ID :
141285
Wed, 09/08/2010 - 15:16
Auther :
Shortlink :
http://m.oananews.org//node/141285
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Commerce minister upbeat about jewelry export growth
BANGKOK, Sept 8 (TNA) - Commerce Minister Porntiva Nakasai on Tuesday voiced confidence that Thailand's exports of precious stones and ornaments would grow at least 12 per cent this year given continued confidence among the foreign business community in the products.
Presiding over the opening of the 46th Bangkok Gem and Jewelry Fair 2010 being held September 7-11 at the Impact Exhibition Center, she said although there had been a spate of bomb attacks particularly in the Bangkok metropolitan area recently, it would not affect the event.
So far, she said none of 7,000 businesspersons expressing intention to join the fair had cancelled their plans. It is expected more than 800 foreign buyers would negotiate with potential business partners in the fair.
Considering the great number of participants in the event, Mrs. Porntiva said, foreign investors were still confident in the current situation in Thailand.
In particular, most of the business business community remained confident in the growth potential of Thailand's precious stone and ornaments given the 11.45 per cent growth of the product export to US$6 billion in value in the first seven months of this year.
Consequently, she believed the export of precious stones and ornaments would grow no less than 12 per cent to over $12 billion in value for the whole of this year.
However, the minister allowed, the currency volatility, particularly the continued strengthening of the baht from 33 to 31 to the US dollar at present, would impact entrepreneurs in the industry.
But in the past, entrepreneurs had adjusted to the changed hedging against the currency exchange risk to a certain extent.
Simultaneously, the government had attempted to find ways to ease impacts on the entrepreneurs by relaxing the rule on the value-added tax refund.
Given these moves, Mrs. Porntiva said she was confident the precious stone and ornament exports would not be adversely affected.
She advised jewellery producers to take advantage of the stronger baht to accelerate importing raw materials for their stock because it could help reduce their production costs. (MCOT online news)
Presiding over the opening of the 46th Bangkok Gem and Jewelry Fair 2010 being held September 7-11 at the Impact Exhibition Center, she said although there had been a spate of bomb attacks particularly in the Bangkok metropolitan area recently, it would not affect the event.
So far, she said none of 7,000 businesspersons expressing intention to join the fair had cancelled their plans. It is expected more than 800 foreign buyers would negotiate with potential business partners in the fair.
Considering the great number of participants in the event, Mrs. Porntiva said, foreign investors were still confident in the current situation in Thailand.
In particular, most of the business business community remained confident in the growth potential of Thailand's precious stone and ornaments given the 11.45 per cent growth of the product export to US$6 billion in value in the first seven months of this year.
Consequently, she believed the export of precious stones and ornaments would grow no less than 12 per cent to over $12 billion in value for the whole of this year.
However, the minister allowed, the currency volatility, particularly the continued strengthening of the baht from 33 to 31 to the US dollar at present, would impact entrepreneurs in the industry.
But in the past, entrepreneurs had adjusted to the changed hedging against the currency exchange risk to a certain extent.
Simultaneously, the government had attempted to find ways to ease impacts on the entrepreneurs by relaxing the rule on the value-added tax refund.
Given these moves, Mrs. Porntiva said she was confident the precious stone and ornament exports would not be adversely affected.
She advised jewellery producers to take advantage of the stronger baht to accelerate importing raw materials for their stock because it could help reduce their production costs. (MCOT online news)
