The Federation of Thai Industries FTI expects Thailand’s exports of natural rubber and its products to double in the next five years.Speaking at a seminar on “Upgrading Natural Rubber Cluster Competitiveness,” FTI vice president Payungsak Chartsuthipol said Thailand is the world’s largest exporter of natural rubber with an annual value of around Bt500 billion.
It is expected that rubber exports will rise by 10 per cent with a value of over Bt500 billion this year.He said FTI has targeted developing the natural rubber industry in a cluster form so it could compete with Malaysia, Indonesia, and Vietnam.
It hoped to see the value of rubber exports to increase to Bt800-900 billion in the next five years.At present, Thailand exports 88 per cent of the natural rubber in raw form with the remaining 12 per cent being processed products valued at Bt150 billion.Prayong Hirunyavanich, chairman of the Rubber and Rubber Wood Cluster Committee, said FTI wanted to double the export of processed rubber products to 24 per cent from 12 per cent of total production.
He said the most effective way to boost processed rubber exports is to encourage foreign rubber producers with high technology to invest in the processed rubber industry.It is also necessary for the government to adopt a policy to promote investment in the production of processed rubber, eliminate obstacles to the development of the industry, and to improve tax laws to ensure clear collection.Other approaches include allowing prices of processed rubber products to move by market mechanisms and to boost small- and medium-size enterprises SME’s competence to process natural rubber into various kinds of products.
Department of Foreign Trade (DFT) to organize Southern Trade Fair
The event will provide a platform for business negotiations and stimulate the economy, trade and investment in the three southern border provinces.
BANGKOK, 18 April 2019 (NNT) – The Department of Foreign Trade (DFT) will organize a Southern Border Trade Fair to provide knowledge to entrepreneurs in preparation for accessing the Malaysian market.(more…)
Hong Kong’s Star is Fading – Where Will Asia’s Next Financial Center Be?
Rising concerns over the interventionist policies of the Chinese government have led to Hong Kong losing its luster
Malaysia World’s Best Countries To Invest In Or Do Business For 2018
Thailand ranked number 10, or fourth country of the Asean block after Malaysia, the Philippines and Singapore
Thailand strengthens COVID-19 control measures
Apart from the capital city, many provinces have also enforced tougher measures to contain COVID-19, with inter-provincial travels now being...
Thai Exports to grow 4% in 2021
Contributing factors include the recovering world economy and the International Monetary Fund’s (IMF) estimate that the world economy will expand...
Thai Government imposes ban on gatherings over New Year 2021 holidays
TAT would like to remind all that New Year 2021 activities have been cancelled or gone virtual nationwide to avoid...
Thai cabinet allows illegal migrant workers to sign up for 2-year work permit
Migrant workers from Cambodia, Laos, and Myanmar, who are in Thailand illegally, will be able to obtain a 2-year work...
Thailand Saw $1.7 billion Applications in Bio-Circular-Green (BCG) Investments in 2020, BOI Says
The BCG model, as defined by the Thai Government, encompasses industries that allow inclusive, sustainable growth while reducing waste, pollution...
96% of Foreign Investors still confident in Thailand says BOI
The Board of Investment of Thailand’s (BOI) latest survey, shows most foreign investors, estimated at 96%, are still confident in...