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Cannabis shop owners in Phuket have issued a cautionary warning regarding two foreign individuals suspected of stealing over 100,000 baht in cannabis products. These thefts, reportedly orchestrated by the pair across multiple shops, have raised security concerns among local vendors who have urged the Phuket Times to disseminate the alert. Images and CCTV footage of the duo, shown entering shops under the guise of potential buyers, accompanied these warnings. In one such video, the individuals, still donning motorcycle helmets, are seen engaging with the products and store's pet before swiftly absconding with two jars of cannabis. Another clip details a lone thief exploiting the store owner's distraction to conceal a jar within his helmet and flee. Comments from other victimised shop owners indicate a pattern, with one Thai woman recounting how the pair attempted card payment for high-quality cannabis, only to distract and rob her as she dealt with their supposed payment issue. A Thai man narrowly avoided a similar fate by stocking minimal cannabis, deeming it unworthy of the thieves' attention. The spate of thefts is not an isolated incident, with previous records of similar acts in popular tourist areas like Pattaya, where foreign nationals have been repeatedly implicated. Notably, in a related event in Phuket last year, two foreigners apprehended for theft faced no legal consequences, raising questions about enforcement and deterrence. Local vendors are now urging enhanced vigilance and security measures to combat this trend, as they also appeal to authorities to take robust action against such criminal activities to protect their businesses and livelihood. File photo for reference only -- 2024-10-22

Thai Banks Record Profit Rise Amid Economic Uncertainty in 2024 File photo for reference only The Thai banking sector has witnessed a modest rise in profits for the first nine months of 2024, led by increased interest and fee incomes. A collection of 10 banks listed on the Stock Exchange of Thailand reported a combined net profit of 159 billion baht, marking a 3.49% year-on-year increase. Full Story: https://aseannow.com/topic/1341410-thai-banks-record-profit-rise-amid-economic-uncertainty-in-2024/

The Thai banking sector has witnessed a modest rise in profits for the first nine months of 2024, led by increased interest and fee incomes. A collection of 10 banks listed on the Stock Exchange of Thailand reported a combined net profit of 159 billion baht, marking a 3.49% year-on-year increase. Kasikornbank emerged as a frontrunner with a net profit boost of 15.4%, reaching 38.1 billion baht. TMBThanachart Bank outpaced others in profit growth, surging by 17% to 15.9 billion baht. However, six banks, including Kiatnakin Phatra Financial Group, suffered profit declines, with KKP tumbling by 25%. Despite these gains, uncertainty looms over Thailand's economic landscape. Floods, baht fluctuations, and a global economic slowdown threaten stability. Kasikornbank's CEO, Kattiya Indaravijaya, advocated for supportive measures such as lowering loan interest rates to help flood-affected customers. Elsewhere, SCB X, the parent company of Siam Commercial Bank, reported a slight profit decline due to a one-off subsidiary sale loss and reduced incomes. Meanwhile, Bank of Ayudhya experienced a 7% profit drop, impacted by higher credit loss provisions and reduced loans, indicating caution in an uncertain economic climate. With potential growth on the horizon, banks remain vigilant, bracing for continuing challenges affecting Thailand's financial sector. File photo for reference only -- 2024-10-22

Thai cops race against crime to catch Chinese students kidnap gang Image courtesy of KhaoSodn Thai police are urgently tracking a gang responsible for kidnapping three Chinese students from a renowned university in Thonburi, demanding a ransom of 1.5 million baht. The last known location of the students indicates they were taken across the border into Myanmar. Full Story: https://aseannow.com/topic/1341409-thai-cops-race-against-crime-to-catch-chinese-students-kidnap-gang/

