Posts Tagged ‘Asia’

Thai economy recovers well after financial crisis

Friday, July 23rd, 2010

Thailand is in a good position to attract rebounding global foreign direct investments, thanks to the country’s strong economic recovery, Prime Minister Abhisit Vejjajiva says.

Mr Abhisit on Thursday told the launch of the World Investment Report 2010 prepared by the United Nations Conference on Trade and Development (Unctad) that Thailand is among Asian countries whose economies have recovered significantly from the global financial crisis.

“Global investments have shown clear signs of a rebound. Thailand and Asia have been perceived as the main locations for world investments and have played major roles in driving the global economic recovery,” he said.

Figures from the Board of Investment (BoI) indicate that foreign direct investments (FDI) into Thailand rebounded from late 2009 and continued to grow in the first half of this year.

FDI has arrived from major investors such as Japan and from other countries which want to step up their presence here, Mr Abhisit said.

The tourism sector, which was hard hit by the recent political turmoil, has remained an area attracting foreign investments.

But investments over the past month are not only in sectors in which Thailand is a major player. They also are in industries which have the potential to grow, he said.

Voters don’t lie! Bangkok named ‘World’s Best City’ by Travel + Leisure magazine

Thursday, July 15th, 2010

Travel + Leisure Magazine has released its 2010 “World’s Best” list, with Bangkok voted as the top city in the world, followed by Chiang Mai, in the annual poll voted on by the American luxury travel magazine’s readers.

We’re quite certain there has to be a bit of celebrating going on in the offices of Thailand’s Tourism Authority, which has been battling hard to bring back the tourists following the recent unrest in Bangkok. (Though it must be noted the Travel + Leisure survey was completed before this year’s mass protests.)

Rounding out the top 10 on the “World’s Best City” list are Florence, San Miguel de Allende (Mexico), Rome, Sydney, Buenos Aires, Oaxaca (Mexico), Barcelona and New York City.

Thailand’s hotels did well too, with the Peninsula Bangkok rising from No. 66 in 2009 to No. 7 in 2010, while Thai Airways was voted the world’s eighth best international airline. Check out Travelandleisure.com for the full list of 2010 winners.

Political stability to push GDP to 5.2%

Tuesday, June 29th, 2010

The Thai economy is recovering and if the political situation is stable and the financial crisis in Europe over, gross domestic product (GDP) could expand by 5.2 per cent this year, Thanawat Polwichai, director of the Economic and Business Forecasting Centre at the University of the Thai Chamber of Commerce, said on Tuesday.

Mr Thanawat said a survey of economic expansion in the first quarter of the year confirmed that the economy has rebounded in all regions due to global economic recovery that helped boost the country’s exports.

The survey found that first quarter GDP growth is projected at 9.2 per cent in the Northeast, 8.6 per cent in the North, 9.1 per cent in the South, 16 per cent in Central, and 11.1 per cent in Bangkok and its vicinity. These would make the country’s GDP expand by 12 per cent in the first quarter.

He projected that economic recovery in the region would help boost Thai economic growth to as high as 5.2 per cent at year-end — on the condition that politics is rapidly stabilised, the world economy has recovered as expected and there is no further financial crisis in Europe.

If there is no political stability, the world economy expands slower than expectations and the European financial problem continues, Thai GDP growth could be as low as 3.5 per cent, the director said.

The centre maintained its GDP growth forecast at 4.5-5.2 per cent for 2010.

The Bangkok Post

Tourism Authority of Thailand register 16% increase in Tourism arrivals

Thursday, June 24th, 2010

The Tourism Authority of Thailand (TAT) has announced that Thailand received 6,563,099 visitor arrivals during January-May 2010, registering a 16.07 per cent year-on-year growth. Tourism receipts were estimated at 242,559.35 million baht, or about US$7.4 billion, a year-on-year increase of 20.26% in comparison with January-May 2009.

The top five visitor-generating markets during the period were Malaysia (770,804), China (428,709), Japan (419,980), United Kingdom (352,586), and South Korea (335,648). These markets are Thailand’s traditional top tourist producers, but other markets such as India (277,393) and Russia (284,424) showed phenomenal growth during the same period.

TAT expects a number of markets to continue to perform well until the end of the year. Proximity and value for money will still be the main attractions for tourists from South Asia, the Middle East and ASEAN countries.

