Sunday, February 7, 2010

Government to boost benefits for companies locating regional operating headquarters in Thailand

Dep Minister of Finance Pradit Phataraprasit to lead an Open Forum on Wed 10th Feb to solicit direct input from private sector on how government can help them operate more competitively in the region


Deputy Minister of Finance Pradit Phataraprasit, today, (Wednesday 3 February) announced that the government is formulating plans to boost tax and non-tax benefits to companies that locate their regional operating headquarters in Thailand.

“We aim to reinforce Thailand’s position in the region as an important manufacturing and services hub,” said Deputy Finance Minister Pradit who chairs a committee charged with developing a set of recommendations that can make Thailand a more attractive location for the regional operating headquarters of companies.

He said, “The establishment of a regional headquarters in Thailand by giant foreign companies can generate enormous benefits for our country and accelerate economic growth. It results in the location in Thailand of many high-salaried expatriate managers; it means more demand for housing, more shopping and other spending, and more business for hotels and restaurants with a greater number of international events being organized in Thailand. It also means that Thai staff have more opportunity to become regional managers with much higher salaries and responsibilities.”

Mr. Pradit said that he is organizing an Open Forum meeting on Wednesday 10th February at the Queen Sirikit National Convention Center for the private sector to give direct input to him on how they believe Thailand could become more attractive as a regional operating headquarters for their companies.

“I want this to be a collaborative effort that gets the best ideas on the table, and to weed out what isn’t important to the private sector,” said Mr. Pradit.

He said that, “multiple government agencies are working together and all key people responsible for developing and submitting these recommendations for Cabinet approval will be present at the session to listen to the views of the private sector, including the Board of Investment, the Bank of Thailand, the Revenue Department, the Fiscal Policy Office, as well as the Federation of Thai Industries, and the Thai Chamber of Commerce, in addition to himself and the Permanent Secretary of the Ministry of Finance.”
HOW TO REGISTER TO ATTEND

Attendance is free. To book a place, please email or fax representatives’ Name, Title, and Company to ROHforum@gmail.com , or fax: 02-664 9515, Attention: Khun Pairoj. Reservations should be made no later than Monday 8th February. Seating is limited and available on a first come, first served basis. Presentations will be in English and Thai.

Saturday, January 30, 2010

Good Progress Being Made Says Digicel Group CEO

Good progress is being made on restoring the Digicel network with over 80 percent of cell sites now back on air, enabling customers to make and receive calls, text messages, email and BlackBerry Messenger messages.
-- As the biggest and best network in Haiti, the Digicel network has
remained operational throughout and Digicel now has more cell sites on air
than any other provider. Coverage in the provinces continues to be good and
in Port au Prince it is improving rapidly with Haitians taking advantage of
the free credit of US$5 each (totaling US$10 million) that Digicel has
given them. International traffic on Monday showed a 250 percent increase
on normal daily levels.
-- Digicel is continuing to bring key technical people and equipment in to
Haiti to ensure that the network is returned to full strength as soon as
possible. In the last two days alone, six planes carrying Digicel network
equipment have landed in the capital.
-- As of yesterday (Monday 18th January), Digicel stores in provincial areas
mainly in the northern and southern parts of the country have started to
open -- and, importantly, Digicel stores in the metropolitan area of Port
au Prince will start to re-open today (Tuesday 19th January).
-- In an effort to ensure that as many customers as possible can purchase
credit, handsets and accessories like alternative energy mobile phone
chargers, one of Digicel's mobile stores will be open for business from 9am
until 4pm each day from tomorrow. The mobile store will be located in the
airport area of Port au Prince.
-- Supplementary charging stations will be placed in the Digicel stores to
ensure that customers can charge up their phone batteries and be able to
avail themselves of the US$5 free credit to stay connected with friends and
family.
-- And for people across the Diaspora wishing to send credit to friends and
family in Haiti, Digicel is giving Double Bubble to customers meaning that
they will receive double the value of the credit that they purchase for no
additional cost.

Colm Delves, Group CEO of Digicel, comments, "We are making good progress on returning our network to full strength with more and more cell sites coming back online and voice calls, text messaging, email and Blackberry Messenger available all across the country. Some customers may experience difficulties making and receiving calls at certain times largely due to the high volume of customers taking advantage of the US$10 million we have given them in free credit.

"We are doing everything we can to ensure our customers can stay connected with friends and family."

