Showing posts with label Investments. Show all posts
Showing posts with label Investments. Show all posts

Tuesday 28 February 2023

Thailand - BOI Seeks Private Businesses to Promote LTR Visa Program



The Board of Investment (BoI) is looking to enlist private firms to promote the Long-Term Resident (LTR) visa program aimed at wealthy pensioners and skilled foreign workers.


BoI Secretary-General Narit Therdsteerasukdi said these companies will work with government authorities to promote the initiative both locally and internationally to attract more prospective participants. He added that the move is part of efforts to draw more applications for the 10-year visas introduced in 2022.


The LTR visa program, which provides tax breaks and other financial incentives, is aimed at helping to attract one million applicants over the next five years. As of September 2022, about 2,800 foreigners have applied for visas. Pensioners accounted for 35% of applicants, followed by experienced professionals wishing to work remotely from Thailand and wealthy global individuals.


Collaborating with private firms to promote the program locally and globally also presents an opportunity for Thailand to increase its foreign investment and attract skilled professionals, along with high-net-worth individuals. The effectiveness of this campaign could represent a potential step towards strengthening the economy and making Thailand a more appealing destination for foreign investment.


Source - Thai News

Wednesday 10 November 2021

Thai Government officials meet to discuss long-term visa options for foreigners


 A government spokesman says the Thai PM has met with several members of his cabinet to discuss long-term residency options for foreigners. Thanakorn Wangboonkongchana says PM Prayut Chan-o-cha is currently in talks with a number of ministries and relevant agencies as to how to attract more foreign investment to the kingdom.

The Bangkok Post reports that the PM met yesterday with Deputy PM Supattanapong Punmeechaow, Interior Minister Anupong Paojinda, Finance Minister Arkhom Termpittayapaisith, Customs Department director-general Patchara Anuntasilpa, and members of related agencies. Thanakorn says the officials discussed various long-stay visa options aimed at highly-skilled professionals and wealthy investors. The Cabinet recently approved in principle 2 draft regulations related to the visas.

At yesterday’s meeting, officials also reviewed visitor numbers since Thailand re-opened with minimal quarantine for vaccinated tourists from approved quarantines. Since the November 1 re-opening, over 20,000 foreign visitors have arrived. According to the Bangkok Post report, the Tourism Authority of Thailand has previously forecast an average of 300,000 arrivals every month between now and the end of 2021.

Meanwhile, Dr. Apisamai Srirangson from the CCSA says out of the 22,832 who’ve received in Thailand since the beginning of the month, just 20 have tested positive for Covid-19. So far, most arrivals are from Germany, the US, the UK, Japan, and South Korea.

“The policy to allow fully vaccinated tourists to get into the country without quarantine will benefit the economy and enhance public health security.”

Thanusak Phungdet from the Phuket Chamber of Commerce says there’s been a steady increase in foreign tourist numbers since the start of the month and this is expected to increase by 30% during the forthcoming peak season.

The Russians too, are making a return, with the first Aeroflot flight from Moscow touching down in Phuket on Saturday. As Russia has not made Thailand’s list of 63 approved countries, arrivals will be participating in the island’s sandbox scheme.


Source - The Thaiger

 

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Wednesday 31 October 2018

#Cambodia - ‘Xi pushing further Preah Sihanouk investment’


As China continues to invest in Preah Sihanouk province, despite fears raised by residents over the recent influx of its nationals, an official from the Asian giant on Monday said President Xi Jinping is pushing for further investment in the coastal area.

“Cambodia and China are good friends and good neighbours. Jiangsu is a Chinese province [and] we are pushing for more cooperation with Cambodia,” Huang Xiqiang, the deputy director-general of the Foreign Affairs Office of Jiangsu Provincial People’s Government, told visiting Cambodian journalists to the southern Chinese province on Monday.

“President Xi Jinping regards [Preah Sihanouk province] as a role model of cooperation between China and Cambodia.”

Preah Sihanouk has seen huge growth in the manufacturing, tourism and gambling sectors, and a local real estate agency director said further investment in manufacturing would “help transform Cambodia from an agricultural to an industrialised nation”.

Bilateral trade between Jiangsu and Preah Sihanouk, which have just signed an agreement to become sister provinces, was valued at $1.2 billion last year. This is equal to one-fifth of China’s total trade with Cambodia and is expected to increase 30 per cent this year, Huang said.
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 Jiangsu province accounts for 10.38 per cent of China’s total economy, with its GDP hitting $1.2 trillion last year. 
 Preah Sihanouk province has increasingly become a hotbed for Chinese investment in the Kingdom, and its geography has proven strategic in pushing Beijing’s Belt and Road Initiative in Southeast Asia.

“We encourage enterprises to invest in Cambodian production, from resources and labour to technology,” Huang said. “In the past, [investment] was more focused on garment manufacturing. In the future, we will cooperate in technology. This is a win-win strategy.”