BoI: Foreign investment applications surge

Thursday, June 24th, 2010

The Board of Investment (BoI) has reported a 31.7% increase in foreign investment applications in the first four months of 2010, worth 53 billion THB in total.

BoI Secretary-General, Dr Atchaka Sibunruang, stated that the foreign direct investment (FDI) from January to April this year indicated foreigners’ firm interest in investing in Thailand. She elaborated that 245 foreign projects had filed their investment promotion applications, increasing by 31.7% year-on-year.

Dr Atchaka pointed out that the accumulated investment value of the FDI projects in the first four months grew 146% to 53.30 billion THB from 21.67 billion THB of the same period last year. Of the 245 projects, 130 are new ones with a value of 24.51 billion THB while the other 115 are expansion projects worth 28.78 billion THB.

The highest number of foreign investors submitting their applications is in the metal product, machinery and transport equipment businesses with 67 projects worth 16.91 billion THB, followed by the service and utility businesses with 57 projects worth 12.69 billion THB, and the electronic and electrical appliance businesses with 49 projects worth 8.4 billion THB.

The Japanese investors handed in the most investment applications with a total of 99 projects worth 25.61 billion THB, increasing by 152% from last year. The Singaporeans came in second with 25 projects worth 6.89 billion THB, followed by the Chinese with 9 projects valued at 6.44 billion THB.

Qatar Airways to add new flights to Bangkok, Phuket and Vietnam

Thursday, June 24th, 2010

Qatar Airways has announced a route expansion that will include the introduction of new services to Asia. The carrier will launch a total of six new routes in the eastern continent and Europe over a four-month period from October 2010.

New flights to Phuket – which will be Qatar Airways’ second destination in Thailand after Bangkok – are scheduled to begin from Doha on 11 October. Three weeks later on 1 November, the airline will introduce a service to Hanoi in Vietnam, which will support its existing flights to Ho Chi Minh, the country’s largest city and main commercial centre.

Chief executive officer Akbar Al Baker said: “Qatar Airways’ track record to grow remains strong and solid. The airline is well positioned globally, focusing on a long-term strategy that is forward thinking and not one to look back on.”

Moving on to 2011, the airline also plans to start flights into Romania. A Doha Bucharest service is due to start on January 17th, with the aircraft continuing onto Budapest after stopping in the Romanian capital. The final route will start as of January 31st of next year. This route will be made of up five flights a week to Brussels.

Phuket World Expo 2020: Bidding Begins Today

Thursday, June 24th, 2010

”FROM the beauty of nature to the world of creativity.” This is likely to be the phrase that Prime Minister Abhisit Vejjajiva will hear today when Phuket presents its case for holding World Expo 2020 in the Andaman region.

Governor Wichai Praisa-ngob will be leading the contingent from Phuket, with the island up against six other provinces of Thailand in bidding for what could be a transformational opportunity for Phuket, Phang Nga and Krabi.

Phuket is the only contender, apart from Chiang Mai, with an airport, and the only contender with a second airport, Krabi so close. High-speed bullet rail from Bangkok would also become more of a possibility if the island wins the bid.

As a yellow Democratic Party stronghold, Phuket had never been in a more favorable position.

”Quality public transport would reach Phuket with the expo as a matter of course,” the governor said. Having experienced a 300kph rapid rail ride in Spain last week, he sees the potential in a link from Bangkok to Phuket.

Phuket airport’s planned 5.7 billion baht expansion would also enable ”Greater Phuket” to cope with up to 12.5 million arrivals and departures within the next three years, he added. Twenty-two landings and take-offs could then occur every hour, he said.

Key people from all over the island briefed the governor at a special meeting at Provincial Hall in Phuket City yesterday. The governor noted the number of world-class golf courses, the yachting marinas, the quality of international resorts and hospitals, and the capacity of Phuket to easily welcome and farewell a large number of visitors.

If the balance between Phuket’s natural beauty and development could be maintained, the World Expo 2020 will become a watershed moment for Greater Phuket.

Tan Chee Kion, representing the Provincial Federation of Industry, told the governor that he was a Thai but had spent most of his life in China. He said that he had visited Shanghai for its current word expo and ascertained that the city had 80,000 rooms for international guests.

Half a million people a day were visiting the Shanghai expo, he said. Millions of yuan had been spent in clearing schools and industry for the space needed for the current expo, yet the one advantage Phuket had from the start was plenty of open space.

