Mr. Yoshiyuki Horio, Krungsri Head of Japanese Corporate and Multinational Banking (JPC/MNC Banking) gave an opening speech for this virtual seminar. The seminar was joined by Ms. Duangjai Asawahinatachit, Secretary General of Thailand Board of Investment (BOI) as a special lecturer on the topics of a new economy and driving economy towards sustainable growth with Bio-Circular-Green Economy Model (BCG) and BOI's direction on supporting Thai industry. This virtual seminar was also joined by Dr. Somprawin Manprasert, Krungsri Executive Vice President, Head of Krungsri Research Division, and Ms. Roong Sanguanruang, Krungsri Head of Global Markets Research, sharing their insights on the world and Thai economies, interest rate, and currencies trends in Thailand and global financial markets.
The key highlights in this seminar shared by Dr. Somprawin, were that the world economy would gradually recover from higher vaccination rates and lockdown eases in some countries. Thailand has already passed the outbreak's peak with the increasing vaccination rates averaging 400,000 persons per day. Krungsri Research believed that the economy would grow by 0.6% due to the following factors; Thailand's export sector was still positive, relief measures were continuously implemented, and people had more economic activities after the lockdown ease. It was expected that by the end of the year, the infection rate would be reduced to 2,500 cases per day. Foreign tourists would be on the rise next year but would take some time to resume as normal.
The BOI also shared their insights on the topic of the Bio-Circular-Green (BCG) industry. The BCG was considered a significant opportunity for Thailand in economic recovery after the COVID-19 crisis. As Thailand had tremendous biological resources as byproducts from agricultural and food industries, adopting new technologies could help add value to these resources. Furthermore, the trend on green business among corporations could help boost related business, so it was expected that in 5 years, the BCG industry could contribute to 25% of the total GDP. Thailand had good potentials to develop such an industry due to many factors, such as being globally ranked at no. 15 on biodiversity and no.13 on food export. Thailand also had remaining biomass from agricultural activities around 40 tons annually, which could add value if advanced technologies were adopted, along with strategic location and infrastructure of the country that could benefit business development in many areas. Smart farming and plant factory businesses could also be developed with the focus on herbal products or high value-added materials such as sugar FOS or novel food, i.e., plant-based protein or insect protein. Regarding the bio plastic industry, Thailand had high potential and was considered a regional production hub with high investment and expansion. Other industries such as healthcare and recycle-related industries also showed competitive advantages and development opportunities.
Regarding the EV industry, Thailand was ranked at no. 11 globally on car production hub and no. 1 in ASEAN. By 2030, it was expected that 30% of the total production capacity will be EVs. In order to develop EV readiness, many aspects of the ecosystems had to be enhanced, especially the charging stations that needed to meet the standards. Also, the country needed to adapt in all areas since the automotive industry would continue to be no.1 among Thai industries.
This virtual seminar is a part of virtual seminar series under Krungsri Business Empowerment for Krungsri's business customers, to help enhance the business potential of customers for sustainable growth. These seminars are aimed to share knowledge and insights from leading experts, to inspire, and leverage business opportunities for Krungsri's customers. This virtual seminar is also available for viewing on Krungsri Business Empowerment Facebook and www.krungsri.com
Krungsri (Bank of Ayudhya PCL and its group companies) is the fifth largest financial group in Thailand in terms of assets, loans, and deposits, and one of Thailand's six Domestic Systemically Important Banks (D-SIBs) with 76 years of history in the country. Krungsri is a strategic member of the Mitsubishi UFJ Financial Group (MUFG), Japan's largest financial group and one of the world's largest financial organizations. Krungsri provides a comprehensive range of banking, consumer finance, investment, asset management, and other financial products and services to individual consumers, SMEs, and large corporations through 665 domestic branches (626 Banking Branches and 39 Auto Business Branches) and over 32,216 service outlets nationwide. The Krungsri Group is the largest card issuer in Thailand with 9.5 million credit cards, sales finance, and personal loan accounts in its portfolio; a major automobile financing service provider (Krungsri Auto); one of the fastest growing asset management companies (Krungsri Asset Management); and a pioneer in microfinance (Ngern Tid Lor)
Krungsri is strongly committed to the highest level of integrity in conducting its business. All Krungsri Group companies have been awarded accreditation from the Private Sector Collective Action Coalition Against Corruption (CAC) in collaboration with industry peers and stakeholders on a zero tolerance approach to corruption.
About MUFG (Mitsubishi UFJ Financial Group, Inc.)
Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,500 locations in more than 50 countries. The Group has about 170,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to "be the world's most trusted financial group" through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit
Source: Bank of Ayudhya