industry
- Thailand News
Industry Ministry seizes 49 million baht substandard steel
Industry Ministry officials have seized substandard steel and electrical accessories worth 49.2 million baht in Bangkok and Chon Buri, ordering a factory suspension and launching further investigations into non-compliant products. Industry Minister Akanat Promphan announced that a special committee, led by Thitipat Chotedechachai, conducted inspections in collaboration with the Thai Industrial Standards Institute (TISI) and provincial industrial offices. The operation…
- Business News
Thailand boosts local content in industries amid US-China trade tensions
Finance Minister Pichai Chunhavajira is advocating for increased utilisation of domestic raw materials by businesses and the promotion of Thai ownership within supply chain companies. This initiative is part of a broader strategy to enhance the competitiveness of local industries by offering privileges through the Board of Investment (BoI). Pichai, serving as the chairman of the BoI, emphasised the importance…
- Thailand News
Thailand enforces stricter regulations on illegal factories
Thailand’s Industry Ministry is intensifying efforts to enforce stricter regulations on substandard products that falsely claim to meet Thai Industrial Standards Institute (TISI) standards. Industry Minister Akanat Promphan announced the initiative following a Cabinet meeting, emphasising the need for collaboration with modern trade stores to conduct random product inspections. “To enforce measures to control substandard products, we are seeking cooperation…
- Thailand News
Thailand establishes semiconductor board to boost industry
Thailand aims to bolster its standing in the regional semiconductor industry, with significant efforts underway to prepare a skilled workforce for escalating demands. This move is marked by the formation of the National Semiconductor and Advanced Electronics Industry Policy Committee, also known as the National Semiconductor Board, chaired by Prime Minister Paetongtarn Shinawatra. Paetongtarn signed an order to establish the…
- Thailand News
Thailand gets into gear as US-China tensions boost its economy
As the United States and China continue their economic tug-of-war, Thailand has ultimately emerged as an unexpected beneficiary on the global stage. The Southeast Asian nation is poised to become a formidable player in the electric vehicle (EV) industry, a development that could reshape the automotive landscape in the region and beyond. This revelation came to light during the 4th…
- Business News
New action plan to tackle global trade shifts and aid Thai industries
The International Institute for Trade and Development is set to unveil an action plan designed to address shifts in global trade regulations and industry supply chains. The institute aims to present this strategic plan to the Commerce Ministry, the Thai Chamber of Commerce, and the Federation of Thai Industries by November. Suphakit Chareonkul, the executive director, highlighted that recent global…
- Economy News
Baht-boom: Thailand’s currency surge leaves tourism, exports short
Thailand’s baht is rocketing towards its biggest quarterly rise since the Asian financial crisis, a development that has key tourism and export industries clutching their pearls. Since the end of June, the baht has surged 10% against the dollar, its most significant gain since early 1998. This sudden leap has prompted frantic appeals from the tourism, hotel sectors, and business…
- Events
Libertex brings European football to iFX EXPO Asia 2024
CFD brokerage firm Libertex is set to make a stark difference on the expo floor at iFX EXPO Asia 2024. The company will enjoy a prominent position at booth no. 5, being also the Gold Sponsor of the prestigious event. Over two days, from September 16 to 18, Libertex’s team of experts will engage with existing and new Introducing Broker (IB) partners…
- Business News
Thailand bids for 2030 Youth Olympics to boost sports industry
