Over 400,000 visitors turned up at the 15th Discovery Thailand & Discovery World 2009 fair and spent about Bt400 million, which is above the organiser’s targets.
With its competitive pricing and attractive destinations, Thailand is being promoted as a MICE destination. According to Ashley Monterio, managing director, Pathfinders Travel, as global recession plays out, Thailand is fast becoming the country of choice for many corporates. Attractions like the Siam Niramit with its 2000 seater auditorium, conference facilities and recreational options and the numerous hotels on offer make Thailand an attractive MICE proposition.
Thailand is also being sold as a potential wedding destination. As Jai Raj Gupta, CEO, Shaadionline, which is into wedding planning and designing, puts it, despite the current global economic scenario, weddings remain recession proof. Lavish weddings in international destinations are still the order of the day for many among the richer sections of the society. Its proximity to India, relatively lower travel and accommodation rates and similar cultural background hence makes Thailand a favourite venue among international destinations for Indian weddings.
With a target of approximately 16 million international arrivals that is expected to generate tourism revenue of US $18 billion for the year 2009, and India being a major source market, TAT has plans of undertaking various marketing and public relations exercises in the country this year. Apart from such workshops, these would include reaching out to the travel trade in the Tier II and Tier III cities and promoting the destination as a potential location for Bollywood movies.
Recovery in tourism in sight
More about Thailand business
The approved Financial Institution Business Act (FIBA) facilitates increase in foreign ownership in Thai foreign institutions. The Financial Institution Business Act (FIBA) became effective on 3 August 2008 as planned. The FIBA allows financial institutions to raise the foreign limit from 25 percent to 49 percent with permission from the BOT and foreign investors may own more than 49 percent equity stake in Thai banks with permission from the Ministry of Finance and recommendation by the BOT. The increase in foreign limit would encourage Thai banks to seek foreign strategic partners to strengthen the capital base, improve core banking business, IT platform, know-how and add inorganic growth to Thai banks.
Infrastructure services, if quickly improved, could promote a better investment climate in Thailand
Imports from new ASEAN member countries also have lower import duties. As part of ASEAN Integration System of Preferences (AISP), tariffs of products such as vinegar, chili, certain vegetables, wood products, and electronic switchboards imported from Cambodia, Myanmar and Lao PDR are either reduced or abolished from September 2008.
For the year 2008, the Thai economy decelerated from the previous year, particularly in the last quarter where global economic downturn and internal political unrest adversely affected manufacturing production and tourism. Nonetheless, farm income in Thailand still expanded well from higher major crop production and price compared to the previous year. On the demand side, private consumption and investment declined notably in the last quarter, despite falling inflation during the second half of the year in line with lower oil prices. Both export and import expanded satisfactorily during the first three quarters. However, during the last quarter, export contracted following trading partners’ economic slowdown while import decelerated markedly in line with export and domestic demand conditions.
Bangkok 7th World Most connected city to China
Bangkok also ranks 3rd in terms of the volume of Chinese corporate leasing activity over the last three years, according to a new report from real estate consulting firm JLL.
While China’s biggest corporates are increasingly flexing their global muscle as the country’s economic and geopolitical influence accelerates, Bangkok is the 10th most popular destination for mainland firms expanding overseas. (more…)
Thailand’s Special Economic Zones (SEZ) and new opportunity connected
The SEZ policy was first launched in 2015 based on the government’s belief in the strong potential of the 10 areas to connect with the neighboring countries in terms of trade, economy and investment
With its strategic location in the center of ASEAN with emerging markets, including Cambodia, Laos, Myanmar, Malaysia and southern China, on its border, Thailand is well position to connect investors to new opportunities arising from the increasing border trade and the region’s rapid economic growth.
Decrypting the Crypto Bubble : China Ban Vs. Thailand’s cautious welcome
ICO has gained popularity among tech startups as a convenient and timely way to access funding. In the past few months, ICO has grown exponentially and has surpassed early stage venture capital funding
Google shuts down Huawei’s access to Android updates after US blacklist
Holders of current Huawei smartphones with Google apps, however, will continue to be able to use and download app updates...
Drivers of Asia Pacific office space demand in 2019 remain strong
More employers plan to increase rather than decrease staffing levels in most Asia Pacific countries, with employers in Japan reporting...
First-home stimulus measure may have limited impact on Thailand’s housing market
The first-home buyers who make less than 25,000 baht per month however will not benefit from this scheme.
Real-time payments : An opportunity for the entire Asian financial ecosystem ?
Real-time payments (RTPs) are critical for bringing millions of people into the digital financial ecosystem, enabling the rise in the...
Almost 500,000 units for sale in Bangkok (Government Housing Bank)
In Bangkok and its vicinity 1,597 projects, almost 500,000 units, were for sale during the second half of 2018, an...
- Banking2 weeks ago
Banks to send savings accounts interest data to Revenue Department
- Tech5 days ago
Thailand to use Biometrics scan to identify travellers
- Tourism2 weeks ago
Thailand extends free visa-on-arrival until 31 October 2019
- Economics2 weeks ago
Thai exports continued to contract in March
- Business2 weeks ago
Political uncertainty weighs on Thailand’s consumer confidence
- Property1 week ago
Property slowdown looms over Thai market
- Business6 days ago
Thailand cooperates with Indonesia to push creative industries
- Corporate1 week ago
Challenges and opportunities await Thai businesses to reduce plastic use