MTCC ISSUE 3/2023 DIGITAL NEWSLETTER MTCC Dinner Talk & Networking Evening 2023 CONTENTS Chairman's message New Members: MR.DIY Trading (Thailand) Co., Ltd. Kudun and Partners (Thailand) Co., Ltd. Kimann Specialty Metals (Thailand) Co., Ltd. Harmony Wealth Co., Ltd. Member's Profile: Uni Royal International United Overseas bank (Thai) PCL Wellness (Bangkok) Co., Ltd. MTCC Activities CSR Activities Other Activities Joint Venture Purem Aapico opens new plant in Malaysia New plant of Joint Venture Purem Aapico in Thailand Introduction of BidMyAsset Quantum Metal News The “G” in ESG: Redefining the Melody of “Governance” Economic Review: Malaysia’s Trade Performance Legal Brief: Assessable Income from aboard Legal Brief: Competition Trade Guideline for Digital Sectors Thailand and Malaysia Event Calendar 3 4 5 6 7 8 15 17 19 21 23 24 25 27 31 32 33 On 12 December 2023, MTCC hosted the Dinner Talk and Networking Evening titled “Embracing ESG for resilience and growth” at the Baan Amata, Kromadit Building, Bangkok. The event was well attended with over 100 participants, including H.E. Datuk Jojie Samuel, the Ambassador of Malaysia to Thailand and MTCC Patron, Mrs. Vibeke Lyssand Leirvå, JFCCT Chairwoman, MTCC members and distinguished guests from foreign chambers of commerce. The participants were delighted with the sharing by Mr. Vikrom Kromadit, Chairman of Amata Corporation PCL and Chairman of Amata Foundation. MTCC wish to express heartfelt appreciation towards supports from our sponsors AAPICO, Best Plastics Technology, Bitazza Thailand, CIMB Thai, Harmony Wealth Co., Ltd, Bina Buri Thailand, Favor Woodpanel Thailand, Performance Motors Thailand, Tricor Thailand, Amata Corporation PCL., O'right Thailand and Thai Beverage PCL., together with all attendees. l 1 MTCC NEWS l December 2023
Chairman’s Message Patron H.E. Datuk Jojie Samuel Ambassador of Malaysia to the Kingdom of Thailand Advisors Ms. Fadzilah Abu Hasan Minister Counsellor (Economic Affairs) Mr. Hafiz Shariff Trade Commissioner (MATRADE) Mr. Hairuddin Bin Maslan Counsellor (Agriculture) Ms. Madzwin Zainal Abidin Director (Tourism Malaysia) Honorary Board of Directors Mr. Yeap Swee Chuan - Hon. Chairman Mr. Daniel Soh - Hon. Director Mr. Khew Ham Hoe - Hon. Director Mr. Supasak Chirasavinuprapand - Hon. Director Mr. Ten Voon Teng - Hon. Director Board of Directors Dr. Hwee Khim Boo - Chairman Mr. Yap Choon Eng - Deputy Chairman Ms. Low Giin Lan - Treasurer Mr. Pranart Sarnvivad - Secretary Mr. Halmi bin Mohd Salim Mr. Leong Keh Soon Mr. Raymond Chee Ms. Rungnapa Chinvigai Dr. Supareak Charlie Chomchan Ms. Susan Lim Ms. Woan Na Ng Ms. Khong Sheau Yan Committee Members Mr. Lam Hoi Sun Mr. Leon Quah Administrator Ms. Siriporn Wongchanglor As we approach the end of 2023, it is with mixed emotions that I write this final newsletter of the year. We have faced numerous challenges and I would like to take this opportunity to reflect upon the impact of economy challenges and the role that MTCC has played in navigating through them. Firstly, the effects of war and conflicts between Russia-Ukraine and Israel-Hamas have had far-reaching consequences towards the global economy. The disruption of supply chains, the displacement of populations and the destruction of infrastructure have all contributed to economic instability. These are circumstances beyond our control, but as members of MTCC, we recognize the importance of peace and stability in fostering a conducive environment for economic growth. We will continue to do our small part and support the affected communities. Secondly, the recovery from Covid-19 pandemic remains slow. The GDP growth in Thailand remains at 2.5%-3% and export sectors has dropped from previous years. Household debt has increased over the past year. Fortunately, it is expected that the slump local economy will improve in the second half of 2024. Meanwhile, MTCC remains active in cooperation with the Joint Foreign Chambers and Board of Trade Thailand to improve ease of doing business and competitiveness. We organized several dinner talks and member pitching sessions for networking. The CSR committee has successfully raised funds for an online Eduten mathematic course with 150 students from Pratom 1 to Matthayom 3 (ages 6-15) for Wat Krachang School in Autthaya. The team also managed to see through the completion of the roof replacement construction for Wat Krachang School. As we look ahead to the coming year, we hope to receiving your continuous support towards MTCC’s activities. Our collective efforts (together with other business chambers) have brought about positive changes and contribute towards the recovery and resilience of our economy. Whether it is through volunteering, fundraising or participating in our various activities, your support is indeed invaluable. We are proud of the accomplishments we have achieved together in 2023, but there is still much work to be done. Let us continue to stand united, as members of MTCC, in our commitment to making a difference. Together, we can overcome the challenges that lie ahead and build a better future for all. On behalf of the MTCC Board, I would like to express our deepest gratitude for our sponsors for their unwavering support throughout the year. Their dedication and generosity have been instrumental in our success. We also thank all of you for being with us. We wish you all a safe and joyous holiday season and look forward to your continued support in the coming year. Warm regards, Dr. Hwee Khim Boo Chairwoman Malaysian-Thai Chamber of Commerce l 3 MTCC NEWS l December 2023
| NEW MEMBERS MR.DIY Trading (Thailand) Co., Ltd. Address: 889, 889/1 Moo 3 Phraek Sa Mai, Mueang Samut Prakan, Samut Prakan 10280, Thailand Tel: (66) 2 316 0004-13 E-mail: [email protected] Website: www.mrdiy.com/th Nature of Business: Home improvement and furnishing retail. Product/Service: MR. D.I.Y. stores offer a wide selection of products which include: hardware, household, electrical, car accessories, furnishing, stationery and sports, toys, gifts, computer and mobile accessories and others. Company Background: MR. D.I.Y. is one of the largest home improvement retailers in Asia with more than 2,700 stores across 10 countries (Malaysia, Thailand, Brunei, Indonesia, Singapore, Philippines, Spain, Turkey, Cambodia, and India). The home improvement retailer has been dedicated to making a positive difference in the lives of its valued customers by offering convenience at all of its stores nationwide. All MR. D.I.Y. stores are managed directly, and the company often works in collaboration with other mass merchandise retailers or owners of malls or shopfront properties. As of April 2023, MR. D.I.Y. operates over 600 stores in Thailand covering 72 provinces. The company strives to always put customers first by operating an innovative business that is flexible when it comes to providing a wide variety of products, good quality, and value for money, holding true to its company motto: "ALWAYS LOW PRICES". Chamber Representative: Mr. Chin Guangui - CEO Kudun and Partners (Thailand) Co., Ltd. l 4 MTCC NEWS l December 2023 Address: 127 Gaysorn Tower, Units C,F, 23rd Floor, Ratchadamri Road, Lumpini Subdistrict, Pathumwan District, Bangkok 10330, Thailand Tel: (66) 838 1750 E-mail: [email protected]/ [email protected] Website: www.kap.co.th Nature of Business: A full-service law firm. Product/Service: Kudun and Partners is your guide through Thailand's legal and regulatory landscape. Company Background: As businesses today face a constantly evolving environment, a paradigm-shifting approach to legal advice is required. Founded in 2015, Kudun and Partners is a modern and award-winning full-service law firm led by some of South East Asia’s most accomplished lawyers from a desire to provide more commercially minded and creative legal advice to our clients. Since inception, we have attracted many lawyers from various large international firms and representing various entities on transactions in Thailand and throughout Southeast Asia. Clients value our responsiveness and distinctly commercial attitude, as well as our passion for developing forward-thinking, innovative strategies and solutions that respond to their unique business needs. In only six years since our inception, we have been awarded the highly coveted Thailand Law Firm of the Year by The Legal 500 Southeast Asia Awards 2020/2021, a reflection of the firm's commitment to deliver work that exceeds expectations and raise industry standards. We can assist our clients in the areas of Capital Markets (Debt and Equity), Corporate and M&A, Dispute Resolution, Litigation and Arbitration, Data Privacy and Protection, Projects and Energy, Foreign Direct Investment, Labour and Employment, Restructuring and Insolvency and Tax. We have dedicated foreign practices; China and Japan with legal practitioners speaking fluent Chinese and Japanese to assist both nations in their expansion to Thailand. Team members are bilingual with a strong command of English to easily assist our foreign clients. Apart from English and Thai, some members speak fluent Chinese, German, Korean and Bahasa Malaysia. To seamlessly serve our clients, Kudun and Partners is the exclusive member representing Thailand in the World Services Group, one of the most prominent and largest networks of independent law firms in the world allowing us to reach out to like-minded law firms keen to equally provide their assistance to our clients in cross-border ventures. Chamber Representative: Thanyaluck Thongrompo (Partner) Soon Aun Cheok (Chief Operating Officer)
