Trade talks with Malaysia feature new joint projects
Mr Phumtham at the third Thailand-Malaysia joint trade committee meeting on Thursday in Kuala Lumpur, Malaysia. Commerce Minister Phumtham Wechayachai attended the third joint trade committee (JTC) meeting between Thailand and Malaysia on Thursday in Kuala Lumpur. The initiative aims to turn the conflict zones in these provinces into trade arenas in a push for peace, he said. Both countries said they want to form new partnerships that will benefit their economies and entrepreneurs, aligning with policies to promote trade, reduce trade obstacles and enable bilateral trade. Trade between the countries totalled $25 billion last year and $11 billion during the first five months of this year.
Source:Bangkok Post
July 04, 2024 23:11 UTC
China's BYD opens EV factory in Thailand, first in Southeast Asia
(Photo: Pattarapong Chatpattarasill)RAYONG - China's BYD (Build Your Dreams) opened an electric vehicle (EV) plant in Thailand on Thursday, the auto maker's first factory in Southeast Asia, a fast-growing regional EV market where it has become the dominant player. "Thailand has a clear EV vision and is entering a new era of auto manufacturing," BYD CEO and President Wang Chuanfu said at the opening ceremony. The BYD plant is part of a wave of investment worth more than US$1.44 billion from Chinese EV makers who are setting up factories in Thailand, helped by government subsidies and tax incentives. By 2030, Thailand aims to convert 30% of its annual production of 2.5 million vehicles into EVs, according to a government plan. Other EV rivals in the local market include Great Wall Motor, which also has a production facility in Thailand, and Tesla.
Source:Bangkok Post
July 04, 2024 17:34 UTC
Thaland-Laos train service to begin on July 19
A new international train service connecting Bangkok and Vientiane will begin on July 19, the State Railway of Thailand (SRT) announced on July 3. The State Railway of Thailand has announced the start of an international train service connecting Bangkok and Vientiane, in Laos, on July 19. Bangkok (VNA) – A new international train service connecting Bangkok and Vientiane will begin on July 19, the State Railway of Thailand (SRT) announced on July 3. They can also board the high-speed Laos-China railway at Vientiane Railway Station to travel to other provinces in Laos or to China. A trial service between Udon Thani, Nong Khai, Thanalaeng and Vientiane stations was completed on May 21 without any problems./.
Source:Bangkok Post
July 04, 2024 15:19 UTC
Ministry preps stimulus measures
The government previously used tax measures to promote tourism in secondary cities, allowing both organisations and individuals to deduct tourism expenses in these areas for tax purposes. "However, using credit measures to stimulate the economy carries lower fiscal costs compared with other measures." He said the ministry is about to introduce tax measures to attract investment, which will be submitted to the cabinet within 1-2 weeks. In addition, to increase access to formal credit for small and medium-sized enterprises, Mr Paopoom said the ministry is in the process of improving credit guarantee measures for the state-owned Thai Credit Guarantee Corporation (TCG). The government's increased deficit has led to a rise in public debt levels to 64.3% of GDP as of May, but this level is still considered manageable by the Public Debt Management Office.
Source:Bangkok Post
July 04, 2024 10:56 UTC
Thailand’s export value forecast to grow 1-2% in H2: TNSC
The Thai National Shippers' Council (TNSC) expects the country’s export value to expand by 1-2% in the second half of this year. (Photo: Bangkokpost.com)Bangkok (VNA) – The Thai National Shippers' Council (TNSC) expects the country’s export value to expand by 1-2% in the second half of this year. TNSC Chairman Chaichan Chareonsuk said the council is maintaining its export growth forecast at 1-2% this year. The TNSC recommended the government maintain energy and electricity prices, the daily minimum wage and logistics costs at a suitable level. The government should support and promote investment in industries with export potential, such as electronic components and electrical appliances, said Chaichan.
Source:Bangkok Post
July 03, 2024 23:12 UTC
Thailand gives nod to additional borrowing for fiscal 2024
That will bring total new borrowing in the fiscal year to 1 trillion THB, Deputy Spokesperson of the Government Radklao Suwankhiri told a news briefing on July 2. Meanwhile, Government Spokesman Chai Wacharonke said the additional borrowing will be used to fund the digital wallet handout, scheduled to begin in the fourth quarter, at a cost of 500 billion THB. The plan is opposed by the Bank of Thailand (BOT) and some economists for its potential inflationary and fiscal impact. In May, the country's cabinet approved a plan to increase the 2024 fiscal budget by 122 billion THB to help finance the stimulus programme. Rudklao noted that the additional loan of 276 billion THB is intended to support projects of the State Railway of Thailand and the new debt restructuring plan for SOEs, along with an additional loan of 3.47 billion THB from domestic sources.
Source:Bangkok Post
July 03, 2024 16:33 UTC
Foreigners arrested for long overstays in Phuket
Foreigners arrested for long overstays in PhuketThree foreign men are arrested in Phuket on Wednesday for overstaying their visas. A fourth was also arrested by immigration officials for overstay. (Photo: Phuket immigration office)PHUKET: Four foreign men were arrested for overstaying by from 234 days to over five years during random visa inspections on Wednesday morning. The four were - Mohamed, an Egyptian who had overstayed for 1,898 days; Zubair, a Pakistani with 1,734 days overstay; Haitham, an Egyptian with a 234-day overstay; and a Russian named Dmitrii, 413 days. The owners of the places were fined for not reporting foreigners staying there within 24 hours of their arrival, under Section 38 of the Immigration Act.