Two weeks after the Games of the XXXIII Olympiad concluded, Thailand is reiterating its commitment to bidding for the 2030 Youth Olympic Games, viewing it as a pivotal opportunity to advance its sports industry and generate revenue. The Governor of the Sports Authority of Thailand (SAT), Kongsak Yodmanee, stated that one of SAT’s missions is to promote sports within Thailand…
- Business News
MICE industry must prioritise people management to sustain growth
Game-changing People Management was the focus of a recent presentation at the TMX conference, one of the largest fairs dedicated to the meeting, incentive, convention and exhibition (MICE) industry. The discussion highlighted significant opportunities for growth and transformation within this expanding sector. The MICE industry is on a remarkable growth trajectory, with a projected compound annual growth rate (CAGR) of…
- Business News
Thailand’s oil reserves expansion faces financial challenges
Plans to bolster Thailand’s strategic petroleum reserve (SPR) are encountering pushback from industry executives due to financial constraints. Thailand’s Energy Minister, Pirapan Salirathavibhaga, spearheaded an initiative to increase national oil reserve security by expanding the SPR as detailed in the 2024 oil plan. Pirapan aims to increase Thailand’s oil reserves, both crude and refined, from 50 days to 90 days…
- Thailand News
Teen fried chicken seller resembles Blackpink’s Lisa, goes viral
A young fried chicken seller in Samut Prakan has become a local sensation due to her striking resemblance to Lalisa Lisa Manobal of the K-pop group Blackpink, featured in the viral video Rockstar. At Wat Asokaram market in Tambon Thai Ban, 36 year old Benyapa Muang Samut Prakan, better known as Gig, has been attracting attention alongside her 17 year…
- Thailand News
Groundbreaking Thai sci-fi flick ‘Uranus2324’ to release in July
In a historic milestone for Thai cinema, Uranus2324, the nation’s first space science fiction film, is set to premiere on July 4. This highly anticipated film has already garnered significant attention, being one of only four films to receive funding under Thailand’s Soft Power initiative and securing global distribution deals. Produced by Velcurve Studio in collaboration with GM Generators Co.,…
- Thailand News
Thailand’s plant-based foods market to hit 45 million baht
Thailand’s plant-based food market is on track for significant growth, with projections from a recent workshop indicating a 10% increase in value, reaching 45 billion baht this year. This promising forecast was highlighted during a recently held workshop titled The Future of Essential Agricultural Products of Thailand: A Case Study of Plant-Based Food. The event was co-organised by the Trade…
- Business News
Thai industries sentiment index drops to 88.5 as layoffs rise
Thai Industries Sentiment Index (TISI) experienced another decline in May, dropping to 88.5 from April’s 90.3 points, as 15,000 workers have been laid off since the beginning of the year, according to the Federation of Thai Industries (FTI). Layoffs in the first five months of 2024 emerged as the TISI, which measures the manufacturing sector’s health, fell for the second…
- Search Engine Marketing (SEM)
How to get more clients via social media marketing
Social media has evolved beyond merely publishing images and disseminating memes, It has morphed into a potent mechanism that, when optimised appropriately, can forge enduring relationships with your visitors, ultimately transforming them into potential clients. Within this blog, we will illuminate the pathway to harnessing your social media presence for client cultivation. This includes comprehending which platforms are pivotal for…
- Business News
Shifting gears: Thai auto parts makers urged to spark new path in medical devices
The Federation of Thai Industries (FTI) is urging local auto parts manufacturers to adapt to the technological disruption caused by electric vehicles (EVs) and transition to producing medical devices, which are projected to have a promising future. According to the FTI, auto parts makers accustomed to internal combustion engines are finding it difficult to adapt to electric mobility technology, as…
- Thailand News
Crisis in Thai industry: Are major collapses on the horizon?