| NEW MEMBERS Kimann Specialty Metals (Thailand) Co., Ltd. Kimann Technologies (Thailand) Co., Ltd. Harmony Wealth Co., Ltd. l 5 MTCC NEWS l December 2023 Address: 877 Moo 2, Bangpoo Industrial Estate (North), Phraeksamai, Muangsamutprakarn, Samutprakarn 10280 Tel: +66 (0) 2085 8877, +66 (0) 2056 7740 E-mail: [email protected], [email protected] Website: www.kimann.com Nature of Business: Import, export, trading of specialty metals. Product/Service: One-stop supply service centre offering a comprehensive range of specialty metals and related value adding services such as metal cutting, sizing, slitting, machining, milling, grinding, heat treatment and supply chain management. Company Background: Kim Ann Engineering was incorporated in Singapore since 7 May 1974 and operates from three locations and more than ten overseas service centers, we are proud to be the leading specialty metal center in Singapore with a strong market presence in Asia Pacific. Our customer base consists of industrial players from the aerospace and defense, electronics, precision engineering, oil and gas, automotive and home appliances segments. Chamber Representative: 1. Wanida Lerdsuratana – Managing Director Kimann Specialty Metals (Thailand) Co., Ltd. 2. Lam Hoi Sun – General Manager Kimann Technologies (Thailand) Co., Ltd. Address: The Offices at Central World, 999/9 Rama I Road 8th Floor, Lumpini, Pathumwan, Bangkok, 10330 Tel: +66-2 6461368 E-mail: [email protected] Website: https://linktr.ee/harmonylifecenter https://sites.google.com/harmonywealth.co.th/thailand Nature of Business: Health and Medical. Company Background: Harmony Wealth Co., Ltd., operating as Harmony Life Center, is a leader in the realm of holistic healthcare solutions. Our emphasis on personalized, customized treatments sets us apart in the rapidly expanding field of wellness and well-being lifestyle. From our base in Central World Bangkok, the largest Lifestyle Shopping Mall Complex in Thailand, we aspire to become a beacon of innovative and regenerative treatments throughout the Asia-Pacific region. At the heart of our offerings is our Anti-Aging Medicine division, which forms the cornerstone of our center. We leverage cutting-edge technology for the early detection, prevention, and reversal of age-related conditions, with a mission to extend our clients' healthy lifespans. Through the amalgamation of scientific rigor and clinical expertise, we deliver personalized treatments designed to promote vitality and longevity. Supplementing our Anti-Aging specialism, we offer a comprehensive Weight Management Program. Developed in partnership with Slim Up Center, this program combines nutritional advice, fitness plans, and lifestyle modifications, custom-tailored to each individual's health profile and goals. Our focus extends beyond simple weight loss to encompass overall wellness and sustainable health improvements. Our service suite is rounded off with our Aesthetic Medicine services. Utilizing advanced technology, we offer a wide range of facial treatments addressing a broad spectrum of skin concerns. Our aim is to enhance our clients' natural beauty and confidence with tangible, sustainable results. Underpinning our personalized approach is our extensive in-house laboratory services. From Hematology and Biochemistry to advanced Genetic Testing, we provide comprehensive assessments that form the basis of our individualized treatment plans. These tests ensure we are equipped to address each client’s unique health needs with precision. At Harmony Wealth Co., Ltd., we pride ourselves on fostering a healthier, more vibrant community by making optimal wellness accessible to all. With Anti-Aging Medicine as the focal point of our diverse and innovative service range, we demonstrate our commitment to being more than a healthcare provider – we are a trusted partner in your journey towards lifelong wellness. Chamber Representative: Mr. Por Jin How - Director of International Product Development
| MEMBER’S PROFILE Address: 48 Soi Prayasurain 29, Prayasurain Road, Bangchan, Klongsamwa, Bangkok 10510 Tel: (+66)2914 1281 Fax: (+66)2914 1279 E-mail: [email protected] Website: http://www.uni-royal.com Nature of Business: Air, gas and liquid conveyance technology, coffee distributor and exporter, cement mortar conditioning liquid. Product/Service: - Hydra-Cell Industrial Pumps (Made in USA) - Turbo Blowers for Water treatment and pneumatic conveying. (Made in S. Korea) - Maglev Turbo Blowers for Water Treatment and Pneumatic Conveying (Made in China) - Root Blowers from Germany, Spain & China - Service, overhaul and repairs of Root Blowers and Low-Pressure Compressors and other rotating equipment. - Thai Specialty Roasted Coffee Beans and 3 in 1 Premium Instant Healthy Coffee - CODE+ Cement Mortar Conditioning Liquid (Made in Malaysia) Company Background: We are the sole distributor Hydra-Cell products in Thailand. We distribute Turbo Blowers, Maglev Blowers, Root Blowers and other Rotating Equipment. We perform services, overhaul and repairs of root blowers, low-pressure compressors, high pressure pumps and other Rotating Equipment. We distribute coffee in Thailand and export worldwide. We are also the sole distributor for Code+ cement mortar conditioning liquid. United Overseas bank (Thai) PCL Uni Royal International Co., Ltd. Address: UOB Plaza Bangkok 690 Sukhumvit Road, Khlong Tan, Khlong Toei, Bangkok 10110, Thailand Tel: +66 (0) 2343 3000 Fax: +66 (0) 2287 2973/74 Email: [email protected] Website: www.uob.co.th Nature of Business: Commercial Bank. Company Background: United Overseas Bank (UOB) is a leading bank in Asia with a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. In Asia, UOB operates through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, as well as branches and representative offices across the region. Over more than eight decades, generations of UOB employees have carried through the entrepreneurial spirit, focusing on long-term value creation and an unwavering commitment to do what is right for our customers and colleagues. As part of UOB, United Overseas Bank (Thai) PCL (UOB Thailand) is a regional bank rooted in Thailand that provides in-depth expert financial solutions to customers in both retail and wholesale banking. UOB Thailand is rated among the top banks in Thailand: A3 by Moody’s Investors Service and AAA(tha) by Fitch Ratings. UOB Thailand provides a nationwide network of 151 branches, 349 ATMs (as of 31 December 2022) and its Call Centre. With our strong foothold in the region, UOB understands the Asian corporate culture and business mindset, and is well-placed to create opportunities by linking our customers to their counterparts in Asia. UOB Thailand provides a wide range of financial services in Personal Financial Services, Commercial and Corporate Banking, and Treasury Services. It has grown its core business lines in mortgages, wealth management and Foreign Direct Investment. We believe in being a responsible financial services provider and are committed to making a difference in the lives of our stakeholders and in the communities in which we operate. Just as we are dedicated to helping our customers manage their finances wisely and grow their businesses, UOB is steadfast in supporting social development, particularly in the areas of art, children and education. Chamber Representative: Ms. Chotip Chutiwongpanya Head - Foreign Direct Investment (FDI) l 6 MTCC NEWS l December 2023 Chamber Representative: Mr. Ten Voon Teng - Director
| MEMBER’S PROFILE l 7 MTCC NEWS l August 2023 Address: 10/100 The Trendy Building, 7th Floor, Sukhumvit 13, Klongtoey-Nua, Wattana, Bangkok 10110, Thailand Tel: + 66 (0) 2168 7521 Fax: +66 (0) 2168 7520 Email: [email protected], [email protected] Nature of Business: Marketing consultancy focusing on health and wellness. Product/Service: • Wellness & Lifestyle Membership Program • Medical Tourism Services • Genetic Screening Services • Medical Test Kits Company Background: Wellness Bangkok is a key player in the wellness and hospitality industry in Thailand. Its main business activities are: • Product development, sales, and marketing consultancy for the Wellness & Lifestyle Membership Program; • Exclusive distributor for the genetic screening services in Thailand; and • Exclusive distributor for medical test kits in Thailand. Wellness (Bangkok) Co., Ltd. Chamber Representative: Ms. Low Ginn Lan - CEO / Company Director Ongoing Business Project: • Part of One Belt, One Road initiative with China’s Yunnan Investment Holding Ltd - Yunnan New Kun Hua Hospital • Exclusive Marketing Consultancy for Membership Program • Exclusive Distributor for Genetic Testing Services • Exclusive Distributor for General Medical Device • Medical Tourism Services Other Leadership: • China Anti-aging Association (Beijing) - Division Leader Chelation association
l 8 MTCC NEWS l December 2023 | MTCC ACTIVITIES On 5 September 2023, MTCC representatives attended the Malaysia’s 66th National Day Reception organised by the Embassy of Malaysia at the Shangri-La Hotel in Bangkok. The ceremony was graced by the presence and participation of H.E. Datuk Jojie Samuel, the Ambassador of Malaysia to Thailand and Mr. Padipat Suntiphada, the First Deputy Speaker of the House of Representatives of Thailand. Attendees truly enjoyed the session, including watching the special traditional dance performances. fifffflffffiflffflfffffflffffi ffffl ffffi On 16 October 2023, along with other Joint Foreign Chamber of Commerce representatives, Dr. Hwee Khim Boo, MTCC Chairwoman, attended the Thai Chamber of Commerce and Board of Trade of Thailand 90th Anniversary Annual Get Together Party event at the University of Thai Chamber of Commerce. Many Ambassadors and Embassy trade representatives were present in this get together party.