As the single largest investor in Haiti with a total investment of U$300 million since its launch in 2006, Digicel has over two million customers in Haiti and has announced a US$5 million donation to the Haiti relief efforts. This donation will go to NGOs like Concern and Medecins sans Frontieres.
ABOUT DIGICEL GROUP

After eight years of operation, Digicel has 8.8 million customers across its Caribbean and Central American markets and is renowned for competitive rates, unbeatable coverage, superior customer care, a wide variety of products and services and state-of-the-art handsets. By offering innovative wireless services and community support, Digicel has become a leading brand in the Caribbean and has placed the region at the cutting-edge of wireless communications -- the company is also a recent entrant to the Central American and Pacific markets.

Digicel is incorporated in Bermuda and now has operations in 32 markets world-wide. Its Caribbean and Central American markets comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda, Bonaire, the British Virgin Islands, the Cayman Islands, Curacao, Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana, Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis, St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad & Tobago and Turks & Caicos. The Caribbean company also has coverage in St. Martin and St. Barths. Digicel Pacific comprises Fiji, Nauru, Papua New Guinea, Samoa, Tonga and Vanuatu.
In total, across its 32 markets, Digicel has 10.3 million subscribers.

Digicel is the lead sponsor of Caribbean and Central American sports teams, including the West Indies Cricket Team and Special Olympics teams throughout the region. Digicel is also title sponsor of the Digicel Caribbean Championships and the Copa de Naciones Digicel, which are the Caribbean and Central American qualifiers to the CONCACAF Gold Cup.

Tuesday, December 15, 2009

ESCAP and Russian Federation to Sign Cooperative Development Agreement

Signing ceremony Thursday 11:30, 17 December at ESCAP Building

The Economic and Social Commission in Asia and the Pacific (ESCAP) – the regional arm of the United Nations - and the Russian Federation will sign an agreement this Thursday to strengthen cooperation, with a view to promoting inclusive and sustainable economic and social development in Asia and the Pacific.

Under the agreement, the Russian Federation provides a voluntary

contribution of US$ 1.2 million annually during the period 2009-2010 to support key programme activities of ESCAP.

ESCAP will be hosting a signing ceremony where Mr. Gennady Gatilov of the Russian Federation Ministry of Foreign Affairs and Dr. Noeleen Heyzer, Under-Secretary-General of the United Nations and Executive Secretary of ESCAP will formalize the agreement.

In response to the regional development priorities, the Russian contribution will be used for technical cooperation projects to develop capacities and improve development in key areas such as environment, energy, regional transport connectivity, disaster risk reduction, statistics and migration.

The ceremony will take place Thursday 17 December 2009, 11:30 on the 15th floor of the ESCAP Secretariat building. Media are welcome to cover the ceremony. Please register in advance for building access at unisbkk.unescap@un.org.

TCDC hosts ‘Bangkok Creative City’ seminar along with launch of ‘Skills Mapping’ project to show potential of 6 creativity hotspots across Bangkok

Thailand Creative & Design Center (TCDC) has joined forces with government and private sectors in ‘Bangkok Creative City’ seminar to brainstorm ideas that will turn Bangkok into one of the world’s leading creative city. The event highlights the launch of ‘Skills Mapping’ project to unveil six areas of Bangkok that are tipped as high-potential, money-spinning creative industry zones.


Mr. Apisit Laistrooglai, Managing Director of TCDC, provides background about the seminar: “The government has recently made creative economy concept a key policy under its administration to give Thailand a new economic catalyst and boost competitiveness of Thai entrepreneurs within the framework of Creative Thailand strategy, with a goal to make Thailand the Creative Industry Hub of ASEAN. TCDC has therefore conceived an implementation plan that includes a range of activities and events in support of this government policy and is gearing up the process to build the body of knowledge in the area of creativity in order to promote creative industry development among all social sectors.”

“Over the past few years, he continues, “TCDC has played the key role in laying a strong foundation for creative economy in Thailand. Our ongoing operation plan under this mission will see us increase our pace in boosting awareness and understanding of all stakeholders about the importance of this economic concept through a variety of activities. As an indicator of achievement in creative economy development, establishment of a ‘creative city’ is taken into consideration. We have therefore teamed up with Bangkok Metropolitan Administration (BMA) to jointly host ‘Bangkok Creative City’ seminar as a major event to create awareness and attention of government agencies, entrepreneurs, and other stakeholders on the relevance and direction Bangkok’s development into a creative city.”

