The Stock Exchange of Thailand (SET) composite index went up 4.80 points or 0.51% to close at 951.90 points at the end of trading session on Friday afternoon. The trade value was 28.03 billion baht.
The Electricity Generating Authority of Thailand (Egat) will build a new 20- billion-baht gas-fired power unit at its existing North Bangkok plant this year to help meet growing demand.
Egat governor Sutat Patmasiriwat said that construction of the 800-megawatt unit could start next year for operation from 2015. The move is aimed at addressing a predicted shortfall in power supplies from the delay of two gas-fired power plants in Chachoengsao province.
The delayed plants were awarded to independent power producers but face strong opposition by local communities.
One of them belongs to Siam Energy with a planned capacity of 1,600 MW, and the other to National Power Supply Co with a capacity of 540 MW, previously scheduled to start up in 2014 and 2015, respectively.
Thai Airways International (THAI) hailed its public offering as a success yesterday with subscription demand from existing shareholders and retail investors exceeding supply.
Most existing shareholders subscribed to their entitlements and beyond, while subscriptions from retail investors were more than twice the amount offered.
THAI president Piyasvasti Amranand said the strong interest reflected investors’ confidence in THAI and its improved performance over the past year.
The flag carrier offered 221.83 million shares to existing shareholders, excluding the Finance Ministry, whose names appeared on the share register book on Aug 30 at the entitlement ratio of one old share to 0.2667 new shares.
The baht’s appreciation has hurt many business sectors, but outbound tourism will probably receive a windfall as expenses of Thais travelling abroad decline.
Charoen Wangananont, president of the Thai Travel Agents Association (TTAA), said that if the baht continues to strengthen for another three to six months, outbound tourism will prosper. However, the local political and economic situation would have to remain positive to help lift travellers’ confidence.
The TTAA expects the stronger baht will cause outbound tourism to grow by 17-18% this year. Air ticket sales for flights abroad will total 4.7 million seats, 60% of them for tourists. Forward bookings for next month are significantly higher than last year, with Japan, China and South Korea the favourite destinations.
Top five most active values were as follows;
TRUE closed at 4.46 baht, up 0.36 baht (8.78%)
SCB closed at 99.00 baht, down 0.25 baht (0.25%)
BANPU closed at 702.00 baht, up 6.00 baht (0.86%)
PTT closed at 290.00 baht, down 1.00 baht (0.34%)
KTB closed at 15.80 baht, up 0.10 baht (0.64%)
Friday, September 24, 2010
Japan, Singapore, India, Thailand: Asia Bonds, Currency Preview - BusinessWeek
Sept. 24 (Bloomberg) -- The following events and economic reports may influence trading in Asia’s local bonds and currencies today. Yields and exchange rates are from the previous trading session unless stated otherwise.
Financial markets in South Korea, China and Taiwan are closed today for public holidays.
Japan: Chief Cabinet Secretary Yoshito Sengoku and Finance Minister Yoshihiko Noda will hold media briefings after a Cabinet meeting in the morning. Sengoku will have another press briefing at 4 p.m. in Tokyo.
The yield on the 1 percent government bond due September 2020 was at 1.015 percent on Sept. 22, according to Japan Bond Trading Co., the nation’s largest interdealer debt broker.
Japan’s financial markets were closed yesterday for a national holiday.
The yen traded at 84.56 per dollar at 8:40 a.m. in Tokyo.
Taiwan: The government is scheduled to report data on money-supply growth for August today.
The yield on the 1.125 percent bond due September 2020 was 1.20 percent, according to Gretai Securities Market. The Taiwan dollar was at NT$31.60.
Singapore: The Economic Development Board will say today industrial production rose 11.7 percent in August from a year earlier, according to a Bloomberg survey of economists, after an increase of 9.9 percent the month before.
The yield on the 3.25 percent debt due September 2020 was 2.08 percent. The Singapore dollar was at S$1.3268.
India: The government plans to raise as much as 110 billion rupees ($2.4 billion) by selling seven-year, ten-year and 30- year bills.
The yield on the 7.80 percent bond due May 2020 was 7.96 percent. The rupee was at 45.605.
Thailand: Foreign-exchange reserves data for the week ended Sept.17 is due today. The reserves increased by 0.3 percent to $157.6 billion the previous week, according to the central bank.
The yield on the 5.85 percent note maturing March 2021 was 3.09 percent. The baht was at 30.67.
Financial markets in South Korea, China and Taiwan are closed today for public holidays.
