Dep Minister of Finance Pradit Phataraprasit to lead an Open Forum on Wed 10th Feb to solicit direct input from private sector on how government can help them operate more competitively in the region
Deputy Minister of Finance Pradit Phataraprasit, today, (Wednesday 3 February) announced that the government is formulating plans to boost tax and non-tax benefits to companies that locate their regional operating headquarters in Thailand.
“We aim to reinforce Thailand’s position in the region as an important manufacturing and services hub,” said Deputy Finance Minister Pradit who chairs a committee charged with developing a set of recommendations that can make Thailand a more attractive location for the regional operating headquarters of companies.
He said, “The establishment of a regional headquarters in Thailand by giant foreign companies can generate enormous benefits for our country and accelerate economic growth. It results in the location in Thailand of many high-salaried expatriate managers; it means more demand for housing, more shopping and other spending, and more business for hotels and restaurants with a greater number of international events being organized in Thailand. It also means that Thai staff have more opportunity to become regional managers with much higher salaries and responsibilities.”
Mr. Pradit said that he is organizing an Open Forum meeting on Wednesday 10th February at the Queen Sirikit National Convention Center for the private sector to give direct input to him on how they believe Thailand could become more attractive as a regional operating headquarters for their companies.
“I want this to be a collaborative effort that gets the best ideas on the table, and to weed out what isn’t important to the private sector,” said Mr. Pradit.
He said that, “multiple government agencies are working together and all key people responsible for developing and submitting these recommendations for Cabinet approval will be present at the session to listen to the views of the private sector, including the Board of Investment, the Bank of Thailand, the Revenue Department, the Fiscal Policy Office, as well as the Federation of Thai Industries, and the Thai Chamber of Commerce, in addition to himself and the Permanent Secretary of the Ministry of Finance.”
HOW TO REGISTER TO ATTEND
Attendance is free. To book a place, please email or fax representatives’ Name, Title, and Company to ROHforum@gmail.com , or fax: 02-664 9515, Attention: Khun Pairoj. Reservations should be made no later than Monday 8th February. Seating is limited and available on a first come, first served basis. Presentations will be in English and Thai.
Sunday, February 7, 2010
Friday, February 5, 2010
BEA Completes Sale and Purchase of BEA Canada and ICEA with ICBC
The Bank of East Asia, Limited (“BEA”) today announces that the agreements, which it reached with the Industrial and Commercial Bank of China Limited (“ICBC”) on 4th June, 2009 regarding the sale and purchase of The Bank of East Asia (Canada) (“BEA Canada”) and ICEA Finance Holdings Limited (“ICEA”) have been completed, following satisfaction of all pre-agreed conditions. BEA has completed the disposal of its 70% interest in BEA Canada to ICBC for a total consideration of CAD80,249,120 (equivalent to approximately HK$589.2 million). Meanwhile, BEA has also concluded its acquisition of ICBC’s remaining 75% shareholding in ICEA, for a total consideration of HK$372,154,045. The two transactions are inter-conditional, and with their completion today, ICEA immediately becomes a wholly-owned subsidiary of BEA, and BEA Canada ceases to be a subsidiary of the BEA Group. BEA and ICBC will continue to co-operate in the management and operation of BEA Canada and a shareholders agreement has been entered into between the three parties governing their respective rights and obligations. Commenting on the acquisition of ICEA, Dr. David K.P. Li, Chairman & Chief Executive of BEA, says: “We are pleased to welcome the customers, business partners, and staff of ICEA to the BEA Group. We look upon this acquisition as a prime opportunity to enlarge our customer base and to extend our market reach in the securities business. We are confident that with BEA’s expertise and resources to provide its customers with a broad range of financial services to cater for their diverse needs, ICEA will go from strength to strength.” ICEA was established in 1998 through the joint partnership between ICBC and BEA. The company principally engages in the provision of securities broking, underwriting, margin financing, and futures and options contracts dealing services.
