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PIMEX boosts marine-triangle tourism

Legacy Phuket Gazette

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PIMEX boosts marine-triangle tourism | The Thaiger

PHUKET: At the forefront of Asia’s growing marine leisure industry, Phuket island is one of the top five cruising destinations in the world, and lies in the heart of the emerging ‘Andaman Marine Triangle’.

Consisting of Phuket, Phang Nga and Krabi provinces, the Andaman Marine Triangle is home to some of the most stunning sailing grounds in the world.

Indeed, the natural attractions and associated marine leisure industry, is the single largest asset for the area’s tourism industry.

Highlighting the industry’s rich offerings is Asia’s largest in-water boat show, the Phuket International Boat Show (PIMEX) – this year’s event be held from March 29 to April 1 at the award-winning Royal Phuket Marina on the island’s east coast.

PIMEX plays an integral role in creating and stimulating demand for marine products and services in Asia. Over 5,500 visitors attended the 2011 show to view the US$ 100 million of boats on display, as well as a magnitude of other marine and lifestyle offerings.

PIMEX connects buyers with sellers in the marine and luxury lifestyle space, and with the largest in-water display in the region, allows potential buyers to view boats first hand. International buyers often choose to leave their boats in Phuket’s marinas, so they can enjoy the facilities and surrounding cruising grounds at their leisure.

The trend of marina growth can be seen expanding from Phuket to other parts in the Andaman Marine Triangle. Namely, there are two new marinas in Krabi including the Krabi Boat Lagoon and Krabi River View, in addition to one more, the Port Takola Marina in the pipeline, adding almost 400 berths to the triangle, upon completion.

Over one billion baht of marina infrastructure development spending is expected in the Andaman Marine Triangle over the next five years.

As marinas in the Asian region are filling up. PIMEX is positioned as a key marketing and promotional tool for Phuket and beyond, helping to position the Andaman Marine Triangle as the marine leisure playground of Asia.

Both international and domestic markets are proving significant.

“We welcomed over 15 visitor nationalities last year, and of particular interest was the growing numbers of Russians and Chinese. A number of exhibitors noted a growing trend of Thais showing interest in buying into the marine leisure lifestyle,” commented Show Director, Andy Dowden.

“We are seeing more interest in exhibitors from China, Australia and New Zealand in particular this year. PIMEX has become the boat show in Asia to showcase boats, marine and lifestyle products to a large international audience,” added Dowden.

Targeting high net worth individuals and marine leisure enthusiasts, top international boat brands will be on display as well as leading marine brands and lifestyle products including luxury real estate and marina developments.

Phuket is the gateway to the Andaman Marine Triangle with more than 200 direct international flights weekly from major tourist markets in Asia and Europe. The three provinces share the same coastline and marine environment.Together they have become the marine playground for the rich and famous, wealthy, celebrities, and tourists from around the world.

With its long established and well developed infrastructure, Phuket holds a pivotal position in the Andaman Marine Triangle, and is home to four world-class marinas with a capacity of over 750 boats.

As reported by Channel News Asia: “The amount of private wealth in Asia is estimated to triple to US$16 trillion by 2015, according to Swiss private bank Julius Baer’s annual wealth report done jointly with CLSA.”

It is this growth in regional wealth, combined with the desire of boat owners wanting to relocate from traditional cruising grounds, that continues to fuel the growth of the marine leisure industry in the region.

In line with this growth, large-scale marine infrastructure in Phuket continues to develop. Further investment by established Phuket marinas is expected to be over 500 million baht, and a likely expansion of berth capacity by more than 20% over the next five years.

For more information, visit www.phuketboatshow.com.

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Archiving articles from the Phuket Gazette circa 1998 - 2017. View the Phuket Gazette online archive and Digital Gazette PDF Prints.

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Business

Fish sauce excluded from Thailand’s proposed tax on salty foods

May Taylor

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Fish sauce excluded from Thailand’s proposed tax on salty foods | The Thaiger

PHOTO: Cook’s Illustrated

Thailand’s Excise Department and Public Health Ministry is considering a levy on salty foods in an attempt to tackle the sodium-rich diets of Thai citizens, and the health consequences.

The director general of the Excise Department, Patchara Anuntasilpa says the tax would be calculated based on the amount of salt in a product, with the proposal being sent to Finance Minister Uttama Savanayana by year end.

Fish sauce is a liquid condiment made from fish or krill that have been coated in salt and fermented for up to two years.[1][2]:234 It is used as a staple seasoning in East Asian cuisine and Southeast Asian cuisine, particularly south east Asia and Taiwan. Following widespread recognition of its ability to impart a savoury umami flavor to dishes, it has been embraced globally by chefs and home cooks.

“If the tax is approved, we will allow entrepreneurs one or two years to reduce the salt content and launch a less-salty version of their product.”

The World Health Organisation and the UN both recommend taxing foods with a high salt content, saying increased sodium intake leads to high blood pressure, cancer and kidney and heart disease.