Japan: Chief Cabinet Secretary Yoshito Sengoku and Finance Minister Yoshihiko Noda will hold media briefings after a Cabinet meeting in the morning. Sengoku will have another press briefing at 4 p.m. in Tokyo.
The yield on the 1 percent government bond due September 2020 was at 1.015 percent on Sept. 22, according to Japan Bond Trading Co., the nation’s largest interdealer debt broker.
Japan’s financial markets were closed yesterday for a national holiday.
The yen traded at 84.56 per dollar at 8:40 a.m. in Tokyo.
Taiwan: The government is scheduled to report data on money-supply growth for August today.
The yield on the 1.125 percent bond due September 2020 was 1.20 percent, according to Gretai Securities Market. The Taiwan dollar was at NT$31.60.
Singapore: The Economic Development Board will say today industrial production rose 11.7 percent in August from a year earlier, according to a Bloomberg survey of economists, after an increase of 9.9 percent the month before.
The yield on the 3.25 percent debt due September 2020 was 2.08 percent. The Singapore dollar was at S$1.3268.
India: The government plans to raise as much as 110 billion rupees ($2.4 billion) by selling seven-year, ten-year and 30- year bills.
The yield on the 7.80 percent bond due May 2020 was 7.96 percent. The rupee was at 45.605.
Thailand: Foreign-exchange reserves data for the week ended Sept.17 is due today. The reserves increased by 0.3 percent to $157.6 billion the previous week, according to the central bank.
The yield on the 5.85 percent note maturing March 2021 was 3.09 percent. The baht was at 30.67.
Phuket NEWS: Hilton deal to boost golf tourism to Phuket
PHUKET: The Hilton hotel chain has joined Golfasian, a leading inbound golf tour operator in Thailand to create the Thai marketing cooperative ‘Golf in a Kingdom: The Thai Golf Experience’.
The initiative will make it easier for visitors looking for a premium golf holiday to book a variety of stay-and-play itineraries. It is also hoped that Hilton’s involvement will help to attract international golfers who recognize the brand and see it as a guarantee of quality.
“Hilton doesn’t throw in with just anyone”, says Mark Siegel, CEO of Bangkok-based Golfasian Tour.
“To have Hilton as a partner is another ringing endorsement of what we’re doing with ‘Golf in a Kingdom’, that is to make Thai golf holidays easier to book and formulate, while guaranteeing international standards of quality with every course and hotel on each itinerary”, he added.
Four Hilton properties across the country, namely The Hilton Pattaya, The Millennium Hilton Bangkok, The Hilton Phuket Arcadia Resort and Spa and the Hilton Hua-Hin Resort and Spa are set to join the consortium.
Phuket is already a popular destination for international golfers, with highly ranked golf courses that provide great value for money.
The tropical climate enables the sport to be played all year round. The cooperation of five star hotel brands like the Hilton will hopefully help to further promote the island as a premium golf holiday destination.
The initiative will make it easier for visitors looking for a premium golf holiday to book a variety of stay-and-play itineraries. It is also hoped that Hilton’s involvement will help to attract international golfers who recognize the brand and see it as a guarantee of quality.
“Hilton doesn’t throw in with just anyone”, says Mark Siegel, CEO of Bangkok-based Golfasian Tour.
“To have Hilton as a partner is another ringing endorsement of what we’re doing with ‘Golf in a Kingdom’, that is to make Thai golf holidays easier to book and formulate, while guaranteeing international standards of quality with every course and hotel on each itinerary”, he added.
Four Hilton properties across the country, namely The Hilton Pattaya, The Millennium Hilton Bangkok, The Hilton Phuket Arcadia Resort and Spa and the Hilton Hua-Hin Resort and Spa are set to join the consortium.
Phuket is already a popular destination for international golfers, with highly ranked golf courses that provide great value for money.
The tropical climate enables the sport to be played all year round. The cooperation of five star hotel brands like the Hilton will hopefully help to further promote the island as a premium golf holiday destination.
Winning combination (From The Northern Echo)
The North-East has worked its way into the heart of a man poised to save its steelmaking industry as Business Editor Owen McAteer discovered when he met Win Viriyaprapaikit.
AS steelworkers marched to save jobs, they would have been unaware that their campaign had caught the imagination of a potential saviour thousands of miles away.
Win Viriyaprapaikit, president of Sahaviriya Steel Industries (SSI), the Thai company proposing to buy Corus Teesside Cast Products (TCP), who has been in the region this week has already spoken of the passion of the region’s steelworkers being “second to none”.
