Bangkok--1 Sep--Siam Commercial Bank
Siam Commercial Bank Chairman of the Executive Committee Dr.Vichit Suraphongchai presided over the opening ceremony of the SCB Annual Conference on the Economy (SCB ACE): Thailand in the Post Crisis Landscape, a major economic conference that will be organized on an annual basis by the SCB Economic Intelligence Center (SCB EIC). The seminar featured distinguished executives in energy, construction, real estate, and hotel & tourism, as well as other leading business sectors. Also attending were representatives from important government sectors playing an integral part in driving the economy, including the Tourism Authority of Thailand and those involved in government mega-projects, who were invited to express their perspectives and strategies for the post-economic crisis. The conference served as a focal point for sharing knowledge and exchanging views among business firms. This knowledge can be used in business planning in order to optimize business, contributing to the further development of the country. With more than 700 Bank customers and distinguished guests attending, the conference was held at the Plaza Ath?n?e Royal M?ridien Bangkok.
Siam Commercial Bank Chairman of the Executive Committee Dr. Vichit Suraphongchai noted that, "With the fast changing business environment, the Bank has recognized the importance of being a source of knowledge that businesses can adapt when planning in order to respond in a dynamic fashion. The Bank will exploit every channel available to diseminate relevant and useful knowledge to the public. Serving as a key channel to publicize our business insights, the SCB Annual Conference on the Economy, or SCB ACE, will be organized on an annual basis from now on, and we are confident that it be useful in our customers' business planning." Dr. Suraphongchai added that, "the SCB Economic Intelligence Center (SCB EIC) is regarded as an integral part of the Bank's Premier Universal Banking Model. The Bank is determined to enhance its knowledge and expertise in major economic sectors in order to serve our customers' every need. SCB EIC is unique in terms of placing priority on insightful information and the implications of government policies, which can be adapted into actual practice.
SCB Economic Intelligence Center EVP and Chief Economist Sethaput Suthiwart-Narueput said that, "The global economy has shown signs of recovery. However, recovery doesn't mean that everything will be the same. The economy in the post-crisis landscape will be different. Thailand's economic growth will not be able to rely solely on exports anymore, but will be exposed to new driving forces, such as spending by China, domestic spending behavior impacted by changing demographics, and others. These factors will open new business opportunities, which will grow and benefit Thailand in the long-term. In 2010, Thailand's GDP should be able to grow by 3.5-4.0% in line with the recovery of the industrial and export sectors catalyzed by the government's stimulus measures. Tourism related service sectors will still be exposed to risks. It is expected that tourism will rebound by 6% next year, following a 15% decline this year. However, such moderate growth may not be sufficient to revive tourism businesses to pre-crisis levels. We are not very concerned with deflation, as headline inflation will enter the positive zone by year-end and should average 2.4% next year, while the policy rate should not increase before 2H09, as the economy has just started to recover and inflationary pressure should remain low."
Siam Commercial Bank Executive Vice President and Treasury Division Head Mr. Chatri Sotangkur touched on the money market situation, saying, "After the US financial crisis improves, fundamentals will have more influence over currency movements. Asian currencies have a trend of appreciating against other major currencies as this region is least affected by economic impacts. Thailand's continued Balance of Payment surplus will also impact baht currency movement in the future. However, the small range of Thai baht movement during the past 3 months and less volatility in exchange rate movements does not guarantee that interest rates will not fluctuate in the near future. Hedging of currency open positions is still important for business sectors. On the interest rate market front, the Bank expects that short-term interest rates will remain low for some time due to low inflation and high short-term liquidities, while treasury yields could rise further due to future government bonds launched in line with the deficit budget for fiscal year 2010 and demand to fulfill investments projects initiated under the Thai Strength Program."
The Bank is determined that this economic conference will serve as a useful resource for business planning in the year 2010 that will enable dynamic and effective business planning. The Bank has decided to organize "SCB ACE" on an annual basis for the optimal benefit of our customers and the country's overall economic development.
Remark: Distinguished executives joining SCB ACE as guest speakers:
Topics Guest Speakers
Thailand in the post crisis landscape” Mr. Sethaput Suthiwart-Narueput
Executive Vice President and Chief Economist
Money Market Outlook Mr. Chatri Sotangkur
Executive Vice President and Treasury Division Head
Post-Crisis Strategies and Direction for 2010 Mr. Prasert Bunsumpun President and CEO, PTT PCL
Mr. Kan Trakulhoon
President and CEO, The Siam Cement Public Company Limited
Mr. Anant Asavabhokhin President and CEO, Land and Houses PCL
Future of Thailand's Tourism Industry Mr. Weerasak Kowsurat
Chairman of the Tourism Authority of Thailand Board of Directors
Mr. Chanin Donavanik
Managing Director and CEO, Dusit Thani PCL
Mrs. Pratana Mongkolkul
Director and CFO, Minor International PCL
Government's Mega-project Investments Perspectives Mr. Pongpanu Svetarundra
Director General, Public Debt Management Office
Mr. Vallop Rungkijvorasathien
President, Sino-Thai Engineering & Construction PCL
Mr. Santi Charnkolrawee President, Tata Steel (Thailand) PCL
Next Property Market Stage Mr. Thongma Vijitpongpun President, Preuksa Real Estate PCL
Mr. Khunawut Thumpomkul President, Home Product Center PCL
Ms. Aliwassa Pathnadabutr Managing Director, CB Richard Ellis (Thailand) Co. Ltd.
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