boost economy
- Thailand News
Thailand to boost tourism to drive economic growth
The Tourism Authority of Thailand (TAT) is on a mission to stimulate tourism, focusing on boosting revenue in 55 secondary provinces by a staggering 20%, aiming for a grand total of 91 million trips this year. This ambitious goal, however, falls short of the mark for key provinces. For the first nine months of the previous year, the 55 secondary tourism…
- Thailand News
Thailand to boost trade with India
The Commerce Ministry is joining forces with the government’s Team Thailand to boost economic growth by tapping into the vast potential of India. The aim is to boost exports to India by an impressive 4% this year. Deputy Commerce Minister Napintorn Srisunpang highlighted the allure of the Indian market, citing its robust economic growth, resilient domestic consumption, and active industrial activity.…
- Thailand News
Essential ascent: Despite fiscal twists, analysts predict vital goods to drive economic lift-off
Despite the financial rollercoaster, essential goods are set to expand. Analysts declare that essential goods will help boost the economy. The Thai Chamber of Commerce’s recent survey predicts a 1.5% dip in purchasing power, attributed to escalating interest rates, inflation, and the lingering pandemic hangover. Undeterred, consumers are rallying around staples like food, beverages, personal care products, household items, and…
- Economy News
Long-haul tourism to boost Thai tourism revenue in 2024
The Tourism Authority of Thailand (TAT) anticipates that long-haul tourism will significantly bolster Thai tourism revenue in 2024, contributing seven percentage points more than pre-pandemic levels. This was discussed last week as the Minister for Tourism and Sports, Sudawan Wangsuphakijkosol, met with TAT executives to deliberate on next year’s market strategies. The government has set a goal of 3.5 trillion…
- Business News
Thanapiriya Plc plans 120 million baht expansion
Thanapiriya Plc, a leading retail store operator with branches in Chiang Rai, Chiang Mai, and Phayao, has announced a 120 million baht investment plan to expand its presence with new outlets in the following year. Amorn Phutthiphiriya, the firm’s chief operating officer, indicated that the expansion strategy would involve establishing six fresh branches in Chiang Rai. Despite the existence of…
- Business News
Thailand aims to boost SME contribution to GDP by 300 billion baht in 2024
Aiming to raise small and medium-sized enterprises (SMEs) contribution to the nation’s GDP to 6.6 trillion baht in the next year. Thailand’s Commerce Ministry is set to collaborate with private firms. This expected increase of 300 billion baht from the current year is part of the ministry’s strategic roadmap for SME development. Deputy Commerce Minister Napintorn Srisanpang unveiled the plan,…
- Economy News
Thai economy rebound: PM unveils bold plan to tackle challenges
Prime Minister Srettha Thavisin outlined a comprehensive plan to tackle pressing economic issues in Thailand spanning agriculture, industry, and debt-related concerns. He unveiled his intentions during a keynote speech at The Standard Economic Forum, stating that the Thai economy’s current state is a subject of contention between himself and the Bank of Thailand’s governor. Despite the debate, the Thai PM…
- Business News
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,…
- Thailand News
Digital wallet boost: Thai government to inject 600,000 million baht into economy
The government is set to inject 600,000 million baht into the economy through the well-documented digital wallet initiative. This programme will provide 10,000 baht to Thai citizens aged 16 and above, with an income not exceeding 70,000 baht and savings of no more than 500,000 baht. The initiative, set to run for six months, will be applicable within the citizen’s…
- Business News
Consumer confidence in Thailand soars to 44 month high
Last month witnessed a surge in consumer confidence for the third consecutive month, reaching its highest point in 44 months, according to the University of the Thai Chamber of Commerce (UTCC). Factors contributing to this uplift include the government’s initiatives to curb living costs, a boost in foreign arrivals, and a revival in exports. The UTCC reported that the consumer…
- Business News
Content creator economy thrives in Thailand with Meta’s support
Meta, the company behind Facebook and Instagram, is cultivating a thriving content creator economy in Thailand, offering local creative talent numerous avenues to monetise their output. This initiative allows creators to offer unique content and experiences to their subscribers, thereby establishing a new stream of revenue. According to Meta, these revenue-earning opportunities encompass branded content, partnership ads, and Instagram subscriptions.…
