Business

Bank of Thailand Delays Decision on New Board Chair Amid Political Controversy

Published

2 months ago

November 4, 2024

The Bank of Thailand’s (BoT) ongoing search for a new board chairman faces delays as the selection committee postpones its decision for another week, citing the need for a thorough review. Political tensions surrounding one candidate have added pressure to the process.

Bank of Thailand Delays Decision on New Board Chairman Amid Political Pressure

The Bank of Thailand’s quest for a new board chairman is mired in delays and controversy, as the decision faces further postponement to allow for a comprehensive review of candidates.

BoT Board Chair Selection Process Postponed Again

The BoT’s selection process for a new board chairman, already delayed once from its initial October 8 date, is now postponed again. The independent committee overseeing the selection is allowing an additional week for deliberation, citing the need for a closer look at each candidate’s credentials.

Committee Cites Need for More Deliberation Time

According to Wirekha Santapan, the panel secretary, the committee led by Sathit Limpongpan determined that more time is needed to assess the decision. A final choice is expected to be announced next week, but recent events suggest this timeline may shift further.

Background of the Delay

The delay comes as mounting opposition to one of the nominees, Kittiratt Na-Ranong, has sparked controversy. Na-Ranong’s critics claim his close ties to the Pheu Thai Party could influence the BoT’s direction, leading to growing resistance to his nomination.

Controversy Surrounding Kittiratt Na-Ranong’s Candidacy

Kittiratt Na-Ranong’s potential appointment has raised red flags among former BoT governors, academics, and opposition parties. His critics argue that a political figure in such a role could jeopardize the central bank’s independence, raising concerns about future governance and economic policy direction.

Pheu Thai Party’s Influence Under Scrutiny

Some view Na-Ranong’s nomination as a move by the Pheu Thai Party to expand its influence within Thailand’s financial institutions. Despite his qualifications, opponents argue that his political affiliations could lead to potential conflicts of interest.

Protests and Public Opposition

The controversy has prompted a small protest outside the BoT premises, with further demonstrations expected. As public resistance grows, the selection committee faces increased scrutiny to ensure a fair and transparent decision-making process.

Other Candidates for BoT Board Chairman

Alongside Kittiratt Na-Ranong, the BoT’s other nominations include Kulit Sombatsiri, former permanent secretary of the Energy Ministry, and Surapon Nitikraipot, a respected law professor and rector at Thammasat University. These alternative candidates are viewed by some as less politically tied, providing options for those concerned about potential political influence.

Kulit Sombatsiri: Experienced Government Official

Kulit Sombatsiri brings extensive government experience to the table, having previously served as the permanent secretary of the Energy Ministry. His background is seen as an asset, aligning with the BoT’s non-partisan stance.

Surapon Nitikraipot: Academic Perspective

Surapon Nitikraipot, a law professor and rector at Thammasat University, is regarded as a highly knowledgeable candidate with minimal political connections. His academic credentials make him a preferred choice for those advocating for an impartial chairman.

Thailand’s Economic Outlook and BoT’s Inflation Goals

While the selection process unfolds, the BoT is focusing on stabilizing Thailand’s economy with a targeted inflation range. With the current deputy governor, Piti Disyatat, sharing insights at the Monetary Policy Forum, the BoT aims for headline inflation of 1.2% by 2025.

BoT’s Long-Term Inflation Strategy

As Thailand’s economy seeks steady growth, the BoT aims to keep inflation within a targeted range of 1% to 3%. This approach is expected to provide financial stability as the country recovers from recent economic challenges.

Upcoming Monetary Policy and Market Outlook

With an inflation goal of 1.2% by 2025, the BoT is prioritizing policy measures that drive growth while controlling costs. Thailand’s financial markets, closely watching the BoT’s leadership transition, remain optimistic about continued economic progress.

Conclusion: BoT Leadership Choice and Economic Policy Implications

The BoT’s decision regarding a new board chairman carries significant implications for Thailand’s financial future. As political tensions heighten and the committee examines candidates thoroughly, the appointment of a chairman will shape the BoT’s strategic direction. Amid these delays, the BoT’s commitment to economic stability and inflation control remains unwavering, positioning Thailand for sustainable growth in the coming years.

