BUSINESS NEWS
HEADLINES [click on headline to view story]: 

MOE upbeat about petrochemical industry

120 companies exhibit latest technology in machinery at Eastern Seaboard Industrial Expo 2004

Business seminar announces new BOI policies for investors

MOE upbeat about petrochemical industry

The Ministry of Energy has forecast around 33 petrochemical investment projects worth 400 billion baht will emerge under the petrochemical master plan phase III over the next 15 years.

Speaking at a seminar on “Petrochemical Faster Plan Phase III & Investment Opportunities in Petrochemical Industry & Related Industries”, Minister for Energy Prommin Lertsuridej said his ministry has assigned the Petroleum Institute of Thailand to work the plan. “With the scheme, we will be able to assess how many petrochemical plants should be set up to add value to existing natural gas over the next 10-15 years,” he said.

Current investment in the local petrochemical industry totals around 600 billion baht. Of this, 50% is made by the state led by PTT Plc and another half by private companies. Such generates revenue in an equivalent amount to 5% of the gross domestic product.

Dr. Prommin said investment in the petrochemical industry should be made by taking into account the market demand. Such investment must not cause non-performing loans like those incurred by some petrochemical producers in the past. He reiterated the government is ready to support the industry development in terms of facilities and utilities. A pioneer project to establish the new petrochemical complex will be launched on the eastern seaboard which has sufficient facilities and utilities to support it.

Pornchai Rujiprapa, deputy permanent secretary for energy, said under the master plan, around 33 petrochemical projects worth about 400 billion baht would likely get off the ground to accommodate the growth cycle of petrochemical business in the future. Such investment will be made in the production of plastic pellets, olefins, and aromatics. To implement the project, PTT must invest in the construction of a 6th gas separation plant to accommodate the natural gas demand for petrochemical production. (TNA)


120 companies exhibit latest technology in machinery at Eastern Seaboard Industrial Expo 2004

Ariyawat Nuamsawat

One hundred and twenty machinery companies displayed their production technology at an industrial exhibition to support Eastern Seaboard industrial businesses to compete in the global market. The Eastern Seaboard Industrial Expo 2004 was held at Ambassador City Jomtien on September 21-22 from 9 a.m. - 5 p.m.

Industrial vendors with state-of-the-art equipment showed off their latest technology at the Eastern Seaboard Industrial Expo 2004.

During this exhibition industrial vendors with state-of-the-art equipment showed off their latest technology, including improvements in production capabilities, and how to reduce production costs with better equipment. In attendance were members from more than 4,000 industries.

Reed Tradex Co. Ltd. coordinated the Eastern Seaboard Industrial Expo 2004 with the Industrial Promotion Center and the Industrial Promotion Department Division 9.

This was the 5th annual exposition and was the only one with innovations in machine metals and production technology from 120 companies, such as tools and automobile spare parts production, plastics and metal machine production, IT packing, and much more.

The new technology will provide industrial development production support potential, which will set the standard for modern production innovations for the government and various industrial departments. The outcome will add experience and knowledge for potential development and raise industry standards, which will expand industrial production. The emphasis this year was on the automobile spare parts production industry, which adheres to the government’s “Detroit of Asia” plan.

Presently Chonburi Province has an expanding economic base. During the period of October 2003 - 2004, twenty six billion baht was grossed and exports totaled 1 billion baht. But entrepreneurs must keep abreast of advancing technology in order to achieve their potential in production.

The success of the Eastern Industrial Seaboard Expo 2004 will greatly influence Asian industries to develop their production potential so they can compete in the world market. A vast number of interested entrepreneurs and industrial leaders came from Chachoengsao, Chanthaburi, Trat, Prachinburi, Samut Prakan and Rayong to visit the exhibition and learn from the 4,000 participating companies.

Surasith Bunyabhisand, director for the Promotion Center Region 9, Department of the Industrial Promotion said, “The eastern part of Thailand is vastly important for the industrial development of the country, bringing in profits since 1981 when the government started the Eastern Seaboard Development Project. They invested a total of 2 trillion baht in base factors such as seaports, transportation, electricity and water reservoirs, which will be more efficient after future development in these areas is completed.


Business seminar announces new BOI policies for investors

Aggressive development urged for eastern region

Ariyawat Nuamsawat

The Eastern Region Investment Group and the Board of Investment (BOI) Laem Chabang organized a seminar in Pattaya to announce new investment policies. Held on September 13 at the Montien Hotel, the session also gave local and foreign investors a chance to network to further develop the investment climate in the eastern provinces.

Chonburi Deputy Governor Pisit Boonchuang presided over the opening of the seminar.

Chonburi Deputy Governor Pisit Boonchuang presided over the opening of the seminar, to which more than 150 interested administrators, Thai investors, and foreigner investors attended. Speaking of investment in the eastern region, Pisit said, “Chonburi Province has the highest rate of investment in the eastern part of Thailand. There are 85 investment projects with 12,953 employees being approved by the BOI at a total cost of 35 billion baht. The next provinces in order of high investments are Rayong, Chachoengsao, Prachinburi, Chantaburi, Srakaew and Nakhon Nayok.”

Waraporn Choeysa-ard, Eastern Region Investment director

This seminar included a narration titled, “The New Investment Policy” by Dr. Atchaka Brimble, an investment consultant for public relations and investment supporters in the eastern region of Thailand. Dr. Atchaka has also built a substantial local network for investment promotion.

The BOI has fixed 5 industrial targets for aggressive development: the agricultural industry, including modifying farm products; the auto industry, including accessories; the electronics industry and its products; the fashion industry; and the technology information industry, all of which are emphasized for future industrial growth.

Most of the companies located in Chonburi and Rayong export almost all of their products. Chonburi Province will give strong support to automobile production and spare parts. This will increase the industry’s profits and encourage sustainable investment.

The BOI is lending government support to Thai entrepreneurs by allowing them to exchange technology and ideas with each other and with foreigner investors. The agency also brought investment groups to visit the country to boost business networks and will provide opportunities for entrepreneurs in international investment, particularly the country’s eastern region.