- Thailand News
Thai govt reduces foreign worker visa fees to 500 baht to boost economy
Foreign worker visa fees for four nationalities have been reduced to 500 baht, with the fee changes expected to be enforced from November 11 for a duration of four years. This reduction aims to stimulate the Thai economy’s recovery by promoting the legal employment of migrant workers from Cambodia, Laos, Myanmar, and Vietnam. Somchai Morakotsriwan, currently acting as the Director-General…
- Thailand News
Thailand persists with 10,000-baht digital money giveaway to reboot economy
The Thailand government is standing firm on its decision to proceed with the 10,000-baht digital money giveaway, despite various calls for its reconsideration. The government maintains that while the specifics of the project can be tweaked, the fundamental principle of using it as a tool to reboot the economy remains steadfast. According to Deputy Prime Minister Phumtham Wechayachai, the Thai…
- Thailand News
Hong Kong investment spurs expansion in Thai manufacturing and logistics
Thailand is attracting the attention of Hong Kong-based investment companies keen to establish manufacturing and logistic firms within its borders, revealed Thai trade representative Nalinee Taveesin. This follows a recent dialogue with Ronald Ho, the director of Hong Kong Trade Development Council’s Southeast Asia and South Asia, in Bangkok. The two nations have long enjoyed a prosperous relationship in trade,…
- Business News
Thai tourism bodies urge government to rebuild confidence with Chinese tourists
The Association of Thai Travel Agents (ATTA) and the Tourism Council of Thailand (TCT) called on the government to restore confidence in Chinese tourists via mainland tour agents, emphasising that this approach can guarantee tourist safety. TCT president, Chamnan Srisawat, suggested that the government should exercise caution before deciding on a permanent exemption from visas for the Chinese market. The…
- Thailand News
Thai PM to kickstart Naga Fire: Miracle of Faith 2023, boosting tourism
Thailand Prime Minister Srettha Thavisin is set to grace the grand opening of the Naga Fire: Miracle of Faith 2023 event in Phon Phisai District, Nong Khai on Sunday, October 29, according to the government’s spokesperson, Chai Wacharonke. This visit marks the premier’s first official journey to Laos, set to commence the day after his overnight stay in Udon Thani.…
- Business News
Sunny-side up: Thai exports set to crack 3.6% growth in 2023
Positive prospects are forecasted for Thai exports next year, with an anticipated growth rate of 3.6%. This rebound follows a projected 2% drop this year, according to a recent report by the University of the Thai Chamber of Commerce (UTCC). UTCC’s president, Thanavath Phonvichai, attributes this optimistic projection to several factors including lower interest rates and easing inflation globally, which…
- Business News
Thailand’s commerce ministry aims for 20% cross-border trade boost
The Commerce Ministry of Thailand has an ambitious vision for the upcoming year – pushing cross-border trade value to 1.2 trillion baht, marking a 20% increase from this year’s estimated 1 trillion baht. Deputy Commerce Minister Napintorn Srisunpang, the overseer of the Business Development Department, Trade Negotiations Department and Foreign Trade Department, disclosed the ministry’s strategy to achieve this. They…
- Business News
Thai government’s 5% GDP growth aim deemed optimistic amidst challenges
The administration of Prime Minister Srettha Thavisin aims to boost annual GDP growth by 5%. This goal was unveiled during a policy statement delivered by the premier to the heads of government agencies last week during discussions about the fiscal 2024 budget. However, the World Bank recently cut its growth forecast for Thailand to 3.4% this year and trimmed its…
- Business News
China’s rise as global superpower lauded by Thai-Chinese Cultural Council president
Pinit Jarusombat, the president of the Thai-Chinese Cultural and Relationship Council (TCCRC), has acknowledged China’s ascension to the ranks of global superpower in terms of technology and economic might. The statement was made in light of the upcoming National Day of China, marking the 74th anniversary of the People’s Republic of China’s establishment. Pinit appraised China’s development, pointing out the significant…
- Thailand News
Thailand’s 1 trillion baht land bridge project seeks foreign investors
