Tourism businesses on Koh Samui are encouraging the government to move ahead with plans to promote the island as a wellness destination and construct a bridge between Koh Samui and Khanom district in Nakhon Si Thammarat province.

Tourist and Sports Minister Phiphat Ratchakitprakan led a group of officials to conduct a visit to Koh Samui over the weekend to review conditions in the southern region.

During a meeting with the minister and his entourage, Wanwalee Tantikarn, president of the Samui Spa Association, expressed support for an initiative to promote the island as a wellness destination.

Wanwalee noted that tourists are becoming increasingly concerned with their health. If Koh Samui becomes the country’s main health and wellness destination, it will likely attract more tourists, bringing in additional revenue for all business operators.

A plan to construct a bridge between Khanom district in Nakhon Si Thammarat province and Koh Samui in order to establish a new transportation and shipping route was also discussed at the meeting.

The Tourism and Sports minister added that responsible agencies would further study the initiative. If permitted, an environmental study and survey will be conducted before construction supervised by the Ministry of Transport can begin.

source : NATIONAL NEWS BUREAU OF THAILAND

Prime Minister Prayut Chan-o-cha will today chair a meeting Eastern Economic Corridor (EEC) Policy Committee to follow progress in investment projects.

He will also discuss ways to prevent potential social and environmental impacts, deputy government spokeswoman Traisulee Taisaranakul said on Sunday.

The government has instructed state agencies to ramp up efforts to press ahead with EEC projects and listen to feedback to ensure communities enjoy maximum benefits

The government aims to turn the EEC, which covers parts of Chon Buri, Rayong and industrial hub hosting 12 targeted S-curve industries, including electric vehicles, smamedical and wellness tourism

“The EEC is intended to be a strategic area for development to which the government has attached great importance,” she said. “Incentives have been offered to encourage investment while measures have been devised to take care of society and protect the environment.”

“Opportunities will be created and residents will benefit from various projects,” she said.

The move comes after the government received a study on the prevention of social, environmental and health impacts in local communities in the EEC from the Senate committee on tackling poverty and disparities, Ms Traisulee said.

The report has been sent to the Office of the EEC Policy Committee which will work with the Industry Ministry, the Interior Ministry, the Social Development and Human Security Ministry and the Natural Resources and Environment Ministry to put the recommendations into action, she said.

The report has predicted potential problems in the EEC area such as urban expansion, losses of agricultural land, degradation of natural resources and the environment, water shortages and concerns about pollution management, she said.

Solutions included adopting proactive approaches to tackling problems, conducting a strategic environmental assessment, promoting industries that are friendly to the environment, and supporting a participatory process involving residents in decision-making, she said

source : Bangkok Post

The government plans to regulate the fast - growing business of hire purchase and leasing of cars and motorcycles to maintain financial stability and protect consumers, the central bank said on Monday.

The business has grown 5.5 % on average between 2017 and 2021, with outstanding transactions at the end of last year amounting to 1.8 trillion baht ($ 50.78 billion) , or 12.3 % of total household debt , the bank said in a statement.

About a third of the transactions were conducted by non - financial firms which do not yet have clear regulations and there have been rising public complaints about the sector , the Bank of Thailand ( BoT) said without elaborating.

Public opinions on the matter will be sought from Aug 15 to 31, to help with the drafting of regulations, the BoT said.

source : Bangkok Post

The Commerce Ministry sees vegetarian food as a golden opportunity to break into the Taiwan market.

The ministry said that the demand for vegetarian food is likely to grow in Taiwan. It will be an opportunity for Thai exporters to use their expertise in food manufacturing to export products to Taiwan.

Phusit Ratanakul Sereroengrit, International Trade Promotion Department director-general, said that he had received survey results of Taiwan’s vegetarian food market from a commercial ambassador in Manila.

The results show that it is an interesting market that has a great potential to grow because 10 per cent of Taiwan’s 23-million population eats vegetarian food regularly, he said.

They eat vegetarian food because they want to protect the Earth which is different from the past when they used to eat veg food due to religious and health reasons.

Currently, the Taiwanese brand Plant-Based is successful in the US market and is sold in the famous supermarket chain Aldi while also joining hands with Carrefour, a giant hypermarket in Taiwan.

