Latest news with #UnlockingThailand'sFuture
The Star
2 days ago
- Business
- The Star
A golden visa rescue plan
Needing a boost: Thailand's Tourism Authority lowered its forecast for foreign tourist arrivals in 2025 to 35 million from 40 million, with Chinese visitors falling short of projections due to safety concerns. — AFP Former Thai Prime Minister Thaksin Shinawatra suggested the country create a golden visa scheme for wealthy foreigners to become long-term residents to boost the kingdom's sluggish economy. The golden visa scheme could potentially bring in the equivalent of Thailand's US$500bil (RM2.12 trillion) economy, Thaksin said in a speech at the 'Unlocking Thailand's Future' conference in Bangkok. He suggested the country could attract 600,000 people who would deposit US$1mil (RM4.24mil) apiece for the visa. In return, they'd get rights to buy property in Thailand, helping the real estate sector, with the proceeds to fund education for Thai people. 'It will drive GDP growth, reduce public debt, spur domestic consumption,' Thaksin said. 'It's new, fresh money, and so worth pursuing.' Thaksin retains significant influence with policymakers through the ruling Pheu Thai party, helmed by his daughter Paetongtarn Shinawatra, despite having no formal title in the government. His speech to business people on how to invigorate growth comes after the Constitutional Court recently suspended Paetongtarn as prime minister while it deliberates on an alleged ethics violation case involving her handling of a border dispute. Thaksin has his own legal troubles, including a decade-old royal defamation case that is due to be ruled on next month. He remains confident he will be found innocent, he told the seminar. Thailand's economy, which relies heavily on exports and tourism, has expanded at an average of under 2% over the past decade, trailing other major South-East Asian economies. Gross domestic product will likely grow 1.3% to 2.3% in 2025, constrained by high household debt and slowing tourist arrivals, while the economy is also at risk of a 36% tariff from the United States, its largest export market. Earlier this week, Thailand's Tourism Authority lowered its forecast for foreign tourist arrivals in 2025 to 35 million from 40 million, with Chinese visitors falling short of projections. Only 2.3 million Chinese visitors came to Thailand in the first half of 2025, compared with 3.4 million a year earlier, according to government data. News of a Chinese actor's kidnapping to Myanmar through Thailand increased safety concerns, said Thaksin, who suggested that he would personally insure any Chinese travellers to Thailand in order to win their confidence. — Bloomberg
Bangkok Post
3 days ago
- Automotive
- Bangkok Post
Thailand considers excise tax hikes on imported EVs
The Ministry of Finance is studying the imposition of a higher excise tax on imported electric vehicles (EVs) that use a low proportion of local content. Electric pickup trucks in particular are being looked at by the Excise Department, said a ministry source who requested anonymity. Any increases would be part of a package being developed to support domestic investment in the electric pickup truck industry, According to the source, imported EVs from China that benefit from a zero import tariff may be subject to a higher excise tax if they contain zero local content or just a low level of local content. Thailand has a free trade agreement (FTA) with China, allowing many Chinese imports — including EVs — to enjoy zero import duty. This has created competitive imbalances with automakers from other countries who face import tariffs ranging from 40% to 80%. According to the source, the Excise Department is collaborating with the Board of Investment (BoI), which is working on measures to support the pickup truck industry. Importers who meet BoI conditions would be eligible for support. Speaking at the 'Unlocking Thailand's Future' conference on Thursday night, former premier Thaksin Shinawatra proposed the government impose a high excise tax on imported EVs that use a low proportion of local content. He said FTAs with some countries that enjoy zero import tariffs on EVs negatively affect the ecosystem of the domestic automotive industry. He did not name the countries. Using car seats made in Thailand was one example of the kind of local content foreign EV makers could source, he said. Thaksin also mentioned that promoting the use of EVs would help reduce pollution. Currently, Thailand imports 60 million litres of diesel a day, 25 million litres of gasoline and another 10 million litres of other types of fuel, equivalent to the output capacity of a 40,000-megawatt power plant. He also expressed support for Thailand to become a hub for green electricity. Producing 40,000MW of green electricity from solar energy for 24-hour power generation would require about 1.4 million rai of land. He said Thailand has sufficient land to make this possible, and that the Electricity Generating Authority of Thailand (Egat) could undertake this initiative by establishing a separate division, or a 'Green Egat'.
