International Monetary Fund (IMF) Executive Directors commended the Sultanate’s authorities for adopting policies to cushion the impact of the COVID-19 pandemic as well as for the impressive vaccination rollout.

The directors observed that a strong economic recovery is underway, with further lifting of COVID-19 restrictions, investments in large petrochemicals projects, and higher oil and gas prices.

Noting the downside risks to the outlook, the directors stressed the need to maintain supportive policies until a private-sector-led recovery is on a firm path.

This was highlighted when the IMF’s Executive Board concluded the 2022 Article IV consultation with Brunei Darussalam this week.

The directors stressed the need for continuous reform efforts to promote economic transformation, foster resilience, and accelerate green, digital, and inclusive growth.

The directors underscored the need to maintain targetted fiscal support for vulnerable businesses and households in the near term, while stepping up reforms to improve fiscal sustainability and intergenerational equity in the longer term.

Source: Borneo Bulletin

Read the full article here

BANDAR SERI BEGAWAN – Brunei’s trade volume with Malaysia reached RM$5 billion ($1.56 billion) in the first half of 2022, the Malaysian High Commissioner to Brunei said on Wednesday.

Speaking at a reception to celebrate Malaysia’s 65th Independence Day, Dato’ Raja Reza Raja Zaib Shah said, “Looking at this positive momentum, it is not impossible that the trade value of the two countries would reach RM10 billion ($3.1 billion) by the end of this year”.

“If this is the case, we will witness for the first time in history a double-digit record of bilateral trade between Malaysia and Brunei,” he said.

In 2021, Malaysia and Brunei recorded a trade volume of RM8.03 billion ($2.49 billion), an increase of 70% compared to 2020.

Malaysia was also one of the top travel destinations for Bruneians before the pandemic, with Bruneians contributing $1.16 billion in tourism receipts in 2019.

Source: The Scoop

Read the full article here

There is no doubt long lockdowns have had a significant impact on people's daily lives as the world continues its transition from managing the Covid - 19 crisis to recovery and the reopening of economies . Consumer behaviours have shifted as a result of lengthy periods of self isolation and economic uncertainty . While practically all activities have now returned to normal , most consumers will continue with the online purchasing habits that they developed ver the past two years . According to the UOB Asean Consumer 2021 survey , 98 % of Thai consumers prefer grocery shopping online , along with 95 % for food delivery and 93 % for apparel purchases.

All generations of Thais increasingly used online media during the pandemic , particularly among Generation Z , with YouTube ( 86 % ) and Facebook ( 74 % ) key channels . Gen Z also had the highest average daily internet usage at 12 hours and 5 minutes , according to the Electronic Transactions Development Agency ( ETDA ).

Small and medium - sized enterprises ( SMEs ) now have access to a wider range of customers as a result of this growing trend . These customers include younger people to whom they might not have marketed in the past , as well as older generations with more spending power . For SMEs looking to increase revenue , it will be essential to know what resonates with their target consumers and to incorporate these insights into their business plans.

This year's Smart Business Transformation Programme ( SBTP ) , run by UOB Thailand and FinLab , focuses on providing a cross - generation digital marketing guide to help SMEs capitalise on the abundance of opportunities available.

METAVERSE OPPORTUNITY

Many brands are now focusing on the metaverse , a virtual reality experience , to reach out to younger generations who spend the most time online and are more engaged in digital culture than any other generation . According to a study by Obsess titled " The Metaverse Mindset : Consumer Shopping Insights " , 70 % of consumers who visited a virtual store completed a purchase . The survey also found 75 % of Gen Z shoppers have purchased a digital item within a video game , and 60 % think that brands should sell their products on metaverse platforms.

"The metaverse is not just a place to sell products or services , but also a community where brands and businesses can collaborate to improve their customer experience , leading to brand loyalty and new business opportunities , " says Oranuch Lerdsuwankij , the co - founder and chief executive of Techsauce Media , a leading Thai media outlet for tech startups and corporate innovation . The metaverse is still in its infancy . Now is the time for SMEs to adopt a test - and - learn mindset , to be receptive to metaverse experiments , and learn how to quickly recover from failure and capitalise on success.

GAME OF ENGAGEMENT

Gamification is another powerful tool to boost engagement , according to Panuwat Sachaviriyakul , a psychology and user experience expert and co founder of Nudge Thailand . " People have a competitive nature ; putting game - like elements into products and services could make people excited and eager for rewards , " he said . An easy way for SMEs to get started with gamification is to understand their target demographic and make campaigns simple and fun , while providing opportunities and rewards.