Thai police are urgently tracking a gang responsible for kidnapping three Chinese students from a renowned university in Thonburi, demanding a ransom of 1.5 million baht. The last known location of the students indicates they were taken across the border into Myanmar. On October 20 at 5am, a professor from the university reported the incident to the Thammasala Police Station after receiving a message from a first-year Chinese student via the WeChat application. The message revealed that three Chinese students had been kidnapped and were being held for ransom. The students had been lured into delivering an unknown item to a mysterious figure with the promise of receiving money in return. However, upon arrival, they were taken hostage. The kidnappers then contacted the students’ friends, demanding 300,000 yuan (approximately 1.5 million baht) for their release. The message also included GPS coordinates, showing that the students were being held in Myanmar. The kidnappers threatened to move the students to KK Park in Myanmar if the ransom was not paid by noon on the same day. Le Yichen, a friend of the kidnapped students, mentioned that one of them had spoken on the phone with an unknown person. They discussed travelling to the Moei River on the Myanmar border to deliver the item. The friends then received another message demanding the ransom, prompting them to report the incident to the police. Deputy Metropolitan Police Commissioner Nopasin Poolsawat, along with Kumpanat Arunkeeriroj, the Chief of Metropolitan Police Division 7, and Boonroj Lojaya, the superintendent of Thammasala Police Station, held a meeting with the investigation team to expedite the rescue operation. Metropolitan Police Commissioner Thiti Saengsawang has ordered a special investigation team to be formed. The team is collaborating with immigration officials and other relevant agencies to track down the kidnappers and secure the safe return of the students. A meeting is scheduled at the headquarters of Metropolitan Police Division 7 to review the progress of the investigation. Preliminary orders have already been issued to form investigation units and liaise with relevant agencies for the urgent rescue of the Chinese students, reported KhaoSod. By Ryan Turner Image courtesy of KhaoSod Source: The Thaiger -- 2024-10-22

Thai man arrested for stealing from Russian couple in Phuket Photo via Facebook/ Phuket Hotnews Police arrested a Thai man for stealing from a Russian couple while the victims were enjoying Kata Beach in Phuket. Full Story: https://aseannow.com/topic/1341408-thai-man-arrested-for-stealing-from-russian-couple-in-phuket/

Police arrested a Thai man for stealing from a Russian couple while the victims were enjoying Kata Beach in Phuket. The Russian couple, whose identities remain undisclosed, filed a theft complaint at Karon Police Station at around 8am on October 18. They reported that they visited Kata Beach and left their belongings unattended while enjoying the beach. The victims saw a man taking their belongings before fleeing the scene on a motorcycle. They were unable to stop the thief as they were too far from their possessions. The stolen items included a gold iPhone 13 Pro Max, cash, credit cards, and a gold ring. Police provided an update regarding the case today, October 21. According to their report, officers examined security footage and tracked the thief to the Chalong sub-district in Phuket. The suspect was found in a rented room on Soi Anusorn, and officers arrived to apprehend him on the same day the incident occurred. A grey Honda Wave motorcycle, which was used in the crime, was discovered parked outside the room. When officers knocked on the door, the suspect, identified as 35 year old Surachai, answered in a state of shock. He appeared visibly frightened when the police requested permission to search his room. Upon finding incriminating evidence in his possession, Surachai confessed to the crime. Police recovered some of the stolen items, including the credit cards, leftover cash, and the gold ring, from Surachai’s room. However, the suspect confessed that he already sold the victim’s phone to a local mobile shop. A man named Tom collected the phone from him. Officers tracked down Tom and discovered that he sent the phone to the shop via parcel delivery. They visited the parcel delivery shop and successfully retrieved the mobile phone. Both Surachai and Tom were summoned to the police station for further legal proceedings. However, the police have not yet clarified the legal charges that both men will face. The Russian couple were also invited to the police station to retrieve their belongings. They recovered all the stolen items except for some cash that Surachai already spent. By Petch Petpailin Photo via Facebook/ Phuket Hotnews Source: The Thaiger -- 2024-10-22

Chiang Mai Vendors Urge Quick Cleanup of Flood-Damaged Waste File photo for reference only Vendors at Chiang Mai's Muang Mai Market have called on authorities to expedite the removal of flood-damaged rubbish lining the streets. For over a week, heaps of debris and market litter have marred the market's vicinity, producing a stench and attracting flies—an unwelcome sight in an area frequented by tourists, particularly from China. Full Story: https://aseannow.com/topic/1341404-chiang-mai-vendors-urge-quick-cleanup-of-flood-damaged-waste/

Vendors at Chiang Mai's Muang Mai Market have called on authorities to expedite the removal of flood-damaged rubbish lining the streets. For over a week, heaps of debris and market litter have marred the market's vicinity, producing a stench and attracting flies—an unwelcome sight in an area frequented by tourists, particularly from China. This garbage, primarily a mix of flood remnants and general waste, has been a persistent nuisance not only near the bustling fruit market but also along the footpath by the Ping River, adjacent to the Doi Lam Yai Flower Market. The unsightly and foul-smelling scene is impacting the city's image, much to the dismay of vendors who feel clean-up efforts are slow despite authorities working tirelessly. In a gesture of support amidst these challenges, Warorot Market, also heavily affected by recent flooding, has provided vendors with a week's rent waiver to aid in their recovery. The market has mostly resumed operations except for its basement, which remains closed while undergoing cleaning. However, some riverside restaurants near the Chan Som Bridge are not as fortunate. Despite the receding water levels of the Ping River, their premises are still laden with mud, delaying reopening. This has contributed to a sense of urgency among local vendors and businesses for more efficient cleanup operations to restore normalcy swiftly. File photo for reference only -- 2024-10-22

