The measure to lower transfer and mortgage fees for properties costing more than three million baht was meant for Thai nationality only, the government spokesman said on Friday.

“The interior ministry’s announcement which came into effect since January 18 was meant for Thai nationality only,” Thanakorn Wangboonkongchana told reporters.

He was referring to the Ministry of Interior’s measure to lower transfer and mortgage fees for properties costing more than three million baht from two per cent down to 0.01 per cent which was approved by the Cabinet and came into effect in January.

Government critics were attacking the government for introducing incentives for foreigners to buy up lands in Thailand.

“The government never had an idea to allow foreign nationals to use this privilege,” he said.

Thanakorn explained that the Ministry of Interior’s latest measure to allow foreigners who invest 40 million baht for at least three years in Thailand to purchase a residence on a one rai of land does not relate to the interior ministry’s announcement of the lowered transfer and mortgage fees in January.

Deputy Interior Minister Nipon Boonyamanee said on Wednesday that the ministry will propose the measure to allow foreigners who invest 40 million baht for at least three years in Thailand to purchase a residence on a one rai of land to the Cabinet but he did not say when.

Only four groups of foreigners will be allowed to participate including affluent individuals, retirees, job seekers and experts within targeted industries.

The right to own land will be in line with existing laws, including that can purchase only 49 per cent of rooms in each condominium, Nipon said.

He also echoed Thanakorn’s latest comments that only Thais will have the right to receive a 0.01 per cent transfer and mortgage fees for residences and condominiums that do not cost more than three million baht.

Thanakorn said if the ministry’s latest measure is approved by the Cabinet, it could increase the number of affluent foreigners living in Thailand by one million people and they could contribute more than one trillion baht to the Thai economy, 800 billion baht via new investments and 270 billion baht via tax collection.

Source : THAI ENQUIRER

Krungsri (Bank of Ayudhya)’s fintech arm announced on Friday it will invest 3 billion baht in Thai and foreign start-ups over the next three years as part of the digital banking revolution.

            Krungsri Finnovate will invest the money via its new “Finnoverse” private equity fund, which will focus on blockchain and decentralised technology start-ups.

Sam Tanskul, managing director of Krungsri Finnovate, said the new fund’s launch was driven by the belief that banks and banking services are changing fast.

Blockchain is at the core of the trend for digital banking and assets, as the new technology that underlies secure online transactions.

Both blockchain and digital assets are fast becoming a part of people's everyday life, Sam said.

The Finnoverse Fund has been launched as a three-year investment plan (2022-2024) worth 3 billion baht.

It will focus on key areas of blockchain technology including domestic and international funds that invest in blockchain, new decentralised finance tech, the Metaverse, Web 3.0, nonfungible tokens and play-to-earn gaming, and blockchain for businesses.

"We will focus on blockchain and decentralised technology – not cryptocurrency, where there is too much speculation," Sam said.

The fund is already investing in Zipmex, a leading crypto exchange platform in Thailand, and ADDX, a market-investment platform from Singapore.

Sam added that Krungsri Finnovate is in talks to invest in three more start-ups, whose names will be announced later this year.

Meanwhile, the firm’s Finnoventure Private Equity Trust I now has 16 prominent start-ups under its wing, mostly in fintech and e-commerce. Two of them – Grab and Flash Express – have become unicorns.

Investors in this fund include Thai corporations and financial institutions such as PTT Oil and Retail Business (PTT OR), Siam Rajathanee, NTT Data, and the Thai Stock Exchange. Private Equity Trust I is now valued at 5 billion baht, enough to fund Thai start-ups for the next few years. So far, 326.3 million baht has been invested in the start-ups.

Source : THE NATION THAILAND

The government is proceeding with plans to make Thailand a regional manufacturing center for hemp products over the next five years, with the goal of generating at least 25 billion baht in revenue.

According to Industry Minister Suriya Jungrungreangkit, the value of hemp cultivated and harvested in Thailand is projected to grow by at least 20,000 baht per rai, creating more jobs throughout the industry supply chain.

