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New 50-baht bank notes to be issued
The Bank of Thailand will introduce a new fifty-baht bank
note at the beginning of October to replace the unpopular polymer one which
was released into circulation nearly a decade ago. The new notes will be
glazed white paper instead of polymer.
The bank of Thailand will print the first lot of 144
million bank notes. Over a period of about 18 months to 2 years, these will
gradually replace the 2.7 billion old notes in circulation.
The new notes will bear an image of His Majesty the King.
The transparent circle or spot on the note will be clearer so that it is
easier to see from both sides of the note. The new notes will have three
colors - blue, red and yellow - as the paper contains fibers that glow under
ultra-violet rays. The size of new notes will be slightly larger to avoid
confusion. (TNA)
Energy saving measures to be reviewed for discount stores
The government has bowed to intense pressure from
operators of discount stores and agreed to review regulations requiring
stores to operate under restricted hours as a means of saving energy.
Speaking in response to complaints by discount stores
that the new operating hours had caused a massive drop in their revenues,
Metta Banturngsuk, director of the Office of Energy Policy and Planning (EPPO),
said that it was likely that discount stores operating in tourist areas
would be allowed to revert to their original opening hours. Nonetheless, he
stressed that the matter would have to be carefully weighed by the
government before any final decision could be made.
The new operating hours, which require stores to close by
9:30 p.m., form part of wider government strategies to reduce the nation’s
energy consumption and cut down reliance on increasingly expensive oil
imports. (TNA)
Thailand-Australia trade to surge with FTA
Commerce Minister Watana Muangsook voiced confidence that
bilateral trade between Thailand and Australia would increase by at least
10% next year when the free trade area (FTA) agreement reached by the two
countries takes effect on January 1, 2005.
Presiding over the recent 15th meeting of the
Thai-Australian Business Council on “Opportunities and Obstacles in
Thailand-Australia Trade,” he said the FTA pact would help forge trade
cooperation between the two countries and facilitate market expansion
globally. He said the meeting served as a venue where businessmen exchanged
views for closer cooperation under the FTA pact and it paved the way for
Thai products to position themselves in Australia. (TNA)
Central bank will use interest
rates to control inflation
The Bank of Thailand (BOT) says it will not use currency
exchange rates to manage inflation. BOT Governor, M.R. Pridiyathorn Devakula,
said the bank can more effectively control inflation by using interest rate
policy. He made his remarks at a special seminar on “Monetary System and
Fiscal Stability”.
Pridiyathorn said the country’s improved financial
conditions, with increased international reserves, has helped cushioned the
local economy against the effects of external factors. He pointed out that
the US-based international credit rating agency, Standard and Poor’s
Ratings Services, had upgraded Thailand’s position because the Thai
economy had strong growth. He acknowledged that higher inflation rates were
a concern, but he said here were no signals that a bubble economy is
looming.
The BOT, as a regulator has pledge that it will keep a
close watch on inflation and attempt to cope with rising household debts and
the booming property business. It also suggested various measures to help
improve the performance of commercial banks and contain non-performance
loans in the banking system.
Pridiyathorn said, “The Thai economy is still growing
steadily though it has been affected by negative internal and external
factors, like the bird flu outbreak, the spate of violence in the South,
higher fuel prices, rising interest rates and the slowdown in the Chinese
economy.”
Thailand’s gross domestic product (GDP) continued to
grow at 6.5% in the first half of this year. The current account remains in
surplus, while foreign debts have been more than halved. Thailand’s
international reserves have reached a record high of US$44 billion.
The BOT chief said, “While Thailand’s economic growth
has been boosted by the continued increase in exports and private
consumption, the volatility of fuel prices poses the greatest risk.” (TNA)
Customs Department buys new container X-rays
The Customs Department is spending over 1 billion baht to
purchase x-ray machines for shipping containers as part of a program to
facilitate international trade, according to the department’s
director-general, Chavalit Settameteekul.
Chavalit said that the department is purchasing the fixed
type X-ray machines from a Chinese company in phase two of the project, with
installation expected to be completed over the next 20 months.
Highlighting the department’s policy of introducing new
technology to examine import and export goods, Chavalit said that the
machines will ensure that shipping is quick, convenient and transparent,
will boost the efficiency of tax collection, help prevent smuggling, and
facilitate domestic and international trade.
Phase one of the program saw the installation of five
mobile x-ray units, which the department attributes to a 16 percent increase
in the tax collection rate. The third phase of the project will see the
procurement of 4-6 new mobile units worth around 2 billion baht. (TNA)
Eastern Seaboard Industrial Expo 2004 targets Chonburi for expanding investment
Laem Chabang slated for Thailand’s most important port
Ariyawat Nuamsawat
Held on September 21-22 at Ambassador City Jomtien, the
5th annual Eastern Seaboard Industrial Expo 2004 was deemed a great success,
particularly in regard to the economic expansion of Chonburi Province. Pisit
Ketphasook, Chonburi governor presided over the ceremonies on opening day.
