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15 October 2024
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Upcoming Events
 
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FORVIS MAZARS IN THAILAND
 
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GTCC AFTERWORK BRIEFING AND NETWORKING - TRI-NATION EDITION
 
Economy
Consumer confidence index plunges to lowest in 14 months
Damage to property and agriculture caused by floods are contributing to fall in consumer confidence index, UTCC says. (The Nation, 11/10/2024)

Thai govt seeks higher inflation target to enable rate cut
Thailand’s Finance Ministry plans to propose a higher inflation target of 1.5%-3.5% for next year, adding pressure on the central bank to cut its key interest rate, according to people familiar with the matter. (Bangkok Post, 07/10/2024)

Thailand eyes jump in exports to China
Thailand should capitalize on the growing e-commerce industry to sell more products in the Chinese market while strengthening cooperation with Beijing on exports, Thai Commerce Minister Pichai Naripthaphan says. (The Nation, 30/09/2024)
 
Economic Factsheet
UPDATE Magazine
Forvis Mazars News
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GTAI
ASEAN profitiert von Diversifizierung der Halbleiterlieferketten
Südostasien könnte größter Nutznießer werden, wenn internationale Chiphersteller sich neu aufstellen. Deutsche Firmen sind in der Region schon mit Produktionsstandorten vertreten. (GTAI, 10/10/2024)  
 
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[FULLY BOOKED] GTCC OKTOBERFEST 2024
 
Companies & Industrial Sectors
Thai digital content industry to receive a boost
The Ministry of Digital Economy and Society (DE) has announced a new initiative to boost Thailand’s digital content industry, which includes e-sports and gaming. (The Nation, 11/10/2024)

NESDC: Urgent reform needed for Thai agriculture, energy transition
The National Economic and Social Development Council (NESDC) has warned that Thailand must urgently improve its agricultural production while transitioning to clean energy. (The Nation, 11/10/2024)

Real estate experts warn of continued crisis, seek government support
Real estate experts have warned that the sector remains in crisis as we enter the final quarter of the year, citing high mortgage rejection rates and plummeting sales while urging the government to extend supportive measures to bolster the market. (The Nation, 10/10/2024)

10m tourist arrivals sought in final quarter to reach target
The fourth quarter will require at least 10.1 million foreign tourist arrivals, or a 25% year-on-year increase, in order to reach the 36.7 million tourists targeted for 2024, according to the Tourism Authority of Thailand (TAT). (Bangkok Post, 08/10/2024)

Italian-Thai Development approves $400m capital raise for subsidiary
The board of listed contractor Italian-Thai Development (ITD) has approved the US$400-million capital increase plan of its subsidiary AAPC Holding (AAPCH), paving the way for China's SDIC Mining Investment Co to acquire 49% of the potash business for more than 8.4 billion baht. (Bangkok Post, 08/10/2024)
 
Thai Airways pitches new plan for growth
Thai Airways International (THAI) is looking to spin off some of its business units into subsidiaries to keep the company growing. (Bangkok Post, 07/10/2024)
 
Lighthub, WeLab duo commit to investment
The consortium of Lighthub Asset and WeLab is committed to investing US$500 million over five years, as required by the Bank of Thailand to receive a virtual banking licence. (Bangkok Post, 04/10/2024)

Survey says strong appetite to adopt AI among Thai firms
Roughly 17% of Thai organisations are already using artificial intelligence (AI) and 73% plan to do so in the future, according to a recent survey. (Bangkok Post, 04/10/2024)

Gulf shareholders approve merger with Intouch
Shareholders of Gulf Energy Development Plc on Thursday approved a planned merger with its telecoms affiliate Intouch Holdings Plc, paving the way for the 990-billion-baht transaction to get done. (Bangkok Post, 04/10/2024)
 
Google to invest $1 billion in Thai data centre, cloud infrastructure
Alphabet Inc's Google said it would invest $1 billion in Thailand to build a data centre and cloud region to meet growing cloud demand and support artificial intelligence adoption in Southeast Asia. (Reuters, 04/10/2024)
 