‘Bangkok Creative City’ seminar brings together experts from public and private sectors to exchange their points of view and help broaden audience’s perspective of Bangkok in new dimension as a creative city. The seminar begins on Monday, November 30 with a panel discussion on ‘Bangkok’s Preparedness to Become Creative City’ by Mr. Somsak Chantawattana,

Director General of BMA’s Department of Culture, Sports, and Tourism; Mr. Sorapong Paitoonphong, Head of Mass Transit System Development Group, Office of Transport and Traffic Policy and Planning (OTP); Mr. Adhiruth Thothaveesansuk, Managing Director of Convergence and Managing Director of Office/SME Solution & Wireless Access, True Corporation Plc; Ms. Karuna Dechatiwong Na Ayuttaya, Chief of International Events Section, Events Planning Division, Events Department, Tourism Authority of Thailand; and Mr. Kittiratana Pitipanich, Design Advisory Director of TCDC. The fist day of the seminar also highlights the launch of ‘Skills Mapping’ project through a presentation on ‘Bangkok Creative Spaces: Chatuchak, Thonglor, Siam Square, Town In Town, RCA, and Sukhumvit’ by Dr. Peeradorn Kaewlai and Ms. Supicha Silairat from Creative City Research Group, Urban Planning Unit, Faculty of Architecture and Planning, Thammasat University. The research-based presentation points out the potential of the six areas in terms of products and services available, influences of social context and culture on clustering of creative industry entrepreneurs, as well as problems and needs of the creative businesses. The day ends with a lecture on “Creative City Design – Innovation-inspiring Architecture and Planning” by Mr. Michael Freedman, an international expert in urban planning and design who was behind planning of Silicon Valley and is regarded as a guru in strategic integration to make cities pleasant and develop in sustainable way.

Tuesday, December 1, begins with a special lecture on ‘Innovative Approach to Strategic Urban Planning and Design for Creativity-inspiring World Metropolises’ by Mr. Freedman, followed by ‘Evolution of Bangkok Creative City’ symposium by Dr. Narongchai Akraseranee, Chairman of the Office of Knowledge Management and Development (OKMD), Mr. Apirak Kosayodhin, Advisor to the Prime Minister, and Ms. Supaluck Umpujh, Senior Vice President of The Emporium Shopping Complex Co., Ltd. and Executive Vice President of Siam Paragon Development Co., Ltd. The seminar will be wrapped up by a keynote speech on ‘Creative City Development as Catalyst of Thai Economy’ by Mr. Alongkorn Ponlaboot, Deputy Minister of Commerce and Chairman of the Sub-committee on Creative Economy Policy.

Mr. Apisit adds that the seminar is expected to inspire government and private organizations to play their part in creative city development as a solid foundation of the nation’s wealth and added economic value, as well as a cornerstone for development of Thailand’s creative economy.

Saturday, November 21, 2009

TRIS Rating Affirms Company Rating of “BMA” at “AA+” with “Stable” Outlook

TRIS Rating Co., Ltd. has affirmed the rating of Bangkok Metropolitan Administration, a local government organization, hereinafter referred as “BMA”, at “AA+” with “stable” outlook. The rating is based on the importance of the Bangkok Metropolis (Bangkok) as Thailand’s administrative and economic center, which despite an economic contraction in 2009, the Thai economy is expected to rebound in 2010. The rating also reflects BMA’s reliable tax revenue, consistently sound budgetary performance, and a strong financial profile as it is nearly debt-free and has a large amount of cash on hand. The rating, however, is constrained by the negative impact that the recession is having on revenue collection, the huge capital investments needed for public transportation and infrastructure, and an increasing financial burden from assuming public services delegated from the central government under a decentralization plan. Despite the undertaking of various costly responsibilities, BMA faces a restriction in seeking additional revenue sources. In addition, several issues need to be monitored: the availability of an audited financial report in a timely manner, and the preparations for future fund raising, including the development of a concrete debt management framework.


The “stable” outlook reflects BMA’s reliable revenue sources and conservative budgetary policy. TRIS Rating expects that BMA will continue to receive support from the central government at all times. Nevertheless, BMA should maintain proper financial discipline to ensure sound budgetary performance and a robust financial profile. Leverage, if incurred in the future for capital investments, should be well planned to match BMA’s revenue and debt service ability.TRIS Rating reported that BMA is a local government organization and has the responsibility of providing public services for both residents and businesses in Bangkok. As the capital city of Thailand, Bangkok benefits from its position as the social, political and economic center of the country. In 2008, the Gross Provincial Product (GPP) of Bangkok was the highest in the country, amounting to Bt2.29 trillion or 25% of Thailand’s Gross Domestic Product (GDP). During fiscal year 2005-2008, approximately 93%-95% of BMA’s total revenue was from taxes, both local taxes collected by BMA (20%) and allocated taxes collected by other governmental agencies and remitted to BMA (73%-75%). The major component of local taxes is property tax, which accounts for over 90% of total local taxes. Almost half of the allocated taxes are derived from value added tax, while automobile tax and land transfer fees average at 19%-20% each. Tax revenue is considered a highly reliable source of income for BMA, although the amount varies with the nation’s economy. In 2009, the Thai’s economy was negatively impacted by the global economic crunch and an intensifying political situation, resulting in a significant reduction in allocated taxes. Consequently, for the first nine months of fiscal year 2009, revenue collection accounted for 61% of the total Bt46,000 million budget, and declined 16% compared with the same period last year. However, BMA could revise its expenditures down to 51% of the budget during the same period in order to comply with revenue collection and a balanced budget regulation. BMA’s financial profile remains very strong with high liquidity, virtually no debt, and cash on hand of over Bt20,000 million as at the beginning of fiscal year 2009.

