The Tourism Authority of Thailand (TAT) will look more toward emerging markets next year, particularly Indonesia, Brazil and Argentina after seeing large potential in these countries.
TAT governor Suraphon Svetasreni said emerging economies would expand more next year on the back of an expected slowdown in the European and US markets.
Indonesia has 230 million people, the fourth most populous country after China, India and the US. Two million Indonesians visit Malaysia and Singapore each year.
The tourism body has appointed specialist travel and retail agency Fox Kalomaski to develop the digital strategy and also to work on traditional PR and press advertising.
The current TAT Facebook site will be made the “centre of a community and not just a corporate site”, according to Fox Kalomaski CEO Gary Jacobs.
Travellers will be encouraged to share their “fantastic stories and experiences” while being directed towards attractions such as the natural Naga Fireballs and the Songkran Thai water festival.
CEO of Fox Kalomaski says: “We believe Thailand is on a lot of people’s wish lists and it’s our job to pull the country forward and convince people that now is the time to go.”
There has been political unrest in the country in recent years with Bangkok airport forced to close in 2008 but Jacobs says: “I don’t think there is a perception problem at the moment. TAT works very hard to make sure tourism is not affected and the UK Foreign Office has never advised people to avoid the country.”
The country’s established tourism strapline is “Amazing Thailand always amazes you” and Jacobs says this is unlikely to be changed.
The Indonesia-Singapore Bilateral Investment Treaty Comes into Effect
Through the upgraded DTAA, the tax rate on branch profits was reduced from 15 to 10 percent, and the tax rate on royalties for copyrighted works of literature, arts, and film, and eight percent for the use of industrial, scientific, or commercial equipment was lowered from 15 to 10 percent.
Will South-east Asia’s tech giants turn to SPACs to boost post-pandemic growth?
– SPACs have become a hot-button topic in global finance
– The vehicle is widely used to help tech start-ups go public
– Both Singapore’s and Indonesia’s exchanges are set to allow SPACs
– Several South-east Asian tech unicorns may use SPACs to list publicly
South-east Asia is seeing a wave of interest in special purpose acquisition companies, or SPACs, with various major tech players considering them as a means to fast-track public listings. In parallel to this, several exchanges in the region are moving to allow SPAC listings, with a view to boosting post-coronavirus growth.
SPACs are shell companies set up by investors and then listed on a given stock exchange. Their sole function is to acquire a private company, enabling it to go public without having to go through a traditional initial public offering (IPO).
A SPAC does nothing beyond its essential function – it neither produces nor sells anything, and a SPAC’s only assets are the funds raised from its own IPO.
Crucially, people who buy into a SPAC do not know what its eventual acquisition target or targets will be. This is why SPACs are often referred to as “blank cheque companies”: they give the founders a free rein to back their choice of private company. A key feature of SPACs is that they are often headed by big-name business executives or fund managers, who trade on past successes to inspire trust in investors.
While they are far from a novel phenomenon, SPACs have become a hot button topic in recent times: SPAC initial offerings quadrupled last year, with the vehicles raising a record $80bn.
Merging with a SPAC enables a company to go public and raise capital more quickly and painlessly than with a traditional IPO, circumventing some of the volatility that Covid-19 unleashed on global markets. At the same time, they function rather like venture capital, helping investors to buy into high-growth start-ups on the ground floor.
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