The Thai government, in conjunction with the Tourism Authority of Thailand (TAT), is currently reevaluating its visa policies with a keen eye for improvement. These progressive modifications are being plotted to enhance influx from comprehensive tourist sources such as India and China, with an ultimate goal to stimulate the nation’s earnings. The impetus behind these prospective changes was provided by the Ministry of Foreign Affairs. The Ministry was spurred into reconsidering the visa system due to constant grievances from tourism stakeholders who cited the prevailing visa procedures as both intricate and extortionate. The ongoing system, bemoaned for being off-putting, has been reported to deter a substantial number of prospective visitors, particularly from the high-priority Chinese and Indian demographic. The Ministry, therefore, seeks to upgrade the accessibility and efficiency of the e-visa system. Adopting these enhancements should attract an even higher quota of intrepid travelers, particularly from China, to enjoy the…
THAI.NEWS - Thailand Breaking News
In a cutting-edge move, the trailblazing Chiang Mai University (CMU), hand in hand with the Stock Exchange of Thailand, has launched a pioneering platform coined “Builds”. With an eye on the future, this novel initiative is architectured to serve as a stepping-stone for students, aiding them to metamorphose their research projects into profitable businesses, armoured with the economic potential to drive the country. Like an enlightened captain of this innovative ship, Pongruk Sribanditmongkol, a rector at CMU, voiced the institution’s far-reaching vision to evolve into an entrepreneurial nucleus. The ambitious target, he revealed, is to surge the university’s economical contribution to a whopping 60 billion baht in the imminent four years. Pongruk elucidated, “Builds is not just a platform; it’s an engine geared to fast-track CMU students’ research finesse, using cutting-edge technology to spin studies into viable business models. These business models wouldn’t just be profit-making entities but employment vehicles…
The respected Thai Rice Exporters Association has recently issued an appeal to the country’s new government. Their plea is simple yet crucially important: to abstain from intervening with rice market prices. Instead, the association strongly recommends the strategic development and production of innovative rice strains. Such a move is seen as vital to keeping pace with other nations in the highly competitive world of rice exporting. Chookiat Ophaswongse, the association’s esteemed honorary president, stressed the importance of rice strain development for the future of Thai rice. He shared his insights based on various discussions held in the Philippines, Malaysia, and Indonesia. According to him, these countries share concerns about rice prices and the key to address these lies in reducing production costs for farmers, increasing yield, and introducing new soft-textured rice varieties that meet market demands. “Other exporting nations have significantly advanced their research and development capabilities, leading to the…
Revelations from the Fiscal Policy Office (FPO), depicting the repercussions of escrow legislation in the past 15 years, accentuate the hefty value of escrow service transactions during this time. An FPO informant who chose to remain anonymous divulged that an astronomical 867 billion baht of transactions, with a significant chunk being capital market transactions, was recorded in this span. The Escrow Account Act, rolled out in 2008, was a cornerstone in the upsurge of escrow service transactions. From its inception until the second quarter of this year, the gross value of such transactions breached an impressive 867 billion baht. A breakdown of this cumulative transaction value reveals that a whopping 862 billion baht or a mammoth 99.5% was associated with capital market transactions. In stark contrast to this, product and service purchase transactions constituted a minuscule 0.38% of the total, amounting to a paltry 3.3 billion baht. Astonishingly, real estate…
KKP Research, a reputable analyst firm, recently revealed an updated economic projection for the upcoming years, forecasting a 2.8% growth for this year and 3.3% for the forthcoming year, a prediction significantly lower than their earlier expectations. The modified outlook seems to be influenced significantly by Thailand’s subpar economic performance during the initial six months of this year. According to KKP Research’s comprehensive report, Thailand’s exports are anticipated to continue being impacted by the global economic slowdown. Moreover, even the return of foreign tourism, which could potentially bolster the economy, might fail to counteract these negative elements. The analysts explain the dip in Thailand’s economic performance with a striking contrast between impressive private consumption growth and an alarmingly low manufacturing sector growth. In the initial half of the year, a robust 6.7% increase in spending was witnessed, primarily attributable to the expansion in private consumption and the services sector, the…