TRIS Rating said, Bangkok is the most developed city in Thailand; however, more investment in public services and infrastructure is needed to serve the expanding population and to facilitate economic growth. Public services, including new projects initiated by BMA and the responsibilities transferred from the central government, require a large amount of funds for project development and ongoing expenditures. In addition to a tax revenue allocation, the central government also grants BMA an annual subsidy. However, these funding sources are somewhat limited and are not sufficient as BMA has planned to invest in many capital-intensive public transportation projects. Currently, BMA’s management is studying the possibility of seeking funding through the capital market to provide more financial flexibility. Incurring new debt in the future may increase the financial risk and weaken BMA’s financial strength. TRIS Rating expects that BMA will put in place a practical debt management framework in order to sustain a liquidity and healthy financial position, at the same time, provide the timely audited financial report.

Wednesday, November 11, 2009

A new destination for eco-tourists

       Chiang Mai last month carved out a new district, its 25th, and then proceeded to unveil plans to develop and turn it into its latest nature and eco-tourist destination.
       Named after the late Princess Galyani Vadhana the new district,165 kilometres northwest of the provincial town, has a population of 16,000 spread over 21 villages occupying 700-square-kilometres in tambon Ban Chan, Chaem Luang and Mae Dad, said Chiang Mai Governor Amornphan Nimanan.
       The majority of its residents are ethnic Karen, Mong and Lisor hill tribe farmers in employ of royally initiated projects growing vegetable, fruit and other cash crops.
       With pleasant weather all year round,the district is also noted for its vast pine forest around Ban Wat Chan, a village perched at an elevation of 1,000 metres above sea level.
       An existing art and craft centre, now under renovation, will initially serve as the district office, but a new one will be built on an 80-rai plot in tambon Chaem Luang in due course.
       Additionally, there are plans to build a highland sports complex and a herbal study centre for which an allocation of 300 million baht will be sought from the government.
       To get to the new district, take Highway 1095(Mae Malai-Pai) from Chiang Mai town and turn left into ChomchaengBan Muang Rae Road. Alternatively, take a public bus plying the Chiang Mai-Wat Chan route. Tourism memo inked
       The tourism offices of Xishuangbanna in China's Yunnan Province and Chiang Rai have signed a memorandum of understanding to facilitate the movement of tourists and logistics along the 1,800-km-long R3A highway linking Kunming with Bangkok.
       The memorandum signed recently in Chiang Khong district seeks to promote land travel and also calls for low-cost air links between Chiang Rai and Jinghong,the main city of Xishuangbanna, said Chiang Rai Governor Sumeth Saengnimnuan.
       Last year some 1.7 million tourists visited Chiang Rai of which 11 per cent were from China. Their number is expected to increase slightly this year. Bird sanctuary
       A newly-opened tourist centre at Talay Noi, a wetland home to some 43,000 birds representing 187 species, in Khuan Khanun district of Phattalung comes fully equipped with high-speed Internet as well as tourist information available to visitors both in Thai and English.
       October to March is high tourist season in this 285,625 rai wetland area during which migrating birds flee harsh winter in the northern hemisphere to seek refuge around this tropical lake, pulling in avid bird-watchers and nature lovers in droves.
       Apart from bird watching, visitors can observe the lifestyle of fishermen inhabiting the wetland and stop by Krajud Rong Fang to watch a group of housewives weaving lepironia mats, baskets and purses. Airport gets a facelift
       Some 5.3 million passengers transited through Phuket International Airport last year and their number is expected to increase to 6.5 million by the end of this year.
       Preparing for the upcoming high tourist season, the airport is planning to spend 30 million baht to polish up its image and present its best face to the arriving tourists.
       According to its Managing Director Pratheung Sornkum, the money will be used to improve road surface around the airport, car park, toilets, passenger terminals and buy two more X-ray security machines.
       The airport also plans to expand its passenger capacity to 12.5 million annually by 2013.NokAir tie-up
       Low-cost airline Nok Air has joined hands with SF Cinema City to sell air tickets via 13 of the latter's outlets in Bangkok and Phuket.
       Nok Air CEO Patee Sarasin said the arrangement would suit those whose lifestyle revolves around cinemas and shopping malls.
       The airline is offering 100 baht discount to those who purchase a roundtrip ticket with 5-kg extra baggage allowance on the Phuket route, and 50 per cent discount coupons redeemable at Budget Car Rental.
       If the tickets are bought at SF Jungceylon in Phuket or at Central Phuket, buyers get 200 baht discount for a BangkokPhuket round-trip.
       The offer is valid until Nov 30. Adventure race
       The 4th Yara Bangkok Challenge 2009,part of the Amazing Thailand Adventure Race Series already run in Kanchanaburi,Chiang Mai and Samui Island, kicks off Nov 14 in Nong Chok district of Bangkok.
       The event is a test of endurance involving trekking, mountain biking, swimming, and canoeing over a distance of 50 kilometres in which two-man teams compete in a gruelling race that lasts hours depending on physical fitness of the participants. More than 100 teams are expected for the race.
       Visit www.ama-events.com for more information. Big field for regatta
       The 23rd King's Cup Regatta scheduled Nov 28-Dec 5 off Kata Beach promises a big field with boats from Australia,Britain, China and Russia joining local teams vying for honours at an event that heralds the start of high tourist season in Phuket.
       Kevin Whitcraft, president of the organising committee, is hoping some 2,000 high spending international tourists to converge in Phuket for the event which is expected to pump some 40 million baht into the local economy.

