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AFG meets the Magnate
Dr. Iain Corness
The Automotive Focus Group (AFG) held their February meeting
at the Centara Grand Mirage Beach Resort, and featured an address by George
Gallaghan from Magnate Automotive, builders of what has been dubbed
Thailand’s ‘supercar’ by some sections of the media.
The February meeting was also the AGM, and President Mike
Diamente (Dana) addressed the members, beginning by reporting how pleased he
was to see the membership double during 2009, now being 60 members.
The Magnate P708. (Photo reproduced from last week’s Automania column)
He reported on the survey taken during 2009, with the
main needs for the members (at that time) being labor relations, downsizing
the correct way and keeping a hold on the cost of logistics.
He also noted that although the AFG is associated with
AustCham, there were three months in the year in which there were no
Seaboard Sundowners and the AFG was able to arrange and organize its own
venues very successfully, including the function rooms at the Bangkok
Hospital Pattaya.
One of the new services the AFG had given its members was
the AFG directory (organized by Uli Kaiser) which has given the members an
e-forum in which the members can update all the others as to the information
regarding their business ventures.
Financially the AFG was in very good shape and Mike
stated the opinion that for 2010 he is looking forward to the AFG growing in
quality and quantity, with a goal to have topics during the year that invoke
conversation and learning.
The topic for that evening was the Magnate P708, a
concept vehicle which has been made in Chonburi. Kevin Gallaghan, the
founder of Magnate Automotive spoke on the trials and tribulations involved
in building such a car, and not just Thailand problems.
The concept has been four years in creation, and the
build run will be capped at 100 units over four to five years. With a
carbon-fiber monocoque manufactured by Cobra International in Chonburi, the
mid-engined car currently has a Chevrolet Corvette LS7 V8 mated to a 6 speed
transaxle, though the future plans include a V10 Lamborghini power plant.
Kevin Gallaghan shied away from the ‘supercar’ tag,
saying that he was more interested in producing a comfortable high
performance car, rather than something to challenge names like Koenigsegg or
Pagani Zonda, both over USD 1 million. The Magnate P708 he estimated would
be sold on the world market at USD 350,000.
Unfortunately, to receive certification for this car, he
is looking at assembly in South Africa, but the major parts would be sourced
from Thailand.
Contact with the AFG can be made through the secretary
Maurice Bromley email [email protected].
Japanese investors asked to
stop pressing Thailand for
Maptaphut solution
The Eastern Peoples’ Network and local residents in the
Maptaphut vicinity on Thursday submitted a letter to a representative of the
Japanese Embassy, calling on Japanese investors to stop pressing the Thai
government to resolve the Maptaphut problem within five months.
Eastern Peoples’ Network coordinator Sutthi Atchasai and
about 60 local activists gathered at the Japanese Embassy in Bangkok, demanding
that the Japanese Chamber of Commerce (JCC), the Japan External Trade
Organization (JETRO) as well as businessmen to let up on their pressure for the
Thai government to speed up resolving Maptaphut impasse within five months.
In January, JCC President Yo Jitsukata warned that the
Japanese were concerned and may reconsider relocating their investments to other
countries if the Thai government cannot find a solution to the problem of
suspending the Maptaphut industrial project within its mid-2010 timeframe.
Moreover, the activist group submitted copies of its letters
to the JCC, JETRO and Japan’s Ministry of Economy, Trade and Industry (METI).
Sutthi charged that the JCC, JETRO and Japanese investors
tried to pressure Thai authorities as they are concerned about their business
profits with no regard to Thai judicial power.
In September a Central Administrative Court injunction halted
76 industrial projects at Maptaphut due to environmental concerns. The
injunction followed complaints from residents and environmental groups that
state agencies had failed to issue proper operating licenses for the industrial
projects.
The Supreme Administrative Court later allowed 11 of the 76
projects to continue operating, with 65 to remain suspended until they comply
with the environmental and health requirements of Section 67 of the 2007
Constitution.
Sutthi criticized the investors’ demands as impractical as
Japan had experienced Minamata disease caused by industrial pollution and the
problem could not be resolved even 20 years after.