The brand is also pushing ready-to-cook meat to the market, such as stir-fried pork with basil, Korean-style grilled beef, and European sausages.

The brand also plans to sell tom yum kung, green curry, and fried chicken with lemongrass and chilli, which are popular Thai foods in Taiwan, he said.

Meanwhile, Plant-Based has successfully developed nine menus of planted-based ready-to-cook for Mahayana Buddhists and Yiguandao believers who eat vegetarian foods.

Previously, most vegetarian foods are bland and their tastes are not varied so they are not very popular in the market, he added.

Therefore, the company decided to develop products with diverse tastes and successfully got into the US market two years ago.

The taste was similar to normal foods as consumers could not tell the difference and almost 20,000 kilograms of products were sold in the first phase.

After the Covid-19 pandemic, the transportation cost increased heavily, so the company decided to accept fewer overseas orders and focused on the domestic market instead.

The company has joined hands with several hypermarket giants in Taiwan and developed ready-to-cook meals based on Thai foods’ popularity in Taiwan.

Phusit mentioned that more business operators have decided to get into the Thai vegetarian food market to respond to consumers’ demands and released several items, especially famous Thai foods such as stir-fried pork with basil, tom yum kung, and green curry.

Therefore, it is a good opportunity for Thai operators to use their expertise in Thai foods to develop Thai vegetarian food for the Taiwanese market, he said.

source : THE NATION THAILAND

The Federation of Thai Industries (FTI) has said the plan to allow foreigners to own land in Thailand would be a new economic stimulus, especially beneficial to the tourism sector’s gradual recovery.

The comment was made in response to a plan by the Ministry of Interior to revive a measure allowing foreigners to own one rai of land in the country if they invest 40 million baht.

FTI Chairman Kriengkrai Thiennukul stated that the plan would provide long-term economic and investment benefits and encourage wealthy foreigners to consider retiring in the kingdom.

The FTI also said it would assist and support real estate companies impacted by the Covid-19 pandemic and the Russia-Ukraine conflict.

According to the Real Estate Information Center (REIC), foreigners remain interested in Thai residential property. This is especially true for Chinese nationals, who accounted for 45 percent of foreign condo ownership in the first quarter of 2022.

REIC reported that between 2018 and 2020, a total of 34,653 condominium units worth a total of 145.6 billion baht were transferred to foreigners. It added that during the first quarter of 2022, Bangkok and Chon Buri were the most popular locations for foreigners wanting to own condominium units. The other three top provinces were Samut Prakan, Phuket, and Chiang Mai.

Source : NATIONAL NEWS BUREAU OF THAILAND

Brunei Darussalam scored high in environmental, social and governance (ESG) category with 83 per cent in the 2021 edition of the M&A Attractiveness Index by Mergers and Acquisitions Research Centre (MARC) at the Bayes Business School.

The index ranks countries on their capacity to attract and sustain mergers and acquisitions activity based on six factor groups.

On finance and economy, it almost reaches a score of 50 per cent. However, the Sultanate slipped eight places down to 72nd out of 148 countries while in the Southeast Asian region, the Sultanate was at the seventh spot with an overall score of 47 per cent.

United States (US) and Singapore ranked first and second, followed by United Kingdom (UK) and Canada.

The latest annual ranking – the first to incorporate the true effects that the COVID pandemic has had on individual nations as foreign direct investment targets – compared deal activity and attractiveness to investors of 148 countries.

Compiled by Dr Naaguesh Appadu Research Fellow at Bayes, the report also provides additional analysis into the opportunities and challenges facing countries, including the clear emergence of ESG considerations from investors when completing a deal and the importance of strong national infrastructures.

Source: Borneo Bulletin

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Brunei Darussalam maintained the 12th spot in the Global Muslim Travel Index (GMTI) 2022, with a 61 per cent score. It secured full marks for its prayer venues and airport, and a 90 per cent score for its halal dining.

Additionally, the Sultanate ranked ninth in the services category, and the top 10th destinations after Indonesia, Turkey, Malaysia, Saudi Arabia, Iran, United Arab Emirates (UAE), Qatar and Egypt.

The services category evaluates the availability of core Muslim-friendly services and key touch points at the destination.

Most services, such as the restaurant sector, were at a standstill with forced temporary closures in 2020 and 2021.

They are just re-opening after a long pause. 

