Business News
Stay abreast of the ever-changing Business News in Thailand through our comprehensive coverage of local and international business events, market trends, and economic updates. We provide reliable analysis, in-depth features, and expert insights on the most relevant business stories, including issues affecting Thailand’s stock market, foreign investment, and entrepreneurship. Track the business world’s pulse as we inform you of crucial developments shaping Thailand’s economic landscape.
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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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Q3 slowdown: Thailand economy hits the brakes at 1.5%, falling short of forecasts
With an annual growth rate of 1.5% recorded in the third quarter, Thailand’s economy has shown a slower expansion compared to predictions, according to data released today, November 20. The National Economic and Social Development Council revealed that, from July to September, the economy of Southeast Asia’s second-largest country experienced a seasonally adjusted growth of 0.8% every quarter. However, these…
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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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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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Kazakhstan courts ASEAN investors to become Central Asia’s investment hub
Kazakhstan is reaching out to foreign investors, particularly from the Association of Southeast Asian Nations (ASEAN), in a bid to establish itself as a central investment hub in the Central Asia Region. The Kazakh government has expressed interest in mutual economic development with the Southeast Asian region, according to Deputy Minister of Foreign Affairs Roman Vassilenko. He made these remarks…
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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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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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Thailand sees surge in airfares despite low travel season
Airfares in Thailand witnessed a substantial increase in the third quarter of this year, despite it traditionally being a low season for travel. This surge was driven by a robust travel demand. Thai AirAsia, for instance, observed a 22% year-on-year rise in its airfares during this period, while Bangkok Airways’ rates saw a 15% hike. The average fare price for…
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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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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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Export growth: Thailand’s commerce ministry targets US$288 billion by 2024
The Commerce Ministry of Thailand has established an export growth goal for next year, aiming for an increase of 1.99%, which equates to approximately US$288 billion or 10 trillion baht. This information was shared by permanent commerce secretary, Keerati Rushchano, following a meeting attended by Commerce Minister Phumtham Wechayachai, other ministry heads and representatives from the private sector. The gathering…
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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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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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Tourists travelling less but spending more in luxury Thai tourism
The luxury travel sector is witnessing a peculiar trend: tourists are travelling less but spending more, according to the observations from Pimalai Resort and Spa, a hospitality establishment located on Koh Lanta. The resort has also noted that Krabi tourism is grappling with the dearth of international flights, especially from China. The resort’s owner, Charintip Tiyaphorn, revealed that despite the…
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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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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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Pattaya businesses backs discarded proposal for Chinese police patrols in Thailand
Pattaya Nightlife Business Association chairwoman Lamphueng Hamilton expressed her support for a now-discarded proposal for Chinese police officers to patrol popular tourist areas in Thailand. The proposal, originally mooted by the Thai government, has since been unequivocally dismissed. However, several Pattaya-based private tourism operators continue to champion the idea. Their support stems from a notable decrease in Chinese visitors, which…
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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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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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1962 Ferrari 250 GTO sells for US$51.7 million at Sotheby’s becoming second most expensive car
A 1962 Ferrari 250 GTO has been sold for a staggering US$51.7 million ( 18.6 million baht) at Sotheby’s in New York, making it the second most costly car ever auctioned. The sleek red vehicle had been held by an American collector for the preceding 38 years. The record for the highest auction price is still held by a Mercedes…
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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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5G network development: NBTC explores 3500MHz band allocation
The National Broadcasting and Telecommunications Commission (NBTC) is exploring the potential of allocating a section of the 3500-megahertz band to foster the development of a private 5G network. This move is aimed at encouraging practical applications across industries and enterprises. Talks are underway between NBTC and various stakeholders including telecom operators, vendors, representatives from the Industrial Estate Authority of Thailand,…
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JobThai reports 10.8% surge in labour demand
JobThai, a leading online recruitment firm, reported a 10.8% year-on-year increase in labour demand for the first three quarters of this year. The travel sector experienced the most significant rise in job recruitment, showing the strongest rebound post-pandemic. The company declared 1.74 million positions from January to September, marking a 10.8% increment compared to the same period last year, according…
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