The 40-year-old, responsible for the Thai steel firm founded by his father and aunt 55 years ago, first encountered that passion last year when 5,000 steelworkers and supporters marched through Redcar to call for the factory to be saved.
Mr Viriyaprapaikit said: “It was July last year, I read the news on the internet back home and I saw the flags and the marches, the Save our Steel campaign, and I thought it was very apparent that the whole town was really behind this.
“I was quietly reading this at home but, with a lot of interest at the time, I never thought we could be part of this.”
He said the marches clearly demonstrated how much pride the people of Teesside took in their steel industry, which was under threat after an international consortium pulled out of a ten-year deal to buy its steel.
Mr Viriyaprapaikit said: “After these marches got our interest, they didn’t really have to explain to me how they feel because the actions speak louder than words and throughout the year I was seeing these marches.”
The same month, a delegation from Corus TCP visited Mr Viriyaprapaikit in Bangkok to strike a deal for steel slabs, of which his company bought 400,000 tonnes, at a time the plant was desperately trying to secure orders.
He said: “We became acquainted with the management, we came to be confident of the quality, the production system and, of course, the people behind it, so we have confidence in the plant and the people running it.
“It makes the job of due dilligence much easier than going in somewhere without such knowledge.”
SSI is a family business and what becomes clear from talking to the married father-of-two is that the quality and attitudes of people he is dealing with is an integral part of any deal, hence his fascination with the steel marches.
He said: “Teesside is passionate about steel and I have become passionate about Teesside, what we can do here will be a lot more because of the goodwill and the support of the community.
“This 150 years of history is actually the history of steelmaking itself. This must be one of the rare places with the full history. We feel really fortunate to be part of this.
An example of the importance in which people’s feelings are held was the appointment last month of David Reid, as interim managing director.
Until September last year, Mr Reid had spent five years as supply chain director at TCP and was one of the steelworkers who marched through Redcar. He is also steel expert but, crucially, he also had a relationship with SSI going back 25 years.
Mr Viriyaprapaikit said: “When the delegation came to see us last July they had a chance to meet my father and my father called him old friend. It didn’t ring a bell at the time, it was only a few weeks ago that I proposed to my father that Dave would be the perfect person to lead this and I asked him what he meant by old friend and he said he had known David for 25 years.
“I think Dave Reid is a person of integrity, that is why all of us feel so much trust in him and I hope this is the right choice not just for us but for Teesside as well.”
Despite rumours of a potential deal with SSI surfacing in May it was only in August that it was finally confirmed with SSI and Corus signing a memorandum of understanding paving the way for a £320m deal and steelmaking restarting at the plant, near Redcar, east Cleveland, by early next year.
It transpired that the two companies had been in discussions for about a year, with Mr Viriyaprapaikit visiting TCP last October.
More than 1,000 employees have left the plant since February’s mothballing, with Mr Viriyaprapaikit confirming at the memorandum of understanding signing that the 700 steelworkers remaining at the factory would be kept on should a deal progress.
Yesterday, Mr Viriyaprapaikit spoke of his desire to create many more jobs at the plant.
He said: “It would be in terms of hundreds more jobs in addition to the 700 people we will offer the opportunity to transfer over.
“I think one of the things we would like to do is have this knowledge of all these skilled people passed on to the next generation.
“That is one thing I would like to do if we get to succeed in acquiring the plant.”
ONE reason he may speak so passionately about the region is that he happily admits that through the course of a number of private visits over the past year he has fallen in love with it. On his last visit he took home 30 pictures of the North-East, taken by professional photographers and many of those are now in the company’s boardroom in Thailand.
He said: “Our board of directors came in and they were delighted because they didn’t realise in addition to buying a steel plant we got all this beauty coming along as well.”
What has struck Mr Viriyaprapaikit on his journey is the genuine warmth and the welcome the people give visitors.
What is sometimes forgotten in the excitement of having found a potential saviour is that the deal to buy TCP is in itself an exciting move for Mr Viriyaprapaikit and SSI, which is known in Thailand’s steel industry for its pioneering spirit.
TCP produces 3.5 million tonnes of steel slab a year and SSI requires four million tonnes.
In addition, both facilities are on deepwater ports, a perfect match in Mr Viriyaprapaikit’s view. He said: “It will be a crucial part of our business, it gives us the platform for where we can grow. It is a very exciting time.”
There is still some work to be done on the final deal but Mr Viriyaprapaikit added: “We hope we can get to the finish line as soon as we can.”
AS steelworkers marched to save jobs, they would have been unaware that their campaign had caught the imagination of a potential saviour thousands of miles away.