Sansiri closes sale of Standard hotels stake to Hyatt
Sansiri Plc (SIRI) has successfully concluded the sale of its majority stake in the hotel group Standard International, which has now been acquired by Hyatt. (Bangkok Post, 02/10/2024)

Minister directs IEAT to bolster flood defence at industrial estates
The industry minister instructs IEAT to monitor all drainage systems and prepare for potential flooding, especially in high-risk areas. (The Nation, 30/09/2024)
 
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GTCC BUSINESS & STUDY TRIP TO GERMANY:
9-17 NOVEMBER 2024
 
Thailand & ASEAN
Energy partnership between Thailand, Cambodia back on the table
Phnom Penh is optimistic that talks with Paetongtarn Shinawatra’s government and historic ties with Thaksin will result in a deal beneficial to both sides (The Nation, 10/10/2024)

Thailand seeks Laos cooperation to boost exports to Vietnam, China
Thailand’s Ministry of Commerce has called on Laos to facilitate the export of Thai goods to China and Vietnam through the R3A, R9, R12 routes and the Laos-China Railway. (The Nation, 09/10/2024)

PM Paetongtarn Sets ASEAN Growth Priorities
Prime Minister Paetongtarn Shinawatra has presented her vision for a more robust Thai economy driven by regional cooperation within ASEAN, focusing on transport connectivity, unified standards, and increased people flow to enhance trade and investment. (Thai News, 07/10/2024)

US launches probe into Thai solar cells
The US Commerce Department has initiated anti-dumping (AD) and countervailing duty (CVD) probes into solar cell imports from Southeast Asian nations, including Thailand. (Bangkok Post, 05/10/2024)

ThaiBev to invest B1.3bn in expansion, renovations
Thai Beverage (ThaiBev), the Singapore-listed food and beverage company, plans to allocate 1.3 billion baht to open new restaurants and renovate its existing restaurants. (Bangkok Post, 04/10/2024)

Thailand, Singapore experts explore collaboration in sustainability
In a bid to address pressing climate challenges, experts from Thailand and Singapore convened for a panel discussion hosted by the Thai embassy in Singapore on Monday. (The Nation, 01/10/2024)
 
Green Technology
EV firms seek easing of manufacturing conditions
The National Electric Vehicle Policy Committee will be asked to consider easing EV manufacturing requirements by allowing manufacturers, notably Chinese EV makers, to reduce their production output due to sluggish car sales, says the Federation of Thai Industries (FTI). (Bangkok Post, 08/10/2024)

Banking on batteries
Many people know electric vehicles (EVs) are fuelled by batteries, but houses, factories and power plants that use renewable power also require batteries for lighting, supporting daily work, and to serve as a back-up electricity source. (Bangkok Post, 07/10/2024)

Gulf targets 20% chunk of energy up for auction
Gulf Energy Development wants to win the rights to develop new power plants, with capacity accounting for 20% of the 3.6-gigawatt total to be offered in the second-phase auction of renewable energy development projects. (Bangkok Post, 05/10/2024)

Exploring Thai efforts to cut carbon
Thailand is racing against time to meet its international commitments to reduce global warming, cutting carbon emissions by one-third within six years. (Bangkok Post, 05/10/2024)

EU to impose tariffs up to 45% on EVs from China
The European Union (EU) voted to impose tariffs as high as 45% on electric vehicles (EVs) from China in a move set to increase trade tensions with Beijing, according to people familiar with the process. (Bangkok Post, 04/10/2024)

New renewables outlay tallies B300bn
Investment in new renewable energy development in Thailand is expected to reach 300 billion baht in value as authorities accelerate efforts to promote clean power usage, says an Energy Ministry official. (Bangkok Post, 04/10/2024)
 
Reviving Thailand’s steel industry: A decarbonisation revolution
In a world moving towards sustainability, the steel industry one of the most carbon-intensive sectors is under pressure to reinvent itself. Steel, a cornerstone of modern infrastructure, is indispensable. (Bangkok Post, 03/10/2024)

