Thailand’s Ministry of Commerce has come up with four strategies to boost exports in 2020, including plans to expand existing major markets such as ASEAN, the European Union, the US, Japan, and China.
Thailand needs to restructure the export, import and investment sectors to cope with mounting external risks, particularly from the ongoing trade war, the Brexit impasse and the international geopolitical situation, said Boonyarit Kalayanamit, permanent commerce secretary.
Thailand’s Cabinet on October 7 approved a budget of 3.2 trillion THB (106 billion USD) for the 2020 fiscal year to bolster the country’s sluggish economy.
Thai Minister of Tourism and Sports Phiphat Ratchakitprakarn has said the ministry is pushing for cuts in tariffs on branded products to foster tourism sector – a key economic sector of the county.
In a bid to control a major source of fine particulate matter PM2.5, Thailand’s Department of Land Transport (DLT) has announced a raft of measures to reduce emissions from vehicles.
Thailand’s biggest drinks company Thai Beverage (ThaiBev) will allocate 7 billion THB (about 230 million USD) next year to renovate 25-year-old breweries and increase sales from all beverages in populous ASEAN countries in the next six years.
The Commerce Ministry of Thailand intends to beef up support of restaurant, elderly care, asset management and beauty services in 2020 as part of efforts to raise income for the country.
Myanmar and Thailand have signed a memorandum of understanding (MoU) to boost the transfer of goods across the second Thailand-Myanmar friendship bridge.
The value of Thailand's gems and jewellery exports was 351 billion baht (11.45 billion USD) in the first eight months of 2019, up 45.8 percent year on year.
Thailand has revised the number of foreign tourists it expects to welcome this year down from 40.1 million to 39.7 million, citing impact of the global economic slowdown and the stronger baht.
Thailand’s GDP growth forecast for 2020 has been set at 2.5-3 percent by Kasikorn Research Centre (K-Research) as compared to 2.8 percent growth seen this year.
The amount of marine debris generated in Thailand has dropped to 21,700-32,600 tonnes annually, after the initial success of a project to increase the reuse and recycling of materials by 25 percent.