l 9 MTCC NEWS l December 2023 | MTCC ACTIVITIES In conjunction with the 66th National Day of Malaysia, MTCC organised the Merdeka Golf 2023 on 10 September 2023 at the Suwan Golf & Country Club, Nakhon Pathom, Thailand, as supported by the Embassy of Malaysia in Bangkok. The event was graced by the presence and participation of H.E. Datuk Jojie Samuel, the Ambassador of Malaysia to Thailand, as well as some senior government officials of Thailand. It was well attended by more than 140 participants, comprising of golfers of various nationalities. This event brought together business leaders from various regions to build good connections and celebrate this joyous National Day of Malaysia. The event ended with a buffet dinner where more than 80 lucky draw prizes were given out. With a score of 67, the Overall Winner of the Merdeka Golf 2023 went to Mr. Sham Makdeh. MTCC thank the Embassy of Malaysia, all sponsors and participants for making Merdeka Golf 2023 a success. fifffflffifffl Platinum Sponsors Gold Sponsors Silver Sponsors In-Kind Sponsors
l 10 MTCC NEWS l December 2023 | MTCC ACTIVITIES On 26 September 2023, the India-Thai Chamber of Commerce organized the Asian Inter-Chamber Golf Challenge 2023 at the Royal Lakeside Golf Club in Chachoengsao. The event was well attended by multiple Foreign Chambers dignitaries and members. Congratulations to MTCC for winning this Asian Inter Chamber Golf Challenge 2023 – this will be the second time of MTCC winning the Golf Challenge. fifffflffiflflffiffifl ffifl fflflffifl ffiffifffflffififfiffffffi ffffifl On 10 December 2023, MTCC Directors and members participated the 3rd and final round of Malaysia Ambassador's Challenge Cup at the Vintage Club, Thailand. The Malaysia Ambassador's Challenge Cup is an event organised by the Sports and Welfare Club of the Malaysian Embassy in Bangkok and supported by the Malaysian Embassy in Bangkok and the MTCC with the objective of gathering the Malaysian community in Thailand for networking. Congratulations to Mr. Yap Choon Eng, Deputy Chairman of MTCC, and Mr. Saimon Tee for winning the First Runner Up B award and Ambassador Cup Champion respectively.
l 11 MTCC NEWS l December 2023 | MTCC ACTIVITIES fifffflfflffiflffiffi ffiffi ffi ffi On 24 October 2023, MTCC hosted a business networking night at Eastin Grand Hotel Phayathai, Bangkok. The event was well attended with over 50 participants, including H.E. Datuk Jojie Samuel, the Ambassador of Malaysia to Thailand and MTCC Patron, Datin Catherina Christine Cherian, Mr. Yeap Swee Chuan, MTCC Honorary Chairman, MTCC members and other distinguished guests. The participants were delighted with the sharing by Assoc. Prof. Tavida Kamolvej, Deputy Governor of Bangkok on the Bangkok Metropolitan Administration (BMA) projects and policies supporting expats living in Bangkok. Her presentation, titled "Transforming Bangkok: A Story of Trust, Efficiency, and Openness Inspiring Change", highlighted among others, the five key pillars of a credible government: • Empathised Inclusiveness: Creating a city that embraces diversity and caters to needs of all residents. • Reliable services: Enhancing the platform to connect everyone though technology. • Valid Data: Driving informed decision-making through data-driven approaches. • Good governance: Ensuring transparency and accountability in government operations. • Trusted mind: Fostering a culture of trust and collaboration between the government and its citizens. Following the presentation, Assoc. Prof. Tavida engaged in a lively Q&A session with the participants, offering further insights and clarifications. MTCC ended this successful event with four business pitches from its members, i.e. BidMyAsset, Stay-Lah Hospitality, Zhi-Ler Holding and PETRONAS/Gentari.
l 12 MTCC NEWS l December 2023 | MTCC ACTIVITIES On 18 November 2023, MTCC members participated the Deepavali Celebration with Malaysian Diaspora organized by Embassy of Malaysia, Bangkok at the India-Thai Chamber of Commerce. The evening was highlighted by scrumptious Indian cuisine and delightful Indian dance performances by the colleagues of Embassy of Malaysia. fifffffflffiflffiffffffi fiff ffiffi On 21 November 2023, MTCC) as represented by its Director, Raymond Chee, participated in the DEX Connex Thailand 2023 event, alongside with Malaysia Digital Economy Corporation, Embassy of Malaysia Bangkok, Malaysia External Trade Development Corporation Bangkok, Digital Economy Promotion Agency of Thailand and True Digital Park. The event aims at building collaboration and fostering shared growth and partnerships between the Malaysian and Thai technology companies. 43 Malaysian companies were showcased during the event. There were collaborations with over 40 Thai partners with digital export opportunities exceeding RM180 million, thus highlighting the event's significance in strengthening the economic ties between Malaysia and Thailand.
l 13 MTCC NEWS l December 2023 | MTCC ACTIVITIES fifffflffiflffff ff ffi On 16 November 2023, MTCC Deputy Chairman Mr. Yap Choon Eng accompanied by Honorary Directors Mr. Khew Ham Hoe and Mr. Daniel Soh participated in the annual Indo-China Forum organized and hosted by the Malaysia Business Chamber Vietnam (MBCV) at Pan Pacific Hotel, Hanoi. This annual event brings together Malaysian Business Chambers across the Indo-China region to share insights on the latest economic outlook and business opportunities in the respective countries. The event was well attended by over 50 participants, including H.E. Ambassador Dato' Tan Yang Thai, the Ambassador of Malaysia to the Socialist Republic of Vietnam. The respective countries business outlook and opportunities were presented to all participants followed by Q&A session by Chairman/President of Business Chambers namely: Cambodia - Oknha Tan Khee Meng Laos – Mr. Tee Chee Seng Thailand – Mr. Yap Choon Eng Vietnam – Mr. Angus Liew Philippines – Mr. Hans How Han Hui flff ffff ffi On 17 November 2023, MTCC representatives Mr. Yap Choon Eng, Mr. Khew Ham Hoe, Mr. Daniel Soh and Mr. Henry Koh participated in the 50th Anniversary Malaysia-Vietnam Charity Golf 2023 (MV50CG2023) at the uniquely designed BRG King’s Island Golf Resort (Kings Course) in Hanoi, Vietnam. This event jointly organized by Vietnam-Malaysia Club Hanoi (VMCH) and Malaysia Business Chamber Vietnam (MBCV) was well attended by 150 participants followed by dinner and prize giving ceremony. Congratulations to Mr. Khew Ham Hoe, MTCC Honorary Director, for winning the 1st runner up for Div C and Mr. Daniel Soh for winning Nearest to Pin Hole 17.