Economic Times
3 days ago
- Business
- Economic Times
Thailand golden visa
Agencies Thailand's former Prime Minister Thaksin Shinawatra has proposed a new golden visa programme targeting 600,000 wealthy foreigners, each contributing $1 million in exchange for long-term residency and property rights. The plan, he said, could inject substantial capital into the economy and support public services like quoted Thaksin as saying that the scheme could potentially raise $600 billion—more than the country's current GDP—and offer Thailand a fresh financial pipeline. 'It will drive GDP growth, reduce public debt, spur domestic consumption,' Thaksin was quoted as saying at the 'Unlocking Thailand's Future' conference in Bangkok. 'It's new, fresh money, and so worth pursuing.' The golden visa would allow eligible foreigners to reside in Thailand long-term and purchase property, boosting the real estate sector. Thaksin said the funds collected could be allocated to improve the education system for Thai citizens. He also urged Airports of Thailand Pcl (AOT) to raise its passenger service charge by up to 300 baht ($9.22) per traveller—a 40% increase from the current rate. According to him, the move could generate an additional 40 billion baht annually to support infrastructure improvements and establish Thailand as a regional aviation hub. 'AOT should be an economic driver in terms of being an aviation hub, cargo center, and aircraft maintenance center, which can drive the economy much further,' he said. Thailand's economy has struggled with slow growth, expanding less than 2% on average over the past decade. Projections for 2025 range between 1.3% and 2.3%, amid high household debt and lower-than-expected tourist arrivals. The country also faces the possibility of US tariffs up to 36% on its exports. The Tourism Authority of Thailand recently revised its foreign arrivals forecast for 2025 to 35 million from 40 million. Chinese tourists, in particular, have declined—2.3 million visited in the first half of 2025, compared to 3.4 million a year earlier. Thaksin linked the decline to safety concerns following reports of a Chinese actor kidnapped to Myanmar via Thailand. 'I will insure any Chinese travelers to Thailand,' he said, suggesting a personal guarantee to restore trust. Thaksin, who remains influential in Thai politics through the ruling Pheu Thai Party led by his daughter Paetongtarn Shinawatra, also faces legal proceedings in a decade-old royal defamation case. A ruling is expected next month. 'I am confident I will be found innocent,' he told the audience. (Join our ETNRI WhatsApp channel for all the latest updates) Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. What's keeping real retail investors out of the Nvidia rally Instagram and YouTube make billions off creators. Should they pay up for their mental health? Markets need to see more than profits from Oyo The hybrid vs. EV rivalry: Why Maruti and Mahindra pull in different directions. What's best? Stock Radar: Why is CDSL looking an attractive buy at current levels? Check target & stop loss for long positions Get ready for volatility with the big, better & experienced. 7 large-caps from different sectors with an upside potential of up to 39% Buy, Sell or Hold: Motilal Oswal sees over 20% upside in Tech Mahindra; YES Securities maintains add call on ICICI Lombard Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Business Times
3 days ago
- Business
- Business Times
Thaksin touts golden visa, higher travel fees to boost Thailand
[BANGKOK] Former Thai Prime Minister Thaksin Shinawatra suggested the country create a golden visa scheme for wealthy foreigners to become long-term residents and called on Airports of Thailand (AOT) to hike passenger service fees to boost the sluggish economy. The golden visa scheme could potentially bring in the equivalent of Thailand's US$500 billion economy, Thaksin said in a speech at the 'Unlocking Thailand's Future' conference in Bangkok on Thursday (Jul 17) evening. He suggested the country could attract 600,000 people who would deposit US$1 million apiece for the visa. In return, they'd get rights to buy property in Thailand, helping the real estate sector, with the proceeds to fund education for Thai people. 'It will drive GDP growth, reduce public debt, spur domestic consumption,' Thaksin said. 'It's new, fresh money, and so worth pursuing.' Thaksin retains significant influence with policymakers through the ruling Pheu Thai party, helmed by his daughter Paetongtarn Shinawatra, despite having no formal title in the government. His speech to business people on how to invigorate growth comes after the Constitutional Court recently suspended Paetongtarn as prime minister while it deliberates on an alleged ethics violation case involving her handling of a border dispute. Thaksin has his own legal troubles, including a decade-old royal defamation case that is due to be ruled on next month. He remains confident he will be found innocent, he told the seminar. Thailand's economy, which relies heavily on exports and tourism, has expanded at an average of under 2 per cent over the past decade, trailing other major South-east Asian economies. Gross domestic product will likely grow 1.3 to 2.3 per cent in 2025, constrained by high household debt and slowing tourist arrivals, while the economy is also at risk of a 36 per cent tariff from the US, its largest export market. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up AOT should raise its passenger service charges by as much as 300 baht (S$12) per passenger to generate 40 billion baht in additional profit per year, he added. That would be a roughly 40 per cent hike from the current level. 'AOT should be an economic driver in terms of being an aviation hub, cargo centre, and aircraft maintenance centre, which can drive the economy much further,' he said. The proceeds could be used to improve the authority's six airports and help Thailand become South-east Asia's aviation hub, as well as drive businesses such as cargo and aviation maintenance. AOT shares rose 11 per cent in Thursday trading, closing at the highest since March, after local newspaper Kaohoon reported it planned to hike passenger service charges and landing and parking fees, and start collecting transit and transfer fees. There are calls to revitalise the travel industry. Earlier this week, the Tourism Authority of Thailand lowered its forecast for foreign tourist arrivals in 2025 to 35 million from 40 million, with Chinese visitors falling short of projections. Only 2.3 million Chinese visitors came to Thailand in the first half of 2025, compared with 3.4 million a year earlier, according to data from the Ministry of Tourism and Sports. News of a Chinese actor's kidnapping to Myanmar through Thailand increased safety concerns, said Thaksin, who suggested that he would personally insure any Chinese travellers to Thailand in order to win their confidence. BLOOMBERG
The Star
4 days ago
- Business
- The Star
Thaksin touts golden visa, higher travel fees to boost Thailand
Thaksin Shinawatra, Thailand's former prime minister, during the Splash Soft Power Forum in Bangkok, Thailand, on Wednesday, July 9, 2025. The forum runs through July 11. Photographer: Valeria Mongelli/Bloomberg BANGKOK: Former Thai Prime Minister Thaksin Shinawatra (pic) suggested the country create a golden visa scheme for wealthy foreigners to become long-term residents and called on Airports of Thailand Pcl to hike passenger service fees to boost the sluggish economy. The golden visa scheme could potentially bring in the equivalent of Thailand's US$500 billion economy, Thaksin said in a speech at the "Unlocking Thailand's Future' conference in Bangkok on Thursday (July 17) evening. He suggested the country could attract 600,000 people who would deposit $1 million apiece for the visa. In return, they'd get rights to buy property in Thailand, helping the real estate sector, with the proceeds to fund education for Thai people. "It will drive GDP growth, reduce public debt, spur domestic consumption,' Thaksin said. "It's new, fresh money, and so worth pursuing.' Thaksin retains significant influence with policymakers through the ruling Pheu Thai party, helmed by his daughter Paetongtarn Shinawatra, despite having no formal title in the government. His speech to business people on how to invigorate growth comes after the Constitutional Court recently suspended Paetongtarn as prime minister while it deliberates on an alleged ethics violation case involving her handling of a border dispute. Thaksin has his own legal troubles, including a decade-old royal defamation case that is due to be ruled on next month. He remains confident he will be found innocent, he told the seminar. Thailand's economy, which relies heavily on exports and tourism, has expanded at an average of under 2% over the past decade, trailing other major South-East Asian economies. Gross domestic product will likely grow 1.3% to 2.3% in 2025, constrained by high household debt and slowing tourist arrivals, while the economy is also at risk of a 36% tariff from the US, its largest export market. Airports of Thailand should raise its passenger service charges by as much as 300 baht ($9.22) per passenger to generate 40 billion baht in additional profit per year, he added. That would be a roughly 40% hike from the current level. "AOT should be an economic driver in terms of being an aviation hub, cargo center, and aircraft maintenance centre, which can drive the economy much further,' he said. The proceeds could be used to improve the authority's six airports and help Thailand become South-East Asia's aviation hub, as well as drive businesses like cargo and aviation maintenance. AOT shares rose 11% in Thursday trading, closing at the highest since March, after local newspaper Kaohoon reported it planned to hike passenger service charges and landing and parking fees, and start collecting transit and transfer fees. There are calls to revitalise the travel industry. Earlier this week, the Tourism Authority of Thailand lowered its forecast for foreign tourist arrivals in 2025 to 35 million from 40 million, with Chinese visitors falling short of projections. Only 2.3 million Chinese visitors came to Thailand in the first half of 2025, compared with 3.4 million a year earlier, according to data from the Ministry of Tourism and Sports. News of a Chinese actor's kidnapping to Myanmar through Thailand increased safety concerns, said Thaksin, who suggested that he would personally insure any Chinese travellers to Thailand in order to win their confidence. - Bloomberg L.P.
