Apec summit expected to generate B600bn
An industry council estimates the Apec Summit 2022 held in Bangkok last month will generate 500-600 billion baht in benefits for Thailand’s economy over the next 3-5 years.
This economic value would stem from tourism, cross-border trade and foreign direct investment (FDI), Sanan Angubolkul, chairman of the Thai Chamber of Commerce, said at a press conference for the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) yesterday.
The tourism sector, which includes soft power, Thai food and culture, would attract an extra 100,000-200,000 foreign tourist arrivals in the short term after they were inspired by news and information about Apec, said Mr Sanan.
The increase in foreign travellers should improve economic activities and income for the next 3-6 months, he said.
“Information about the meeting, food, performances and Thai culture showcased during the summit’s welcome reception was communicated through the media and the social networks of participating leaders,” said Mr Sanan.
“This will benefit Thai tourism and soft power.”
Moreover, the positive image generated by Thailand during the meeting would make investors clearly see Thailand as an investment destination for the bio-, circular, and green (BCG) economy, energy, electric vehicles (EVs), digital economy, tourism and healthcare, particularly in the Eastern Economic Corridor (EEC).
Against this backdrop, the JSCCIB forecasts attracting 600 billion baht worth of FDI for the next 3-5 years, said Kriengkrai Thiennukul, chairman of the Federation of Thai Industries.
JSCCIB expects the Apec Summit 2022 to increase trade and investment between Thailand and China, especially for fruit and other agricultural products.
The two countries also agreed to promote bilateral investment in the digital industry, as well as the automotive, power and green industries.
Mr Kriengkrai said Thailand and China agreed to optimise benefits available from the Regional Comprehensive Economic Partnership and enhance infrastructure connection, especially rail service and the Thailand-China high-speed train development.
Trade and investment between the two countries is expected to expand by 100-200 billion baht, said the council.
Apec plans to increase trade and investment between Thailand and Saudi Arabia, as well as the six member states of the Gulf Cooperation Council, comprising Saudi Arabia, Kuwait, Qatar, Bahrain, Oman and the UAE.
Investment will be focused on Thailand’s 12 targeted industries in the energy, petrochemical, green agricultural technology, health and service sectors in the EEC, said JSCCIB.
These sectors are expected to generate 100-300 billion baht in investment and trade.
In addition, investment in the BCG economy, EVs and alternative energy from countries other than China and Saudi Arabia is estimated at 50-100 billion baht.