l 9 MTCC NEWS l August 2023 | MTCC ACTIVITIES fifffffflffiflffiflffiff On 19 December 2023, MTCC Board of Directors was cordially invited by the Embassy of Malaysia, Bangkok to participate in the Appreciation Reception at Shangri-La Hotel, Bangkok. H.E. Datuk Jojie Samuel, the Ambassador of Malaysia to Thailand presented a speech by thanking all attendees for their support and participation towards the Embassy throughout the year. Attendees enjoyed the event with good spread of buffet dinner and singing performances.
l 15 MTCC NEWS l December 2023 MTCC has been supporting Wat Krachang, a public school in Ayutthaya, located in Bangsai, for several years. This collaboration, initiated during Mr. Yeap Swee Chuan's presidency, has involved numerous corporate social responsibility (CSR) campaigns with the aim of enhancing education quality, improving the school environment and enhancing the skills of both teachers and students. MTCC has undertaken various projects, including constructing new toilets, donating computers and providing English teachers. Wat Krachang, accommodating 180 students from kindergarten to Matthayom 3 (ages 3–15), operates under the supervision of the Ayutthaya Primary Education Office (Area 2) within the Ministry of Education. Given the school's vulnerability to floods, a recurring issue in flood-prone Ayutthaya, MTCC emphasizes the importance of supporting the school financially, with knowledge, and through various opportunities. EDUTEN MATHEMATIC PROGRAM In collaboration with the Education and Skills Committee of the Joint Foreign Chambers of Commerce Thailand (JFCCT), MTCC recently organized a CSR program. The goal was to raise funds for 150 students to access an online Eduten mathematics course spanning Pratom 1 to Mathayom 3. Eduten, a spin-off of the University of Turku, offers Finland's renowned digital learning platform globally. Recognized with the UNESCO ICT for Education Prize in 2020 and the UNICEF Blue Unicorn Award in 2022, Eduten has demonstrated its effectiveness since 2011, serving over 1.4 million users across various countries. Since March 2023, Eduten has provided training courses and trial accounts for teachers to set up and assess the program's impact on students' mathematical knowledge. The positive feedback during the trial period indicates significant improvements in students' mathematical skills. MTCC successfully mobilized its members to contribute funds, covering 150 accounts at 750 baht each for the school. Eduten also generously donated 30 free accounts for kindergarten students. The program is scheduled to run from October 2023 to March 2025, with MTCC members thanked for their participation and encouraged to continue supporting the initiative in 2025. For additional information on Eduten, please visit https://eduten.com/. PEER-TO-PEER LEARNING fifffflfflffifflflffifflffiffiffi ffifl | CSR ACTIVITIES On November 18, 2023, MTCC, in collaboration with the Education and Skill Committee of JFCCT, facilitated a peer-to-peer learning program between Wat Krachang School and Keanthong Uppathum School. Thailand's education system comprises schools overseen by the Ministry of Education and those under the Ministry of Interior. Keanthong Uppathum School, supported by JFCCT, exemplifies an eco-school under the Bangkok Metropolitan Administration, Ministry of Interior. With approximately 650 students in Prawat district, Keanthong Uppathum provides education up to Mathayom 6, catering to students from local communities, often from underprivileged families.
l 16 MTCC NEWS l December 2023 Dr. Khim Boo, Chairwoman of MTCC, along with directors and Mrs. Vibeke Lyssand Leirvag, Chairwoman of JFCCT, organized activities at Keanthong Uppathum School. This involved sponsoring 35 students and 13 teachers from Wat Krachang School to observe Keanthong Uppathum School's practices in agricultural and eco-friendly product production. This interaction between students from both schools facilitated direct learning and valuable knowledge sharing among teachers and students. Gratitude is extended to all financial contributors who made this activity possible. 1. Malaysian Thai Chamber of Commerce 2. Polymer Solutions Co., Ltd. 3. Dr. Kongkiti Phusawat, JFCCT E&S Chair 4. Mrs. Vibeke Lyssand Leirvag, JFCCT Chair 5. Dr. Supareak Charlie Chomchan, JFCCT Vice Chair 6. Mr. Ten Voon Teng, MTCC Director | CSR ACTIVITIES
l 17 MTCC NEWS l December 2023 On 1 November 2023, MTCC Directors and members participated in the 23rd THKTA – STCC Annual Golf Tournament held at the Flora Ville Golf & Country Club. This event organized by Singapore-Thai Chamber of Commerce (STCC) and Thai-Hong Kong Trade Association (THKTA). The event was well attended and guests enjoy the golf game and networking dinner. MTCC would like to congratulate STCC and THKTA for the successful event. fifffflffiflflfl flffl flfi fiff ffl flffifflflflfl fflflfi fiff On 1 November 2023, MTCC Honorary Chairman, Chairwoman and Directors attended the Foreign Industrial Club Gala Dinner organized by the Federation of Thai Industry at the Athenee Hotel. The event was graced by the presence of H.E. Prime Minister and Finance Minister, Mr. Srettha Thavisin, who delivered a keynote speech on the reforming of Thailand. The Gala Dinner was well-attended by Ambassadors, Foreign Investors, and prominent leaders from the Thai industry. | OTHER ACTIVITIES
l 18 MTCC NEWS l December 2023 On 2 November 2023, MTCC Chairwoman, Directors and members participated in the yearly Joint Embassies and Chambers Networking Event organized by JFCCT at Amari Bangkok. This successful event enjoyed a significant turnout, fostering valuable connections amongst participants. fifffflfflffiflfiflflflfflfl ffifflfflflflflfl On 23 November 2023, MTCC Board of Directors attended the Singapore-Thai Chamber of Commerce (STCC)'s 30th Anniversary Gala Dinner held at Capella Bangkok. The event was a memorable evening filled with diverse performances, a lucky draw and an auction session. MTCC extends heartfelt congratulations to STCC on their 30th anniversary! | OTHER ACTIVITIES
fifffflffiflffiflfflffffffiffi ffiflfflffi ffl | MEMBER’S CORNER l 19 MTCC NEWS l December 2023 Esslingen (Germany), Rawang (Malaysia), 10 October 2023 – Growth with Clean Mobility in Asia: under this headline, the top-management of the Joint Venture partners Purem by Eberspaecher and AAPICO Hitech Public Company Limited (AAPICO) celebrated the official opening of its first plant in Malaysia. “This is an important milestone for our business activities in the ASEAN market. It demonstrates that our products and technologies for clean mobility are well sought and we are delighted to deliver these together with our joint Venture partner AAPICO”, summarized by Martin Peters, Managing Partner of the Eberspaecher Group. He added further that, “Just a year after the start of our joint venture activities, this opening is a proof point of its success and an important step to develop the local Malaysian market.” Purem by Eberspaecher is a global leader in exhaust technologies. Its sustainable solutions meet global emission standards for clean and quiet mobility. Together with joint venture partner AAPICO, the German company now enters the growing markets in Malaysia and Thailand. “This is our second auto part investment in Malaysia within this year. AAPICO is confident of the future of the car industry in Malaysia. I am proud to bring Purem by Eberspaecher, one of the largest and top exhaust makers in the world to Malaysia,” said Yeap Swee Chuan, President and CEO of AAPICO Hitech PLC. The new plant in Rawang covers 4,000 square meters for the production of exhaust gas aftertreatment systems. This includes hot ends with catalytic converters and manifolds and cold ends which includes mufflers and pipes. Featuring the highly automatic state-of-the-art technology, about 100 employees will produce and deliver about 400,000 components yearly for four different car models directly to a Malaysian automotive manufacturer. In the future, further volumes with new local customers are planned as well as technical expansion of the production facility for coating of catalysts. With the facility’s potential to expand up to 7,000 square meters and operate at full capacity, this joint venture will contribute to the growth and development of Malaysia’s auto parts industry with the creation of new employment, introduction of leading technologies and upskilling the workforce, while delivering sustainable world-class exhaust systems to OEM manufacturers. First plant of new Joint Venture company Production of exhaust systems for passenger cars Growing with Clean Mobility in ASEAN region Grand Opening of the new plant for exhaust technology with top-management from joint venture partners Purem by Eberspaecher and AAPICO in Rawang, Malaysia
