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2 September 2024
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Upcoming Events
 
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FORVIS MAZARS IN THAILAND
 
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[REGISTRATION CLOSES TODAY] EXECUTIVE BREAKFAST TALK SUPPORTED BY RHENUS LOGISTICS
 
Economy
Weakening dollar, rising gold price behind’s baht’s appreciation: BOT chief
Bank of Thailand Governor Sethaput Suthiwartnarueput said that the baht was appreciating fast due to the depreciating US dollar and the rising price of gold. The main factor that had led to the baht’s quick appreciation was the clear signal from the US Federal Reserve System that it would start to cut its policy rate. (The Nation, 28/08/2024)

Economy performing below potential, says minister
Thailand’s economic growth has not reached its full potential, though there are some signs of recovery, according to Paopoom Rojanasakul, a caretaker deputy finance minister. (Bangkok Post, 28/08/2024)

July sees highest export growth in 28 months
Exports in July expanded by 15.2%, the highest growth rate in 28 months, as inflation eased and the purchasing power of trading partners rose. (Bangkok Post, 28/08/2024)

Car sales fall 20.5% in July amid debt, growth worries
Domestic car sales remained sluggish in July with a year-on-year drop of 20.5%, attributed to high levels of household debt and slow economic growth, says the Federation of Thai Industries (FTI). (Bangkok Post, 27/08/2024)

State revenue collection short of target
Government revenue collection in the first 10 months of the 2024 fiscal year fell 1.1% short of the target, the Ministry of Finance said. (Bangkok Post, 27/08/2024)

Central bank chief sets terms for rate cut
The Bank of Thailand (BoT) is open to cutting interest rates if economic and financial conditions warrant such a move, according to governor Sethaput Suthiwartnarueput. (Bangkok Post, 24/08/2024)

Agency maintains GDP forecast for the year
The government's planning agency is maintaining its GDP forecast for this year but advises the government to speed up implementing measures to boost the economy and prepare the 2025 budget to address economic volatility caused by global crises. (Bangkok Post, 20/08/2024)

Thai c.bank to hold rates until Q2 2025, political turmoil risks early cut
The Bank of Thailand (BOT) will keep interest rates unchanged through Q1 2025 to balance growth with inflation control while assessing the impact of ongoing political instability on the economy, a Reuters poll found. (Reuters, 19/08/2024)

Chamber of Commerce confident in economic stability despite PM's removal
Thailand's economy is expected to remain resilient despite the recent Constitutional Court ruling that removed Prime Minister Srettha Thavisin and his Cabinet from office. (NNT, 15/08/2024)
 
Economic Factsheet
UPDATE Magazine
Forvis Mazars News
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GTAI
Der Außenhandel mit Asien-Pazifik verliert an Fahrt
Die Aussichten für den Außenhandel zwischen Deutschland und Asien-Pazifik 2024 sind eingetrübt. Trotzdem liegen in der Region wichtige Wachstumsmärkte für deutsche Unternehmen. (GTAI, 05/08/2024)
 
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GTCC MULTI-CHAMBER EASTERN SEABOARD BRIEFING WITH FORVIS MAZARS AND NETWORKING
 
Companies & Industrial Sectors
Ministry prepares gaming regulation
The Digital Economy and Society (DES) Ministry is drafting the Game Industry Act to deal with sophisticated development of the video game sector, which is worth 40 billion baht per year. (Bangkok Post, 02/09/2024) 

Call for incentives to lure foreign firms
Asset World Corp (AWC) is urging the government to provide incentives for overseas companies to establish their regional headquarters in Thailand, which could help strengthen the economy during a tough time. (Bangkok Post, 29/08/2024)

Bangkok Cable's sales surge
Higher renewable energy consumption, driven by global efforts to slow rising temperatures, is expected to increase demand for electrical wires, especially for new infrastructure development in Thailand and overseas, says Bangkok Cable Co, a Thai electrical wire and cable manufacturer. (Bangkok Post, 28/08/2024)

Airlines plan fleet expansion amid industry recovery
Six airlines are planning major fleet expansions as the global aviation industry rebounds from the impact of the COVID-19 pandemic. (NNT, 24/08/2024)

Thai media revenue to reach B690bn in 2024
The revenue of Thailand's entertainment and media (E&M) industries will reach 690 billion baht in 2024, representing a 4% increase from the previous year, according to a new survey by PwC. (Bangkok Post, 23/08/2024)

KMITL launches semiconductor R&D centre
King Mongkut's Institute of Technology Ladkrabang (KMITL) has launched the country's first comprehensive semiconductor technology research and development (R&D) centre, aiming to bolster Thailand's role in the global supply chain. (Bangkok Post, 23/08/2024)

