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Economics

It is Time for Binding Agreements on Migrants’ Rights in Asia

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It is Time for Binding Agreements on Migrants’ Rights in Asia

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2008 – averaging more than 4% per year – as it recovered from the Asian financial crisis of 1997-98. Thai exports – mostly machinery and electronic components, agricultural commodities, and jewelry – continue to drive the economy, accounting for as much as three-quarters of GDP. The global financial crisis of 2008-09 severely cut Thailand’s exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted about 2.8%. The Thai government is focusing on financing domestic infrastructure projects and stimulus programs to revive the economy, as external trade is still recovering and persistent internal political tension and investment disputes threaten to damage the investment climate.
Base effects are expected to lead to an increase in inflation readings in the fourth quarter of 2009 and into 2010, but monetary policy is likely to remain accommodative. In the same way that the deflation in 2009 has not warranted a more aggressive monetary policy reaction despite the Bank of Thailand having a lower bound of zero on its inflation target, positive inflation in 2010 should not lead to aggressive tightening either, and the Bank of Thailand is not expected to raise rates until the second half of 2010 despite rising inflation readings.

Thailand enjoys a strategic location and serves as a gateway into the heart of Asia – home to what is today the largest growing economic market.
The country also offers convenient trade with China, India and the countries of the Association of Southeast Asian Nations (ASEAN), and easy access into the Greater Mekong sub-region, where newly emerging markets offer great business potential.

Thailand plans to be the Hub of ASEAN

Thailand was one of the founding members of ASEAN and has been instrumental in the formation and development of the ASEAN Free Trade Area (AFTA).
AFTA entered into force on 1 January 2010 for the six original ASEAN (ASEAN-6) members (Thailand, Singapore, Malaysia, Indonesia, Philippines, and Brunei), thereby reducing import duties to zero; the so-called CLMV countries (Cambodia, Laos, Myanmar and Vietnam) will follow suit in 2015.
Thailand has forged close economic cooperation with other ASEAN member nations, and Thai manufactured products and services have access to their markets, which includes all 10 ASEAN countries. ASEAN is home to more than half a billion people, GDP in excess of US$1.5 trillion and total trade of well more than US$1 trillion per year.

Thailand’s geographical advantage favors transforming Thailand to be the energy hub of the region

The course of Thailand’s electricity industry development has set forth a goal of greater efficiency – both on the supply side and demand side. The aim is to ensure the optimization of energy resources and minimization of environmental impacts, with an ultimate goal of sustainable energy development. On the other hand, the industry has also had to properly adjust to economic and social changes as well as national energy policies and strategies over the past decades.
For some time, the government has encouraged more private participation in the electricity generation business in order to reduce the public investment burden and enhance greater competition in the industry.

In compliance with the national policy, EGAT established and listed the Electricity Generating Public Company Limited (EGCO), the country’s first independent power producer (IPP), in 1992 to mobilize funds from the stock market for its power investment, followed by the privatization of Ratchaburi Electricity Generating Holding Public Company Limited (RATCH), EGAT’s subsidiary founded in 2000.

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National News Bureau Of Thailand

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BANGKOK (NNT) – The Commerce Ministry has launched measures to increase rice exports to 6 million tons this year, valued at around 150 billion baht, with Indonesia, China, Bangladesh and Iraq set to be the main markets under government-to-government (G2G) deals.

Commerce Minister Jurin Laksanawisit said G2G deals and a campaign to make Thai rice more recognizable around the world will spearhead efforts to increase the export volume from last year’s 5.7 million tons.

He said the ministry is working with the Thai Rice Exporters Association to promote Thai rice under the “Think Rice, Think Thailand” campaign, adding that Thailand successfully made Thai rice become better known in Canada, increasing its exports to the country by 21% to 120,000 tons last year.

Mr Jurin said one of the distinctive characteristics of Thai rice is its very low sugar content. This would make it the preferred choice among Canadians as 28% of the Canadian population has high blood sugar levels.

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Bangkok Metropolitan Energy Authority (MEA) partners with Chineses owned Newsky Energy (Thailand) Company

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BANGKOK (NNT) – The Metropolitan Energy Authority (MEA) is looking into co-investment opportunities with private firm Newsky Energy Thailand for the construction of two new waste-to-energy power plants in Bangkok, promoting the expansion of alternative energy in the metropolitan area along with environmental protection.

The MEA has signed a Memorandum of Understanding with private firm Newsky Energy Thailand on co-investment arrangements for waste-to-energy power plants in the Nong Khaem and On Nut districts of Bangkok, a project costing about 10 billion baht.

MEA Governor Kirapat Jiamset, said today that each of the waste-to-energy plants will have a generating capacity of 35 megawatts of electricity using 1,000 tons of waste as fuel each day.

Mr Kirapat said the two power plants will be introduced along with the smart grid system, which allows communities in service areas to receive power entirely from these plants, independent of the main power lines.

New Sky Energy Thailand CEO He Ning said the company has been working with the Bangkok Metropolitan Administration to operate a waste-to-energy incinerator at Nong Khaem dump, which converts 500 tons of garbage into electricity each day.

Operating since 2016, Mr Ning said the incinerator has been continuously feeding electricity to the MEA, with systems in place to take care of the environment and nearby communities.

The proposed new waste-to-energy plants are currently in the public consultation process. The construction of these projects is expected to commence later this year, and come online in the electricity grid in 2024.

According to the Department of Business Development, Newsky Energy (Thailand) Company Limited is currently registered as an electric power generation and transmission company in Thailand. The company is 100% owned by Chinese investors and reported a -7.25% net profit in the fiscal year 2019.

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Thailand sets export growth target at 4% for 2021

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BANGKOK (NNT) – Thailand has seen export growth of 0.35 per cent in the first month of the year. The Commerce Minister has ordered the Department of International Trade Promotion to advance an action plan to accelerate growth, which is set at 4 per cent this year.

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