Suriya added that the move is in line with the industry’s expansion, fueled by the relaxation of legal restrictions on commercial hemp in the United States, Canada, Australia, the European Union, China, Japan and South Korea.

According to the industry minister, the global hemp industry was worth 142 billion baht in 2020, representing a 22.4% increase over the previous year. The value is expected to reach 558 billion baht per year by 2027.

Thongchai Chawalitpichet of the Office of Industrial Economics (OIE) meanwhile said the ministry has also tasked his agency with developing an operational plan to support the promotion of hemp as the nation’s newest cash crop. He also said at least four major measures have since been established and are expected to be implemented upon approval by all parties involved.

Source : Thailand Business News

THAILAND is planning to build a smart city in an industrial hub near Bangkok that has already drawn billions of dollars of investment pledges from global automotive, robotics, healthcare and logistics companies. 

A master-plan to build the city in Huai Yai subdistrict of Chonburi province, some 160 km south-east of Bangkok, was approved by a panel chaired by Prime Minister Prayuth Chan-Ocha on Monday (Jul 11). The yet-to-be-named city will be spread over 14,619 rais (2,340 ha) of land and will cost 1.34 trillion baht (S$52 billion) over the next 10 years, officials said.

The project will comprise 5 business centres for companies to rent as commercial areas, Kanit Sangsubhan, secretary-general of the Eastern Economic Corridor, told reporters. These will include a hub to house regional headquarters of firms, a financial centre, and areas for precision medicine, international research and development, and future industries such as clean energy and 5G technology, he said.

The residential quarter of the new city will be designed to accommodate 350,000 people by 2032, and generate 200,000 direct jobs, Kanit added. Residents will be mostly those employed in the industrial area, which is set to draw investments of about 2.2 trillion baht over the next 5 years, he said.

“The new city will be livable for the new generation of people as well as operate as business centres,” Kanit said. “We created this new project to compensate for the income Thailand lost during the pandemic.” 

The new city with its business centres can add an estimated 2 trillion baht to Thailand’s gross domestic product within 10 years, and the value of assets after a 50-year concession period will see a fivefold jump, the government said in a statement.

Prayuth’s government has touted the Eastern Economic Corridor — a development project whose goals include urbanisation, spurring advanced industries and adding infrastructure — to bolster the nation’s pace of economic growth that lags behind neighbours such as Indonesia and Vietnam.

The Eastern Economic Corridor comprises 3 provinces that historically have been the country’s manufacturing hub and currently contributes as much as one-fifth of the Thai economy. Its output is growing 6-7 per cent each year, faster than the rest of the country, officials said. BLOOMBERG

Source : THE BUSINESS TIMES

Hosting the APEC 2022 all year long shall provide Thailand with great opportunities. Hence, SCG proceeds to support the ESG (Environmental, Social, and Governance) notion to build a green environment and sustainable society. SCG is collaborating with Thailand’s Ministry of Foreign Affairs to bring about the “Green Meeting” for the APEC 2022 Thailand. This involves considerations to optimize resource consumption to reduce the effects on the environment by providing “Green Arrangements” or meeting necessities made from recycled paper.

Mr. Pruthipong Poonthrigobol, Director, Division of International Economic Policy, Department of International Economic Affairs of Thailand explains that “the Asia-Pacific Economic Cooperation or APEC meeting is an influential drive of the world’s development as APEC member economies hold the world’s highest economic growth rate. All year, there will be over 10,000 participants joining the events. Thus, organizing gatherings to be “Green Meeting” is crucial to alleviating effects on the environment while benefiting further collaborations within the APEC framework in a sustainable manner.”

“The collaboration with SCG, our main alliance for meeting organizations, is essential and greatly beneficial. A tangible example is the displays made from paper that are reusable for future events. Also, the items can be used as storage or given to the participants for further use. This aligns with optimal resource consumption under the BCG (Bio-Circular-Green Economy) model for sustainable development.”

