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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Starting a new life abroad is exciting—new culture, new lifestyle, and new chances to grow. But living far from home also means taking steps to protect your health in unfamiliar surroundings. Without the right coverage, even small health issues can...
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Scrapping immigration forms may boost Malaysian tourist influx in Thailand
Tourism professionals in Songkhla have voiced their desire for the discontinuation of the TM6 immigration paperwork as an additional border checkpoint and the eradication of extra-time service charges, as these measures continue to slow the influx of tourists from Malaysia. The government gave its approval this week to scrap the TM6 forms from November 1 to April 30, 2024, at…
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The Mall Group plans to extend opening hours to promote Thailand tourism
Thailand Mall Group Co-chairwoman Supaluck Umpujh proposed a novel strategy to invigorate the nation’s economy by attracting a greater influx of foreign tourists. She insists that the government’s ongoing efforts to enhance the tourism sector are moving in the right direction but advocates for the introduction of special incentives to stimulate investments in artificial tourist attractions across the nation. Supaluck also…
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Asia-Pacific executives struggle with regenerative business shift: Kearney report
A recent survey by global consultancy Kearney reveals that nearly half of Asia-Pacific-based executives feel their current business transformations are not proving effective. The study, which included 800 C-suite leaders from around the world, shows that while businesses have evolved from focusing on resilience during the Covid-19 pandemic towards a regenerative approach, only 51% are successfully implementing this strategy. The…
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MQDC’s Well Living Expo: Building a sustainable future one home at a time with a 30-year warranty
Leading real estate developer MQDC hailed the success of its MQDC Well Living Expo at Siam Paragon, which took place from October 12 to 15. The expo stressed the importance of holistic homes and a 30-year warranty towards achieving a sustainable quality of life, in line with MQDC’s For All Well-Being mission. Chief Operating Officer of MQDC, Assada Kaeokhiao, said…
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BGRIM’s solar sonata: Renewable energy giant strikes the right chord in Italy
BGRIM, a leading player in the renewable energy sector, has launched a new project for a solar power plant in Italy. The Ortanova project involves the development of an 80.9-megawatt ground solar energy system, complete with a tracking system. This initiative is in response to the growing global demand for clean energy. The undertaking is steered by RES Co Sicilia…
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Thailand’s business travel bounce-back: TCEB predicts 2024 revival, 2019 return by 2025-26
The Thailand Convention and Exhibition Bureau (TCEB) forecasts a business travel sector revival by 2024, with 23.2 million travellers expected. However, it predicts a business travel return to the pre-pandemic levels of 2019 only by 2025 or 2026 due to global economic unpredictability. TCEB’s president, Chiruit Isarangkun Na Ayuthaya, revealed that their business travel revival strategy will focus on stimulating…
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Thailand’s export hopes bloom in Q4, aiming to paint a brighter 2023 picture
The Ministry of Commerce in Thailand anticipates an uptick in the country’s exports for the last quarter of the year, potentially mitigating the projected contraction for 2023. This encouraging forecast is attributed to several factors, including a partnership between the government and private sector to boost export activities and address associated challenges, drought-induced spikes in agricultural and food product imports,…
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Thai beauty giants Srichand and Karmarts paint the world with global expansion plans
Srichand United Dispensary Co and Karmarts Plc, two Thai beauty corporations, are preparing for global expansion. Srichand’s Chief Executive, Rawit Hanutsaha, disclosed plans for aggressive international growth, particularly in Indonesia due to its large beauty market and population. The firm is in the process of identifying suitable Indonesian distributors and is also considering Malaysia. Srichand has already established a global…
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Thai Cabinet fuels up for savings: Gasohol 91 prices set to drop
The Thai Cabinet today gave initial approval for a 2.5 baht per litre reduction in the price of gasohol 91 for three months, likely to start from October 31, as stated by the Thailand Energy Minister. Thailand Energy Minister Pirapan Salirathavibhaga confirmed that this price cut would be facilitated by a 2.5 baht per litre reduction in excise tax, a method…
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Asia’s crypto craze: Bitcoin’s impressive ascent fuels ETF hopes