Win Viriyaprapaikit, president of Sahaviriya Steel Industries (SSI), the Thai company proposing to buy Corus Teesside Cast Products (TCP), who has been in the region this week has already spoken of the passion of the region’s steelworkers being “second to none”.
The 40-year-old, responsible for the Thai steel firm founded by his father and aunt 55 years ago, first encountered that passion last year when 5,000 steelworkers and supporters marched through Redcar to call for the factory to be saved.
Mr Viriyaprapaikit said: “It was July last year, I read the news on the internet back home and I saw the flags and the marches, the Save our Steel campaign, and I thought it was very apparent that the whole town was really behind this.
“I was quietly reading this at home but, with a lot of interest at the time, I never thought we could be part of this.”
He said the marches clearly demonstrated how much pride the people of Teesside took in their steel industry, which was under threat after an international consortium pulled out of a ten-year deal to buy its steel.
Mr Viriyaprapaikit said: “After these marches got our interest, they didn’t really have to explain to me how they feel because the actions speak louder than words and throughout the year I was seeing these marches.”
The same month, a delegation from Corus TCP visited Mr Viriyaprapaikit in Bangkok to strike a deal for steel slabs, of which his company bought 400,000 tonnes, at a time the plant was desperately trying to secure orders.
He said: “We became acquainted with the management, we came to be confident of the quality, the production system and, of course, the people behind it, so we have confidence in the plant and the people running it.
“It makes the job of due dilligence much easier than going in somewhere without such knowledge.”
SSI is a family business and what becomes clear from talking to the married father-of-two is that the quality and attitudes of people he is dealing with is an integral part of any deal, hence his fascination with the steel marches.
He said: “Teesside is passionate about steel and I have become passionate about Teesside, what we can do here will be a lot more because of the goodwill and the support of the community.
“This 150 years of history is actually the history of steelmaking itself. This must be one of the rare places with the full history. We feel really fortunate to be part of this.
An example of the importance in which people’s feelings are held was the appointment last month of David Reid, as interim managing director.
Until September last year, Mr Reid had spent five years as supply chain director at TCP and was one of the steelworkers who marched through Redcar. He is also steel expert but, crucially, he also had a relationship with SSI going back 25 years.
Mr Viriyaprapaikit said: “When the delegation came to see us last July they had a chance to meet my father and my father called him old friend. It didn’t ring a bell at the time, it was only a few weeks ago that I proposed to my father that Dave would be the perfect person to lead this and I asked him what he meant by old friend and he said he had known David for 25 years.
“I think Dave Reid is a person of integrity, that is why all of us feel so much trust in him and I hope this is the right choice not just for us but for Teesside as well.”
Despite rumours of a potential deal with SSI surfacing in May it was only in August that it was finally confirmed with SSI and Corus signing a memorandum of understanding paving the way for a £320m deal and steelmaking restarting at the plant, near Redcar, east Cleveland, by early next year.
It transpired that the two companies had been in discussions for about a year, with Mr Viriyaprapaikit visiting TCP last October.
More than 1,000 employees have left the plant since February’s mothballing, with Mr Viriyaprapaikit confirming at the memorandum of understanding signing that the 700 steelworkers remaining at the factory would be kept on should a deal progress.
Yesterday, Mr Viriyaprapaikit spoke of his desire to create many more jobs at the plant.
He said: “It would be in terms of hundreds more jobs in addition to the 700 people we will offer the opportunity to transfer over.
“I think one of the things we would like to do is have this knowledge of all these skilled people passed on to the next generation.
“That is one thing I would like to do if we get to succeed in acquiring the plant.”
ONE reason he may speak so passionately about the region is that he happily admits that through the course of a number of private visits over the past year he has fallen in love with it. On his last visit he took home 30 pictures of the North-East, taken by professional photographers and many of those are now in the company’s boardroom in Thailand.
He said: “Our board of directors came in and they were delighted because they didn’t realise in addition to buying a steel plant we got all this beauty coming along as well.”
What has struck Mr Viriyaprapaikit on his journey is the genuine warmth and the welcome the people give visitors.
What is sometimes forgotten in the excitement of having found a potential saviour is that the deal to buy TCP is in itself an exciting move for Mr Viriyaprapaikit and SSI, which is known in Thailand’s steel industry for its pioneering spirit.
TCP produces 3.5 million tonnes of steel slab a year and SSI requires four million tonnes.
In addition, both facilities are on deepwater ports, a perfect match in Mr Viriyaprapaikit’s view. He said: “It will be a crucial part of our business, it gives us the platform for where we can grow. It is a very exciting time.”
