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Asia Bond raised at APEC summit
Deputy Prime Minister Somkid Jatusripitak said that he
tabled Thailand’s Asia Bond initiative for consideration, among other key
issues, at the 11th Asia-Pacific Economic Cooperation (APEC) Summit, as the
regional leadership gathered on October 21.
Somkid said that he was confident that the Asia Bond Fund
II could be launched by the end of this year and its details will be
announced soon.
The Bank of Thailand (BOT) has been working towards the
establishment of the Asia Bond Fund II with eleven other APEC member
economies. Even India, which is not an APEC member, is interested in being
part of the fund.
Somkid also said that Olarn Chaiprawat, an advisor to
Prime Minister Thaksin Shinawatra, has met with Japanese experts to discuss
currency denominations of the Asia Bond Scheme.
BOT Governor. M.R. Pridiyathorn Devakula said that
central banks of the eleven APEC economies had joined forces in creating the
Asia Bond Fund I. Each member of the fund had contributed about US$1
billion.
Discussions concerning the Asia Bond Fund III should be
wrapped up within the next six months, Somkid noted. The Asia Bond Fund II
will involve the trading of bonds in the currencies of the issuing
economies, and the private sector will be encouraged to invest.
The BOT governor is also of the view that all APEC
economies have to consider waiving taxes to ensure the effective development
of the regional bond market. (TNA)
FTA deals to drive
Thai economy next year
Chutaporn Lamphasara, director of the Federation of Thai
Industries (FTI) is confident that the Thai economy will continue to clock
up impressive growth next year despite the appreciation of the baht, saying
that the free trade area (FTA) deals established with various countries
would push the Thai economy forward. Chutaporn noted that forecasts for the
global economy over the latter half of the year looked promising, and said
that this would help ensure continuing growth for Thailand’s industrial
sector.
“Although the appreciation of the baht will have a
slight impact, FTA deals with China and India should stimulate production
and exports, ensuring continuing growth in 2004,” she said.
Chutaporn stressed that in order to ensure fast
monitoring of economic data; the FTI will focus on the important role of
planning agencies to produce detailed and in-depth industrial development
strategies for each sector. In addition, the FTI will liaise with domestic
and foreign agencies, particularly for the industries targeted by the
government.
She said that this focus would help produce an economic
‘early warning’ system for the nation’s industries, and that the FTI
would also act as a national industrial information center to push for a
knowledge-based economy and drive further policies and solutions to address
industry-related problems.
The FTI now produces eight industrial indexes using
information from 50 industrial sectors, compared to only 10 sectors in the
past. Chutaporn said that this would lead to greater accuracy, noting that
the indexes would be useful for both the public and private sectors in
making economic forecasts and drawing up industrial development plans.
At the same time the FTI plans to draw up development
strategies for other industrial sectors including the construction,
machinery and metals sectors.
Development strategies have now been completed for the
food sector, and will soon be proposed to the Cabinet. The three-year
strategies will great importance to small and medium enterprises. (TNA)
Thailand to raise trade value with Bulgaria
Thailand’s trade value with Bulgaria is expected to
increase to US$100 million within the next three years, according to a Thai
trade representative. Speaking of the results of his last visit to Eastern
Europe, Kantathee Supamongkol said investment and trade opportunities
between Thailand and Eastern European countries looked more promising
following talks with top officials of Bulgaria, Romania and Lithuania.
Kantatee said the trade value between Bulgaria and
Thailand had declined to less than US$35 million, from around US$70-80
million in the past three years. However, Bulgaria, which is regarded as a
gateway to countries in the Baltic region, has invited Thais to invest more
in the country. Bulgaria wants to become a new member of the North Atlantic
Treaty Organization and the European Union (EU) in the next four years which
could result in great benefits to Thai businesses. (TNA)
Land bridge generates investor interest
The government is now fully confident that Thailand will
be able to transform itself into a regional energy center in the near
future, following the expression of a huge level of interest by foreign
investors in the Ministry of Energy’s ‘land bridge’ project.
Energy Minister Prommin Lertsuridej said that investors
from China, Japan, the Philippines and Indonesia have all shown an enormous
amount of interest in the strategic energy route, or ‘land bridge’
project. “Investors from China and the Philippines not only said that they
would place their money in the project, but want to sign a memoranda of
understanding (MOU) on cooperation in energy-related projects,” Prommin
said.
On October 17 a deal was signed between PTT Public
Company Limited (PTT), the formerly state-owned Petroleum Authority of
Thailand, and US-based Unocal Co., while a pact is due to be signed between
PTT and China’s SinoChem.
The land bridge will provide oil and gas pipelines
linking the Andaman Sea with the Gulf of Thailand, and will act as a
shortcut for oil shipments from the Middle East to Asia. (TNA)
Developed countries pose obstacle to world trade: Malaysian PM
Malaysia’s outspoken Prime Minister Mahathir Mohamad
launched an attack on the developed world, accusing developed countries of
being responsible for the failure of World Trade Organization (WTO) talks
and stressing the right of developing nations to protect their own business
interests from inequitable trade.
Addressing the Asia Pacific Economic Cooperation (APEC)
CEO Summit with a speech on “Globalization and its challenges: how to cope
with economic and cultural diversity”, Mahathir said that the WTO talks in
the Mexican resort of Cancun had ended in stalemate due to the insistence of
developed nations that developing countries followed the rules laid down for
them.