The cryptocurrency market witnessed a notable surge in Asia, with Bitcoin reaching a near 18-month high. The climb in value today, October 24, by over 6% to US$35,198, is the highest recorded since May 2022 and is the result of speculation around the potential launch of a Bitcoin exchange-traded fund (ETF). Monday, October 23, saw Bitcoin’s best session in almost…
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Stock market fraud: SEC intensifies efforts to restore investor trust
The Securities and Exchange Commission (SEC) is set to fortify its efforts in battling stock market fraud and intensifying its monitoring of publicly traded firms, in a bid to re-establish investor trust. The Commission acknowledged the proliferation of fraud incidents has led to a considerable erosion of confidence among stock investors. Regular offences include insider trading and stock price manipulation.…
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Thai government’s policy paradox: Digital wallet scheme and minimum wage hike under fire
The Thai government of Prime Minister Srettha Thavisin has faced significant challenges since coming to power seven weeks ago, with various commitments made during their campaign now under scrutiny. A crucial task includes the repatriation of Thai citizens affected by the Middle East conflict and the ongoing Israel-Hamas unrest. The Thai government’s promise to hike the daily minimum wage to…
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Thai therapists popularity in the Middle East bolsters remittances amid conflict
Overseas Thai workers are in the limelight as the conflict in Israel escalates in the region. Over 7,000 Thai individuals are awaiting evacuation, with instances of Thais being kidnapped by militants. Records from the Bank of Thailand reveal that the remittance from these overseas workers in the first three quarters of the current year was around 184 billion baht. Israel and…
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Impending drought poses significant threat to Thai export sector
The Thai economy braces for another challenge as impending drought threatens its critical export sector, following last month’s extensive flooding. Despite an improvement in exports in August, marking a recovery from an 11 month decline, the impending drought could significantly impact food manufacturing and shipments. The Federation of Thai Industries (FTI) highlighted concerns over the potential repercussions of water shortages…
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Thailand seeks free trade agreement with Gulf nations to boost investment
Thailand’s government spokesperson, Chai Wacharonke, declared the country’s intention to establish a free trade agreement with the Gulf Cooperation Council (GCC) member nations, aiming to enhance trade and investment relations. Prime Minister Srettha Thavisin recently concluded his visit to Saudi Arabia, where he participated in the ASEAN-GCC Riyadh Summit at the Ritz-Carlton. During the visit, the 61 year old prime…
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ACE’s 18 solar projects to boost revenue with 665m baht annually
Absolute Clean Energy (ACE), a prominent biomass power developer and operator based in Bangkok, is set to see a significant increase in revenue following the selection of its 18 solar power generation ventures to feed the national grid. The projects are being executed under the umbrella of ACE’s 14 entirely owned subsidiary companies. ACE, in a recent announcement by its…
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Business collaboration: Thailand and Japan’s Wakayama join forces in furniture and agriculture sectors
Thailand is geared towards fostering new partnerships with Japan’s Wakayama prefecture, with a particular emphasis on the co-development of the furniture and agricultural processing sectors. The main objectives of this business collaboration include enhancing product development and expanding export possibilities. Commerce Minister Phumtham Wechayachai, following a discussion with Wakayama’s governor, Kishimoto Shuhei, yesterday, stated that he urged the prefecture to…
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Thailand’s future so bright, it’s gotta rock Ray-Bans
The future’s looking so bright for Thailand that it’s gotta wear shades, and not just any old shades, preferably Ray–Ban sunglasses. Fortunately, for residents in the Land of Smiles, EssilorLuxottica, the renowned creator of Ray-Ban sunglasses, has recently inaugurated a state-of-the-art factory in eastern Thailand, poised to serve as a prominent production centre for the Asia-Pacific region. Located in Rayong…
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Sky skirmish looms: Low-cost airlines face turbulence from price-dumping giants
The survival of emerging low-cost carriers in Southeast Asia could be threatened as dominant airlines may resort to price-dumping strategies to safeguard their market share. The airline industry’s seat recovery is also projected to take a decade to fully bounce back. Really Cool Airlines’ Chief Executive, Patee Sarasin, previously the chief executive of Nok Air, expects to obtain the Air…
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Thailand NBTC advances regulatory structure for OTT platforms
