailed talks are now underway on cooperation in the automobile
components sector. (TNA)
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