The discussion revolved around “Anticipating Shifts in Thai Diplomatic Position under the Incoming Government,” at a forum attended by academia and policy makers. Issues such as the escalating competition between the United States and China, and the neutrality of the Association of Southeast Asian Nations (ASEAN), particularly Myanmar’s situation, were highlighted as key challenges for Thai foreign policy. This event was hosted at Chulalongkorn University on a recent weekday, with the university’s Institute of Security and International Studies teaming up with the European Union’s delegation in Thailand. Russ Jalichandra, a former Thai ambassador, and one of the event’s speakers, discussed Thailand’s changing foreign relations strategy. Since the 2014 military coup, Thailand has leaned inward, seeking partners that do not question its governance — particularly its approach towards democracy and human rights. He called for an immediate course correction, advocating for the restoration of balanced relationships with global powerhouses. “What cannot…
Recently, the soon-to-be Prime Minister Srettha made his way to the bustling Muang Thai Phatra Market. He engaged in candid conversation with the street food vendors, eager to understand their business costs from the crux. Fresh food ingredient prices, cooking oil cost, cooking gas pricing, and much more were on his list of inquiries. The vendors were informed that their concerns about escalating prices and inflation wouldn’t go unnoticed once he comes into power officially. The newly formed Cabinet will step into their roles after the formal swearing-in before His Majesty the King, followed by an announcement of the government’s policy statement before Parliament. While interacting with the locals at the market, Srettha explored the urgent issues they wished to be addressed by his governance. The majority voiced their concerns for the increasing cost of living, especially public-utility costs. Addressing the press, Srettha liked to mention his visit to the…
In the early waves of June, forecasts were made by the office that projections for industrial GDP of the ongoing year would display a 0.0-1.0% increment. Similarly, the manufacturing production index (MPI) was also anticipated to demonstrate the same percentage growth. Despite such expectations, numerous challenging factors began influencing the manufacturing landscape of the country critically, prompting the Office of Industrial Economics (OIE) to revise its industrial GDP forecasts for the year 2023 to a sharp decrease ranging from 1.5% to 2.5%, and the MPI to a slip between 2.8% and 3.8%. This disheartening news was delivered by the director-general of the OIE, Warawan Chitaroon, last Thursday. According to Warawan, the chief determiner amongst these influencing factors is the eroding purchasing strength of the agricultural sector. The sector has seen an average contraction of about 1.1% in recent months. An array of other detrimental factors like the slowdown of the…
The Bank of Thailand is presently refining its GDP assessment for the forthcoming September convening, raising caution about the sluggish pace of exports and a lesser than anticipated influx in tourism. An additional concern on the table is the prospective influence of the digital cash handout initiative by Pheu Thai. As per Sakkapop Panyanukul who heads the macroeconomic division of BOT, the overall economic landscape and the financial climate in July evinced signs of revival, influenced by an increase in local spending due to a rise in consumption and a greater investment by the private sector. The tourism sector saw an upswing with foreign tourist arrivals touching 2.49 million as compared to 2.24 million in the prior month, a 0.9% increase. The cumulative tourist count this year marks an impressive 15.4 million, predominantly constituted by visitors from Russia, Malaysia, South Korea, and Japan. Nevertheless, despite the swelling numbers, revenue from…
The Department of Rail Transport (DRT) has publicly backed new plans proposed by the Pheu Thai Party regarding the Bangkok metro charges, stating that they could be viable with an annual budget allocation from the government. Valued at 5.4 billion baht, this subsidy would support a significant cost reduction in Metro fares. The Pheu Thai Party formally presented their policy for a flat-rate 20-baht metro fare during the recent election campaign period. Accompanied by a comprehensive budget proposal of 40 billion baht, the Party additionally requested an 8 billion baht annual contribution from the regular budget allocation to support ongoing costs. According to Pheu Thai Party representatives, the budget allocation is not only necessary, but advantageous—given that the potential benefits greatly exceed the involved costs. Pichet Kunathammarak, the director-general of the Department of Rail Transport, stated that while the proposed 20-baht fare policy indeed is feasible, there needs to be…