Thailand does not want to face a pollution problem similar to
that of Japan, Sutthi said, adding that Japanese investors should change their
view as the ongoing environment effects were the result of their relocation of
pollution-tainted investment to Thailand.
Meanwhile, the Eastern Peoples’ Network and other local
residents threaten to demonstrate again if the Japanese investment-related
agencies and businessmen continue pressing Thai authorities to ease the problem
under the timeframe. (TNA)
Upcoming Thai political rally not an issue of concern for tourism
Tourists urged to reroute, not cancel
Sirima Eamtako,
TTG Asia
The Association of Thai Travel Agents (ATTA) has told members
to recommend tourists to reroute, instead of cancel, their trips to other
Thai destinations with direct international air links, if they were
concerned over the situation in Bangkok. The directive
from ATTA president Surapol Sritrakul was in response to concerns that
travel advisories on Thailand recently issued or stepped up by 18 countries
might stop tourists from traveling to the kingdom.
The advisories highlighted the political instability in
Thailand, over news of an upcoming large political gathering on February 26
by red-shirted supporters of former premier Thaksin Shinawatra.
Thai Hotels Association president Prakit Chinamourphong
said, “The gathering will just be a normal political gathering, which can
occur in any other democratic country. It will not affect tourists.”
Meanwhile, Tourism Council of Thailand secretary-general
Pornthip Hirunkate said an Australian media outlet misquoted her as saying
that Australians should consider avoiding Bangkok.
“What I meant was that Australians could now travel
direct to Phuket with more air links recently launched, if they were
concerned about the (planned gathering on February 26) situation in
Bangkok,” she said.
Global tire maker to expand
production capacity in Thailand
Buoyed up by marked global and Thai economic recoveries,
Michelin, the world’s giant tire manufacturer, plans to expand its production
capacity in Thailand in preparation for economic growth.
Speaking of a courtesy call paid by Michelin Southeast Asia
and Oceania managing director Frederic Vincent on Prime Minister Abhisit
Vejjajiva at Government House, Kiati Sitthi-amorn, Thai Trade Representatives (TTR)
chairman, said the Michelin chief reported an increase in the group’s total
sales by 20 percent in January, which showed the global economy had bottomed out
and begun to recover markedly.
Vincent affirmed Michelin sees Thailand as Asia’s most
important production base for exports worldwide and planned to increase its
production capacity to accommodate the economic recovery in Thailand.
However, the Michelin executive saw a need to monitor the
political situation closely as the group did not want to witness any
uncertainties.
Michelin considers Thailand as its key tire production hub
and is ready to back the Thai government’s policy to designate 2010 as the Year
of Safety, particularly road safety and environmental protection.
The group will set up its regional office and production base
here for Southeast Asia and Oceania, Kiati quoted the Michelin executive as
saying.
Michelin has 3 tire manufacturing plants in Thailand, one
each in Laem Chabang, Saraburi, and Samut Prakarn. Currently, the group has
6,300 employees and produces 80 kinds of car, motorcycle and aircraft tires in
response to local and international demand. (TNA)
US discount rate hike doesn’t impact interest trend, says Thai central bank
Bank of Thailand (BoT) governor Tarisa Watanagase on Friday
affirmed that the United States Federal Reserve decision to raise the discount
rate by 25 basis points to 0.75 percent had not impacted interest direction in
Thailand because the economic factors of both countries are different.
Tarisa said the discount rate is different from the Fed Fund
rate and had nothing to do with the interest trend in Thailand.
However, she said the policy interest rate in Thailand is
likely to increase ahead of the Fed Fund rate because the Thai and Asian
economies had recovered more rapidly than those of the US and Europe.
Under current circumstances, she said, Thailand no longer
needs to adopt a low interest policy, but it must be monitored whether the
economy would continue recovering.
The BoT chief warned foreign capital might flow into Thailand
in huge amounts if the interest rate increased more quickly than that of the US.
She said the government should attempt to prevent a large
amount of foreign capital from entering into the country for a speculative
purpose because it could fuel a bubble economic growth in Thailand. (TNA)
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