Thailand’s industrial sector is teetering on the brink of a crisis as rapid technological advancements, fierce competition from China, and a planned hike in the daily minimum wage threaten to trigger a massive collapse. With two Japanese car giants, Subaru and Suzuki, set to shut down their manufacturing operations in Thailand, the situation is dire. KKP Research reports that 1,700…
- Business News
Thailand to boost computer chip investments for EV industry growth
Thailand is poised to ramp up its investments in computer chips, aligning with the state’s strategy to establish a national semiconductor board, in a bid to bolster the burgeoning electric vehicle (EV) industry. According to the Secretary-General of the Board of Investment (BOI), Narit Therdsteerasukdi, as domestic EV manufacturing gains traction due to increased foreign investment, the development of related…
- Business News
Thailand invests 8 billion baht for AI and EV industry research
Thailand Science Research and Innovation (TSRI) earmarked an 8 billion baht investment to enhance the nation’s pool of young researchers, supporting key S-curve industries like artificial intelligence (AI), electric vehicles (EVs), and quantum technologies. The fiscal 2025 budget includes plans to prepare 100,000 employees for the semiconductor industry, leveraging opportunities arising from geopolitical conflicts. Chairman of the National Commission on Science,…
- Thailand News
Thai halal boom targets 84 trillion baht market
In a move to capture a share of the burgeoning US$2.3 trillion (approximately 84 trillion baht) global halal market, the Ministry of Industry has launched the Thai Halal Industry Centre. This strategic initiative aims to position Thailand as the regional hub for halal products and services, with the market value expected to soar to US$2.8 trillion by 2025, driven by…
- Business News
Thailand’s sports equipment market to hit 32 billion baht
The sports equipment market is set for significant growth in the coming years, thanks to a surge in consumer interest in health and wellness since the Covid-19 pandemic began. President of the Thailand Sporting Trade Association Kitti Charoenpornpanichkul reported that the domestic sports equipment market reached a value of approximately 30 billion baht (US$826 million) last year. This figure surpasses…
- Business News
Thai industries launch initiatives to boost SMEs post-pandemic
New initiatives by the Federation of Thai Industries (FTI) aim to bolster local entrepreneurs, particularly small and medium-sized enterprises (SMEs) still grappling with the effects of the pandemic. The FTI is focusing on critical sectors such as agribusiness and the auto parts industry to foster resilience and growth. Efforts are being made to help SMEs become more competitive through the…
- Business News
Thai industry leader defends Bank of Thailand’s financial autonomy
Federation of Thai Industries (FTI) Vice Chairman Montri Mahaplerkpong voiced opposition to any proposals that would impede the Bank of Thailand‘s (BoT) authority over its financial stability management. Montri argued that the government should explore more palatable solutions to its disagreement with the BoT over policy rates, rather than attempting to curtail its power, which he sees as a contentious…
- Business News
Thailand’s steel industry threatened by surge in Chinese imports
The EAF Long Product Steel Producers Association raised concerns about the future of Thailand’s steel industry as local manufacturers face potential closure. This comes as a result of a surge in steel imports from China, which has resulted in a reduction of capacity utilisation to a mere 28% between January and February. The association’s president Chaichalerm Bunyanuwat urged for immediate…
- Business News
Syntec construction prioritises data centre projects
Public traded contractor Syntec Construction formed a dedicated team to manage the growing demand for data centre construction projects, particularly from industry heavyweights. This initiative is part of Syntec’s business strategy for this year, which prioritises bids for data centre construction owing to their heightened demand across the industry, according to Chief Executive, Somchai Sirilertpanich. The company has expanded its…
- Business News
Thai renewable energy industry urges govt to revise trade system
The Federation of Thai Industries’ Renewable Energy Industry Club urged the government to revise the country’s electricity trade system from the longstanding enhanced single buyer (ESB) model, arguing it hampers the growth of renewable energy. The ESB structure, which designates the Electricity Generating Authority of Thailand (EGAT) as the sole entity that sells electricity to the public, is seen as…
- Business News
Manufacturing production index drops by 5.13% in March
Continuing its downward trend for the 18th month in a row, the manufacturing production index experienced a 5.13% drop in March compared to the same period last year, according to an Industry Ministry report. This decline, which is more severe than analysts’ predictions, is attributed to a slowdown in automobile production, a decrease in exports, and increasing household debt. Analysts…
- Business News
Thailand’s manufacturing production index falls for 17th time
The Office of Industrial Economics (OIE) disclosed that Thailand’s Manufacturing Production Index (MPI) has fallen for the 17th consecutive month. February saw a year-on-year decrease of 2.8%, bringing the index to 99.2 points. This slump is largely attributed to a drop in manufacturing within key sectors, including the automotive industry. The OIE has also highlighted ongoing issues with high household…
- Business News
Thai industrial sentiment dips despite tourism boost
The Federation of Thai Industries (FTI) reported a minor dip in the industrial sentiment index for February, which fell to 90.0 from 90.6 in the preceding month. This decline was attributed to a slowdown in both domestic demand and exports, despite a boost from the tourism sector. The FTI revealed that household concerns over high living costs and debt issues…