Bangkok Urges Public to Avoid Bread Baskets for Loy Krathong Festival File photo for reference only Ahead of the Loy Krathong festival on November 15th, Bangkok Metropolitan Administration (BMA) is urging citizens to stop floating bread-made "krathong" baskets in local water bodies. While typically used in the festivity's ritual, these bread baskets are raising environmental concerns. Full Story: https://aseannow.com/topic/1341403-bangkok-urges-public-to-avoid-bread-baskets-for-loy-krathong-festival/

Ahead of the Loy Krathong festival on November 15th, Bangkok Metropolitan Administration (BMA) is urging citizens to stop floating bread-made "krathong" baskets in local water bodies. While typically used in the festivity's ritual, these bread baskets are raising environmental concerns. The BMA's Environment Department highlights the environmental threat posed by excessive bread krathong use. While theoretically edible for fish, leftover bread can rot, diminishing oxygen levels and harming aquatic life. Evidence from last year's event at Peace Park revealed ponds overwhelmed with abandoned krathong materials, primarily bread, causing major pollution and fish deaths. Following the festival, extensive efforts were needed to restore the park’s ecosystem. Officials drained the pond, treated it with lime, and refilled it with fresh water—a recovery process spanning four months. Previously, krathong made of Styrofoam were prohibited by the BMA, causing a rise in alternate materials like bread and banana trunks. The BMA advises festival-goers to reconsider their krathong choices in favour of more sustainable options, safeguarding Bangkok’s aquatic environments. File photo for reference only -- 2024-10-22

Andaman Riviera Road Project Advances with Key Milestone Set File photo for reference only The ambitious Andaman Riviera project in Thailand is making headway, with its final report scheduled for completion in February, the Office of Transport and Traffic Policy and Planning (OPT) confirmed on 21 October. The development represents a massive 50 billion baht (£1.15 billion) investment, aiming to construct over 600 kilometres of new roads along the scenic Andaman coast. Full Story: https://aseannow.com/topic/1341402-andaman-riviera-road-project-advances-with-key-milestone-set/

The ambitious Andaman Riviera project in Thailand is making headway, with its final report scheduled for completion in February, the Office of Transport and Traffic Policy and Planning (OPT) confirmed on 21 October. The development represents a massive 50 billion baht (£1.15 billion) investment, aiming to construct over 600 kilometres of new roads along the scenic Andaman coast. Chaiwat Sangkhaphak, OPT's Division Director for Transport, revealed that construction would likely commence three to four years post-Cabinet approval. His comments came during a public hearing on a local island, gathering insights from 40 residents and officials. This forum is part of a series designed to incorporate community feedback into the plan for the coastal road network. Spanning six provinces—Ranong, Phang Nga, Phuket, Krabi, Trang, and Satun—the project's intent is to weave existing roads into a comprehensive system. It will enhance infrastructure through picturesque routes, offering travellers convenient stops. However, sections near protected zones may need additional environmental scrutiny. Chaiwat emphasised the road network's potential to attract international tourists and bolster logistical capabilities, with transport demands in the region forecasted to surge in the coming decades. The new connections are poised to stimulate investment and economic advancement across these provinces. In addition, Watcharaphong Chiso from Phuket's Development Division highlighted the economic disparity faced by the province. Despite contributing 380 billion baht (£8.75 billion) through tourism last year, Phuket only garnered a modest 169 million baht (£3.89 million) for tourism development. The Andaman Riviera project aims to rectify such imbalances by enhancing access and fostering growth, envisaging the Andaman coast as a premier destination for global visitors and investors alike. File photo for reference only -- 2024-10-22

Laem Chabang Port's Expansion Project Steams Ahead Despite Delays File photo for reference only Laem Chabang Port's third development phase has reached 45% completion, as confirmed by Deputy Transport Minister Manaporn Charoensri. This prominent project is a key element of the Eastern Economic Corridor (EEC) Development Plan, ranking among the top 15 infrastructure priorities under the Paetongtarn Shinawatra administration. Full Story: https://aseannow.com/topic/1341400-laem-chabang-ports-expansion-project-steams-ahead-despite-delays/