There is still some work to be done on the final deal but Mr Viriyaprapaikit added: “We hope we can get to the finish line as soon as we can.”
PM clarifies investment in Thailand with US business community
NEW YORK, Sept 24 – Thai Prime Minister Abhisit Vejjajiva said he will explain investing in Thailand to a segment of the US businessp community, including the issues of the Map Ta Phut industrial projects and the 3G wireless service.
Mr Abhisit is attending the 65th United Nations General Assembly in New York from September 22-26.
The Thai prime minister was to meet representatives of US-ASEAN Business Council- USABC Thursday afternoon (New York time).
Prior to the meeting,Mr Abhisit said that investors did not understand the legal problems related to suspending the Map Ta Phut Industries and the delayed 3G licence bidding and that they thought that government should get both plans moving ahead.
However, regarding the 3G bids, he said the Supreme Administrative Court upheld the ruling to suspend the auction and that the Telecommunications Commission (NTC) must comply with the court. In terms of policy, the government must speed up the bill that would eventually lead to forming the National Broadcasting and Telecommunications Commission (NBTC), which will be authorised to allocate the 3G spectrum, by the end of the year.
Asked about resolving the long-delayed launch of the 3G, the prime minister said service trials have been conducted by the operators. He assigned the ministries of finance, and of information and communication technology to review the possibility of more quickly applying the technology and converting the existing 2G concession contracts into 3G agreements pending the ruling of the Constitution Court.
Thailand's Supreme Administrative Court on Thursday upheld the Central Administrative Court's injunction suspending distribution of the third generation (3G) wireless service licenses, saying the NTC was not authorised to make the awards.
The Supreme Administrative Court reasoned that the NCT's criteria for granting 3G licences was illegal and the auction process, if continued, could cause severe damage tothe country's procedural credibility.
The court ruled that the 3G auction should be held by NBTC which is to be set up soon.
Mr Abhisit is attending the 65th United Nations General Assembly in New York from September 22-26.
The Thai prime minister was to meet representatives of US-ASEAN Business Council- USABC Thursday afternoon (New York time).
Prior to the meeting,Mr Abhisit said that investors did not understand the legal problems related to suspending the Map Ta Phut Industries and the delayed 3G licence bidding and that they thought that government should get both plans moving ahead.
However, regarding the 3G bids, he said the Supreme Administrative Court upheld the ruling to suspend the auction and that the Telecommunications Commission (NTC) must comply with the court. In terms of policy, the government must speed up the bill that would eventually lead to forming the National Broadcasting and Telecommunications Commission (NBTC), which will be authorised to allocate the 3G spectrum, by the end of the year.
Asked about resolving the long-delayed launch of the 3G, the prime minister said service trials have been conducted by the operators. He assigned the ministries of finance, and of information and communication technology to review the possibility of more quickly applying the technology and converting the existing 2G concession contracts into 3G agreements pending the ruling of the Constitution Court.
Thailand's Supreme Administrative Court on Thursday upheld the Central Administrative Court's injunction suspending distribution of the third generation (3G) wireless service licenses, saying the NTC was not authorised to make the awards.
The Supreme Administrative Court reasoned that the NCT's criteria for granting 3G licences was illegal and the auction process, if continued, could cause severe damage tothe country's procedural credibility.
The court ruled that the 3G auction should be held by NBTC which is to be set up soon.
TAAI convention in PHUKET
This is the third time that a convention is being held in South east asia.Last the event was held in Dubai.
The 59th annual convention ‘Indian Travel Congress’ of Travel Agents’ Association of India (TAAI) has been scheduled to start 24th September, until 27 September in Laguna, Phuket. The event is likely to be attended by around 800 delegates apart from the Tourism officials of India and Thailand and also travel industry leaders from both the countries. This is the third time that a convention is being held in South east asia.Last the event was held in Dubai.
The event goes by its theme ‘ Be the game changer’ which is intended at being the prime driving force behind the congress. The event shall also be instrumental in promoting two-way business between the two countries and provide a platform for networking, exchanging views and promoting common goals, while also giving an opportunity to hear from leading luminaries of tourism industries from around the world.
The key highlight issues to be addressed would be those of current challenges, cost reduction and alternative marketing, talent development and retention, harnessing technology, leveraging new business opportunities among others. The convention is also being anticipated to strengthen the existing tourism flux between the two countries. Thailand has been a favourite destination of Indians for a long time now on account of the affordability, geographical proximity and a quality holiday. The historic connect and cultural similarities between the two nations aside; the visibility that the event can render to the participants will enable to develop future business opportunities
It is also interesting to note that the convention coincides with the 60th anniversary of Indo-Thai relations. In terms of economic contribution, Thailand draws its major GDP from Tourism alone. Tourism industry was said to have contributed 6.7% of Thailand’s GDP in 2007.