Thailand’s National Broadcasting and Telecommunications Commission (NBTC) is swiftly developing a regulatory structure for over-the-top (OTT) platforms, focusing primarily on video-on-demand and video-sharing services. This manoeuvre is a further step by the government to supervise domestic and international OTT operators, necessitating that business details be submitted to the regulator to aid in shaping the future of the OTT industry. OTT…
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MAS to review Credit Suisse amid Singapore money laundering scandal
The Monetary Authority of Singapore (MAS) announced its intention to conduct an on-site review of Credit Suisse Group AG. The decision comes in the wake of a far-reaching financial scandal, in which at least one customer of the bank has been charged with money laundering. The review aims to assess the bank’s handling and monitoring of wealthy clients. The local…
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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…
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Gulf Energy eyes 50% revenue surge with power plant operations boost
Gulf Energy Development, a Stock Exchange of Thailand (SET)-listed firm, is looking forward to a 50% revenue surge, breaking past the 100 billion baht (US$3.03 billion) mark this year. This significant increase is due to the addition of electricity generation capacity and the full operation of its power plants. In the previous year, the company’s earnings stood at 95 billion…
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NIA Reform: Thailand supports startups and SMEs market entry
The National Innovation Agency (NIA) reformed its financial assistance measures, shifting focus towards aiding startups and small and medium-sized enterprises (SMEs) in getting their products to market, rather than simply supporting the development of prototypes. This year, the state agency has allocated 300 million baht to support these businesses, to generate a 3 billion baht economic and social impact, which…
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Real estate giant Siam Piwat secures global partnerships to boost retail reputation
The Siam Piwat Group, a leading real estate and retail developer in Thailand, secured partnerships with seven global retail giants, boosting its reputation as a popular global destination. The group, which owns and operates several prominent shopping centres, including Siam Paragon, Siam Center, Siam Discovery, ICONSIAM, and Siam Premium Outlets Bangkok, has also been in talks with Hyundai Department Store…
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Revved up worries: Middle East turmoil puts Thai car exports in the hot seat
The Federation of Thai Industries’ Automotive Industry Club warned that the ongoing Middle East conflict could potentially disrupt car exports to the region. Particularly, the popular pickup exports could see a downturn if the dispute remains unresolved. Given the current stagnation in domestic sales, the Thai auto industry relies significantly on its exports. Surapong Paisitpatanapong, the vice-chairman of the Federation…
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Chinese corporations eye investment in Thai green economy
Chinese corporations have expressed their intent to invest in Thailand’s green economy and development projects, renewable energy, electric vehicles (EVs), and transportation infrastructure, according to Prime Minister Srettha Thavisin. The Chinese investment announcement came after discussions between PM Srettha and Chinese business executives at the 3rd Belt and Road Forum for International Cooperation (BRF) in Beijing. The 61 year old…
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Bangchak finalises Esso Thailand acquisition
The energy conglomerate Bangchak Corporation, listed on the Stock Exchange of Thailand (SET), finalised its acquisition of Esso Thailand shares via a tender offer. The deal, valued at 3.54 billion baht, has resulted in Bangchak owning 76.3% of Esso Thailand. Previously, Bangchak secured a 65.99% stake in Esso Thailand, the entity managing Esso petrol stations, from Esso Asia Holdings Pte…
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Chinese investment in Thailand gains speed amidst economic slowdown
Chinese firms have significantly increased their investment in Thailand this year, despite China’s economic slowdown, providing a much-needed boost for the Thai Prime Minister, Srettha Thavisin. The increase in investment comes as a welcome relief amid concerns about the impacts of the world’s second-largest economy’s sluggish recovery on global growth. However, Thailand continues to appeal as a crucial investment hub…
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Thai court halts government’s wind power purchase scheme over selection irregularities
The Central Administrative Court‘s ruling to halt the government’s scheme to purchase 1,500 megawatts of wind power, on grounds of alleged irregularities in power plant selection, prompted the Energy Regulatory Commission (ERC) to gear up for an appeal. The judgement came in response to Khon Kaen Wind 2 Co, a subsidiary of the SET-listed Energy Absolute (EA), who had voiced…
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