Chinese investors build factories in ‘Chonburi-Rayong’, land prices rise
Meesak Chunharakchoti, former president of the Thai Real Estate Association, revealed that Chinese investors are increasingly buying land outside industrial estates in the Rayong region, such as in Nikhom Phatthana, Bo Win and Pluak Daeng districts, to set up factories to support investment in electric vehicle (EV) manufacturing in Thailand. (Khaosod, 21/08/2024)

Tourism boost helps Thai GDP grow 2.3% in Q2 2024
Mr. Danucha Pichayanan, Secretary-General of the National Economic and Social Development Council (NESDC), announced the Gross Domestic Product (GDP) figures for the second quarter of 2024 and the outlook for the Thai economy in 2024. (Khaosod, 19/08/2024)
 
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GTCC YOUNG PROFESSIONALS NETWORK EVENING "MEET THE CEOS"
 
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GTCC BUSINESS & STUDY TRIP TO GERMANY:
9-17 NOVEMBER 2024
 
Thailand & ASEAN
B2tn cross-border trade targeted by 2027
The Commerce Ministry is targeting 2 trillion baht in cross-border trade by 2027, following a 10.4% increase in exports via the Sadao checkpoint in the first half of this year. (Bangkok Post, 27/08/2024)

Several neighboring countries compete with Thailand for foreign retirees
Thailand offers a multiplicity of long-term visas for women and men well past the first bloom of youth. (Pattaya Mail, 21/08/2024)
 
Green Technology
Hyundai allocates B1bn for electric vehicle expansion
Hyundai Mobility Thailand, a subsidiary of South Korea's Hyundai Motor Group, is preparing to expand its electric vehicle business in the country within September under a 1-billion-baht investment in a move to compete with other EV manufacturers. (Bangkok Post, 29/08/2024)

Mercedes-Benz rolls out new electric models in Thailand
Luxury EVs tap into Thailand’s potential as the market faces challenges, driven by customer trust and government support. (Bangkok Post, 27/08/2024)

Ratch to focus on renewable energy
SET-listed Ratch Group, the power generation arm of the Electricity Generating Authority of Thailand, is revising its non-power businesses due to uncertainties about its future revenue and will focus more on electricity generation, especially in the renewable energy sector. (Bangkok Post, 26/08/2024)

National plan faces delay amid cabinet reshuffle
Thailand's new national energy plan (NEP), outlining the roadmap towards a low-carbon society, is expected to encounter a delay due to the protracted process of forming a new cabinet under the Paetongtarn Shinawatra administration, says the Energy Policy and Planning Office. (Bangkok Post, 23/08/2024)

VinFast delays Thai dealerships amid global EV sales slowdown
Vietnamese electric-vehicle (EV) maker VinFast Auto Ltd is postponing the opening of its Thailand dealership network amid a broad slowdown in passenger car sales in Southeast Asia's second-largest economy. (Bangkok Post, 22/08/2024)

Changan to open Thai EV factory next March
Changan Automobile’s first electric vehicle (EV) manufacturing plant in Southeast Asia is set to open in Thailand in the first quarter of next year, with a total investment budget exceeding 10 billion baht. (Bangkok Post, 22/08/2024)

New solar panel partnership targets higher sales
New Energy Plus Solutions Co, a local distributor of solar panels, has partnered with Chinese solar panel maker LONGi Green Energy Technology in a bid to increase sales amid intensifying competition. (Bangkok Post, 21/08/2024)
 
Bilateral Business
Thailand working on revising tax rates to attract investors
The Ministry of Finance is accelerating efforts to reduce various tax rates to make Thailand increasingly attractive to investors. This is supported by a report from the Board of Investment (BOI), showing a 64% increase in investment promotion applications in the first six months of this year compared to the same period last year, particularly in target industries such as electronics, automotive, and data centres. (The Nation, 29/08/2024)

Board of Investment grants investment perks to Western Digital
The Board of Investment (BOI) has granted investment incentives to Western Digital Storage Technologies (Thailand), an American hard disk drive manufacturer which is expanding its business under a 23-billion-baht investment to benefit from the growing cloud and data centre industry. (Bangkok Post, 27/08/2024)

Hungary to discuss EU trade deals
Hungary, the current president of the Council of the European Union, will discuss three Asean-EU free trade agreements (FTAs) including one pertaining to Thailand in November, according to Sandor Sipos, the Hungarian Ambassador to Thailand. (Bangkok Post, 20/08/2024)
 
Legal / HR / CSR / Education / Health
'4D' policy aimed at enhancing digital skills
The Digital Economy and Society (DES) Ministry has rolled out its "4D" policy to develop people with digital skills. (Bangkok Post, 28/08/2024)

Pact offers firms e-sports prospects overseas
Thailand's technology and financial technology businesses are seeking business opportunities in Saudi Arabia to capitalise on Saudi Vision 2030 and the world's first edition of the Olympic Esports Games scheduled to be held in Saudi Arabia next year. (Bangkok Post, 21/08/2024)
 