Saturday, January 30, 2010
PTT Chemical and GE sign gas turbine service agreement
PTT Chemical Public Company Limited, Thailand’s largest chemical producer and a regional leader in the petrochemical industry, has signed a service agreement with GE (NYSE: GE) in Singapore to ensure the long-term reliability of nine GE gas turbines at PTT Chemical’s site in Map Ta Phut Industrial Estate, Rayong Province, Thailand.
The 13-year Contractual Service Agreement (CSA) worth US$46.1 million or approximately Baht 1,521 million covers the supply of parts, repairs and field services for planned and unplanned outages for gas turbine-generators and accessory equipment, along with performance guarantees.
Veerasak Kositpaisal, President and CEO of PTT Chemical said, “Through this agreement, GE guarantees the continuing reliability and efficiency of the gas turbines, which improves our efficiency and security as well as enables us to maintain our petrochemical production schedule. The CSA also helps us to effectively manage our maintenance budget over the life of the agreement.”
“While we have received equipment orders from PTT Chemical in the past, this marks our first CSA with the company,” said Kovit Kantapasara., GE Energy Country Executive for Thailand and Indochina. “We hope to build on this agreement to provide similar services to other companies in the PTT Group.” Overall, GE has supplied more than 20 gas turbines to the petrochemical business of the PTT Group.
PTT Chemical is a diversified and integrated chemical producer offering a wide variety of petrochemical and chemical products. Its product portfolio includes ethylene and propylene, collectively called olefins, downstream derivatives such as Polymers and Ethylene Oxide and Ethylene Glycol, and oleochemicals. The company’s gas-based plants have a total annual capacity of 2,888,000 tons of olefins, making it Thailand’s largest olefins producer and the second largest in all of Asia.
GE is a diversified global infrastructure, finance and media company that's built to meet essential world needs. GE Energy is one of the world’s leading suppliers of power generation and energy delivery technologies providing integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
The 13-year Contractual Service Agreement (CSA) worth US$46.1 million or approximately Baht 1,521 million covers the supply of parts, repairs and field services for planned and unplanned outages for gas turbine-generators and accessory equipment, along with performance guarantees.
Veerasak Kositpaisal, President and CEO of PTT Chemical said, “Through this agreement, GE guarantees the continuing reliability and efficiency of the gas turbines, which improves our efficiency and security as well as enables us to maintain our petrochemical production schedule. The CSA also helps us to effectively manage our maintenance budget over the life of the agreement.”
“While we have received equipment orders from PTT Chemical in the past, this marks our first CSA with the company,” said Kovit Kantapasara., GE Energy Country Executive for Thailand and Indochina. “We hope to build on this agreement to provide similar services to other companies in the PTT Group.” Overall, GE has supplied more than 20 gas turbines to the petrochemical business of the PTT Group.
PTT Chemical is a diversified and integrated chemical producer offering a wide variety of petrochemical and chemical products. Its product portfolio includes ethylene and propylene, collectively called olefins, downstream derivatives such as Polymers and Ethylene Oxide and Ethylene Glycol, and oleochemicals. The company’s gas-based plants have a total annual capacity of 2,888,000 tons of olefins, making it Thailand’s largest olefins producer and the second largest in all of Asia.
GE is a diversified global infrastructure, finance and media company that's built to meet essential world needs. GE Energy is one of the world’s leading suppliers of power generation and energy delivery technologies providing integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels.
Sunday, January 24, 2010
Stimulus for Thailand’s hospitality industry
The Office of Small and Medium Enterprises Promotion (OSMEP), Impact Exhibition Management and Thailand Restaurant News magazine are inviting local and international players in the hospitality business, and entrepreneurs interested in this sector, to Thailand International Restaurant and Bar 2010 at Impact Muang Thong Thani in June 2010.
This international expo is designed to raise the standard of Thailand’s hospitality industry and giving encouragement and support to new entrepreneurs now that the economy is recovering.
Yuthasak Supasorn, OSMEP’s Director-General pointed out that the restaurant and service industry was one of Thailand’s vital sectors, with a value of two hundred thousand million baht each year, and that new business ventures were continually opening.
