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Bangkok Shutdown May Cost Thailand 20 Bln Baht (FTI)

The anti-government protesters′ plan to “shutdown” Bangkok on 13 January may cost the country enormous economic damages, deputy president of the Federation of Thai Industry (FTI) has warned.

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The anti-government protesters′ plan to “shutdown” Bangkok on 13 January may cost the country enormous economic damages, deputy president of the Federation of Thai Industry (FTI) has warned.

Since Bangkok serves as the headquarters for many Thai and Southeast Asian businesses, any prolonged disruption in the city would greatly harm the economy in the short and long term, Mr. Kriangkrai Thiannukul said.

According to Mr. Kriangkrai, many foreign investors are considering to transfer their investments to Thailand’s neighbouring countries to avoid the ongoing political turmoil. Many of them are also aware of possible escalation of the crisis and are turning toward other suppliers in other countries.

“Private sector is preparing to handle the Bangkok’s shutdown by moving their offices outside of Bangkok temporarily, and conducting their shipments at other ports and airports outside of Bangkok”, said Mr. Kriangsak.

FTI Deputy President also stressed that Thai Private Sector is demanding the People′s Committee for Absolute Democracy With the King As Head of State (PCAD) and the government to engage in peaceful dialogue about the future of the country.

Mr. Kriangkai added that the private sector will hold a meeting regarding the current situation next week.

“We are ready to be a mediator for the government and the anti-government groups. This should yield a better solution instead of shutting down the capital city”, he said.

Mr. Kriangkrai emphasises that if the situation is escalated, the country will be damaged on a catastrophic scale.

via Bangkok Shutdown Will Cost Thailand ’20 Billion Baht’ : Khaosod Online.

Meanwhile, Singapore Airlines reported the number of passengers on flights to Bangkok has dropped 40 percent to 60 percent, leading the airline to cancel at least one flight due to the political situation while other airlines are waiting for the results of the disruption before making a decision, Bangkok Biz News reported.

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Investment

Thailand’s H1 Investment Applications rise 158% in combined value, BOI says

Japanese firms ranked first with 87 projects worth 42.8 billion baht, followed by investments from the U.S. with 18 projects worth 24.1 billion baht, and China with 63 projects worth 18.6 billion baht.

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In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.

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Business

Large Shopping Malls in Bangkok Will Be Closed until July 25th

Shopping malls under the Mall Group, including all branches of The Mall, the Emporium, Emquartier and Paragon Department Store, are also closed for 14 days, from today, except for supermarkets, food courts, pharmacy shops, eateries (take-out and delivery only), banks, mobile phone shops and vaccination sites.

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BANGKOK (NNT) – Large-scale shopping malls in Bangkok and in some dark-red zone provinces are now closed for two weeks, to comply with the latest COVID-19 curbs in 10 provinces.

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