Ref- Thaiger

Business

10 In-Demand Careers for 2025: Future Proof Your Career

Published

2 weeks ago

December 29, 2024

Wadi

Exploring the Future Job Market: Top Careers to Consider

As we approach 2025, the job market is undergoing significant changes driven by technological advancements, demographic shifts, and evolving consumer needs. According to the World Economic Forum, while approximately 85 million jobs may be replaced by machines, an estimated 97 million new roles are set to emerge. This article highlights ten in-demand careers that are expected to thrive in the coming years.

Key Factors Driving Job Growth

The demand for skilled professionals is being fueled by several key trends, including the rise of digital technology, the need for data analysis, and a growing focus on sustainability. Understanding these trends can help job seekers target their career paths effectively.

Top 10 In-Demand Careers for 2025

1. Software Developer

Software developers are crucial in creating applications and systems that drive businesses forward. Their expertise in programming languages and software design makes them indispensable in today’s digital landscape.Salary Range: 25,000-140,000 baht/month

2. AI & Machine Learning Engineer

With artificial intelligence becoming integral to various industries, AI and machine learning engineers are in high demand. They specialize in developing algorithms and models that enable machines to learn from data.Salary Range: 60,000-80,000 baht/month

3. Data Analyst

Data analysts play a vital role in interpreting complex data sets to inform business decisions. Their ability to derive insights from data helps organizations optimize their strategies and improve performance.Salary Range: 40,000-80,000 baht/month

4. Data Scientist

Data scientists focus on advanced analytics and predictive modeling to provide actionable insights for businesses. They combine statistical knowledge with programming skills to enhance decision-making processes.Salary Range: 35,000-80,000 baht/month

5. Digital Marketing Specialist

Digital marketing specialists leverage online platforms to create effective marketing strategies. Their skills in content creation and data analysis help businesses engage with their target audiences effectively.Salary Range: 30,000-80,000 baht/month

6. Cybersecurity Professional

As cyber threats increase, cybersecurity professionals are essential for protecting organizational data and systems. They implement security measures and respond to incidents to safeguard against breaches.Salary Range: 60,000-100,000 baht/month

7. Cloud Engineer

Cloud engineers design and manage cloud-based infrastructure and services. With the growing adoption of cloud computing, their expertise is crucial for organizations transitioning to cloud environments.Salary Range: 50,000-90,000 baht/month

8. Nurse Practitioner

The healthcare sector is experiencing a surge in demand for nurse practitioners who provide primary care services. Their role is vital in addressing the needs of an aging population and increasing healthcare accessibility.Salary Range: 120,000 baht/month

9. Renewable Energy Technician

As the world shifts towards sustainable energy sources, renewable energy technicians are becoming increasingly important. They install and maintain systems such as solar panels and wind turbines.Salary Range: $46,000/year (approx. 40,000 baht/month)

10. Content Creator

Content creators produce engaging material across various platforms to connect with audiences. Their creativity in writing, video production, and social media management drives engagement and brand awareness.Salary Range: 25,000-50,000 baht/month

Preparing for Future Careers

The job market of 2025 promises exciting opportunities across various sectors driven by technology and sustainability initiatives. By focusing on developing relevant skills for these in-demand careers—such as software development, data analysis, and cybersecurity—individuals can position themselves for success in a rapidly evolving landscape. Embracing continuous learning will be essential for thriving in this dynamic environment.

Business

Thailand Commits to Becoming an AI Learning Hub

Published

1 month ago

December 5, 2024

Wadi

Ministers Announce Plans for AI Governance Collaboration

Thailand is dedicated to advancing global trust in artificial intelligence (AI) governance and establishing itself as a learning hub for AI through collaboration with UNESCO, according to Prasert Jantararuangthong, the Minister of Digital Economy and Society (DES). This initiative aims to enhance the ethical application of AI technologies while fostering skilled professionals in the field.

Goals for AI Workforce Development

The Ministry of Higher Education, Science, Research and Innovation (MHESI) has set ambitious goals to increase the number of AI-skilled workers by adding 30,000 engineers over the next three years. This plan includes generating 100 AI innovations valued at 40 billion baht and promoting AI adoption across 600 agencies nationwide.

Significant Increase in AI Adoption Rates

According to the AI Readiness Measurement 2024 report by the Electronic Transactions Development Agency and the National Science and Technology Development Agency, AI adoption plans among Thai organizations have reached 73.3%, reflecting an increase of nearly 20 percentage points year-on-year. This surge indicates a growing recognition of the importance of AI in various sectors.