Accusing developed nations of failing to take into
account differences in terms of abilities and competitiveness, he warned:
“Developing countries will not be ordered into opening up their markets
and abolish trade limitations, given that they will be at a disadvantage and
are not in a position to compete with developed countries which gain
advantages in every area.”
Mahathir stressed the importance of fair trade, saying
that unless trade was equitable it could not be truly free. Developing
nations, he said, had the right to protect their own business interests from
unfair trading practices, in order to enable them to compete with large
businesses or foreign banks. (TNA)
Thailand to be pickup truck hub for GM
US car maker GM is to make Thailand its largest
production base for one-ton pickup trucks. Frederick A Henderson, President
of General Motor’s Asia-Pacific Group, said that Thailand’s potential to
produce one-ton pick-up trucks could be expanded to meet the growth of world
markets.
This is especially true because Thailand’s domestic
market, especially for one-ton trucks, is the world’s second largest
market after the US. Concerning investment in research and development - a
major focus of Japanese car makers, like Toyota - GM plans to set up an
automotive engineering research and development center in Thailand. (TNA)
Thai-Russian trade expected
to double in near future
Bilateral trade between Thailand and Russia is
anticipated to double in the near future, thanks to an agreement on trade
and investment cooperation between the two countries, which was inked when
the former hosed the Asia-Pacific Economic Cooperation (APEC) Meetings 2003,
from 14-21 October, according to the Federation of Thai Industries (FTI).
FTI President Praphad Phodhivorakhun said that the FTI
had signed the agreement with its Russian counterpart, which was believed to
bring mutual benefits on trade and investment to both countries.
“For Thailand, the agreement will help local
manufacturers and producers to import low-price raw materials and
manufacturing technologies from Russia, and can also expand their trade and
investment to the Russian market, including agricultural products and
garment and textile products”, he pointed out.
Thailand would also benefit from Russia’s advancement
in research and development (R&D) projects, he noted.
Praphad projected that given the agreement, bilateral
trade between Thailand and Russia could double in the near future. In the
initial stage, the two countries will set up a joint committee to study and
explore ways to boost bilateral trade and investment, with centers on trade
and investment cooperation to be opened both in Bangkok and Moscow, aimed to
coordinate on the matter.
Bilateral trade between Thailand and Russia in the first
six months of this year accounted for US$448.95 million, a jump of US$103.24
million from the same period of last year, according to the FTI chief. (TNA)
Advertorial: Exclusive Beachfront Residential Development for Pattaya
Constructed on the last remaining prime beachfront land between Pattaya and Jomtien Beach
Called the Majestic Residence the project will occupy 28
Rai (45,000 m2) abutting the Royal Varuna Yacht Club and the four star
Cabbages and Condoms resort. Both are low rise thus eliminating the risk of
high-rise condominiums being built overlooking the new estate.
 Prime
beachfront land for Pattaya’s most ambitious residential estate.
The development will consist of 39 luxury villa homes and
54 deluxe apartments. Three absolute beachfront villas have already been
sold.
The headland is acknowledged as the preferred location
for both Pattaya and Jomtien.
The regions most exclusive hotels and residential
properties are situated in this area. They include the world renowned Royal
Cliff Resort, the Pattaya Exhibition and Conference Hall (PEACH), a nine
hole golf course, driving range and prestige houses including the private
residence of members of the royal family.
Many high profile identities of the Thai establishment
also have homes in the surrounding area.
There are simply no comparable sites and the project will
be the single most outstanding development ever built in the region. The
developer intends to set new standards for prestige living never before made
available to the discerning buyer.
The project will take on many aspects of Thai-Balinese
designs and features whilst using materials that Europeans expect in
today’s marketplace.
It will be a mystical, idyllic ambience accentuated by
lush tropical gardens and serene water features. It is based on an ancient
palace theme but will incorporate all the amenities of a modern day resort.
The developer has a proven track record spanning 15
years. Their flagship project is View Talay Villas, now recognised as the
undisputed premier residential estate in the region.
The land will be subdivided into 39 large housing plots
ranging from 120 Wah (480 m2) up to 600 Wah (2,400 m2). Each house will
feature private swimming pools and lush tropical gardens.
The remaining 25% of the project, near the entry, will
consist of four low-level condominiums. Two will be four levels and the two
at the rear five levels, all serviced by an elevator. The sizes will range
from 180 sq.m to 250 sq.m.
Construction standards and quality control will be to the
highest International standards. Professionals from the most renowned
architecture firms, designers, landscaping and construction companies have
been consulted. All units will have gourmet kitchens, walk-in/built-in
wardrobes, premium air conditioning and special features.
For more than a decade the builder Bruno Pingel has
established a reputation for excellence. He said, “The craftsmanship will
be of a standard previously not seen in Pattaya and the proportions will be
palatial”.
Owners will enjoy direct beach access to the private
beach to the left of the site. A common beachfront area will be allocated at
the front of the site to view the magnificent sunsets at dusk.
There will be a small private jetty built over the rocks
in front to cater for owners.
Pre-wiring for high-speed Internet access in all units
will ensure owners will be fully equipped to connect anywhere with ultimate
ease. A choice of solid wooden, marble or granite floors are to feature in
all living areas except bathrooms and kitchens where a mix of imported
granite, marble and tiles will be used.
Condominiums plus land and house packages are now
selling. For complete details and to arrange a private inspection of the
site and examples of existing luxury residences contact the selling agent
Pattaya Properties Co., Ltd. on 038 303 515 or email: [email protected]
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