This is the kind of recession many countries would like to endure : Thailand raised on-year growth in the second quarter to 9.2%, from 9.1%. Thailand Business News
The government has convinced China to expand its investment into the country by assuring that local GDP will hit this years target in spite of several unfavorable factors. Prime Minister Abhisit Vejjajiva today chaired the opening of Thailand China Enterprises Forum, which was a part of the official launch of Industrial and Commercial Bank of China, or ICBC, in Thailand. In his opening address, Abhisit said that Thai Chinese trade during the past five years has continued to expand and is currently worth almost 1.5 billion US dollars. He said the presence of ICBC is considered a positive sign of stronger economic relations, particularly in the financial sector.
The SME office urges the central bank to further peg the policy interest rate out of concern that its rise will put more financial burden on operators apart from the current baht appreciation. It also suggests small time exporters hedge their currency risk to alleviate the impact.
Business leaders Monday will discuss a radical government proposal to increase the daily minimum wage to 250 baht - 21 per cent higher than the current Bangkok rate of 206 baht. The minimum wage in Thailand is currently 206 baht per day in Bangkok and slightly less in the provinces. While not the lowest labor market in the region, Thailand's workforce is among the most cost-efficient in the world Thailand Business News
The finance minister insists he has the right to express his opinions and calls for commercial banks to further cut transaction fees as he is a representative of the Thai people. The minister also affirms there is no attempt to intervene in any agency.
The Thai and Japanese governments have signed a 23-billion baht loan agreement for the second phase of the Purple Line rail project and the construction of a Chao Phraya bridge. Deputy Finance Minister Pradit Pattaraprasit signed an agreement to borrow 23 billion baht from the Japan International Cooperation Agency.
The commerce minister has ordered ministry officials across the country to closely monitor vegetable prices to ensure that they are not inflated during the upcoming Vegetarian Festival. Since Thailand is about to begin the annual Vegetarian Festival and vegetables are expected to be in high demand during the period, the Commerce Ministry has expressed concern about their rising prices.