Up to 2001 Thai investments in India accounted for in terms of amount of FDI approved were 24.40% for hotel and tourism industry alone. Hotel and tourism has been the major contributor from all sectors of Thai investments in India. As per the reports last year Thailand was targeting $10 billion trade with India by 2010 of which tourism and hospitality industry sounded to constitute the largest share owing to the surge of FDI from these sectors into India.
Thailand had also waived visa fees till March 2010 as a measure to boost tourism. It is also reducing take-off and landing charges for aircraft, and has considered lowering entrance fees at national parks by 50% and also providing free travel insurance. Thailand also came up with novel ideas, as arranging quizzes at Indian schools to promote tourism.
In 2008, 5 lakh Indian tourists went to Thailand. Over 614,000 Indians visited Thailand last year. Despite the plunge in tourism since 2008, stability was regained by 10% increase in the inbound tourists from September to 40% in December last year.
By being a ‘game changer’ TAAI is propelling the participants towards taking into stride the various challenges that have been faced by the travel-tourism industry. Improving infrastructure, rising the stature of travel agents, removing deficiencies in quality service, creating employment in tourism and hospitality sectors, emphasizing the significance of role played by a travel consultant in relation to online or internet services, etc. are just some of the key challenges in the pipeline that are to be countered.
=Jagdeep Rikhy, Co-Chairman – TAAI Convention Committee says, “The global economic slowdown and the ever-increasing requirements of the tourism and travel industry have brought about profound changes in travel agents’ attitudes. The industry, to ensure an income to the travel agent, has taken on a new dimension that, looking beyond air matters, focuses on the overall product, the contents of which ranges from the simple to the sophisticated.” He adds that The theme of our Convention " Be ... the Game Changer " , urges TAAI members to set a new benchmark for themselves . The delegates should expect to gain on many fronts from the TAAI Annual Convention at Phuket this year . Besides invigorating business sessions conducted by eminent personalities there will be immense oppurtunities at the Phuket Convention to , network , be delightfully entertained , find solace in the peaceful spas , explore the beautiful paradise island of Phuket and experience the warm hospitality which Thailand is famous the world over
“Innovation in this world is the best way to win – arguably the only way to really win. Innovation is not a separate discrete activity but the job of everyone in a leadership position and the integral, central driving force for any business that wants to grow and succeed on sustained basis. The Indian Travel Congress in Phuket is aimed to helping you be the ‘Game Changer’ become the leader of innovation.,according to Mr. Rajji Rai, President TAAI and Convention Chairman. "The delegates should expect to gain on many fronts from the TAAI Annual Convention at Phuket this year" .
The 59th annual convention ‘Indian Travel Congress’ of Travel Agents’ Association of India (TAAI) has been scheduled to start 24th September, until 27 September in Laguna, Phuket. The event is likely to be attended by around 800 delegates apart from the Tourism officials of India and Thailand and also travel industry leaders from both the countries. This is the third time that a convention is being held in South east asia.Last the event was held in Dubai.
The event goes by its theme ‘ Be the game changer’ which is intended at being the prime driving force behind the congress. The event shall also be instrumental in promoting two-way business between the two countries and provide a platform for networking, exchanging views and promoting common goals, while also giving an opportunity to hear from leading luminaries of tourism industries from around the world.
The key highlight issues to be addressed would be those of current challenges, cost reduction and alternative marketing, talent development and retention, harnessing technology, leveraging new business opportunities among others. The convention is also being anticipated to strengthen the existing tourism flux between the two countries. Thailand has been a favourite destination of Indians for a long time now on account of the affordability, geographical proximity and a quality holiday. The historic connect and cultural similarities between the two nations aside; the visibility that the event can render to the participants will enable to develop future business opportunities
It is also interesting to note that the convention coincides with the 60th anniversary of Indo-Thai relations. In terms of economic contribution, Thailand draws its major GDP from Tourism alone. Tourism industry was said to have contributed 6.7% of Thailand’s GDP in 2007.
Up to 2001 Thai investments in India accounted for in terms of amount of FDI approved were 24.40% for hotel and tourism industry alone. Hotel and tourism has been the major contributor from all sectors of Thai investments in India. As per the reports last year Thailand was targeting $10 billion trade with India by 2010 of which tourism and hospitality industry sounded to constitute the largest share owing to the surge of FDI from these sectors into India.