Huang said the Preah Sihanouk Special Economic Zone has 125 enterprises and has created 21,000 jobs with $500 million in investments. He said the zone plans to create between 80,000 to 100,000 jobs.

Emerging Markets Consulting senior consultant Ngeth Chou said he welcomed an increase in investment in Preah Sihanouk province’s manufacturing, which he said would largely benefit the Kingdom.

He added that investment in the sector would help Cambodians acquire new skills and stable incomes, as opposed to growth in the gaming industry, which has been blamed for causing social problems.

“Casinos do not offer as many economic benefits as the manufacturing sector, because investment in factories could help Cambodia benefit greatly, from the use of local raw materials to [the creation of] a skilled workforce, as well as reduce migration.”
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 However, Chou suggested that for sustainable development, the Cambodian government must also create mechanisms to control the nature of investment, such as insisting on the use of local human resources and raw materials.

Key Real Estate director Sorn Seap said that while the influx of Chinese has raised property prices in Preah Sihanouk, more investment in manufacturing would help create new jobs and technology for the future development of Cambodia.

“It will help transform Cambodia from an agricultural to an industrialised nation, and promote the Kingdom’s image on the international stage,” Seap said.

Preah Sihanouk provincial governor Yun Min, who visited Jiangsu province last week to strengthen city-level relations, could not be reached for comment on Tuesday.

Jiangsu provincial statistics showed that 200,000 of its residents visited Cambodia in 2016.
The increase of tourists led to direct flights between Jiangsu and Cambodia’s international airports, Huang said.

Source - TheNation
 

Sunday 14 May 2017

#Vietnam - Southeast Asia's longest cross-sea bridge to open shortly

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The 5.4-km long bridge in Hai Phong to undergo tests on May 14. 
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 The Tan Vu - Lach Huyen Bridge, the longest cross-sea bridge in Southeast Asia, will undergo a test run to check loading capacity on May 14, according to a report from local media.
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The 5.4-km long bridge is part of the Tan Vu - Lach Huyen Highway project, which connects developing areas in the east of the northern port city of Hai Phong with Lach Huyen Port in the island district of Cat Hai and the Hanoi - Hai Phong Highway.
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A source from the management board was quoted by the Vietnam News Agency as saying that 99.8 per cent of the work has been completed on the bridge section built by Japan’s Sumitomo Mitsui Construction Co. and Vietnam’s Civil Engineering Construction Corporation No.4 (Cienco 4). 
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Once the bridge is operational, traveling from Hai Phong city to Cat Hai Island will take about five minutes, compared to hours on ferries.
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The Tan Vu - Lach Huyen Highway project has total investment of almost VND11.85 trillion ($525.3 million), the majority of which comes from Japanese official development assistance. Construction began in May 2014 and was scheduled to be completed this month.
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The project is expected to form a complete transport network facilitating transportation to Lach Huyen International Port, thereby attracting investment to Hai Phong. 
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Source - http://vneconomictimes.com/

Saturday 11 March 2017

Cambodia - BigPhone dials into local market

A man browses Facebook on his smartphone in Phnom Penh.
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 Mobile World Investment Corp (MWG) – one of the largest mobile phone and electronic products distribution chains in Vietnam – will open its first store in Cambodia, operating under the name BigPhone.com, according to Vietnamese state media.
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Construction on the first 150- to 200-square-metre store in Phnom Penh is nearly completed and the branch is expected to open this quarter, Vietnam News Agency reported on Wednesday.
The English-language news outlet quoted MWG director-general Tran Kinh Doanh as saying Cambodia was the first market for the company’s regional expansion, which will also see stores opened in Myanmar and Laos.
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“Cambodia was chosen to be the first country for the group to approach in Indochina,” he said.
Established in Ho Chi Minh City in 2014, MWG is a fast-growing retail chain for mobile phones and digital devices, including mobile phones, tablets and accessories. It operates a network of stores as well as an online channel.
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MWG (Cambodia) Co Ltd registered with Cambodia’s Ministry of Commerce last October. The company’s Vietnamese directors could not be reached for comment yesterday.
A study on cellphone and internet use in Cambodia published last year by the Asia Foundation revealed that the Kingdom’s market was already heavily saturated. Over 94 percent of Cambodians claimed to own their own phone handset, with nearly 40 percent of those surveyed claiming to have at least one smartphone.
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Bung Hor, CEO of T-Shop, a Phnom-Penh based electronics products distributor with eight branches, said yesterday that demand for mobile phones and accessories had grown significantly with deepening smartphone penetration. 

He said the rising demand had driven his company’s expansion, and he was confident there was still room in the market for new retailers of mobile phones and their accessories.
“There are more and more competitors while the demand is also higher,” he said.
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Source - PhnomPenhPost