The Nation reports however, that while the proposal is to levy the tax on frozen and canned foods, along with processed items such as instant noodles, seasoning such as fish sauce and snacks like potato chips would be excluded.

The Federation of Thai Industries has pledged to cooperate with the government’s effort to improve the health of Thailand’s citizens, but its head Wisit Limluecha says he is not in favour of taxing popular seasonings, snacks, frozen or instant foods.

“Research has found that these foods represent only 20% of what we eat each day, and everyone has different eating habits, so the better solution would be to advise consumers on how to eat healthily.”

Wisit warns that the tax may damage the country’s competitiveness in the food sector both overseas and in Thailand, where imported products are easily available. He also voices concern that small businesses will suffer if unable to afford ingredient and packaging changes.

SOURCE: The Nation

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500 people own 36% of equity in Thai companies

Greeley Pulitzer

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500 people own 36% of equity in Thai companies | The Thaiger

Roughly 36% of Thailand’s corporate equity is held by just 500 people, highlighting wealth inequality in the Kingdom, according to a study released by the Bank of Thailand’s research institute.

Each of these 500 amass some 3.1 billion baht (102 million USD) per year in company profits, according to the report from the Puey Ungphakorn Institute for Economic Research. In contrast, average yearly household income in Thailand is around 10,000 USD.

A report out this week from the Economic and Business Research Centre for Reform at Thailand’s Rangsit University also pointed to divisive and polarised politics being another root cause of the economic divide.

Thailand’s private sector is dominated by tycoons running sprawling conglomerates. According to the World Bank, the gap between the mega-wealthy and the rest of the Thai population of 69 million is among the many economic challenges for Thailand. According to Bloomberg, the perception of a divide, exacerbated by an economic slowdown, is a major political fault line.

“Magnates arise in Thailand from institutional factors that privilege certain businesses,” said the executive director of PIER, author of the study.

The institute said Thailand needs to promote competitiveness to reduce profits from monopoly power and bolster entrepreneurship to create a more equitable distribution of corporate wealth.

The research is based on analysis of 2017 Commerce Ministry data on the 2.1 million shareholders in Thai firms, and was funded by the University of California San Diego.

SOURCE: Bangkok Post

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Thai Airways must modify rehabilitation plan to survive: Airline President

The Thaiger & The Nation

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Thai Airways must modify rehabilitation plan to survive: Airline President | The Thaiger

PHOTO: gta5-mods.com

“Thai Airways will have to modify its rehabilitation plans to survive in the face of tight competition.” This frank admission by the airline’s president Sumet Damrongchaith.

The national carrier is now carrying a total debt of over 2.45 billion baht and losses of more than 20 billion, despite being able to reduce its debts by 48 billion baht over the past five years.

Sumet says the first step will be to restructure the airline’s management and finances as well as reconsider its plan to spend 1.5 billion baht on 38 new aircraft. He admits the biggest problem is that Thai Airways has low capital but a high debt-to-equity ratio of eight times.

In order to maintain its competitiveness, the carrier will have to reduce its debts versus assets and boost its working capital with support from the ministries of Transport and Finance. Hence, it plans to borrow approximately 3.2 billion baht in fiscal 2020 in line with the budget limit set by the Office of Public Debt Management.

This loan will be taken to support the airline’s investments as well as for its working capital, to update equipment and maintain existing aircraft, but will not be used to repay old debts.

The Nation also reports that the airline is also concerned about maintaining its liquidity because at the end of June this year, its revolving credit line stood at 13.4% of the total revenue forecast for 2019.

Sumet admits that, though the original rehabilitation plan has a set framework, the situation has now changed due to the appreciation of the baht, so in order to achieve goals, the work method has to be redesigned, such as finding a way to procure more passengers.

“We are now in the process of analysing new markets.”

Meanwhile, Thai Aiways’ board chairman Aek-Niti Nitithan-Praphas says the board is reconsidering plans to procure a new fleet taking into consideration the state of the global and domestic economies as well as the US-China trade war.

“The growth of the tourism industry and the airlines’ financial status needs to be reviewed in line with strong competition and routes that are no longer popular. It’s better to carefully revise the plan instead of exposing the airline to greater risk. The target should be reduce expenses by 20%.”

Meanwhile, Thai Airways aims to boost the sale of tickets, find ways of increasing online shopping of duty-free goods and reducing unnecessary expenses by 10%without affecting the quality of service in the last three months of 2019.

The airline is also negotiating the option of cutting down overtime expenses and is looking into curbing losses incurred by it’s semi-budget offshoot Thai Smile by increasing its flying hours to 10.5 hours daily. These steps are expected to help the airline reach breakeven point in the short term.

The airline is also considering long-term goals such roping in more passengers by offering greater benefits to Royal Orchid Plus members, focusing on digital marketing, retiring non-performing assets as well as increasing revenue from related businesses such as kitchens and aircraft repair centres.

SOURCE: The Nation

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