Ms. Prinda Akrapab, Manager – SCG champions optimal resource consumption via the reuse, reduce, and recycle practices. As a result, the “Green Meeting” idea was initiated to use recycled paper for the materials in the events.

“The challenge is designing delicate paper materials to be durable enough for yearly usage. They are light in weight with mobility attributes. More importantly, after use, they can transform into a container box for participants to bring home. Also, they can be recycled as eco-friendly bookshelves for disadvantaged schools. This helps to reduce waste resulting in less waste from all of the events. This is the full-scale “Green Meeting” concept.”

Ms. Prinda further elaborates that “the creativity of the design and optimal resource use leaves a good impression for all participants. This is because it is a collaborative effort to preserve the environment. Also, using paper materials offer limitless designs with no boundaries. This extends from venue decorations to other elements that can fulfill consumer needs.”

Mr. Korakod Areewithayalerd, Marketing Display Designer, SCGP adds that “the paper decorative items at the APEC 2022 Thailand were designed to be foldable and flexible in shapes. This contributes to less energy while transport. If every event converts to using paper, this will exponentially decrease pollution from installations. Also, it will reduce costs due to quick installations that require less manpower. This meets event organizers’ demand while caring for the planet.”

SCG upholds the practical guidelines related to the Circular Economy concept. We wish to invite everyone to support the “Green Meeting” practice by optimizing resource usage to help reduce environmental harm. This is beneficial for a sustainable world in accordance with the ESG (Environmental, Social, and Governance) initiative. The “Green Meeting” principles consider the following.

1. Green Venue
2. Green Document
3. Green Arrangement
4. Green Catering
5. Climate protection by considering carbon footprint and carbon offsetting

Source : SCG

The Tourism Authority of Thailand (TAT) is pleased to report that Thailand has won the ‘Golden Travel Destination Award 2022’ from Dutch tour operator Reisgraag.nl, having scored an impressive 8.5 out of 10 in the company’s latest travel survey.

Ms. Soraya Homchuen, TAT Director of Paris Office, which its responsible areas are France, Benelux, Monaco, and North Africa,  said, “Thailand is very happy and honoured to receive this award. Our hearts are warmed by the idea that many people love and miss our wonderful holiday destination. And now, with Thailand once again open and entry restrictions having been significantly eased, we are pleased to welcome not only Dutch travellers, but travellers from around the world to our beautiful tropical beaches, our splendid temples, our bustling cities, our vibrant culinary scene, and everything else on offer.”

Dutch travellers scored Thailand highly in various areas of the Reisgraag.nl survey. ‘Hospitality’ received the highest praise with a score of 8.8, followed by ‘Location’, ‘Attractions’, ‘Culture’, and ‘Restaurants’ each with 8.5, and ‘Going Out’ with 7.8.

The survey showed the favourite destinations in Thailand for Dutch travellers were Hua Hin (with a score of 8.6), Bangkok (8.4), Chiang Mai (8.3), Ko Samui (8.1), and Phuket (8.0).

“The high marks given Thailand in the Reisgraag.nl survey illustrate well the kingdom’s enduring popularity with Dutch travellers, and helps strengthen Thailand’s status as a preferred holiday destination,” Ms. Soraya concluded.

Source : Thailand Business News

When OBIC acquired a share in Golden Cooperation back in 2019, the company was harvesting 500 tonnes of shrimp [per year], Dato Dr Hj Amin Liew Abdullah said during the opening of the Oman-Brunei Darussalam Cooperation Dialogue.

“Despite COVID-19 related challenges, Golden Corporation was able to expand [production] by another 135 ponds, harvest over 4,000 tonnes of shrimp, and improve production capacity, cold storage facility as well as manufacturing and transport related logistics,” he added.

The Good Food Institute Asia Pacific (GFI APAC) has launched a new “one-stop shop” database in collaboration with FoodInnovate ⁠—a joint initiative launched by Enterprise Singapore (EnterpriseSG) together with the Agency for Science, Technology and Research (A*STAR), Economic Development Board (EDB), IPI Singapore, JTC Corporation (JTC), and the Singapore Food Agency (SFA).