| MEMBER’S CORNER l 20 MTCC NEWS l December 2023 Later this week the joint venture partners will officially open a second plant to serve the ASEAN market. The plant is located in Rayong, Southeast of Bangkok, Thailand which will deliver exhaust systems for pick-up truck platform of a leading US automotive manufacturer. The joint venture Purem Aapico Co. Ltd. was founded in August 2022. Purem by Eberspaecher holds 51%, while AAPICO 49%. The aim of the partnership is to develop the local market and become a major exhaust technology system supplier for the region: Purem by Eberspaecher and AAPICO sign joint venture agreement.* *https://www.eberspaecher.com/en/press/press-releases/individual-view/purem-by-eberspaecher-and-aapico-sign-joint-venture-agreement Outside perspective of the new plant in Rawang Inside view: Production of exhaust system for clean mobility in Malaysia Global Media Contact Purem by Eberspächer: Anja Kaufer Vice President Corporate Communications Eberspächer Group Phone: +49 711 939-0250 [email protected] Media Contact AAPICO Hitech PLC: AAPICO Hitech Public Company Limited: Pocharee Busrathepkul Senior Financial Controller and Head of Investor Relations AAPICO Hitech PLC. Phone: +66 2 613-1504 [email protected] About Purem by Eberspaecher Purem by Eberspaecher is a subsidiary of the Esslingen-based Eberspaecher Group. To achieve clean and quiet mobility, more than 7,100 employees develop and produce exhaust and acoustic systems for passenger cars, CVs, and off-road vehicles. The technologies make a significant contribution to meeting the strictest emission standards and noise guidelines. Its customer base includes the world’s leading vehicle manufacturers. In 2022, the area within the group of companies generated revenue of around 5.7 billion euros. Net revenue adjusted for transitory items amounted to 1.9 billion euros. About AAPICO Hitech PLC AAPICO Hitech Public Company Limited was established in 1996 and was listed on the Stock Exchange of Thailand in 2002. The founder is Yeap Swee Chuan, a Malaysian. The Company is comprised of 3 business pillars: the OEM Auto Parts Manufacturing Business, the Car Dealership Business, and the IoT Connectivity & Mobility Business. As of today, the Group comprises 48 subsidiaries and associate companies, of which 33 companies are operating in Thailand and 15 companies are located overseas. The Company’s main business initially was to design, produce, and install car assembly jigs and stamping dies; and to manufacture OEM automotive parts, including floor parts, cross members, pillars, brackets, clips, and fuel tanks for leading automobile assemblers in Thailand. The Company has since progressed by adding the production of chassis frame components, forging parts, machining parts, casting parts, plastic parts and plastic fuel tanks to its manufacturing portfolio. Revenue for 2022 was USD 800 million* with 5,400 employees. (*Remarks the exchange rate 1 USD = 35.5 THB) About Eberspaecher With approximately 10,700 employees at 80 locations worldwide, the Eberspaecher Group is one of the automotive industry’s leading system developers and suppliers. The family business, headquartered in Esslingen am Neckar, stands for innovative solutions in exhaust technology, automotive electronics and thermal management for a broad range of vehicle types. In combustion or hybrid engines and in e-mobility, the components and systems from Eberspaecher ensure greater comfort, higher safety and a clean environment. Eberspaecher is paving the way for future technologies such as mobile and stationary fuel cell applications, synthetic fuels as well as the use of hydrogen as an energy carrier. In 2022, the Group generated revenue of around 6.4 billion euros. Net revenue adjusted for transitory items amounted to 2.7 billion euros.
fifffflffiflffiffiffiffffffiffffi fl ffiffi | MEMBER’S CORNER l 21 MTCC NEWS l December 2023 Esslingen (Germany), Rayong (Thailand), October 12, 2023 – Just two days after starting operations in Malaysia, the Joint Venture partners Purem by Eberspaecher and AAPICO Hitech celebrate another milestone: The official opening of the new plant in Rayong, Thailand. The production site, located 100 kilometers southeast of Bangkok will deliver exhaust systems for a major pick-up truck platform of a leading US automotive manufacturer. The new plant stretches over 3,000 square meters and was completed building in only five months on AAPICO´s Rayong campus. About 150 employees will produce passenger car exhaust systems which will be used in a major pick-up truck platform of a leading US automotive manufacturer. As the market in Thailand for exhaust systems is growing, the plant has a yearly capacity of 300,000 systems for clean mobility. The products will be served for the local as well as international market, therefore complying with the strict emission legislation norms (Euro 6 and CARB - LEV III or EPA - TIER 3). Thailand is one of the world’s leading automotive manufacturers, ranking 10th in 2022 with a total car production of 1.88 million units. For 2023, the Federation of Thai Industries (FTI) forecasts that Thailand’s car production will reach 1.9 million units, thus indicating a promising market for vehicle exhaust systems. Grand Opening of the new plant for exhaust technology with top-management for Purem by Eberspaecher and AAPICO Hitech in Rayong, Thailand Serving local market with exhaust systems for passenger cars Completed construction in less than five months The second production site of joint company in Asia Martin Peters, Managing Partner of the Eberspaecher Group highlighted: “It is impressive to see how successful this new partnership develops. Purem by Eberspaecher’s expertise in technological industrialization meets the local market know-how of AAPICO Hitech. I am very proud of the joint the Asian team to celebrate this milestone and open this plant together.” Purem by Eberspaecher is growing with over 7,100 employees for clean mobility around the globe. “With the two new sites we opened – earlier this week in Malaysia and today Thailand – we are able to manufacture our products now in 19 countries. This shows how our footprint for clean mobility is constantly expanding” Martin Peters added.
| MEMBER’S CORNER l 22 MTCC NEWS l December 2023 Outside perspective of the new plant in Rayong “AAPICO is so proud to have Purem by Eberspaecher as its partner in Thailand. It is one of the largest global exhaust manufacturers of high quality and standards. This factory will be able to supply to other OEMs, further reinforcing Thailand as the Detroit of Asia,” said Yeap Swee Chuan, President & CEO of AAPICO Hitech PLC. Two days ago, the joint venture partners already opened their first new plant in Malaysia. In Rawang, 20 kilometers northwest of Kuala Lumpur about 150 employees produce exhaust systems for a leading Asian automotive manufacturer: Joint Venture company Purem Aapico opens new plant in Malaysia (eberspaecher.com) Inside view: Production of exhaust system for clean mobility Global Media Contact Purem by Eberspächer: Anja Kaufer Vice President Corporate Communications Eberspächer Group Phone: +49 711 939-0250 press@eberspaecher,com Media Contact AAPICO Hitech Public Company Limited: Pocharee Busrathepkul Senior Financial Controller and Head of Investor Relations AAPICO Hitech PLC. Phone: +66 2 613-1504 [email protected] About Purem by Eberspaecher Purem by Eberspaecher is a subsidiary of the Esslingen-based Eberspaecher Group. To achieve clean and quiet mobility, more than 7,100 employees develop and produce exhaust and acoustic systems for passenger cars, CVs, and off-road vehicles. The technologies make a significant contribution to meeting the strictest emission standards and noise guidelines. Its customer base includes the world’s leading vehicle manufacturers. In 2022, the area within the group of companies generated revenue of around 5.7 billion euros. Net revenue adjusted for transitory items amounted to 1.9 billion euros. About AAPICO Hitech PLC AAPICO Hitech Public Company Limited, founded by Yeap Swee Chuan, was established in 1996 and was listed on the Stock Exchange of Thailand in 2002. The Company is comprised of 3 business pillars: the OEM Auto Parts Manufacturing Business, the Car Dealership Business, and the IoT Connectivity & Mobility Business. As of today, the Group comprises 48 subsidiaries and associate companies, of which 33 companies are operating in Thailand and 15 companies are located overseas. The Company’s main business initially was to design, produce, and install car assembly jigs and stamping dies; and to manufacture OEM automotive parts, including floor parts, cross members, pillars, brackets, clips, and fuel tanks for leading automobile assemblers in Thailand. The Company has since progressed by adding the production of chassis frame components, forging parts, machining parts, casting parts, plastic parts and plastic fuel tanks to its manufacturing portfolio. Revenue for 2022 was USD 800 million* with 5,400 employees. (*Remarks the exchange rate 1 USD = 35.5 THB) About Eberspaecher With approximately 10,700 employees at 80 locations worldwide, the Eberspaecher Group is one of the automotive industry’s leading system developers and suppliers. The family business, headquartered in Esslingen am Neckar, stands for innovative solutions in exhaust technology, automotive electronics and thermal management for a broad range of vehicle types. In combustion or hybrid engines and in e-mobility, the components and systems from Eberspaecher ensure greater comfort, higher safety and a clean environment. Eberspaecher is paving the way for future technologies such as mobile and stationary fuel cell applications, synthetic fuels as well as the use of hydrogen as an energy carrier. In 2022, the Group generated revenue of around 6.4 billion euros. Net revenue adjusted for transitory items amounted to 2.7 billion euros.
