Business News
Thailand business news, market trends, foreign investment, and economic updates—stay informed on stock market movements, entrepreneurship, and key developments shaping the economy. Get the latest from The Thaiger, your trusted source for business news in Thailand.
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Airlines request more flight slots into Thailand, CAAT reveals
A request for slot redistribution has been lodged by several airlines as they plan to increase flights into Thailand, reveals an insider from the Civil Aviation Authority of Thailand (CAAT). This request was presented to CAAT’s top executives at the 153rd Slot Conference that took place in Dubai from November 14 to 17. This biannual gathering, arranged by the International…
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Thailand’s 2023 financial growth predictions revised down due to GDP data
Economic analysts have recently revised their predictions for Thailand’s 2023 financial growth, due to disappointing third quarter GDP expansion data and uncertainties surrounding the contentious digital wallet policy. For the initial nine months of 2023, the economy grew by 1.9%. Maybank Securities, based in Malaysia, has reduced its 2023 Thai growth prediction from 2.9% to 2.3%. This decision was influenced…
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Microsoft’s strategic move to establish Thailand as Asia’s AI hub
Microsoft Thailand is set to establish the Land of Smiles as an artificial intelligence (AI) hub in Asia. This strategic move will involve the creation of an AI Centre of Excellence and the development of a cloud data centre region. The Thai government alongside Microsoft, the US tech giant, inked a memorandum of understanding to advance a digital-first, AI-oriented country…
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Free trade agreement: Sri Lanka and Thailand set to seal the deal
With a renewed focus on trade agreements, Sri Lanka is preparing to finalise and sign a free trade agreement (FTA) with Thailand on February 3, next year. The development was announced by Sri Lanka’s Cabinet spokesperson today, November 21, confirming that discussions were on track for completion in December. The impending agreement is part of the island nation’s strategic efforts…
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All aboard: China’s rail freight trail blazes historic route to Thailand, breaking new ground in cross-border cargo collaboration
A monumental event unfolded at 10am on November 17 as a Chinese freight train, packed with 35 cargo containers, embarked on its maiden journey to Thailand. This is the first official rail freight transport from China to Thailand, made possible through a collaborative effort between the Chinese government and Thai private sectors. The destination of this freight train is the…
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DeeMoney partners with SCB to facilitate secure cross-border money transfers, expanding access to the Myanmar market
Sawasdee Shop Co., Ltd., operating as a fintech company, introduced the DeeMoney platform, a robust Thai cross-border transaction system supporting over 26 currencies across 50 countries globally. This company has solidified a business partnership with Siam Commercial Bank, announcing their collaboration to enhance the money transfer service from Thailand to Myanmar. The focus lies in developing cross-border money transfer services…
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Debate over Thai government’s digital wallet handout impact on public debt
The Thai government’s proposed 10,000-baht digital wallet handout has sparked debate, with concerns regarding its potential impact on public debt. Deputy Finance Minister Julapun Amornvivat stated that this economic stimulus is necessary as economic growth has averaged only 2% annually over the past decade, insufficient to support the country’s ageing population in the future. With low GDP growth, the government’s…
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BAAC plans to boost export of high-value agricultural goods
Chatchai Sirilai, the president of the Bank for Agriculture and Agricultural Cooperatives (BAAC), stated that the bank will augment its role as a facilitator for the export of high-value agricultural goods. This move is aimed at increasing income for farmers. The BAAC’s strategy is focused on nurturing a new generation of farmers who concentrate on producing quality products, rather than…
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Generative AI takes center stage: Chinese tech giants intensify development to compete globally
Leading technology corporations in China are escalating their efforts in the development of generative artificial intelligence (AI), aiming to compete with their US counterparts. They are launching extensive language models (LLM) that will support a wide array of applications, from weather prediction and financial analysis to 3D e-commerce, with the primary objective of enhancing enterprise productivity and user experience. McKinsey,…
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Sugar cane farmers dispute government’s 2 baht price hike