Laem Chabang Port's third development phase has reached 45% completion, as confirmed by Deputy Transport Minister Manaporn Charoensri. This prominent project is a key element of the Eastern Economic Corridor (EEC) Development Plan, ranking among the top 15 infrastructure priorities under the Paetongtarn Shinawatra administration. Despite progress, the Port Authority of Thailand (PAT) reports a slight lag due to adverse weather, with the construction behind schedule. However, Minister Manaporn is confident in overcoming these setbacks. The Ministry has advised PAT to collaborate closely with CNNC Joint Venture, the project contractor, to make up for the lost time. Adjustments include extending work hours during favourable weather and optimising machinery usage to reduce delays. While these challenges persist, the project's timeline remains on track, with the first phase expected to conclude by June 2026. Handovers, like Area F1 to GPC International Terminal Ltd, are anticipated by next November, and Pier F, a central component, is on course for a late 2027 debut. Kriengkrai Chaisiriwongsuk, PAT Director General, notes progress in other project areas, with Phase Two preparations underway after a recent contract with CHEC (Thai) Co Ltd. Additional phases focusing on railway and IT infrastructure are lined up for bids early next year. Upon completion, the enhancements will significantly expand the port's container handling capacity from 11 million to 18 million TEUs, reducing logistics costs and strengthening Thailand's position as a major logistics hub for the region, connecting southern China, Cambodia, Laos, Myanmar, and Vietnam. File photo for reference only -- 2024-10-22

Thai nationals in Korea prepare to exorcise ‘little ghosts’ Photo by niu niu via Unsplash Thai nationals in South Korea launched a new service aimed at facilitating the arrest of illegal Thai workers, also known as “little ghosts,” who have disputes with their clients. Full Story: https://aseannow.com/topic/1341398-thai-nationals-in-korea-prepare-to-exorcise-‘little-ghosts’/

Thai nationals in South Korea launched a new service aimed at facilitating the arrest of illegal Thai workers, also known as “little ghosts,” who have disputes with their clients. The Facebook page Poetry of B*tch shared details of this unusual new service yesterday, October 22. The service, operated by Thai people in South Korea, offers assistance to those who want illegal Thai workers they know to be arrested for various reasons. Most of the clients are Thai nationals, both in Thailand and South Korea, who discovered that their partners are having affairs with other Thai workers in South Korea. These cheating partners often stop sending money to their families or abandon their loyal partners, leaving them to shoulder debts alone. Some clients are creditors who are unable to recover money from debtors working in South Korea. In revenge, they report the debtors’ illegal stay to the Immigration Bureau to have them arrested. Another group of clients consists of Thai nationals who wish for Thai sex workers in South Korea to be arrested, believing they tarnish the country’s reputation and bring shame to fellow Thais. Others used the service to seek the arrest of illegal Thai workers who exhibited bad behaviour, such as committing fraud, sexual assault, adultery, or drug use. Controversial service One of the service providers, identified only as A, gave an interview to Poetry of B*tch about her business. A explained that she runs the service with the help of her South Korean business partner. She receives complaints from clients, and her partner liaises with immigration officials to file reports. A clarified that she cannot guarantee when the targeted illegal workers will be arrested, as immigration authorities in different areas of South Korea operate on their schedules. A also noted that people can report illegal Thai workers themselves by calling the hotline number 1354 but many opt for her service due to language barriers. The Facebook page further revealed that this type of service created an opportunity for scammers. Some fraudulent service providers trick clients into paying for the service and then disappear. The page added that some of these providers are illegal Thai workers themselves. In response to the scams, A urged anyone interested in using the service to exercise caution. She advised avoiding providers who promise to schedule arrests or charge high fees, claiming they can expedite the process. Many illegal Thai workers in South Korea condemned this service, accusing operators of profiting from the hardships of fellow Thai people. They argue that the arrests could harm innocent workers who are simply trying to support their families. However, others disagree, insisting that anyone working and staying illegally in South Korea should be arrested, as their illegal status also negatively impacts the reputation of Thais who are legally in the country. By Petch Petpailin Photo by niu niu via Unsplash Source: The Thaiger -- 2024-10-22

Iranian man caught impersonating police to rob tourists in Bangkok Image courtesy of KhaoSod Officers in Bang Rak apprehended an Iranian man impersonating a police officer to search tourists’ bags and steal cash. The suspect was finally caught at the Sadao checkpoint while attempting to flee to Malaysia. Full Story: https://aseannow.com/topic/1341397-iranian-man-caught-impersonating-police-to-rob-tourists-in-bangkok/