The income alone from the price of admission to the Shanghai expo was huge. Coupled with holidaymakers, the expo in Greater Phuket had the possibility of turning the region into Southeast Asia’s Hawaii almost overnight.

”Shanghai has been successful and unsuccessful,” he said. ”Transport is difficult there, with some people taking three hours to get to exhibitions on foot.

”Phuket has huge advantages if it gets the public transport right and the timing right. But Phuket cannot walk alone. Phang Nga and Krabi need to be involved, too.”

The concept of international expos had left many places in the world with great infrastructure, he said. It was possible to see Phuket emerge with a range of high-quality venues for all kinds of future tourism.

Phuket’s ability to call on people as volunteers during a world expo would be a bonus but the teaching of languages was a huge demand, so people who spoke different languages would probably have to be brought from all over Thailand.

A local representative from Mai Khao told the governor that the balance in the district between development and nature was about right.

”No place in the world is like Phuket, with its mixture of Buddhists, Muslims and Christians,” he said. ”People have been sailing here as traders and tourists for centuries.

”We already understand the need for tolerance and have the ability to welcome people from all over the world with a smile.

”All we need is more knowledge to make it work.”

Phuket, he said, was the kitchen of the world, with the ability to cook in a range of styles and with fresh ingredients that few other places could match.

Chinese efforts have “cooled property market”

Tuesday, June 15th, 2010

BEIJING (AFP) – China’s recent measures to rein in soaring property prices had been effective in stabilising the real estate market, a top housing official said on Friday during a rare online chat with Internet users.

“The trend of excessively fast rising residential property prices in some cities has been curbed, sparking a wide, positive response in society,” Qi Ji, vice minister of housing and urban-rural development, told web users.

Qi also warned excessive increases in property prices posed a risk to “living standards, security of the financial system and social harmony and stability”.

The online discussion attracted hundreds of questions from web users, highlighting growing fears that China’s property market was at risk of overheating.

Beijing has introduced a series of measures in recent weeks to cool soaring prices amid growing complaints they are out of the reach of many Chinese people.

Questions posted on the central government’s website covered a range of issues such as the lack of affordable housing and corruption among officials.

One web user with the name “Give Me Hope” complained he and his wife could not afford to buy an apartment in a second-tier city and were jealous of “house slaves”, referring to people with a mortgage.

“We cannot afford the down-payment at all, particularly after the issuance of the new policy requiring a down-payment of at least 30 percent,” he wrote.

Prices in major cities rose 11.7 percent year-on-year in March, the fastest pace since a nationwide survey was widened to 70 cities in July 2005, official data show.

At the Beijing Real Estate Expo last month, the average price of a new apartment in the Chinese capital was 21,164 yuan (3,100 dollars) per square metre, double that of last year, state media said.

That means a 90-square-metre apartment in Beijing would cost 1.9 million yuan, compared with the average per capita income of 17,175 yuan in 2009.

A government-backed survey showed consumer confidence in the first quarter hit the highest level since 2007 but people were less willing to spend money, possibly due to rising property prices, state media said Friday.

S’pore final Q1 jobless rate 2.2 per cent

Tuesday, June 15th, 2010

Singapore’s unemployment rate was 2.2 percent in the first quarter, unchanged from the preliminary estimate, the Manpower Ministry said on Tuesday.

The final jobless figure for the first three months of 2010 was a slight improvement from 2.3 percent in the fourth quarter of 2009.

Total employment rose by 36,500 during the first quarter, higher than the initial estimate of 34,000 reported in April.

Tue, Jun 15, 2010
Reuters

BoT: Interest rate to rise slowly

Tuesday, June 15th, 2010

The Bank of Thailand (BoT) said the country’s economy is still on the path to recovery, but warned the private sector that the interest rate has a tendency to rise gradually.

After attending a meeting of BoT and private sector representatives on Tuesday morning, Thai Chamber of Commerce deputy chairman Pongsak Assakul said the central bank had reported that the country’s overall economic situation was slowly recovering and was not heavily hit by the political situation.

But the BoT was concerned that the tourism industry could be severely affected by the recent political unrest, Mr Pongsak said.

“The central bank also warned the private sector that the interest rate will likely rise steadily, as it has been kept at a low level for a long time,” he said.

The private sector wanted the baht’s value to be closer to the currencies of other trade partners even though the BoT insisted the Thai currency was not much stronger than other currencies in the region, he said.

Bangkok Post
15/06/2010