Sugar cane farmers in Thailand are seeking clarification from the industry and commerce ministries regarding the Cabinet’s decision to allow a mere 2-baht increase per kilogramme in ex-factory sugar prices. The decision has been deemed unfair by sugar manufacturers as it falls short of the four-baht price hike requested by the Cane and Sugar Board. Citing escalating manufacturing costs due…
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South Korea’s advanced tech industries endorsed by international alliances
South Korea, poised to become the world’s epicentre for advanced technology industries, received a vigorous endorsement from international alliances eager to accelerate its economic growth and competitiveness. The nation also committed to bolstering cooperation with its ASEAN partners to promote trade and investment. Specifically, South Korea showcased interest in the automobile sector within Thailand’s Eastern Economic Corridor (EEC) in Rayong…
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Thai chamber calls for infrastructure development in secondary tourism provinces
A call to accelerate public infrastructure development in 10 secondary tourism provinces has been issued by the Thai Chamber of Commerce (TCC). The move is hoped to push tourism revenue and transform these areas into main tourist attractions. The TCC, on Saturday, shared its development blueprint, which also aims to address social inequality within the 10 provinces currently under consideration.…
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Pheu Thai leader discusses soft power at Thailand 2024 beyond Red Ocean seminar
The leader of the Pheu Thai Party addressed the audience on the Soft Power: The Great Challenger during the Thailand 2024 Beyond Red Ocean seminar organised by Prachachat, a newspaper publisher, on November 15. The term soft power has been making rounds in Thailand recently, defined by the Thai government as an influential power that assimilates new cultures through societal…
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Sadao checkpoint: Entrepreneurs urge continued operation
Songkhla-based entrepreneurs in the Sadao district appealed to the government to keep the old Sadao immigration checkpoint operational alongside the new one. The move aims to stimulate both trade and tourism with Malaysia. The appeal follows the circulation of rumours concerning the government’s intention to close the Sadao checkpoint in preference for the newly constructed border checkpoint. The discussion involved…
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Crop déjà vu: Critics dub gov’s agri-reform a rerun of past plans
The government’s current measures to reform the nation’s agricultural sector, particularly rice farming, are largely seen as reiterations of former strategies, declared industry commentators. They suggest that any budget-based support should come with certain stipulations. Aat Pisanwanich, an international economics lecturer, after evaluating these measures, observes that the central policy appears to be a three-year debt suspension for farmers, with…
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TikTok Thai training twist: App eyes Thailand for next big move
TikTok, the popular video-sharing social media app, is considering establishing a training centre in Thailand. Prime Minister Srettha Thavisin revealed this after meeting with the app’s executives during the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco. The intent is to utilise the platform’s popularity to promote Thai food and local products, often referred to as soft power. The 61…
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Thailand tourism council to allocate visitor fees
The Tourism Council of Thailand plans to allocate a tourism fund, garnered from fees collected from foreign visitors, predominantly for the improvement of the tourism sector by state agencies. The fund, according to Surawat Akaraworamat, the Vice-President of the Tourism Council, is being prepared for implementation as soon as the government greenlights the project. Three subcommittees have been working relentlessly…
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Thailand sees 5% tourism expenditure rise despite high living costs
The Tourism Authority of Thailand (TAT) predicts a 5% surge in tourism expenditure during this year’s Loy Krathong festival, amounting to a total of 6.1 billion baht. The anticipated increase comes despite the country’s locals exercising caution due to escalating living costs. TAT forecasts that the festival will witness around 2.04 million domestic journeys, a 10% rise from the previous…
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Grab Thailand to offer million baht loans to tap into digital lending
Grab Thailand is set to offer loans of up to 1 million baht to its merchants to tap into the growing digital lending space, with ambitions to achieve profitability for a second consecutive year in 2023. The move comes as digital lending in Thailand is expected to reach US$12 billion in 2023, a 65% increase from 2022, according to the eConomy…
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Thai government and Google partnership to boost digital economy
The Thai government announced a strategic partnership with Google to bolster the country’s digital economy and accelerate the development of artificial intelligence (AI). The agreement, unveiled at the Asia-Pacific Economic Cooperation (APEC) Leaders’ Meeting, seeks to enhance Thailand’s digital infrastructure, encourage the secure and responsible adoption of AI, anchor cloud-first policies, and make digital skills more accessible to Thai citizens.…