As such, data collected in 2019 was taken as the reference point for several sub-criteria under this category.

The GMTI 2023 is foreseen to be able to capture the actual state of these services re-opening after the pandemic.

With the impact of the pandemic easing, the tourism sector is again finding its footing and has begun to show significant developments in the last few months, the report said.

Source: Borneo Bulletin
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Hengyi Industries Sdn Bhd (Hengyi Industries) signed an Islamic Syndicated Term Financing Agreement totalling USD263 million with Bank Islam Brunei Darussalam (BIBD), Baiduri Bank and Perbadanan Tabung Amanah Islam Brunei (Perbadanan TAIB), marking the start of a new collaboration between Hengyi Industries and the local financial institutions.

Hengyi Industries Chief Executive Officer (CEO) Chen Lian Cai, BIBD Board of Director Junaidi bin Haji Masri, BIBD Acting Managing Director and CEO Hajah Noraini binti Haji Sulaiman, Baiduri Bank CEO Ti Eng Hui and Perbadanan TAIB Acting Managing Director Edzwan Zukri bin Pehin Orang Kaya Johan Pahlawan Dato Seri Setia Haji Adanan were the guests of honour.

Hengyi Industries CEO Chen highlighted His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam’s titah during His Majesty’s 76th birthday calling for focus on the economic development in the nation towards achieving the goals of Brunei Vision 2035.

“The financing cooperation with BIBD, Baiduri Bank and Perbadanan TAIB is in line with the initiatives of His Majesty, and also symbolises the strong commitment and support by the local financial institutions,” he said.

He added that it also demonstrates Hengyi’s commitment and efforts in supporting the development of the local financial sector.

Soure: Borneo Bulletin 

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Directorate of Industrial Supervision and Inspection, Ministry of Industry has been implementing the project namely Hybrid Seminar on Innovation and Young Entrepreneurship for Regional Development by the support of Mekong-Lancang Cooperation Special Fund (MLCSF) 2018 with the following objectives:

1)     developing the innovation practices among entrepreneurs in Mekong region,

2)     sharing and disseminating the best experiences among successful young entrepreneurs and

3)     building up the networking with public, private and government as youth development for economic development of Mekong regions

The project is being implemented in three phases. As the first phase of the project, the seminar was held in Park Royal Hotel, Nay Pyi Taw in 2019. In that seminar, 75 participants from MLC countries participated and shared their experiences concerned with innovation and entrepreneurship in Mekong region. At the first seminar, (6) types of innovation focusing on Profit Model, Network, Structure, Process, Product Performance and Product System were shared out of 10 types totally.

          The planned follow-up seminars couldn’t be held timely due to the third wave of COVID-19 situations in Myanmar. In accordance with the COVID-19 Discipline by the Ministry of Health, the Hybrid Seminar on Innovation and Young Entrepreneurship for Regional Development was held from July 22 to 24, 2022 in Office 30, Ministry of Industry, Nay Pyi Taw. In that seminar, thirty participants from Cambodia, China, Laos PDR, Thailand, and Vietnam participated virtually and seventy representatives from Myanmar's Ministry of Industry, state/region, union territory, and MSMEs participated physically.

          In this seminar, led by local and international experts, recalling the knowledge learned during the first seminar, including its shortcomings and strengths and discussion of the participants' feedback are carried out. And, human-centered innovations such as service-related innovations focused on human resources, brand loyalty, building a strong connection with customers and sharing Knowledge for MSMEs for using a broader digital system were conducted in this seminar. Moreover, there was a panel discussion with the topic “Collaboration between Public, Private & Government for Entrepreneurship Development” participated by representatives from MLC countries, deliberating on how governments should support for entrepreneurship development, how government, private sector and NGOs should collaborate to strengthen the entrepreneurship, and as well as discussed about the strength, weakness, opportunities and threats faced by entrepreneurs in the region.

By organizing this seminar, the benefits acquired are as follows:

(i)       promoting the entrepreneurship and innovation among the young entrepreneurs in MLC region and sharing best practices,

(ii)            exchanging the views and experiences between government and private sector,

(iii)          developing innovative practices by utilizing advanced technologies among MSMEs

(iv)          building network among MSMEs in States and Regions, and

(v)            understanding more about the current implementation status of regional countries for encouraging entrepreneurship