WEB PBS MAY 17

More documents

Recommendations

Info

BUSINESS SUPPLEMENT THAILAND BUSINESS NEWS Thai Growth expected to be 3.5% according to ADB The Asian Development Bank (ADB) expects Thailands growth to be 3.5% this year. ADB’s senior country economist, Luxmon Attapich was quoted as saying, “A sustained recovery in major economies, robust domestic consumption and the continued implementation of large public infrastructure projects are the key reasons for our projection.” Within the projections is an expectation that global oil prices will recover and boost exports in the petroleum products sector. A previous projection of two per cent was based on higher levels of protectionism than are expected to be seen. Luxmon Attapich was further quoted as saying, “We foresee the impact of protectionism on Thailand from the influence of US trade policy as rather moderate. We included that impact in our risk analysis, rather than just weighing from the baseline.” include working along side Thailands board of investment in order to assist Russian investors in the EEC project. The meetings come as Russia and Thailand prepare to celebrate their 120th year of their long standing bilateral diplomatic relationship as well as increased economic co-operation between the two countires. Currently trade between Russia and Thailand amounts to 42 billion US dollars, with Russia exporting 809 million US dollars more to Thailand than Thailand does to Russia. There is also an expectation that farm prices will increase as weather normalizes as well as increased private investment in indusrties such as the electronics and chemical products sectors. Manufacturers in these sectors are close to capacity and as growth takes hold further investment will be spurred. Eastern Economic Corridor (EEC) woos Russian investors The planned Eastern Economic Corridor (EEC) along Thailands Eastern seaboard has garnished interest from foreign investors, particularly Russian investors. After a meeting with Thailands Commerce Minister, Apiradi Tantraporn and Russia’s deputy minister for economic development, Alexey Gruzdev, it transpired that Russian investors are interested in investing in the ten key targeted industries within the EEC being promoted by the government. These industries include, medical services, medical and wellness tourism, agriculture and biotechnology, smart electronics, biofuels and biochemical, logistics and aviation, industrial robotics and next generation cars. In response to the Russian interest, Thailand and Russia agreed to launch a joint working panel to Procter & Gamble vies for more incentives Manufacturing giant, Procter & Gamble Manufacturing Thailand is pressing the government for more incentives relating to taxation investment and land deals. The company recently moved its manufacturing base for health care products to Thailand from Vietnam. Procter & Gamble Manufacturing Thailand is behind the product brands such as Olay, Vidal Sassoon, Pantene, Rejoice, and Head & Shoulders to name but a few. P&G’s exports several hundred million dollars worth of product from Thailand to places around the world. The manufacturing base in Thailand is the companies third largest skin care manufacturing centre after bases in the U.S and France and the second largest haircare product manufacturing base after a factory in China. P&G also urged the government to improve the education system to give potential new employees good digital management skills amongst others. Further investment in Thailand is likely by the company. High Tower Co., Ltd. Tel: 038 411 009 For all your advertising enquiries - Tel: 0846 77 43 60
BUSINESS SUPPLEMENT AMAZING THAILAND GRAND SALE RETURNS AS THAILAND SHOPPING DINING PARADISE The Tourism Authority of Thailand’s (TAT) much anticipated annual Amazing Thailand Grand Sale campaign, which has been held successfully for 18 consecutive years, will return this year as the ‘Thailand Shopping & Dining Paradise 2017’ and will be held from 1 June to 31 July, 2017, in cities nationwide. Mr. Yuthasak Supasorn, TAT Governor said, “This year the campaign has been renamed to reflect the positive image and to strengthen the recognition of Thailand as a leading shopping and dining paradise in Asia. This is especially as cities across Thailand have seen new developments and facilities opening up to serve the shopping and dining enthusiasts.” Under the Thailand Shopping & Dining Paradise 2017 campaign, partners and participating outlets will be offering special promotions and steep discounts to encourage foreign travellers to enjoy shopping, dining, entertaining, and travelling within Thailand throughout the two-month period. Mr. Yuthasak added, “The campaign is organised during the Email: ben.hightowerltd@gmail.com ‘Green Season’ so there is no better time to come to Thailand if you are a serious shoppers. We have a wide range