|
US firms vow to invest more in Thailand
The American Chamber of Commerce (AmCham) in Thailand has
shown strong commitment for continued investments in the country given its
strong emergence economically despite last year’s massive floods.
AmCham President Joe Mannix said in a speech on Friday that the Yingluck
administration has pushed the 2012 GDP to a projected five percent growth
which is equal to the regional growth.
AmCham hosted a thank-you function for the government at a luxury Bangkok
hotel.
He described Thailand’s ambition to manufacture two million vehicles as
“historical,” while the number of foreign tourists to the kingdom is
projected to be over 20 million people this year.
Mannix said American companies have regarded Thailand as one of the top
countries for investment thanks to its economic revival, adding that a
survey by AmCham found that 65 percent of US companies have plans to expand
their investments in Thailand.
More than 700 American companies will have a combined investment of US$40
billion in Thailand by the end of 2012, he said.
The AmCham president noted that US companies, however, doubted if ASEAN will
achieve its goal as one economic community in 2015.
“We do hope that Thailand will be conducive for ASEAN to achieve the goal,”
he said.
Prime Minister Yingluck Shinawatra, who attended the function, explained the
government’s water management schemes, including infrastructure development
to boost investment, after last year’s floods.
She expressed hope that strong Thai-US relations will give economic benefits
by elevating the US to the No 1 trading partner with Thailand from its
present rank of third.
Stressing the government’s anti-corruption policy, the premier said the
government will promote transparency in its administration for the benefit
of foreign investors in Thailand. (MCOT)
|
|
Commerce Ministry certain
Thai jewelry exports will grow 6%
Thailand’s Ministry of Commerce believes the country’s
jewelry and accessories exports will grow six percent throughout this year,
despite negative export figures of 16 percent for the first seven months.
Deputy Commerce Minister Siriwat Kajornprasart said jewelry and accessories
is a major traditional sector driving the country’s economy. New markets
such as Hong Kong and China are being penetrated to replace existing markets
like the European Union and the United States.
The sector’s export value last year reached over Bt370 billion, about 5
percent of the country’s overall export value and ranking fourth among
Thailand’s major exported goods.
However, jewelry exported to ASEAN markets last year saw a value of only
Bt2.6 billion, accounting as only about one percent of overall jewelry
exports, excluding gold.
Gold and silver accessories are among those mainly exported to ASEAN
countries.
The reason why Thailand exports only small amounts of jewelry to ASEAN is
because Thai entrepreneurs previously focused on European and North American
markets due to their high purchasing power. China and India are Thailand’s
main competitors for the jewelry market in ASEAN.
Deputy Commerce Minister Siriwat said Thailand will benefit from Myanmar,
Vietnam and Cambodia once the ASEAN Economic Community is launched in 2015
for their precious stones.
Regarding the Generalized System of Preferences (GSP), which is currently
being reviewed by the United States, there are currently no Thai
entrepreneurs affected by the reality that the jewelry sector may graduate
from the GSP.
Siriwat said the upcoming 3rd International Gem & Jewelry Conference (GIT
2012), to be held Dec 12-13 in Bangkok and Thailand’s eastern province of
Chantaburi, with participation by experts and businessmen on the field
worldwide, is designed to provide an information and knowledge exchange in
the world of gems and jewelry and is expected to bring about more
understanding of obstacles the jewelry sector is facing and to improve for
more bargaining power in the world market.
The conference will also be held in Pailin, Cambodia’s traditional source of
blue sapphires, which compares favorably with Kashmiri and Burmese rubies,
on the following three days, Dec 14-16. (MCOT)
|
|
Setback for Thai economic
growth over last 5 years
Thailand’s economic growth under the 10th National
Economic and Social Development Plan (2006-2011) would not reach the
projected five percent growth rate, according to a senior economic official.
Porametee Vimolsiri, deputy secretary general of the National Economic and
Social Development Board (NESDB), said Friday that Thailand would see
economic growth of only 2.6 percent which is lower than the 5.7 percent
growth enjoyed under the 9th Plan, mainly due to the global economic crisis,
stronger Thai and US currencies, internal political conflicts and unrest,
natural disasters and the 2011 massive floods.
“The country’s performance in the first few years under the 10th Plan was
satisfactory, but the massive floods in the final year had turned around
everything, despite an improvement in decreasing logistics cost,” he said.
Thailand will have to rely less on the global economy and concentrate more
on local economic stimulations, he added.
According to a preliminary report on the 10th Plan, Thailand’s economy had
slowed down in the first three years of the plan, especially in 2009 when
economic growth slipped to a low of 2.3 percent before surging up to 7.8
percent in 2010, only to be battered by the historic floods in late 2011.
The massive floods severely affected the industrial sector, resulting in
economic growth of only 0.1 percent.
He reported that employment in the agriculture sector has reduced from 40.2
percent to 39 percent, while the service sector has suffered similar setback
with a decline from 44.2 percent to 41.4 percent.
Employment in the industrial sector has, however, increased from 15.6
percent to 19.5 percent, indicating an increasing importance of the
industrial and service sectors.
Savings among Thai people have improved, with the gap between highest-income
and lowest-income groups reducing from 13 folds to 11 folds, while public
debts vis-à-vis GDP showed an increase from 36.9 percent to 42.2 percent.
The budget deficit increased from Bt150 billion to Bt400 billion in 2011.
(MCOT)
|
|
|