Source:Bangkok Post
July 03, 2024 16:28 UTC
Cambodia jails activists for plotting against government
A Cambodian court handed jail terms of up to eight years to 10 activists of environmental group Mother Nature, on charges of plotting against the government and insulting the king, the group's founder and a lawyer said on Tuesday (July 2).
Source:Bangkok Post
July 03, 2024 03:44 UTC
More than 100 killed in Indian stampede
Overcrowding of venue for Hindu religious event in Uttar Pradesh blamed for tragedyPeople mourn next to the bodies of victims of a stampede outside a hospital in Hathras district in the northern state of Uttar Pradesh, India on July 2. (Photo: Stringer via Reuters)NEW DELHI - At least 107 people were feared dead in a stampede at a Hindu religious gathering in the northern Indian state of Uttar Pradesh on Tuesday, the broadcaster NDTV reported. The stampede happened in a village in Hathras district, about 200 kilometres southeast of New Delhi, where authorities said a large crowd had gathered on an area of open ground in response to a call from a local religious leader. Videos on social media showed bodies piled up on the ground outside a local hospital. “The incident happened due to overcrowding at the time when people were trying to leave the venue,” Hathras district administrator Ashish Kumar told reporters.
Source:Bangkok Post
July 02, 2024 17:01 UTC
Thailand, India join regional plan for instant retail cross-border payments
Thailand, India join regional plan for instant retail cross-border paymentsFILE PHOTO: The tower of the headquarters of the Bank for International Settlements (BIS) is seen in Basel, Switzerland on March 18, 2021. (Reuters)MUMBAI: The central banks of Thailand, India, Malaysia, Singapore and the Philippines are working together to start an instant cross-border retail payments platform by 2026, the Bank of International Settlements (BIS) said on Monday. BIS, dubbed the central bankers' central bank, said it aims to link each country's instant digital payment system -- like India's United Payment Interface (UPI) and Singapore's PayNow -- as part of Project Nexus, its initiative to enhance cross-border payments. India and the other four countries will be the founding members of the platform, while Indonesia will serve as a special observer, the BIS said. "Even with just the first wave of connected countries, Nexus has the potential to connect a market of 1.7 billion people globally, allowing them to make instant payments to each other easily and cheaply," Agustín Carstens, general manager of the BIS, said in a statement.
Source:Bangkok Post
July 02, 2024 04:48 UTC
Pita slams Election Commission's 'double standards'
Pita LimjaroenratMove Forward Party (MFP) chief adviser Pita Limjaroenrat has accused the Election Commission (EC) of double standards for its petition to the Constitutional Court seeking to disband the party. Mr Pita said it is evident that Section 93 of the law cannot be exercised without a connection to Section 92. If both sections are exercised separately in a party dissolution case, a double standard will occur, he said. He also emphasised the need for a party facing dissolution to dispute the charges with the EC. The court ordered the MFP on June 19 to prepare evidence within seven days for a hearing this Wednesday.
Source:Bangkok Post
July 01, 2024 18:47 UTC
Thailand tops world’s canned tuna exports
Thailand exported 221,092 tonnes of canned tuna in the first five months of 2024 with a value of 978.58 million USD, up 19.39% in volume and 13.40% in value compared to the same period last year. Thailand tops world’s canned tuna exports (Photo: bangkokpost.com)Bangkok (VNA) – Thailand exported 221,092 tonnes of canned tuna in the first five months of 2024 with a value of 978.58 million USD, up 19.39% in volume and 13.40% in value compared to the same period last year. Besides, by-product from canned tuna production is used as a raw material in the production of pet food. In 2023, the top five canned tuna export markets for Thailand were the US with a value of 482 million USD, accounting for 23.1% of the total, Japan at 257 million USD (12.3%), Australia at 172.68 million USSD (8.27%), Libya at 150 million USD (7.2%), and Saudi Arabia 137.92 million USD (6.61%). Supporting factors for the surge of Thai canned tuna exports this year are lower costs for raw tuna, growing demand for halal food, and geopolitical risks, which have led to higher product stocks, according to TPSO.
Source:Bangkok Post
July 01, 2024 14:50 UTC
Laos allows border pass holders to stay longer, go farther
Thai visitors using a border pass or temporary border pass can now stay in Laos for 10 days, the Vientiane Times reported on Monday. Thai border pass holders "must also use the services of a Lao tour company registered with the Ministry of Information, Culture and Tourism", the Vientiane Times added. Vietnamese visiting Laos using a border pass receive the same benefits as Thais. Laos has also relaxed visa and border pass restrictions for about two dozen other countries, but the conditions vary. For example, tourists from China can visit Laos for 15 days with no need for a visa if they travel in a group.
Source:Bangkok Post
July 01, 2024 09:52 UTC
Car bomb outside police flat kills 1, injures 16 in Yala
Car bomb outside police flat kills 1, injures 16 in YalaFire erupts after an explosion at a police flat in Bannang Sata district, Yala, on Sunday morning. The explosion happened in front of a flat belonging to Bannang Sata police station at about 10.30am. The scene is in Bannang Sata municipality and is not far from the Bannang Sata district office and a market. Of the 16 injured people, six were police officers and ten were local residents. The incident was the first car bomb explosion in the far South this year.
Source:Bangkok Post
June 30, 2024 22:55 UTC