Officers in Bang Rak apprehended an Iranian man impersonating a police officer to search tourists’ bags and steal cash. The suspect was finally caught at the Sadao checkpoint while attempting to flee to Malaysia. Police Major General Samart Phromchat, with local officers and immigration police, arrested 53 year old Ghiasi Arefhossein on charges of theft by impersonation. The arrest was made in accordance with a warrant issued by the South Bangkok Criminal Court on September 23. The suspect is accused of disguising himself and posing as a police officer to facilitate his crimes, using a vehicle for easier escape. Police seized various items of evidence, including the clothes worn during the crime, and multiple foreign currencies such as Malaysian ringgit, Uzbekistani som, Iranian rial, British pounds, US dollars and Thai baht. These items were confiscated as he attempted to leave the country at the Sadao Immigration checkpoint in Songkhla province. The initial complaint was filed on August 17 by Syed Ghazanfar Abbas Kirmani, a Pakistani tourist. He reported that while walking on Silom Road near Decho Intersection, a man claiming to be a police officer searched his bag. Kirmani later discovered that US$1,000 (approximately 33,515 baht) was missing. He immediately reported the incident to the Bang Rak Police Station. Another report came on August 31 from Kan Lin, a Myanmar tourist. Lin stated that he and his sister were approached by a man posing as a tourist police officer near a shop on Silom Road. The imposter searched Lin’s bag, removed an envelope containing £3,150, and used a trick to make some of the banknotes fall to the ground. While Lin was distracted picking up the money, the thief pocketed some of the cash and then quickly left the scene in a white car. Lin also reported the incident to the Bang Rak Police Station. Investigations revealed that both incidents involved the same perpetrator, who had an accomplice driving the getaway vehicle. The suspects used fake documents to rent cars and disguised themselves with wigs, hats, and face masks. The police found that the two men, both Iranian nationals, had entered Thailand on tourist visas. Following the gathering of substantial evidence, the Bang Rak Police obtained arrest warrants for both suspects. On October 18, at approximately 1.45pm, the Bang Rak investigation team, in collaboration with immigration officers, arrested Arefhossein as he tried to flee to Malaysia, reported KhaoSod. By Ryan Turner Image courtesy of KhaoSod Source: The Thaiger -- 2024-10-22

Thai man steals from friend to buy ring to win back ex-wife - video Photo via Siam Eagle A Thai man surrendered to the police after stealing more than 100,000 baht worth of valuables from his friend‘s home in Chon Buri province, allegedly to buy a gold ring to win back his ex-wife. Full Story: https://aseannow.com/topic/1341396-thai-man-steals-from-friend-to-buy-ring-to-win-back-ex-wife-video/

A Thai man surrendered to the police after stealing more than 100,000 baht worth of valuables from his friend‘s home in Chon Buri province, allegedly to buy a gold ring to win back his ex-wife. The victim, 42 year old Tharathep, filed a complaint at Na Jomtien Police Station after catching his former colleague and neighbour, 44 year old Bandit, stealing from his apartment in the Sattahip district of Chon Buri yesterday, October 21. Tharathep explained that more than 100,000 baht worth of valuables went missing from the room on multiple occasions. He and his girlfriend blamed each other for the losses, leading them to install a security camera in the room. On the day of the incident, the CCTV camera alerted Tharathep to the trespass. He checked the footage and saw his close friend searching his room for valuables. Bandit later noticed the camera, cut the wires, and escaped from the room through the window. Footage from the security camera outside the apartment showed Bandit climbing out of the third-floor window and reaching the ground safely without any equipment. Tharathep reported the theft to the security guards but they were unable to stop Bandit in time. According to Tharathep, Bandit did not manage to steal anything from the room this time. Tharathep was shocked by the discovery, never expecting the thief to be his close friend, who even lived in the same building. The head of security later went to Bandit’s room but he was not there. Only his wife and child were at home. His wife admitted that Bandit was previously arrested for theft and struggled to find a job after his release from prison. She revealed that she previously broke up with Bandit but he begged her to reunite and gave her a gold ring as a gift. Bandit claimed to his wife that he earned the money through online gambling. Bandit later turned himself in. He expressed guilt for being unable to provide for his wife and child and admitted to committing theft to support them. However, he insisted that the money used to buy the gold ring was not from theft. By Petch Petpailin Photo via Siam Eagle Source: The Thaiger -- 2024-10-22