Academy ready to promote cyber literacy
More than half of Thai respondents in a survey were found to lack knowledge and understanding of cybersecurity and safety, especially in areas that pose a risk to them personally as well as in their organisations. (Bangkok Post, 20/08/2024)

Lack of cybersecurity knowledge seen as risk to Thailand
More than half of Thai respondents in a survey were found to lack knowledge and understanding of cybersecurity and safety, especially in areas that pose a risk to them personally as well as in their organisations. (Bangkok Post, 20/08/2024)
 
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GTCC OKTOBERFEST 2024
 
Member News
QSNCC sparks inspiration with Thailand’s first out-of-classroom learning event
To support boundless learning, QSNCC is proud to be the venue of the "Empowering Thai Students to Reach for the Stars: Space Day 2024 Thailand" project.

Open House @ RIS Swiss Section
21 September 2024, 1:00 PM - 3:00 PM. RIS Swiss Section offers excellence in German-speaking education, supported and endorsed by the Swiss and German governments. Join the Open House Info Session to discover more about exceptional education and vibrant community.

GTCC members' promotions 
Check out GTCC members' special offers on accommodation, restaurant / food delivery, and other services. 
 
New Members
Chamber Representatives
Mark Apiratikorn
Chanachon Buddhanupapraksa

Chamber Representatives
Natnicha Moritz
Michael Moritz

Chamber Representatives
Richard Mortimer
Thachakorn Noipeaw
Chamber Representative
Dr. Maria Schlueter

Chamber Representatives
Putthiwat Pamornratanakul
Nirut Loharangsee

Dr.-Ing Athisaya Krakau Buranasompob
 
Trade Fairs
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Messe-Insights
The AUMA exhibitor outlook for 2024/2025, based on a comprehensive survey of 400 exhibiting companies, provides valuable insights into the industry's trajectory. Conducted by Bonsai Research, the study reflects the perspectives of top-level marketing/trade fair executives, offering a unique and thorough analysis of the German-speaking trade fair landscape. (Report only available in German, )
 
AHK Network News
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ADB Business Opportunity Fair 2024 in Manila
On 9-10 October 2024, the Asian Development Bank (ADB) will host a Business Opportunities Fair (BOF) in Manila. A delegation trip with another program day will be organised with the aim of supporting German companies in the participation of ADB-funded projects. 
 
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DIHK Economic Survey Early Summer 2024 - The German economy fails to gain momentum
The business situation continues to deteriorate. 28 percent of companies report a good situation, while 23 percent report a poor one. The balance of the situation assessment continues its downward trend, dropping slightly from seven to now five points. (DIHK, 15/05/2024)
 
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ASEAN Snapshot 2024
The German Chambers ASEAN Business Council (GCABC), as a #PartnerInASEAN, has recently launched the latest edition of the ASEAN Snapshot with a focus on the German-ASEAN business relations. The snapshot contains a variety of up-to-date charts and infographics about ASEAN economic developments, ranging from demographic, economics, trade and investment information.
 
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AHK World Business Outlook 2023 (ASEAN Focus)
The 2023 survey has been complemented by the German Chambers of Commerce Abroad (AHKs) in the ASEAN region between 20 March and 16 April 2023, in order to derive more insights from the regional business climate. AHK offices are present in seven of the 10 ASEAN member states: Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam, also coordinating activities in Myanmar, Cambodia and Laos.
 
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Position Paper: Why German Businesses support an EU-ASEAN FTA
This comprehensive position paper underscore the significance of the proposed FTA. The agreement would incentive investments and facilitate the diversification of supply chains and customer bases. As a result, business in the EU and ASEAN can mitigate their reliance on a single market, thus fostering greater resilience and stability. The survey was conducted by the Singaporean-German Chamber of Industry and Commerce in June 2023 and gathered data from 169 member companies of German Chambers located in ASEAN. 
 
Other News
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Survey report on "Expectations and Challenges of an EU-Thailand FTA"
The European Association for Business and Commerce (EABC) has released a survey report titled "Expectations and Challenges of an EU-Thailand Free Trade Agreement (FTA): Perspectives from European Business in Thailand." 
 
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APK 2024: 18th Asia-Pacific Conference of German Business
24-26 October 2024, New Delhi
The conference's objective is to provide a platform to deepen the dialogue on current economic developments in Europe and the Asia-Pacific region as well as to build and strengthen personal and economic ties.  
 
Contact Person
Chadaphan Maliphan

Publication and Communication Manager
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GTCC Privacy Policy
In compliance with the EU General Data Protection Regulation (GDPR), please be informed that your personal data (name and contact details) is being stored and used by us to send you our newsletter, invitations to our events and invitations to participate in surveys. We confirm that we will not share your personal data with any other organisation and that you can withdraw your consent at any time by contacting us by email <>. For more information please see our website for our .
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