BANGKOK (NNT) – The government will sign a memorandum of understanding (MoU) to sell as much as one million tons of rice a year in a government-to-government (G2G) deal with Indonesia late this month.
According to Commerce Minister Jurin Laksanawisit, the MoU signing will be organized in the final week of March, covering no more than one million tons of 15% to 25% white rice a year for four years.
However, the rice sales also include conditions, depending on the rice production of the two countries and the world rice price.
Over the past five years, no G2G rice deals between Thailand and Indonesia were carried out, as the Indonesian government initiated a self-sufficiency policy with regard to rice and promoted domestic rice production.
Nonetheless, Indonesia has still faced a shortage of domestic rice supplies in some years due to natural disasters. The pandemic also prompted Indonesia to import more rice to serve domestic demand and to stabilize domestic rice prices.
Thailand’s economic growth expected to return to 2019 levels in mid-2023
Although the economy would recover next year, the recovery is still substantially below potential level resulting in a large output loss and could affect Thailand’s potential economic growth in the future with the economy expected to return to 2019 levels in mid-2023.
The Siam Commercial Bank (SCB), one of Thailand’s largest commercial banks, said in its latest economic outlook report that the country’s economy may wait until the second semester of 2023 to return to 2019 growth levels.(more…)
World Bank cuts Thailand’s GDP growth outlook to 1% in 2021
The World Bank has said that Thailand’s economy is forecast to grow 1% this year, down from the 2.2% projected in July, hit by a spike in COVID-19 cases and a delayed reopening to visitors.
Can border reopening revive tourism in South-East Asia?
In Thailand, where pre-pandemic tourism accounted for 11-12% of GDP, the country lost an estimated $50bn last year as Covid-19...
Thailand dropped from UK’s tough covid-19 travel ‘red list’
Earlier, Thailand was listed among countries with high infection levels that were put on a ‘red list’, requiring arrivals to...
The ASEAN-Russia Trade and Investment Cooperation Work Program
ASEAN and Russia recently agreed to enhance and widen economic cooperation at the 10th ASEAN Economic Ministers (AEM)-Russia Consultations held...
Flexible Workspace Startup Worklounge Debuts with 20+ Luxury Member Lounges in Thailand
Worklounge launches a premium membership granting remote professionals and executives access to exclusive hotel lounges across Thailand. Their platform is...
5 insights to guide ASEAN’s digital generation in a post-pandemic world
We surveyed 86,000 people from six ASEAN countries about their views for a post-pandemic world. The ASEAN Digital Generation Report...