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Thai government seeks urgent economic stimulus amid rising household debt
The Thai economy is in a dire state and in urgent need of a stimulus package to prevent further deterioration, according to the government. This stance arises amid ongoing discussions about the true state of the economy, with some expressing doubts about the actual need for the government’s proposed US$313 million handout scheme, which would necessitate a loan of US$15.6…
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Tech giants AWS, Google and Microsoft to invest 300 billion baht in Thailand
Amazon Web Services (AWS), Google, and Microsoft are set to invest in Thailand, marking a significant achievement for the nation’s economy. The total investment from these tech giants is expected to reach around 300 billion baht. The announcement was made by government spokesperson, Chai Wacharonke, following Prime Minister Srettha Thavisin’s successful talks with executives from the three tech powerhouses during…
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Popularity of online businesses in Thailand
Thailand is rapidly emerging as a digital commerce powerhouse. The growth is fueled by the country’s welcoming approach to global professionals through specialized visa programs, enhancing its appeal as an online business hub. The iGaming sector is a significant contributor to this trend, set to expand by 26.71% by 2027. The growth registered in the iGaming sector is due to…
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Thai rice exports prediction rises amid high global prices
Thailand is now aiming to export 8.5 million metric tonnes of rice this year, an increase from their initial projection, as reported by Chookiat Ophaswongse, the honorary president of the Thai Rice Exporters Association. The decision comes as rice prices escalate in competing nations such as Vietnam. Chookiat informed that due to the high cost of Vietnamese rice, countries including…
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Thailand PM invites Tesla, HP, and Analog Devices to invest
Thailand Prime Minister Srettha Thavisin extended an invitation to three significant American corporations to consider investing in Thailand, asserting the nation’s capability to act as their productive bases. The 61 year old prime minister recently visited the manufacturing plant of Tesla’s electric vehicles (EVs), where he participated in a trial run of the company’s cyber truck, which is set for unveiling…
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Digital wallet and e-refund schemes in Thailand face legal and funding challenges
The proposed digital wallet and e-refund schemes considered significant growth drivers for Thailand’s GDP next year, are potentially at risk due to legal and funding obstacles. Analysts have indicated that these challenges could lead to a substantial reduction in the implementation of these costly digital schemes in Thailand, which are scheduled for rollout next year. Maybank Securities notes that legal…
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Thailand’s digital wallet initiative raises concerns among tourism sector
The forthcoming 10,000-baht digital wallet initiative has raised concerns among tourism operators in Thailand. The scheme is viewed as primarily beneficial to the retail sector, leaving the tourism sector behind, which could have potential economic repercussions leading to a potential decline in domestic travel. Sanga Ruangwattanakul, the head of the Khao San Road Business Association, suggests the scheme offers limited…
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New ESG fund could boost Thai stocks by up to 70 billion baht
Analysts predict that a forthcoming environmental, social and governance (ESG) fund could draw investments of between 20 and 70 billion baht into 114 stocks listed on the Stock Exchange of Thailand’s (SET) ESG index this year. The long-term savings fund, which is set to be established later this year, will be focused on investing in domestic ESG stocks and bonds.…
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Global sugar shortage anticipated despite increased production in Brazil, Russia, China
A report by CovrigAnalytics released yesterday revealed an anticipated global sugar shortage. The deficit is estimated to be 2.4 million metric tonnes in the 2023/24 crop year, marking an increase of 200,000 tonnes from previous expectations. Despite increased sugar production in Brazil, Russia, and China, the shortfall in output from India and Thailand, due to inadequate humidity, will not be…
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Star Petroleum predicts global oil price drop despite high energy demand
Star Petroleum Refining Plc predicts a decrease in global oil prices for the remainder of the year despite robust energy demand. The reduction in prices is anticipated due to a potential surplus among key oil producers, according to Sakchai Thamsuruk, the manager for supply and planning at the petroleum company. The global oil industry is closely observing Saudi Arabia and…
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