Feasibility study of part of Chiang Mai electric rail system ordered
With the electric train system in Bangkok and the surrounding areas proceeding according to plan, Transport Minister Suriya Juangroongruangkit has turned his attention to developing similar systems upcountry. (TheNation, 30/09/2024)
 
Bilateral Business
Beiersdorf anticipates double-digit sales growth
Beiersdorf (Thailand) Co, the manufacturer of Nivea and Eucerin skincare products, sees the region's skincare market as promising right now as the weather is getting drier and people are returning to their regular lifestyles following the pandemic. (Bangkok Post,10/10/2024)

BOI approves $400m investment by tyre-maker Continental
The Board of Investment (BOI) said it had approved a US$400 million investment by tyre-maker Continental to expand its existing facility in Thailand, which is the world's second largest tyre producer after China. (Bangkok Post, 09/10/2024)   

Board of Investment targets Thai digital hub status
Thailand has the potential to become a digital economic hub in Southeast Asia, driven by the growth of domestic data centres and cloud service businesses, including a recent investment from Google, says the Board of Investment (BoI). (Bangkok Post, 03/10/2024)  

Thailand's Central Group takes over Swiss department stores Globus
Thai retail and property conglomerate Central Group said it will take over the operational business of Magazine zum Globus AG, which operates luxury department stores in Switzerland. (Reuters, 30/09/2024)   

Foreign Investment in Thailand hits $3 Billion in 8 months
The Department of Business Development reported that foreign investment in Thailand amounted to 100.062 billion baht ($ 3 billion) in the first eight months of 2024, with Japan remaining the top investor with 136 companies and investment of 53.176 billion baht ($1.6 billion). Meanwhile, 163 companies were approved in the Eastern Economic Corridor (EEC), accounting for 30 percent of foreign investors this year. (Khaosod English, 30/09/2024)   
 
Legal / HR / CSR / Education / Health
Labour Ministry heeds complaint by hospitals, plans to hike social security reimbursement
Move follows complaint by private hospitals suffering revenue loss after SSO lowered amount. (The Nation, 12/10/2024) 

Banks to tackle high household debt with new measures
The Thai Bankers' Association (TBA) is considering additional measures to improve debt restructuring for vulnerable customer segments in an effort to address the country's household debt crisis. (Bangkok Post, 08/10/2024)
 
Member News
Expansion in Southeast Asia: tesa opens new strategic hub in Thailand
New presence in Bangkok promotes closer collaboration with partners and customers and underscores tesa's local strategy for Southeast Asia.

lebua at State Tower recognized by World Culinary Award 2024 for 8 prestigious wins
As the only nominee from Thailand to claim victory in the esteemed World's Best Categories, lebua at State Tower has solidified its status as a global leader in fine dining, further showcasing Thailand's culinary mastery on the international stage.

NIST International School announces the outstanding achievements of its graduating Class of 2024
NIST Class of 2024 soars to new heights with exceptional IB results and university offers. This year, the highest-scoring student(s) achieved a perfect score of 45 points, with 29% earning 40 points or higher. The Class of 2024 has secured 416 university offers from institutions in 19 countries. 

GTCC members' promotions 
Check out GTCC members' special offers on accommodation, restaurant / food delivery, and other services. 
 
New Members
Chamber Representatives
Tobias Huinink
Pattanachai Kaewkanha

Chamber Representative
Kamon Pornchaichanakit

Chamber Representative
Lukas Schelbach
Chamber Representative
Stephan Rupf

Chamber Representatives
Michael Paul Wolf
Maximilian Uebach

Chamber Representative
Tim Rasenberger
 
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, )
 
GTCC News
Scam emails alert
It has come to our attention that some of our members have received emails with the message "If you're interested to get the Distribution/Member List" mentioning GTCC in the email's subject/content. 

Please DO NOT respond or click any links/attachments as the emails are not from our chamber.
 
AHK Network News
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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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