Thailand Roundup: Film investments, banking system, Israel talks
Thailand eyes billions in film investments
Thailand's soft-power policy has yielded a 3.69 billion baht windfall, with over 800 foreign filmmakers showing interest in the "Land of Smiles" as a filming destination. The Department of Tourism (DOT) reported a surge in interest during its participation in the 77th Cannes Film Festival in France from May 14 to 25. According to The Star, the DOT estimates that inquiries at the festival will lead to over 3.69 billion baht in investments. The DOT received inquiries from over 800 filmmakers, attracted by the government’s 20% cash rebate for foreign film crews working in Thailand, and sought information on Thai films, series, and film crews. Additionally, 30 producers and filmmakers are ready to invest in projects in Thailand, the DOT noted.
Azerbaijan Independence Day wishes
The King of Thailand congratulates President Ilham Aliyev on Azerbaijan Independence Day and expresses hope for continued cooperation between the two countries in various areas, Azernews reports. In the letter, King of Thailand Maha Vajiralongkorn wrote, "His Excellency Mr Ilham Aliyev, President of the Republic of Azerbaijan, on the occasion of the Independence Day of the Republic of Azerbaijan, allow me to extend my cordial congratulations and best wishes for the good health and happiness of Your Excellency, as well as for the peace, progress, and prosperity of the Republic of Azerbaijan and its people. Thailand and the Republic of Azerbaijan have enjoyed a fast-growing relationship in multiple areas of common endeavour."
NEC Corporation and NEC Thailand collaboration
NEC Corporation (Thailand) Limited (NEC Thailand) has announced a strategic partnership with AIRA Factoring Public Company Limited (AIRA Factoring) to enhance digital supply chain finance solutions through innovative technology and collaboration. This partnership highlights NEC Thailand’s dedication to utilizing its digital expertise to offer comprehensive support and opportunities for clients and markets throughout Thailand. According to Thailand Business News, NEC Thailand and AIRA Factoring will collaborate as non-exclusive partners to deliver a range of key services.
Strong banking system
The Thai banking system is strong, with high levels of capital and liquidity. Profitability improved in Q1 2024, but monitoring is needed for small SMEs and vulnerable households to prevent NPLs. The banking system’s loan growth turned slightly positive at 0.7% YoY, attributed to the expansion of large corporate loans in the manufacturing sector. Thailand Business News reports that the NPL ratio increased to 2.74% primarily from corporate loans and mortgage loans. Profitability improved from the previous quarter, but there is a need to monitor the debt serviceability of small SMEs and certain vulnerable households with slow income recovery.
Higher labour quota from Israel
Thailand's Labour Minister plans to ask Israel to raise its quota for Thai workers during an official visit. The focus will be on increasing job opportunities, ensuring proper wages, and addressing the living and working conditions of Thai workers in Israel. Bangkok Post reports negotiations will also include the safe employment of Thai nationals and the release of those held in Gaza. The Department of Employment has lifted its suspension of sending workers to Israel, with assurances of safety measures in place from the Israeli embassy.