of tourism products and travel services from every region joining this campaign. This campaign will ensure to all visitors that Thailand will continue being a leading “preferred destination” for every visitor to Thailand”. Among the campaign partners include major credit cards – Visa International, MasterCard, Union- Pay, and JCB, department stores and shopping malls nationwide, leading airlines, the Thai Hotels Associations Thai Restaurants Association, Thai Spa Association, and a lot more. The campaign is also aimed at boosting intra-regional tourism and strengthen the position of Thailand as a regional travel hub. There will be sales promotion activities to take place at commercial bordering towns in every region nationwide, particularly in the country’s Special Economic Zone (SEZ), which include Mae Sot district in Tak province, Mueang district in Khon Kaen province, Aranyaprathet district in Sa Kaeo province, and Hat Yai district in Songkhla province. MANDATORY PROVIDENT FUND OPTIONS TO BE WIDENED A draft bill is awaiting approval from the cabinet that will widen the payment options for the mandatory provident fund, the start of which is imminent. The National Legislative Assembly will deliberate the extra bill after the cabinet approves it. The original bill for the mandatory provident fund has been in place to provide a lump sum payment to members after they retire. The new bill aims to provide the option of regular monthly payments during retirement. Currently civil servants get the latter. The main reservation is that, given that contributions are only 3% of average salary the monthly payments will be low. As well, life expectancies are increasing meaning that the payout period will be longer. Yet the Fiscal Policy Office aims to provide people in the future who retire with as much as 50 per cent of their salary to give them a good standard of living in their later years. In order to bridge the gap, under the mandatory provident fund arrangement, which is due to be in force in 2018, employers and employees will be required to contribute three per cent of their employee’s salary during the first three years then five per cent during the next three years, then seven per cent for the following three years and ten per cent thereafter. The base salary is to be capped at 60,000 baht per month. The new law requires that larger companies with more than one hundred employees match their employee’s contributions to the fund within the first four years of the fund coming into existence. Smaller companies with 10 or more employees must offer the contributions from the fourth year of its start date and those with only one employee must provide savings from the seventh year. The moves follow the government’s successful creation of the National Savings Fund, a voluntary safety net for retirement savings for non-formal workers covering some 25 million people. Other measures in place, in addition to the mandatory provident fund, include a reverse mortgage scheme so that older people can unlock the savings in their home, and a package that will allow companies that hire older workers with a low salary of 15,000 baht per month or less to be eligible for double corporate tax deductions on expenses incurred in regard to retirement planning for their employees. In order to reach the goal of providing 50 per cent of salaries during retirement, minimum contributions would need to be at least five per cent from employees and another five per cent from employers as well as additional benefits as paid out by the Social Security fund. It is expected that some of the shortfall will be made up from cigarette and alcohol taxes. Currently older retirees are entitled to 600 baht per month from 60 years to 69 years, rising to 1,000 baht for people over 90. Four billion baht is expected to be required to raise current living allowances to a still modest 1,200 to 1,500 baht per month. www.Thailand-Business-Supplement.com
Page 1 and 2: FREE COPY May 2017 PATTAYA TM BUSIN
Page 3 and 4: BUSINESS SUPPLEMENT Pratumnak - The
Page 5 and 6: WE OFFER YOU A GREAT RANGE OF FRESH
Page 7 and 8: BUSINESS SUPPLEMENT SCAN THIS AREA
Page 9 and 10: BUSINESS SUPPLEMENT ASEAN STILL THE
Page 11 and 12: MARITAL PROPERTY Marital Property o
Page 13 and 14: BUSINESS SUPPLEMENT All sports are
Page 15 and 16: BUSINESS SUPPLEMENT ASIA PACIFIC BU
Page 17 and 18: BUSINESS SUPPLEMENT Email: ben.high
Page 19 and 20: BUSINESS SUPPLEMENT SCAN THIS AREA
Page 21 and 22: BUSINESS SUPPLEMENT Make your onlin
Page 23 and 24: BUSINESS SUPPLEMENT When It Comes T
Page 25 and 26: BUSINESS SUPPLEMENT the support of
Page 27 and 28: BUSINESS SUPPLEMENT Email: ben.high
Page 29 and 30: Guinea fowl produce both meat and e
Page 31: BUSINESS SUPPLEMENT THAILAND BUSINE
Page 35: BUSINESS SUPPLEMENT Exclusive Swiss

WEB PBS MAY 17

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?