Thailand had also waived visa fees till March 2010 as a measure to boost tourism. It is also reducing take-off and landing charges for aircraft, and has considered lowering entrance fees at national parks by 50% and also providing free travel insurance. Thailand also came up with novel ideas, as arranging quizzes at Indian schools to promote tourism.
In 2008, 5 lakh Indian tourists went to Thailand. Over 614,000 Indians visited Thailand last year. Despite the plunge in tourism since 2008, stability was regained by 10% increase in the inbound tourists from September to 40% in December last year.
By being a ‘game changer’ TAAI is propelling the participants towards taking into stride the various challenges that have been faced by the travel-tourism industry. Improving infrastructure, rising the stature of travel agents, removing deficiencies in quality service, creating employment in tourism and hospitality sectors, emphasizing the significance of role played by a travel consultant in relation to online or internet services, etc. are just some of the key challenges in the pipeline that are to be countered.
=Jagdeep Rikhy, Co-Chairman – TAAI Convention Committee says, “The global economic slowdown and the ever-increasing requirements of the tourism and travel industry have brought about profound changes in travel agents’ attitudes. The industry, to ensure an income to the travel agent, has taken on a new dimension that, looking beyond air matters, focuses on the overall product, the contents of which ranges from the simple to the sophisticated.” He adds that The theme of our Convention " Be ... the Game Changer " , urges TAAI members to set a new benchmark for themselves . The delegates should expect to gain on many fronts from the TAAI Annual Convention at Phuket this year . Besides invigorating business sessions conducted by eminent personalities there will be immense oppurtunities at the Phuket Convention to , network , be delightfully entertained , find solace in the peaceful spas , explore the beautiful paradise island of Phuket and experience the warm hospitality which Thailand is famous the world over
“Innovation in this world is the best way to win – arguably the only way to really win. Innovation is not a separate discrete activity but the job of everyone in a leadership position and the integral, central driving force for any business that wants to grow and succeed on sustained basis. The Indian Travel Congress in Phuket is aimed to helping you be the ‘Game Changer’ become the leader of innovation.,according to Mr. Rajji Rai, President TAAI and Convention Chairman. "The delegates should expect to gain on many fronts from the TAAI Annual Convention at Phuket this year" .
Marketing a Country: Promotion as a Tool for Attracting Foreign Investment. — HBS Working Knowledge
In examining the way governments choose a structure in which to conduct investment promotion activities we found that most of the organizational issues fell within the realm of the public-private choice of management of certain nontraditional government activities.
Appropriate Organization for Investment Promotion
Like some other activities financed by governments, investment promotion has certain characteristics of tasks typically carried out by the government but others that are normally associated with tasks usually located in the private sector. Activities of this type are often financed by a government because they generate social profits that are greater than the private profits they could provide. When this condition prevails, a government must either finance the activity or risk that it will be underprovided.
In contrast to government organizations, quasi-governmental organizations tended to be created for the purpose of marketing countries as investment sites and not with the primary objectives of screening investment or negotiating with investors.
Governments can adopt two polar positions in their attempts to carry out the nontraditional government activity of investment promotion. A government can carry out investment promotion itself, but this approach has the disadvantage that the government organization may be unable to acquire skills that are required if the activity is to be managed properly. The required skills may reside in the private sector and be difficult to attract to the public sector, especially with the salary constraints typical of civil services. Accordingly, if the government decides to manage the activity, it may also, through various methods, have to take steps to obtain the appropriate skills from the private sector.
An alternative approach is for the government to delegate the management of investment promotion activities to the private sector. This approach often has the disadvantage that the private sector will not handle well the attributes of the task that are more like traditional government tasks, such as servicing investors by acquiring permits and approvals from other government departments. Indeed, neither the wholly public nor the wholly private approach to the management of investment promotion is ideal. Regardless of the approach that is chosen there will be management issues with respect to the way the inherent disadvantages of either approach are to be overcome. In an attempt to overcome these disadvantages, governments may search for the organizational approaches that combine most effectively the skills and resources of both the public and the private sectors.
Indeed, we observed that many governments did avoid these two extreme approaches and, instead, chose an intermediate approach. They conducted investment promotion through quasi-government organizations. These organizations, while reporting to the government, were not enmeshed within the conventional government and civil-service structure. Separation from the conventional apparatus of government gave these organizations certain inherent advantages over government organizations in carrying out the investment promotion function. At the same time these quasi-government organizations had an advantage over private organizations in conducting the tasks of investment promotion that required close contact with the government since they were, in fact, part of the government.