GFI APAC said in a statement that the move aims to spotlight all of the knowledge and infrastructural resources that food companies can leverage to build their business and meet rising consumer demand for more secure and sustainable foods.

This important new tool allows startups to find any and all relevant resources offered by the Singapore government, with options to search by “need” (e.g. bringing in foreign talent, upstream research and development [R&D] funding, etc.) or by “development stage” (e.g. pilot stage, internationally commercialised, etc.).

Many of the listed government resources are also available to international startups outside of Singapore.

According to the statement, as Southeast Asia’s epicenter of food innovation, Singapore not only boasts a vibrant mix of culinary cultures, but also serves as a living laboratory for alternative proteins and launch pad for global climate and food security solutions.

“Singapore has emerged as the global model for how to effectively accelerate research and production of alternative proteins, so startups would be wise to take full advantage of the vital resources the city-state’s government has made available,” said GFI APAC Acting Managing Director Mirte Gosker.

“In a world besieged by skyrocketing protein demand, increased ecological disruption, and threats of viral outbreaks, the need for delicious and affordable plant-based, fermentation-enabled, and cultivated proteins has never been more urgent. That need also opens the door to an economic opportunity of historic proportions for startups smart enough to see the writing on the wall,” he added.

Headquartered in Singapore, the GFI APAC is Asia’s leading alternative protein think tank, accelerating a shift away from conventional meat production through open-access food science R&D, corporate engagement, and public policy.

According to GFI APAC, globally, meat consumption is the highest it’s ever been, and in Asia, experts have projected that meat and seafood demand will increase an additional 78 percent between 2018 and 2050.

By making meat, dairy, and eggs from plants or cultivating it directly from cells, GFI APAC modernises protein production, mitigates the environmental impact of its food system, decreases the risk of zoonotic disease, and ultimately feed more people with fewer resources.

Source: Technode Global

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Newly established consortium Anson International has signed on to set up Brunei’s first commercial integrated marine maintenance yard (MMY) and decommissioning yard (DY) at Pulau Muara Besar to first service domestic, then wider regional, demand.

The agreement, signed yesterday at the Ministry of Finance and Economy (MoFE), will see the creation of a 16-acre integrated yard which will serve as the anchor facility for the Brunei Darussalam Maritime Cluster (BDMC) once operational in the fourth quarter of 2024.

This falls within the government’s aspirations of expanding its services industry as one of its priority sectors under its economic blueprint.

The joint venture of Anson consists of local lead partner Qaswa Holdings of the Adinin Group of Companies, MoFE’s Strategic Development Capital Fund, and two foreign companies serving as lead technical partners – South Korea’s Dongil Shipyard for marine maintenance, and UK’s CessCon Decom for decommissioning.

The setting up of a commercial integrated yard positions the country’s economy to better capture the value of services relating to marine maintenance, repair and overhaul (MRO), and decommissioning and restoration (D&R).

This means businesses requiring MRO such as vessels, and D&R services such as Brunei Shell Petroleum assets and platforms, will be able to utilise the locally-based integrated yard instead of facilities abroad.

Source: Biz Brunei

The newly-launched Brunei Innovation Lab (BIL) looks to increase the pipeline of innovative solutions and technology businesses in the country by developing an integrated technology and innovation ecosystem.

Situated on the ground and first floor of the Knowledge Hub (kHUB) in Anggerek Desa, BIL is a joint collaboration between Brunei Shell Petroleum (BSP), Shell LiveWIRE Brunei (LiveWIRE), Datastream Digital (DST), and Darussalam Enterprise (DARe).

BIL aims to develop the eco-system by creating capacity building programmes, identifying market and funding opportunities, forging collaborations amongst stakeholders and the wider technology community, and increasing awareness of the use of new technologies to the wider public.

With BIL’s ambitious’ plans usher in new innovation in the country, we take a closer look at their set up, programmes, and how they fit into Brunei’s wider digital aspirations.

Source: Biz Brunei