Wednesday, May 25, 2022

Phuket voted as Asian Maritime Capital

Large numbers of tourists are annually drawn to southern Thailand’s resort island of Phuket, including affluent maritime travellers with personal yachts visiting the coastal province dubbed the Pearl of the Andaman. Recently, worldwide yacht sales entrepreneurs … Thailand Business News

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Phuket voted as Asian Maritime Capital

With a well-developed infrastructure, a free-enterprise economy, generally pro-investment policies, and strong export industries, Thailand enjoyed solid growth from 2000 to 2008 – averaging more than 4% per year – as it recovered from the Asian financial crisis of 1997-98. Thai exports – mostly machinery and electronic components, agricultural commodities, and jewelry – continue to drive the economy, accounting for as much as three-quarters of GDP. The global financial crisis of 2008-09 severely cut Thailand’s exports, with most sectors experiencing double-digit drops. In 2009, the economy contracted about 2.8%. The Thai government is focusing on financing domestic infrastructure projects and stimulus programs to revive the economy, as external trade is still recovering and persistent internal political tension and investment disputes threaten to damage the investment climate.
Base effects are expected to lead to an increase in inflation readings in the fourth quarter of 2009 and into 2010, but monetary policy is likely to remain accommodative. In the same way that the deflation in 2009 has not warranted a more aggressive monetary policy reaction despite the Bank of Thailand having a lower bound of zero on its inflation target, positive inflation in 2010 should not lead to aggressive tightening either, and the Bank of Thailand is not expected to raise rates until the second half of 2010 despite rising inflation readings.

Long – established and newly emerging industries

With steady economic development and strong support industries, the country’s industrial production has grown and diversified rapidly both in long –established and newly emerging industries.
The government has emphasized attracting investment in six sectors that have been determined to be key to the country’s developmental objectives. These six target industries include: agriculture and agro-industry, alternative energy, automotive, electronics and ICT, fashion, and value-added services including entertainment, healthcare and tourism.

Thai Friendly and rich culture

Thailand has gained a well-deserved reputation throughout the world for its gracious hospitality. The friendliness of its people and the diverse nature of Thai culture make visitors feel safe and at home in Thailand.

Education and healthcare services in Thailand

The education standards in Thailand are accepted by many international examining bodies, and a great number of international schools and colleges offer world-class education, while its universities are outstanding.
In terms of healthcare, the country has developed an excellent reputation globally, due to its internationally-certified doctors and medical staff, and modern facilities and equipment. It is so good that one of the fastest-rising tourism sectors is medical tourism, with international patients visiting Thailand to take advantage of Thailand’s world-class and extremely affordable health care system.

Thailand’s geographical advantage favors transforming Thailand to be the energy hub of the region

The course of Thailand’s electricity industry development has set forth a goal of greater efficiency – both on the supply side and demand side. The aim is to ensure the optimization of energy resources and minimization of environmental impacts, with an ultimate goal of sustainable energy development. On the other hand, the industry has also had to properly adjust to economic and social changes as well as national energy policies and strategies over the past decades.
For some time, the government has encouraged more private participation in the electricity generation business in order to reduce the public investment burden and enhance greater competition in the industry.

In compliance with the national policy, EGAT established and listed the Electricity Generating Public Company Limited (EGCO), the country’s first independent power producer (IPP), in 1992 to mobilize funds from the stock market for its power investment, followed by the privatization of Ratchaburi Electricity Generating Holding Public Company Limited (RATCH), EGAT’s subsidiary founded in 2000.

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Thailand Business News is a comprehensive news service about Thailand with a business and financial perspective edited in Bangkok by Siam News Network


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