BidMyAsset | MEMBER’S CORNER l 23 MTCC NEWS l December 2023 In a fast-paced business landscape, the ability to efficiently manage and maximize the returns on your assets can be a game-changer. Allow us to introduce BidMyAsset, which carries over 20 years of experience in the rapid changing industrial landscape. We are delighted to bring our expertise to Thailand as the country’s sole provider of turnkey asset disposal management services. fifffflffiflfflflffflffl flffi ffiffl ffifflffffiff ffiffffl fl ff ffffl The BidMyAsset project cycle as shown in the illustation above highlights the various services offered by BidMyAsset and steps needed for a successful sale, while encompassed by ESG awareness and reporting. BidMyAsset distinguishes itself through a comprehensive suite of services that goes beyond mere asset selling. Our offerings encompass asset valuation, targeted global marketing, site visits facilitation, and secure escrow services, thus ensuring a seamless transaction experience for both buyers and sellers. We leverage our proprietary online auction platform to reach a wider audience and offer additional peace of mind with dismantling, packing, and shipping facilitation.
Quantum Metal Thailand | MEMBER’S CORNER l 24 MTCC NEWS l December 2023 Written by Quantum Metal Thailand Bangkok, True Digital Park - November 20, 2023 – Quantum Metal Unveils Transformative Initiatives in Thailand: A Triumphant Trifecta with So Seng Heng and WiPay. In a historic Quantum Metal event held in the heart of Thailand, the cutting-edge e-commerce digital technology company made waves by unveiling three major announcements that promise to revolutionize the precious metals industry and reshape the future of digital finance. The event saw Quantum Metal joining forces with esteemed collaborators gold jewellery So Seng Heng and WiPay, marking a significant leap forward in its Gold Convert product, also allows its members to exchange or redeem jewellery with its jewellery partner So Seng Heng and its very first launch of 24k gold metal visa card with Wipay. The QM Event was officiated by Quantum Group Chairman Dato Dr. Lim Khong Soon, So Seng Heng Vice President Mr. Khmpol Kiat and Wipay COO, Mr. Wongtanat. Also attended by honorable guests: Dr. Winai Dahlan, MTCC Chairwoman Dr. Khim Boo, MTCC Deputy Chairman Mr. Yap Choon Eng and STCC Chairman Mr. Alan Lim. Quantum Metal will the first bullion company in Thailand to launched Gold Convert product together with a eco-system with So Seng Heng and Wipay for its access members of 3 million worldwide. Quantum Metal currently with its presence in 13 countries such as Thailand, Hong Kong, Australia, Malaysia, Singapore, Philipine, Indonesia, South Africa and others. The e-commerce platform allows members to purchase gold, The company has successfully harnessed the power of gold assets to enhance the traceability, security, and authenticity of precious metals like never before. This development ensures that every unit of quantum metal remains incorruptible, providing a new standard for integrity in the world of digital assets. Quantum Metal Thailand CEO, introduces a Worldwide Payment Channel during QM Event in Thailand. Photo taken at the QM Event signing ceremony, from left, Chief Operating Officer Mr. Wongtanat, So Seng Heng Vice President, Quantum Group Chairman Dato. Dr. Lim Khong Soon and Quantum Metal CEO, Jonathan S. In a groundbreaking move at the intersection of finance and quantum technology, a new era has dawned with the launch of gold-backed Visa cards integrated with the cutting-edge concept by Quantum Metal connecting the link using gold digital assets backed by physical gold allowing members/users to cash out 85% of their gold value accessing via its collaborative wi-wallet and visa card. This innovative approach aims to redefine the traditional understanding of precious metals industry and transforming currency into gold assets. and their role in the digital financial landscape. In a revolutionary stride at the intersection of luxury and technology, Quantum Metal first bullion to introduced the world's first 24k gold metal Visa card in partnership with the innovative WiPay Visa wallet for its members. This historic collaboration promises a seamless fusion of opulence and digital convenience, redefining the standards of modern digital gold assets. This is the very first innovative move by a bullion company in the world linking gold with a e-wallet and Visa card. The launched of the 24k Gold Metal Visa Card design by Quantum Metal together with Wipay and it’s the very first payment method by a bullion company weights about 16 gram offerted only to VIP members, Senior Merchant and its Merchant Members. Its Visa card linked with Wi-wallet helps users to access their cash value 85% from their gold assets. The idea was to allow people to create and maintain assets in gold while have a liquidity access to its gold value. Quantum Metal offers 99.99au purity through its e-commerce platform MyGold allows members to purchase and sell gold with its multiple products such as Gold Savings, Gold Convert and Gold Asset Enhance. Quantum Metal group first step foot in Thailand in 2020 during the pandemic period with its main objective to help the people and economy of Thailand by creating a platform to allow people to built an income through its e-commerce platform. Since then Quantum Metal has grown quickly through its network collaborating with Emerald Tech on Thailand Elite card to re-built tourism industry during the pandemic period. In the same period Quantum Metal Group led by Chairman Dato Lim Khong Soon continue its development into a complete eco-system by acquiring Besra Australia, a public listed gold mining company with its project in Sarawak Bau goldfield with gold resources exceeding 3 million oz as well as JORC exploration target between 4.9-9.3Moz. fifffflffiflfflfflfflfflffflffl ffl flfflflfflfl fiflfflffflfflffl flfflffl fflffflffl flfflffl fl fl fflffl flfflflffl fl fiflfflffflffl fifffffflffiflfflffffifflfflfffifflff fl ff Monday, 20 November 2023 Issue #01
fifffflffiflffiffiffifflfflffifffflffiffl ffi ffiffifl fflffl l 25 MTCC NEWS l December 2023 By Jason Lee Continued on page 26 In the evolution from the old-school tenets of governance, narrowly focusing on business integrity and anti-corruption, to the symphonic complexity of Environmental, Social, and Governance (ESG) considerations, a new era of corporate responsibility is born. This transformative journey resonates from the historic boardrooms of Wall Street to the dynamic markets of Asia, harmonizing corporate governance, environmental stewardship, social impact, and human rights. The orchestration is finely tuned by the standards and frameworks of Global Reporting Initiative (GRI), Taskforce on Climate-related Financial Disclosures (TCFD), UN Guiding Principles on Business and Human Rights, and UN Sustainable Development Goals, crafting a universal language of governance in Sustainability. Corporate Governance: A Global Pledge for Transparency and Beyond The overture commences with corporate governance, transcending the old guard's focus on integrity and anti-corruption. Regulatory stalwarts such as the U.S. Securities and Exchange Commission (SEC) and the UK's Financial Conduct Authority (FCA) share the stage. This overture has now been increasingly expanded to include the instrumental inclusion of governance relating to environmental and social impacts. Maestros of accountability, including multinational and state-owned enterprises seamlessly align their practices with the GRI standards, reshaping the governance narrative towards a broader, holistic responsibility. Environmental and Climate Governance: Navigating the Harmony of Sustainability and Paris Agreement Goals As the symphony unfolds, Asia embraces a new paradigm in environmental and climate governance, attuned to the urgency of the green movement and the imperative of meeting Paris Agreement 1.5-degree goals. Japan's Financial Services Agency (FSA) orchestrates change, with companies like Tokyo Electric Power Company (TEPCO) composing their own green initiatives. Singapore, under the discerning ear of the Monetary Authority of Singapore (MAS), produces