In contrast to government organizations, quasi-government organizations tended to be created for the purpose of marketing countries as investment sites and not with the primary objectives of screening investment or negotiating with investors. These agencies had the flexibility to attract personnel with the marketing expertise successful investment promotion requires. In addition, they were able to obtain sufficient autonomy to design and implement promotion strategies, and to develop integrated management control systems that tied the activities of marketers to particular investments. These management control systems provided sufficient, timely information with which agencies could simultaneously control, evaluate, and motivate marketing representatives. The overseas offices of quasi-government agencies also tended to be staffed by full-time promoters who were directly controlled by, and accountable to, the agencies. These advantages were particularly important when an agency was heavily involved in investment-generating activities.
In contrast to private organizations, however, the quasi-government agencies did not face the problems likely to be faced by a private agency in conducting the investment promotion tasks that are more like typical government tasks, such as servicing investors and cooperating with the government.
These research findings build a strong case for the location of a government's promotion program in a quasi-government organization. Many countries, however, already have promotional programs. If such a program resides in a conventional government organization or in a private organization, change may be difficult. For government organizations, conversion to quasi-government status may be politically unacceptable. Nevertheless, certain management practices may lead to better performance in both government and private organizations.
Appropriate Organization for Investment Promotion
Like some other activities financed by governments, investment promotion has certain characteristics of tasks typically carried out by the government but others that are normally associated with tasks usually located in the private sector. Activities of this type are often financed by a government because they generate social profits that are greater than the private profits they could provide. When this condition prevails, a government must either finance the activity or risk that it will be underprovided.
In contrast to government organizations, quasi-governmental organizations tended to be created for the purpose of marketing countries as investment sites and not with the primary objectives of screening investment or negotiating with investors.
Governments can adopt two polar positions in their attempts to carry out the nontraditional government activity of investment promotion. A government can carry out investment promotion itself, but this approach has the disadvantage that the government organization may be unable to acquire skills that are required if the activity is to be managed properly. The required skills may reside in the private sector and be difficult to attract to the public sector, especially with the salary constraints typical of civil services. Accordingly, if the government decides to manage the activity, it may also, through various methods, have to take steps to obtain the appropriate skills from the private sector.
An alternative approach is for the government to delegate the management of investment promotion activities to the private sector. This approach often has the disadvantage that the private sector will not handle well the attributes of the task that are more like traditional government tasks, such as servicing investors by acquiring permits and approvals from other government departments. Indeed, neither the wholly public nor the wholly private approach to the management of investment promotion is ideal. Regardless of the approach that is chosen there will be management issues with respect to the way the inherent disadvantages of either approach are to be overcome. In an attempt to overcome these disadvantages, governments may search for the organizational approaches that combine most effectively the skills and resources of both the public and the private sectors.
Indeed, we observed that many governments did avoid these two extreme approaches and, instead, chose an intermediate approach. They conducted investment promotion through quasi-government organizations. These organizations, while reporting to the government, were not enmeshed within the conventional government and civil-service structure. Separation from the conventional apparatus of government gave these organizations certain inherent advantages over government organizations in carrying out the investment promotion function. At the same time these quasi-government organizations had an advantage over private organizations in conducting the tasks of investment promotion that required close contact with the government since they were, in fact, part of the government.
In contrast to government organizations, quasi-government organizations tended to be created for the purpose of marketing countries as investment sites and not with the primary objectives of screening investment or negotiating with investors. These agencies had the flexibility to attract personnel with the marketing expertise successful investment promotion requires. In addition, they were able to obtain sufficient autonomy to design and implement promotion strategies, and to develop integrated management control systems that tied the activities of marketers to particular investments. These management control systems provided sufficient, timely information with which agencies could simultaneously control, evaluate, and motivate marketing representatives. The overseas offices of quasi-government agencies also tended to be staffed by full-time promoters who were directly controlled by, and accountable to, the agencies. These advantages were particularly important when an agency was heavily involved in investment-generating activities.
In contrast to private organizations, however, the quasi-government agencies did not face the problems likely to be faced by a private agency in conducting the investment promotion tasks that are more like typical government tasks, such as servicing investors and cooperating with the government.
These research findings build a strong case for the location of a government's promotion program in a quasi-government organization. Many countries, however, already have promotional programs. If such a program resides in a conventional government organization or in a private organization, change may be difficult. For government organizations, conversion to quasi-government status may be politically unacceptable. Nevertheless, certain management practices may lead to better performance in both government and private organizations.
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