Hosting the UNESCO Global Forum on AI Ethics

On Wednesday, the DES Ministry, MHESI, the Education Ministry, and UNESCO announced their partnership to host the 3rd UNESCO Global Forum on the Ethics of AI 2025, themed “Ethical Governance of AI in Motion.” This event is scheduled to take place from June 24 to 27, 2025, in Bangkok and will serve as a platform for knowledge exchange and collaboration on AI governance.

Commitment to Ethical AI Implementation

Prasert emphasized that Thailand’s commitment aligns with UNESCO’s AI Readiness Assessment framework, which is recognized globally. The country has recently introduced key frameworks such as the AI Governance Guideline for Executives and the Generative AI Governance Guideline for Organizations. These resources aim to ensure responsible and transparent implementation of AI at all organizational levels.

Multilateral Collaboration for Developing Countries

The upcoming forum is expected to foster multilateral collaboration and build AI governance capacity in developing countries. It highlights Thailand’s dedication to global trust in AI governance while positioning itself as a leader in ethical AI practices.

Integration of AI Technologies Across Industries

Suphachai Jaismut, vice-minister for MHESI, stated that Thailand is prepared to integrate AI technologies across various industries, driven by a commitment to advancing research and development (R&D). This integration is crucial as Southeast Asia’s digital economy continues to grow rapidly.

Addressing Challenges in the Digital Economy

While advancements in AI infrastructure are promising, challenges such as the digital divide and job displacement due to automation remain significant concerns. Xing Qu, deputy director-general for UNESCO, emphasized that building peace through education, science, and culture is vital in an era where AI increasingly influences societies and economies.

Business

Thailand to Finalise Free Trade Agreement with EFTA by January 2024

Published

1 month ago

December 1, 2024

Ashley Wings

Thailand is preparing to finalise a landmark Free Trade Agreement (FTA) with the European Free Trade Association (EFTA) by January 2024. The agreement marks Thailand’s first FTA with a European trade bloc and is expected to bolster exports, attract investments, and enhance Thailand’s position in the global economy.

EFTA Partnership: A Milestone in Thailand’s Trade Strategy

Who Are EFTA Members?

The EFTA comprises Switzerland, Norway, Iceland, and Liechtenstein, offering Thailand access to lucrative European markets.

Commerce Minister Pichai Naripthaphan highlighted the FTA’s importance, describing it as a pivotal step for economic growth and trade expansion.

“This is Thailand’s inaugural FTA with a European bloc, setting a precedent for modern trade standards and sustainable development goals,” said Pichai.

Comprehensive Scope of the Agreement

What Does the FTA Cover?

The FTA includes 15 broad areas designed to modernise trade relations and foster sustainable development. Key areas include:

Trade in Goods
Rules of Origin
Investment Opportunities
Trade Facilitation
Intellectual Property Rights
Sustainability and SMEs Development

Future Expansion Opportunities

The FTA is seen as a stepping stone toward future trade agreements with other significant partners, including the European Union, advancing Thailand’s global trade ambitions.

Economic Impact of the Thailand-EFTA Trade Partnership

Surging Trade Figures

Between January and October 2023, trade between Thailand and the EFTA exceeded US$10 billion, accounting for 2.03% of Thailand’s global trade and reflecting a 23.22% year-on-year growth.

Key Thai Exports and Imports

Exports to EFTA: Jewellery, watches, canned seafood, machinery, cosmetics, and rice.
Imports from EFTA: Gems, gold, pharmaceuticals, scientific equipment, and fresh seafood.

The agreement is expected to further diversify and increase Thailand’s trade portfolio.

Next Steps: Approval and Implementation

High-Level Signing at WEF Davos

The FTA will be presented to the Thai Cabinet for approval before its official signing at the World Economic Forum (WEF) in Davos, Switzerland, in January 2024. Prime Minister Paetongtarn Shinawatra and Commerce Minister Pichai will attend the signing ceremony.

Ratification and Rollout

Following Parliamentary approval, the agreement will be ratified, paving the way for implementation and significant contributions to Thailand’s GDP growth.

A Strategic Vision for Thailand’s Future

The Thailand-EFTA Free Trade Agreement aligns with Prime Minister Paetongtarn Shinawatra’s vision of positioning Thailand as a global trade hub. By establishing this partnership, Thailand is set to achieve:

Increased export opportunities
Enhanced foreign investment
Strengthened trade ties with Europe

As the January deadline approaches, Thailand’s first European trade agreement symbolizes a bold step toward economic transformation, underscoring its commitment to modernisation, sustainability, and global collaboration.