a masterpiece. Singapore’s Keppel Corporation and others embody the ethos of TCFD, steering towards a low-carbon future in alignment with the Paris Agreement. In Malaysia, Thailand, and Indonesia, corporations navigate the complexities of sustainability, contributing unique notes to the global melody while avoiding the risks of greenwashing. Effective governance within TCFD involves board oversight, integration with strategy, robust risk management, setting meaningful metrics and targets, conducting scenario analysis, and ensuring accurate disclosures. It’s a comprehensive approach that aligns climate considerations with overall business governance and strategy. Social and Human Rights Governance: Diversifying the Harmonies of Inclusion The social movement within ESG introduces a sonata of diversity and inclusion, guided by regulators in Malaysia, Thailand, Singapore, and Indonesia, each striking distinctive chords. Companies in these regions emerge as virtuosos, integrating social governance principles into their ethos, setting the tone for an inclusive workplace symphony. Samsung, the South Korean giant, becomes a global virtuoso, intertwining human rights principles into its supply chain practices, creating a harmonious accord that echoes across borders. Governance in the context of the United Nations Guiding Principles on Business and Human Rights (UNGP) is a fundamental aspect that ensures businesses fulfill their responsibility to respect human rights. The UNGP, developed by the UN, provides a framework for preventing and addressing the risk of adverse human rights impacts linked to business activities. | MEMBER’S CORNER
l 12 MTCC NEWS l August 2023 Sustainable Finance: Adding a New Movement to the ESG Symphony Amidst the crescendo, sustainable finance emerges as a new movement, influencing the rhythm and dynamics of responsible business. Investors and financial institutions are becoming integral players in the symphony, aligning their strategies with ESG principles and promoting the allocation of financing and capital towards sustainable and Sustainability-linked initiatives. Call to Action: A Crescendo of Responsibility across the Globe In the grand finale of this ESG governance symphony, the fusion of global standards and regional commitments resonates. Corporations, once mere performers, now stand as conductors, orchestrating a symphony of responsibility. The score, written in GRI standards, TCFD recommendations, UNGP principles, and UN SDGs, transcends boundaries, showcasing that in the world of ESG governance, the melody of responsible business is a becoming universal language. As the applause settles, a resounding call to action beckons. For corporations, regulators, and investors, the time to amplify the ESG symphony is now. Embrace global standards, champion regional commitments, and harmonize efforts toward a sustainable future. The ESG governance symphony is not a spectator sport—it demands active participation. Let this be the anthem of responsible business, echoing from the corridors of power to the vibrant markets of Malaysia, Thailand, Singapore, and Indonesia. The baton is in our hands, and the award-winning music of sustainable business awaits its champions. By: Jason Lee Jason Lee is the Head of Sustainability in CIMB Thai Bank PCL. He is a GRI Certified Sustainability Professional, and is certified in CFA ESG Investing and GARP Sustainability and Climate Risk. By Jason Lee | MEMBER’S CORNER
TRADE EXPORTS IMPORTS TRADE SURPLUS USD480.50 bil 8.0%* USD261.20 bil USD219.30 bil USD41.90 bil 8.0% 8.0% 7.9% 68.4% of exports 68.2% of imports 65.0% of exports 62.3% of imports Softer decline in trade, exports, imports and trade surplus Copyright © 2023 MATRADE. All rights reserved. ASEAN USD77.31 bil, 6.7% (29.6% share**) CHINA USD46.66 bil, 6.9% (21.3%) E&E Products USD106.63 bil, 0.8% (40.8% share) LNG USD10.65 bil, 13.5% (4.0%) Palm Oil & Palm Oil-Based Agriculture Products USD12.79 bil, 28.2% (4.9%) Petroleum Products USD26.70 bil, 11.8% (10.2%) Chemicals & Chemical Products USD13.11 bil, 10.7% (5.0%) Petroleum Products USD25.62 bil, 6.4% (11.7%) Chemicals & Chemical Products USD19.20 bil, 10.6% (8.7%) Machinery, Equipment & Parts USD16.06 bil, 0.5% (7.3%) Manufactures of Metal USD11.71 bil, 0.7% (5.3%) E&E Products USD64.06 bil, 11.3% (29.2% share) *% Growth in January-October 2023 compared to January-October 2022. ** Share from total exports/imports. Note: Total figure may not add up due to rounding. Source: DOSM. CHINA USD34.66 bil, 9.5% (13.3%) USA USD29.45 bil, 2.8% (11.3%) EU USD20.73 bil, 9.1% (7.9%) HONG KONG SAR USD16.55 bil, 4.9% (6.3%) ASEAN USD54.97 bil, 7.1% (25.1% share) EU USD17.12 bil, 5.3% (7.8%) TAIWAN ROC USD15.23 bil, 22.4% (6.9%) USA USD15.67 bil, 16.5% (7.1%) Malaysia’s Trade Performance January-October 2023* TOP 5 MARKETS TOP 5 PRODUCTS | ECONOMIC REVIEW By MATRADE Bangkok l 27 MTCC NEWS l December 2023
TRADE EXPORTS IMPORTS TRADE SURPLUS USD50.47 bil 6.8%* USD26.59 bil USD23.88 bil USD2.71 bil 1.5% 13.4% 47.2% 67.9% of exports 67.3% of imports 64.4% of exports 63.8% of imports Copyright © 2023 MATRADE. All rights reserved. ASEAN USD7.71 bil, 5.7% (29.0% share**) CHINA USD5.31 bil, 8.9% (22.2%) E&E Products USD10.37 bil, 2.3% (39.0% share) Machinery, Equipment & Parts USD1.09 bil, 6.6% (4.1%) Chemicals & Chemical Products USD1.36 bil, 2.5% (5.1%) Petroleum Products USD2.92 bil, 23.7% (11.0%) Palm Oil & Palm Oil-Based Agriculture Products USD1.38 bil, 0.8% (5.2%) Petroleum Products USD3.33 bil, 14.3% (13.9%) Chemicals & Chemical Products USD1.96 bil, 4.2% (8.2%) Crude Petroleum USD1.30 bil, 16.7% (5.4%) Machinery, Equipment & Parts USD1.85 bil, 11.8% (7.7%) E&E Products USD6.80 bil, 10.2% (28.5% share) *% Growth in October 2023 compared to October 2022. ** Share from total exports/imports. Note: Total figure may not add up due to rounding. Source: DOSM. CHINA USD3.61 bil, 7.0% (13.6%) USA USD3.01 bil, 4.0% (11.3%) EU USD2.06 bil, 0.1% (7.7%) HONG KONG SAR USD1.66 bil, 5.9% (6.2%) ASEAN USD5.86 bil, 13.4% (24.5% share) USA USD1.65bil, 23.5% (6.9%) TAIWAN ROC USD1.51 bil, 32.0% (6.3%) EU USD1.75bil, 7.8% (7.3%) MALAYSIA’S TRADE PERFORMANCE OCTOBER 2023* TOP 5 MARKETS TOP 5 PRODUCTS | ECONOMIC REVIEW By MATRADE Bangkok l 28 MTCC NEWS l December 2023
TRADE EXPORTS IMPORTS TRADE SURPLUS USD20.77 bil 8.3% USD10.80 bil USD9.97 bil USD0.83 bil 11.7% 4.5% 54.4% Copyright © 2023 MATRADE. All rights reserved. *% Growth in October 2023 compared to October 2022. Note: Total figure may not add up due to rounding. TOP 5 EXPORTS TOP 5 IMPORTS Transport Equipment USD1.83 bil, 36.3% Electrical & Electronic Products USD3.02 bil, % Chemicals & Chemicals Products USD1.34 bil, 15.4% Electrical & Electronic Products USD1.98 bil, % Crude Petroleum USD1.34 bil, 1.0% Chemicals & Chemicals Products USD1.04 bil, 18.4% LNG USD0.61 bil, % Processed Food USD0.74 bil, 13.8% Manufacturers of Metal USD0.47 bil, 13.0% Machinery Equipment and Parts USD0.63 bil, 9.1% Decline in trade, exports, imports and trade balance Malaysia-Thailand Trade Performance January-October 2023* | ECONOMIC REVIEW By MATRADE Bangkok l 29 MTCC NEWS l December 2023
TRADE EXPORTS IMPORTS TRADE SURPLUS USD2.02 bil 1.4% USD0.98 bil USD1.04 bil USD0.07 bil 1.5% 4.3% 601.2% Copyright © 2023 MATRADE. All rights reserved. *% Growth in October 2023 compared to October 2022. Note: Total figure may not add up due to rounding. MALAYSIA-THAILAND TRADE PERFORMANCE OCTOBER 2023* TOP 5 EXPORTS TOP 5 IMPORTS Transport Equipment USD201.3 mil, 46.4% Electrical & Electronic Products USD268.4 mil, % Chemicals & Chemicals Products USD123.6 mil, 1.02% Electrical & Electronic Products USD189.9 mil, % Crude Petroleum USD66.2 mil, 36.0% Chemicals & Chemicals Products USD96.6 mil, 5.0% Petroleum Products USD57.7 mil, 41.6% Petroleum Products USD86.8 mil, 137.1% Manufacturers of Metal USD53.9 mil, 32.4% Machinery Equipment and Parts USD63.0 mil, 7.4% | ECONOMIC REVIEW By MATRADE Bangkok l 30 MTCC NEWS l December 2023