Gamification is a technique that SMEs can use to create relationships with their target customers and collect insights . The more a business understands the existing target audience , the more effectively it can promote the campaign . Given the access that is now available to vast amounts of data gleaned from digital tools and technologies , it is imperative that the data a business acquires can be adequately managed and analysed . As companies amass more data , the more insights they can gain and the better the service they can provide to their consumers . Business strategies , solutions and promotions should be considered when analysing all data from every source to find the perfect matched answer for customers . This data - driven mindset also helps define the most suitable marketing strategies and campaigns to reach target customers and achieve business goals.

source : Bangkok Post

Prof. Dr. Sukit Limpijumnong, President of National Science and Technology Development Agency (NSTDA) and the management team welcomed H.E Mr. Nashida Kazuya, the Japanese Ambassador to Thailand, Mr. Takeo Kato, President of the Japanese Chamber of Commerce Bangkok (JCC), Mr.Shoichi Ogiwara, Vice President and Chairman of BCG Business Committee, JCC and more than 60 representatives from Japanese companies visited the Eastern Economic Corridor of Innovation (EECi) at Wangchan Valley, Rayong.

EECi is the new premier innovation hub in Southeast Asia dedicated to the Bio-Circular-Green Economy (BCG) development. It has a large-scale innovation infrastructure to facilitate research translation and technology localization to support  the growth of BCG in the Eastern Economic Corridor (EEC) – Thailand’s major manufacturing hub.  EECi is the first of its kind for launching new industries with advanced technology and transforming existing manufacturers into sustainable innovation-based industries. The 6 industries targeted by EECi include modern agriculture; biorefinery; battery and modern transport; automation, robotics and intelligent electronics; aviation and medical devices.

This visit offers opportunities for both Thailand and Japan to explore R&D cooperation based on mutual interests and backed by Japan’s Green Growth Strategy and Thailand’s BCG Policy. Guests were given a tour to the following research facilities:

(1) Sustainable Manufacturing Center (SMC) – a key infrastructure in automation, robotics, and intelligence technologies to enable Industry 4.0 transformation in Thai manufacturing sector;

(2) Alternative Battery Pilot Plant – a center to support the development of high-performance batteries with safety and low cost, and provide technical and testing services in the area of renewable energy and energy storage system;

(3) Plant Phenomics Facility and Plant Factory – a comprehensive Plant Phenomics Solution Center offers a wide range of services, consultation, and comprehensive technical training to facilitate the transition to modern farming; and

(4) Biorefinery Pilot Plant – a platform for scaling up biorefinery production processes to convert biomass to biobased products.

source : BCG

Tip Your Farmer is being piloted as part of an official proof-of-concept research initiative sanctioned by the World Economic Forum (WEF) and is proposed and led by Marcus Shingles, who led the event as guest speaker.

Mr Shingles is an official member of WEF’s Expert Network, and has a specific focus on digital transformation, innovation, and helping organizations navigate disruptive change brought about by emerging technologies. He is the Chief Innovation Officer and Managing Executive Director of “Smart City & Urban Innovation” at MultiCORE, where he is leading a global team on a multi-year initiative to design and build entirely new smart-cities as part of future-oriented sustainable communities. MultiCORE is leading multiple Smart City & Urban Innovation projects throughout Southeast Asia and the Middle East to include Thailand, Cambodia, and United Arab Emirates. In Thailand, MultiCORE is in the initial development phase for a new Smart, Innovative & Cognitive City concept to be developed in the north.

The majority of the research is being underwritten by MultiCORE with an in-kind donation as well as providing pro-bono local resources in Thailand to support the pilot. Specifically, Michael Saif Ghanima, Group President, has agreed to support the research by covering travel and other operational expenses for participants, as well as offering his local team of young talented professional women at MultiCORE’s Thailand office to assist with language translation and facilitating discussions with farmers and growers involved in the pilot.

MultiCORE explained during the event that Thailand was a perfect location to launch the pilot program since Thailand promotes itself as the “Kitchen of the World” on account of its strength in the food industry, arising from its abundant natural resources, continuing investment in food innovation and commitment to food safety standards. In 2021, Thailand ranked 13th largest food exporter in the world, with exports valued at USD30.5 billion. The Tip Your Farmer initiative will highlight Thailand’s sustainability efforts to the global market and assist with post-Covid economic recovery efforts.

The Athenee Hotel is acting as the pilot for Tip Your Farmer, the project being supported by Brendon Partridge, the Hotel Manager, who overseas food and beverage, and Choo Leng Goh, The Athenee’s General Manager.

The hotel was selected by MultiCORE because of its sustainability focus. Amongst its many environmental programs, The Athenee has for several years been conducting a policy of sourcing organic produce directly from Thai farmers and serving it in the hotel restaurants, thereby promoting the sustainable concept to consumers and providing the local farming communities with a sure income.

source : THE NATION THAILAND

The 104-rai (16.64 hectares) project is coming up on the corner of Wireless and Rama IV roads, co-developed by Frasers Property Limited in collaboration with the country’s leading construction material conglomerate, Siam Cement Group (SCG). The project aims to create premium office buildings, hotels and retail spaces as well as luxurious residential buildings with combined usable area of 166,400 square metres.