Thailand’s Transport Ministry is actively seeking investors for a megaproject, dubbed the land bridge, which aims to connect Chumphon on the Gulf of Thailand’s eastern coastline to Ranong along the Andaman Sea. The mission to attract funds will involve roadshows in China, Europe, and the United States. Suriya Jungrungreangkit, the Transport Minister, shared these updates on the project’s progress in…
- Thailand News
Government Savings Bank unveils 100,000 baht loan scheme for struggling self-employed workers in Thailand
The Government Savings Bank (GSB) is launching a loan scheme targeting small-scale self-employed individuals, such as taxi drivers, motorcycle taxi drivers, riders, and online sellers. The bank is offering loans of up to 100,000 baht, repayable over eight years, to support these workers who have been adversely affected by the rising cost of living, resulting in reduced income and financial…
- Thailand News
Thailand eyes growth in pink economy by attracting international LGBTQ+ retirees
Thailand’s potential to expand its pink economy through the attraction of international LGBTQ+ retirees was the highlight of a recent conference held in Bangkok. Dr Chaiwat Songsiriphan, who is the founder and medical director of the Safe Clinic, emphasised that Thailand’s high tolerance for gender diversity could make it an ideal retirement destination for the LGBTQ+ community. He further noted that…
- Thailand News
Thailand’s expressway authority digs into land values with market survey
The Expressway Authority of Thailand (EXAT) initiated a market survey concerning its plots of land located under and close to its elevated expressways. These 17 regions, which include prime business districts in Bangkok such as Silom, Phloenchit, Wacharaphon, and Asok, show significant potential for commercial EXAT land development. The survey aims to gather the perspectives of potential private investors, which…
- Thailand News
Prime time for Thai tourism: Thailand’s new PM heads south for strategic talks
The new Prime Minister of Thailand is set to visit Phuket and Phang Nga this weekend to deliberate with local communities and seek input from the private sector on how to boost Thai tourism in the southern provinces, according to an announcement by the Phuket office of the Public Relations Department (PR Phuket). Prime Minister Srettha Thavisin and the tourism…
- Economy News
Pheu Thai leadership welcomed by tourism operators
The Pheu Thai political party’s potential leadership of the Tourism and Sports Ministry has been warmly welcomed by tourism operators. This development arises from growing speculation around the formation of the new Cabinet. Numerous news outlets suggest that the ministry might transition from the Bhumjaithai Party to Pheu Thai. Adith Chairattananon, the honorary secretary-general of the Association of Thai Travel…
- Thailand News
Phuket Chamber President awaits PM’s swift action on 3000 million baht projects
Phuket’s Chamber of Commerce President is keenly awaiting the immediate action of Thailand’s 30th Prime Minister, Srettha Thavisin. There are a myriad of pressing issues regarding Phuket projects waiting to be addressed. Kongsak Khupongsakorn, confident in his province’s ongoing economic development, is ready to collaborate with all political parties. Regardless of who assumes the role of prime minister or even…
- Thailand News
Pattaya sets 1.9 billion baht budget aiming to revitalise tourism and local economy
Emphasising tourism and local economy stimulation, the city of Pattaya has delineated its budget allocation for the upcoming fiscal year. Paramet Ngampichet, the Mayor of Pattaya City, announced the conclusion with the budget set to be effective from October 1. In a recent meeting participated in by municipality executives, councillors, and local government entities, a resources allotment of 1.9 billion…
- Thailand News
Thai NHSO launches homegrown rubber prosthetic fistula, expects 540 million baht savings
Moving towards medical self-sustainability while concurrently conserving expenses, Thailand’s National Health Security Office (NHSO) has come up with an innovative solution. The NHSO has launched a new, locally made prosthetic fistula prepared from natural rubber for those participating in the Universal Healthcare (UHC) programme, also commonly referred to as the “gold card” scheme. This new initiative aims at reducing the…
- Economy News
ASEAN bolsters talks with UK, Russia for potential economic cooperation plans
In an attempt to further drive economic cooperation, Southeast Asia, through the Association of Southeast Asian Nations (ASEAN), is accelerating its dialogue with the United Kingdom and Russia. This information was released by Auramon Supthaweethum, the head of the Trade Negotiations Department. A senior official from the department, Duangarthit Nidhi-u-tai, was sent to represent the region at the 4th ASEAN-UK,…