“As the economy continues to improve, everyone involved in this sector needs to be ready to take advantage of emerging opportunities,” he said.
“However, sustainable success in this business depends on many factors, such as location, financial support, market insight, product and service quality, customer base and network of business alliances. The Thailand International Restaurant and Bar 2010 has been organised to give players in this sector, whether they’re actual or potential, the support they need to go for that success.”
Pornphan Bulner, Assistant Director Exhibition Project of Impact Exhibition Management, explained that the expo would integrate products, services and technologies relating to restaurants, hotels, bars, coffee shops and catering to meet the needs of entrepreneurs.
“It will showcase raw materials, equipment and machinery, as well as new techniques and skill trainings for all roles in the hospitality industry. At the same time it will provide a platform for negotiation, networking and exchanging information,” she said.
“At least 150 local and international companies will exhibit their products and services on a combined space of 10,000 square meters. We’re expecting to receive more than 10,000 Thai and foreign visitors -- owners, managers, suppliers and business consultants, as well as people who are interested in running their own business.”
Thailand International Restaurant and Bar 2010 will be arranged in three zones: Cuisine for Change, World of Wine & Spirits, and Coffee (Tea & Bakery) Culture. It will also include seminars, demonstrations of recipes and cooking techniques, competitions for chefs, sommeliers and bartenders and an Asian barista championship.
Chatthaporn Yolao, Managing Director of Thailand Restaurant News magazine, said that the event would present new food trends and the latest technologies as business opportunities, and marketing information from experts. Thai SME’s would also benefit from the new relationships they make with other entrepreneurs and service providers.
“We are hoping that Thailand International Restaurant and Bar 2010 will be instrumental in raising the standard of the food and beverage and hospitality industries in Thailand, and in doing so benefit the Thai economy,” she said.
This international expo is designed to raise the standard of Thailand’s hospitality industry and giving encouragement and support to new entrepreneurs now that the economy is recovering.
Yuthasak Supasorn, OSMEP’s Director-General pointed out that the restaurant and service industry was one of Thailand’s vital sectors, with a value of two hundred thousand million baht each year, and that new business ventures were continually opening.
“As the economy continues to improve, everyone involved in this sector needs to be ready to take advantage of emerging opportunities,” he said.
“However, sustainable success in this business depends on many factors, such as location, financial support, market insight, product and service quality, customer base and network of business alliances. The Thailand International Restaurant and Bar 2010 has been organised to give players in this sector, whether they’re actual or potential, the support they need to go for that success.”
Pornphan Bulner, Assistant Director Exhibition Project of Impact Exhibition Management, explained that the expo would integrate products, services and technologies relating to restaurants, hotels, bars, coffee shops and catering to meet the needs of entrepreneurs.
“It will showcase raw materials, equipment and machinery, as well as new techniques and skill trainings for all roles in the hospitality industry. At the same time it will provide a platform for negotiation, networking and exchanging information,” she said.
“At least 150 local and international companies will exhibit their products and services on a combined space of 10,000 square meters. We’re expecting to receive more than 10,000 Thai and foreign visitors -- owners, managers, suppliers and business consultants, as well as people who are interested in running their own business.”
Thailand International Restaurant and Bar 2010 will be arranged in three zones: Cuisine for Change, World of Wine & Spirits, and Coffee (Tea & Bakery) Culture. It will also include seminars, demonstrations of recipes and cooking techniques, competitions for chefs, sommeliers and bartenders and an Asian barista championship.
Chatthaporn Yolao, Managing Director of Thailand Restaurant News magazine, said that the event would present new food trends and the latest technologies as business opportunities, and marketing information from experts. Thai SME’s would also benefit from the new relationships they make with other entrepreneurs and service providers.
“We are hoping that Thailand International Restaurant and Bar 2010 will be instrumental in raising the standard of the food and beverage and hospitality industries in Thailand, and in doing so benefit the Thai economy,” she said.
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