Both companies recently signed a memorandum of understanding (MoU) to manage the project using sustainable construction practices under the circular economy principles in four aspects: Use of precast walls made from recycled concrete from foundation piles, use of Q-CON sound barriers made from recycled lightweight bricks, waste management in the construction site, and turning food waste into fertiliser.

The MoU aims to reduce the use of resources and manage the waste created by the construction and building maintenance, a challenging task in a large-scale construction project in urban areas. Both Frasers Property and SCG hope that their cooperation will help raise construction industry standards in terms of sustainability that can be applied to projects of any scale.

Panote Sirivadhanabhakdi, Group Chief Executive Officer of Frasers Property Limited, said: “This endeavour is in line with Frasers Property’s goal of achieving net zero carbon emission target within the year 2050 under the company’s sustainability policy,"

Nithi Patarachoke, president of SCG’s cement-building materials business, said: “Under SCG’s holistic construction waste management plan, we believe that the One Bangkok project can help raise the standard of the construction industry to be more environmentally friendly by becoming the 'Green Construction'. This will help promote the sustainable development of Thailand’s infrastructure in the future, due to the simple concept of 'turning waste to value’,”

The MoU signed by Frasers Property and SCG covers four aspects of sustainable construction management:

▶︎ Using scrap concrete from cutting foundation piles to manufacture precast walls for use in the One Bangkok project

The move aims to reduce waste and dust particles from the construction site by implementing a new crushing technique on foundation piles’ caps

▶︎ Holistic construction-waste management plan

SCG will use the latest technology to track the amount of waste in real time to plan a waste management strategy accordingly and ensure efficient waste management throughout the construction site.

▶︎ Use of leftover lightweight bricks to manufacture Q-CON sound barriers

SCG will use aggregating machines to turn leftover lightweight bricks into a mixture to manufacture Q-CON sound barriers to be fitted at the tunnel wall leading to One Bangkok's entrance.

▶︎ Use of food waste composter machine to turn food waste into fertilizer

            The One Bangkok project will install food-waste composters that are widely used by leading establishments worldwide to turn food waste into soil fertiliser for the project’s gardens and parks. These composters operate in a closed-circuit system to minimise unwanted odour and can decompose food waste into fertiliser in 10 hours.

One Bangkok is a 120-billion-baht fully-integrated district and Thailand’s largest private property development project, comprising five premium office buildings, five luxury and lifestyle hotels, three luxury residential towers, four interconnected retail precincts, and art and cultural hubs located on a 104-rai (16.7-hectare) plot at the corner of Wireless Road and Rama IV Road.

source : THE NATION THAILAND

Business confidence among digital - related enterprises showed no marked improvement in the second quarter , based on a recent Digital Sentiment Index survey , as Thailand grapples with high inflation , international conflicts and uncertain state policies , says the Digital Economy Promotion Agency ( Depa ) . The index was at 46 in the second quarter , compared with 44.8 in the previous quarter. The survey looked at five digital - related industries -- hardware and smart devices , software , digital services , digital content , and telecommunications.

It showed that confidence rose in the areas of operating results , production volume and orders , but dropped in the fields of employment , investment , and costs.

The index is conducted quarterly through a sampling survey of around 500 digital industry enterprises that are registered with Depa . The survey is conducted in line with the Ministry of Digital Economy and Society's instructions , in a bid to accelerate the country's digital economy and society based on data and information . Depa president and chief executive Nuttapon Nimmanphatcharin said Thailand's reopening has reinvigorated the tourism sector , but unclear government policies have made it difficult for those in the digital industry to access state procurement . He said the country is also pressured by external factors , including slow global economic recovery and international conflicts , which have driven up inflation.

Tension between China and Taiwan , which are key production bases for chipsets and electronic parts , has caused supply shortages , affecting growth in every digital sector , " said Mr Nuttapon . All digital - related industries surveyed had an index of less than 50 -- software at 48.6 , digital services at 46.4 , digital content at 45.8 , hardware and smart devices at 44.5 , and telecommunications at 41.3 . Mr Nuttapon said such figures reflect the fact that digital business entrepreneurs still lack confidence and are spending cautiously . " Digital - related entrepreneurs expect the government to come up with measures that could level up consumption and create their investment confidence through financial policies and regulations , " he said . He added that entrepreneurs also need support for new innovation development to level up their competitiveness , and greater access to government procurements.

source : Bangkok Post