Grand festival to celebrate His Majesty the King's 82nd birthday on Dec 5

       More than 200,000 visitors are expected to attend a grand festival designed to celebrate and homour His Majesty the King, the world's longest reigning monarch, who will be celebrating his 82nd birthday on December 5.
       The opening ceremony will be held on December 1, but the entire festival well run from November 30 to December 10 at the Ratchaphruek 2006 Garden in Chiang Mai.
       His Majesty the King ascended the throne in June 1946 and was crowned in May 1950.
       Organised by the Tourism Authority of Thailand(TAT), the Agriculture and Cooperatives Ministry, and the Chiang Mai provincial administratiion, the festival is expected to attract thousands of Thais, resident expats, and international visitors.
       Juthaporn Rerngronasa, TAT deputy governor for marketing communications, said TAT was proud to host such a grand event for our beloved King.
       The event is designed to honour His Majesty and to publicise and promote tourism to Northern Thailand, especially the Ratchaphruek 2009 Garden.
       "It fits in perfectly with our plans to diversify our range of destinations, and encourage visitors to travel around the country to help raise the incomes of rural people," he said.
       The festival will help boost domestic tourism, increase hotel occupancies in Chiang Mai, and give extensive exposure to North Thailand, projected to be a bridgehead for Thailand's future economic development plans and links with the Greater Mekong Subregion.
       The official opening ceremony will be on December 1, with parades from all four regions of Thailand. Prime Minister Abhisit Vejjajiva will deliver the opening address and then take part in releasing 999 Kom Loi (Sky Lanterns). This will be followed by classical dances from the four regions with 99 performers from each region.
       The number nine is consdered luckey for the Thai people. A slight variation of its pronunciation also means "progress" or "advancement" in Thai.
       Highlight of the festival will be on His Majesty's birthday on December 5 with the lighting of thousands of candles, offering of prayers and blessings for his good health and singing congratulatory songs, followed by a fireworks display and a light and sound show.
       Throughout the festival, visitors will view a horticultural exhibition of flowers, trees and fruits, and sales and competitions of agri-products, handicrafts and village-made souvenirs.
       Orchid lovers will find this festival of special interest.
       The Ratchaphruek Garden was built for the Royal Flora Ratchaphruek 2006,. an international horticultural expo, held in Chiang Mai as part of the celebrations commemorating the 60th anniversary of His Majesty the King's accession to the throne. Roughly 2.5 million plants and flowers, including some rare species of orchids, were on display at that expo, which had over two million visitors.
       Chiang Mai is the economic, communications, cultural, and tourism centre of Northern Thailand. In recent years, it has undergone considerable economic development but still retains its historic heritage. It is also becoming increasingly well-known as a centre of traditional Thai massage, meditation, health, and wellness spas.