Three Arrested in Bangkok for Multi-Million Baht Tax Evasion Scheme File photo for reference only In a significant crackdown, three company directors have been arrested in Bangkok for their involvement in a massive tax evasion operation, resulting in over 28 million baht in damages to the Thai Revenue Department. The arrests were carried out by the Economic Crime Suppression Division (ECD) yesterday, 21st October, following a thorough investigation into their fraudulent dealings. Full Story: https://aseannow.com/topic/1341395-three-arrested-in-bangkok-for-multi-million-baht-tax-evasion-scheme/

In a significant crackdown, three company directors have been arrested in Bangkok for their involvement in a massive tax evasion operation, resulting in over 28 million baht in damages to the Thai Revenue Department. The arrests were carried out by the Economic Crime Suppression Division (ECD) yesterday, 21st October, following a thorough investigation into their fraudulent dealings. Police Major General Phutthidet Boonkrapue led the initiative, with law enforcement officials swiftly executing the operation in the Prawet and Yannawa districts of Bangkok. Police Colonel Chatchawan Chuchaiyarit and his team apprehended the suspects outside their homes, effectively ending a long-running scheme that had eluded authorities for several years. The suspects, identified as Yupa, Panjarat, and Manatravee, allegedly masterminded a ploy involving the submission of fake VAT invoices to portray fictitious business operations. Investigation revealed that from 2016 to 2022, the accused filed VAT returns using nonexistent sales figures. Astonishingly, the registered company address was nothing more than an abandoned site devoid of any business activities. Upon review, the influential Revenue Department discovered that the company had no intent of conducting legitimate business. It had also failed to provide essential documentation for evaluation, arousing suspicion about its dealings. Despite repeated notices and the gravity of the accusations, the directors remained uncooperative. Their reluctance to respond to summonses suggested attempts to flee justice, prompting the ECD to obtain arrest warrants. Consequently, the law finally caught up with them, leading to their detention for further legal investigation. All three directors, however, have denied any wrongdoing, placing the onus on the ECD to substantiate their claims with concrete evidence. This high-profile case underscores the ongoing challenges in combating economic crimes and the relentless pursuit by Thai authorities to uphold fiscal integrity. File photo for reference only -- 2024-10-22

Thailand and Hong Kong Join Forces to Create ASEAN Financial Hub File photo for reference only Thailand has taken another significant step towards solidifying its position as a formidable player in the global financial sector. The country is actively pursuing a partnership with Hong Kong to establish a financial hub intended to connect ASEAN markets. This announcement came from Deputy Finance Minister Paopoom Rojanasakul following a meeting with Hong Kong’s Financial Secretary, Paul Chan, during the recent APEC Finance Ministers’ Meeting in Lima, Peru. Full Story: https://aseannow.com/topic/1341394-thailand-and-hong-kong-join-forces-to-create-asean-financial-hub/

Thailand has taken another significant step towards solidifying its position as a formidable player in the global financial sector. The country is actively pursuing a partnership with Hong Kong to establish a financial hub intended to connect ASEAN markets. This announcement came from Deputy Finance Minister Paopoom Rojanasakul following a meeting with Hong Kong’s Financial Secretary, Paul Chan, during the recent APEC Finance Ministers’ Meeting in Lima, Peru. This collaboration marks a strategic priority for Thailand’s current government, aiming to leverage its geographic prominence as a gateway to ASEAN markets, especially in rapidly growing economies like Cambodia, Laos, Myanmar, and Vietnam. The initiative promises mutual advantages, enhancing the connectivity between Hong Kong, ASEAN, and China through the fluid exchange of trade and investment. To bolster this ambitious vision, Thailand plans to reform its financial regulations, focusing on flexibility and transparency to attract investment. These reforms will introduce incentives such as tax benefits, furthering the development of a modern financial ecosystem. Paopoom highlighted the continued success of cross-border payment systems, such as the integration of Thailand’s PromptPay and Hong Kong’s Faster Payment System, underscoring the already solid cooperative relationship. The meeting concluded with both sides expressing optimism about future financial collaboration as they exchanged ideas on expanding their economic and financial ties. With Hong Kong as Thailand’s 13th-largest trading partner, their trade relations have seen a substantial increase, with an overall two-way trade of US$13.7 billion in 2023. The formation of a financial hub marks yet another pivotal step towards fostering economic stability and innovation within the ASEAN and APEC regions. File photo for reference only -- 2024-10-22