fifffffflffffffiflfflfflfiflffi l 31 MTCC NEWS l December 2023 By S.C. Law Ofice Co., Ltd. | LEGAL BRIEF On September 15, 2023, the Revenue Department issued Revenue Department Order No. Por 161/2566 (“Order”), outlining guidelines for interpreting Section 41, paragraph two of the Revenue Code concerning income tax of assessable income earned from overseas sources. This directive will take effect from January 1, 2024. Section 41 of the Revenue Code states as that: “A taxpayer who in the previous tax year derived assessable income under Section 40 from an employment, or from business carried on in Thailand, or from business of an employer residing in Thailand, or from a property situated in Thailand shall pay tax in accordance with the provisions of this Part, whether such income is paid within or outside Thailand. A resident of Thailand who in the previous tax year derived assessable income under Section 40 from an employment or from business carried on abroad or from a property situated abroad shall, upon bringing such assessable income into Thailand, pay tax in accordance with the provisions of this Part. Any person staying in Thailand for a period or periods aggregating 180 days or more in any tax year shall be deemed a resident of Thailand.” The new interpretation provided in the Order stipulates that a person staying in Thailand for up to 180 days, who earns assessable income from employment, business conducted abroad, or from property situated abroad, is liable to pay taxes upon bringing such assessable income into Thailand, whether such assessable income is brought into the country on the same tax year, or not. Formerly, the guideline for Revenue officials dictated that a resident should pay taxes on assessable income from abroad only when it was brought into Thailand within the same tax year it was earned. Consequently, income brought in during a different tax year was exempt from taxation. The new guideline changes this interpretation, stating that any assessable income brought into Thailand in any tax year must be included in the calculation of income tax for that particular year. This means that if a resident earned assessable income from abroad in 2021 and brought it into Thailand in the tax year 2022, they would still be obliged to file taxes for the year 2022. This new guideline focuses on the year in which the assessable income from abroad was brought into Thailand and disregards whether it was brought in during the same tax year as when it was earned. It is important to note that this Order does not amend Section 41; thus, the other aspects within this section will remain unchanged and enforced in the same manner. The revision is aimed at closing potential loopholes or gaps in the tax system that might have allowed individuals to evade or avoid paying taxes on income sourced from foreign employment, businesses, or properties situated abroad. Changes in tax regulations, such as those outlined in the Revenue Department's recent order, will significantly impact how income earned from overseas sources is treated and taxed within a country. Overall, revisions in tax codes or interpretations, like the adjustments made in the Revenue Department's order, have the potential to significantly impact how individuals manage their international income and the associated tax obligations, reinforcing the importance of staying informed and complying with the updated guidelines.
fifffflffiflffflflflff fl ff l 32 MTCC NEWS l December 2023 By Kraisorn Rueangkul | LEGAL BRIEF On October 9, 2023, the Trade Competition Commission of Thailand (TCCT) announced its plan for 2024 to focus primarily on competition, unfair trading, and antitrust policies for e-commerce businesses with a value of over THB 100 billion (approximately USD 2.87 million). In light of the global digital business trends, more business operators are opting to expand their operations through online digital platforms. As e-commerce platforms exert increasing influence on global market trends, competition regulators face heightened challenges, particularly in addressing mergers in the digital market which can lead to dominant market control. The pervasiveness of digital business has impacted Thailand’s commercial landscape through the burgeoning sectors of e-commerce, e-services, and e-logistics. The TCCT has focused its attention on the expansion of digital platform businesses in Thailand, including Shopee, Lazada, Line Shopping, and foreign platforms such as Amazon, eBay, and AliExpress. However, this growth has also led to numerous complaints being received by the TCCT. These complaints primarily relate to unfair service fees and commission charges, unfair pricing practices, the imposition of fixed logistics providers, and search engine manipulation favoring large merchants. Additionally, the recent spate of mergers and acquisitions among e-commerce players has raised concerns about potential monopolies and unfair competitive practices. Over the past five years (2019-2023), the total transaction value of these mergers and acquisitions has reached THB 4.27 trillion (approximately USD 120 billion. Recently, the TCCT has been closely examining the relevant regulatory regime in other jurisdictions and collaborating with the Electronic Transactions Development Agency on the regulatory framework under the Royal Decree on the Operation of Digital Platform Service Businesses that are subject to prior notification, B.E. 2565 (2022). There is a plan to publish an e-commerce guideline in 2024, primarily focused on an ex-ante approach to proactively prevent unfair competition and reduce impediments to growth within Thailand’s e-commerce industry. We expect that the draft will be published for public hearing early next year. Additionally, the TCCT will intensify its oversight of mergers and acquisitions to safeguard against anti-competitive impacts. The information provided here is for information purposes only and is not intended to constitute legal advice. Legal advice should be obtained from qualified legal counsel for all specific situations.
| TRADE EVENTS Thailand & Malaysia fifffflffiflffl fflflfflffiffl Jan. 31 - Feb. 03, 2024 FOOD PACK ASIA 2024 Venue: Bangkok International Trade & Exhibition Centre (BITEC), Bangkok https://foodpackthai.com Jan. 31 - Feb. 03, 2024 THAILAND INDUSTRIAL FAIR 2024 Venue: Bangkok International Trade & Exhibition Centre (BITEC), Bangkok https://www.thailandindustrialfair.com Feb. 21 - 25, 2024 BANGKOK GEMS & JEWELRY FAIR 2024 Venue: Queen Sirikit National Convention Center https://www.bkkgems.com/ Feb. 27 - 28, 2024 STRETCH & SHRINK FILM ASIA 2024 Venue: Banyan Tree Hotel, Bangkok https://tradefest.io/en/event/stretch-shrink-film-asia Feb. 28 - 29, 2024 SPECIALTY PACKAGING FILMS ASIA 2024 Venue: Banyan Tree Hotel, Bangkok https://www.ami-events.com/event/53- fa14e2-99cd-4c21-990a-0d583abaf5e2/summary? RefId=website-AMI&rt=ZJWqCFC1sUuPSrZfsYSo5 A January February March 05 - 06, 2024 COMPOUNDING AND MASTERBATCH ASIA 2024 Venue: Banyan Tree Hotel, Bangkok https://www.ami-events.com/event/a4aa9917-049c-4220-9e4 8-413edb449206/summary March 21 - 22, 2024 SMART DELIVERY EXPO 2024 Venue: Bangkok International Trade & Exhibition Centre (BITEC), Bangkok https://www.smartdeliveryexpo.com March 21 - 22, 2024 SMART RETAIL EXPO 2024 Venue: Bangkok International Trade & Exhibition Centre (BITEC), Bangkok https://www.smartdeliveryexpo.com/why-smart-retail-expo March l 33 MTCC NEWS l December 2023 Jan. 23-26, 2024 MASTEX 2024 - Malaysia-Asean International Trade Expo Venue: MITEC, Kuala Lumpur https://mastex.my/ Feb. 22 - 24, 2024 FUTURE EDECH 2024 Venue: Kuala Lumpur Putra World Trade Centre (PWTC) https://www.fetc.org/ Feb. 22 - 24, 2024 MALAYSIA TECHNOLOGY EXPO 2024 Venue: Hybrid Event I World Trade Centre Kuala Lumpur https://www.mte.org.my/ Feb. 27 - Mar. 1, 2024 OTC ASIA 2024 Venue: Kuala Lumpur Convention Centre (KLCC) https://2024.otcasia.org/ January February March 01 - 03, 2024 PAKAR PERTANIAN EXPO 2024 Venue: MAEPS Serdang, Selangor, Malaysia https://www.pakarpertanian.my/ March 01 - 03, 2024 ASIA SUPPLY CHAIN EXPO 2024 Venue: MAEPS Serdang, Selangor, Malaysia https://www.asiasupplychain.my/ March 04 - 07, 2024 EFE EXPO 2024 Venue: Kuala Lumpur Convention Centre (KLCC) http://www.efe.my/ March 21 - 22, 2024 LAB+BIO INTERNATIONAL EXPO 2024 Venue: Kuala Lumpur Malaysia Agro Exposition https://www.labbioexpo.my/ March
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