The
exhibition featured exhibits from 120 of Thailand’s leading companies and
vendors who displayed state-of the art innovations in machinery, production
and IT technology.
The exhibition, held in cooperation with the Eastern
Development Agency, featured exhibits from 120 of Thailand’s leading
companies and vendors who displayed state-of the art innovations in
machinery, production and IT technology. In attendance were representatives
from more than 4,000 industries and a vast number of interested visitors.
Much of the focus was centered on expanding investment in
Chonburi Province and the central government’s emphasis on making Thailand
the “Detroit of the East” in automobile manufacturing.
Presently Chonburi Province has an expanding economic
base. During the period of October 2003 – 2004, twenty six billion baht
was grossed and exports totaled 1 billion baht. Currently ranking 3rd, Laem
Chabang Port in Chonburi is expected to become the most important port in
the country by 2007. It presently contributes 2.4 billion baht to the
nation’s GDP.
The objectives of the Eastern Industrial Development
Agency are to continue the expansion of the Detroit of Asia project,
development of the mechanical industrial and accessories industries, and
industrial development for export from the petrochemical industrial base,
which has already invested in the Eastern Seaboard area in order to make it
the energy hub center of the country.
Chonburi continues to develop its infrastructure by road
improvement and extended water recourses to facilitate merchandise
transportation with a budget of nearly 4 million baht.
The central government has also allocated a budge to
expand traffic lanes on the Chonburi bypass, including the fly-over bridge
to Laem Chabang port. The water source development will be directed through
the Banbung reservoir project. This project is planned for the period 2005 -
2007, and will support economic development in this area.
Chonburi Governor Pisit Ketphasook said, “The Eastern
Seaboard Industrial Expo 2004 will greatly benefit Thailand’s
entrepreneurs and industrialists as it raises the profile of industrial
technology development. Normally all exhibitions are held in Bangkok. It is
rare to organize such an event in the provinces. This is evidence that there
is real belief in the development of this area. Entrepreneurs should make
the most of this occasion to develop their production potential so they can
compete in the global market.”
MOA holds seminar
on new policies and programs
Ariyawat Nuamsawat
The Ministry of Agriculture (MOA) in cooperation with the
Cooperative Society recently held a seminar to introduce new programs and
policies aimed at helping the nation’s low-income earners. These new
schemes will be implemented nationwide through a system of cooperatives
aimed at raising the living standards of the poor.
Kosit
Suwinitchit (center), Ministry of Agriculture, and a Cooperative Society
consultant presided over the seminar.
Held at the Town in Town Hotel in Pattaya on September 6,
Kosit Suwinitchit, from the MOA, opened the seminar by explaining the
various ways in which cooperative societies could expand their efficiency
and combine their businesses, thereby helping each other.
For example, the Cooperative Society has a program to
combine businesses to expand the efficiency of the Bus Administration.
Rice is a mainstay economic commodity in Thailand but
must be more competitive. The Cooperative Society in the agricultural sector
gathers un-husked rice from members and stores the rice before selling it.
Most of the rice markets are local. Sales in Bangkok and the provinces are
unstable because they are not connected to business between the Produce
Cooperative Societies, Sales Cooperative Societies and the Consumer
Cooperative Societies. This pushes price pressure on the consumer.
Aware of these problems, the Agriculture Department will
coordinate with the Produce Cooperative Societies, the Sales Cooperative
Societies, and the Domiciles Cooperative Societies to band together
according to the principal of cooperative societies and setup a
“Cooperative Society Rice Project”.
This project will allow the consumer and the Cooperative
Societies to help each other by increasing the income of the members who
sell rice and by decrease consumer expenses. This includes advertising the
cooperative products to the public.
At present there are 10 Cooperative Societies that have linked their rice
businesses together: 4 Agriculture Cooperative Societies, the Taxi
Cooperative Society, 4 Bus Administration Cooperative Societies, and The
Domiciles Cooperative Society.
Ethanol project to be put on national agenda
The chief adviser to Prime Minister Thaksin Shinawatra
revealed that the PM will push forward a plan to develop ethanol as an
alternative energy source and would put it on the national agenda.
The prime minister’s chief advisor Sanoh Thienthong
said after a meeting with his fellow advisers, that the meeting lent its
support to the ethanol production plan because it would not only save
Thailand on imported energy bills, but would also help rid the country of
poverty, as the production needs raw materials from local farmers such as
sugar cane and cassava.
‘’We will make this project a national agenda. This
resource of alternative energy will be plentiful and sustainable. It will
also help better the life of Thai farmers, as they can sell their sugar cane
and cassava to the ethanol production plants at guaranteed prices,’’
Sanoh said, adding that the use of ethanol would not negatively affect car
engines. (TNA)
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