
Thaksin touts golden visa, higher travel fees to boost Thailand
BANGKOK: Former Thai Prime Minister Thaksin Shinawatra (pic) suggested the country create a golden visa scheme for wealthy foreigners to become long-term residents and called on Airports of Thailand Pcl to hike passenger service fees to boost the sluggish economy.
The golden visa scheme could potentially bring in the equivalent of Thailand's US$500 billion economy, Thaksin said in a speech at the "Unlocking Thailand's Future' conference in Bangkok on Thursday (July 17) evening.
He suggested the country could attract 600,000 people who would deposit $1 million apiece for the visa. In return, they'd get rights to buy property in Thailand, helping the real estate sector, with the proceeds to fund education for Thai people.
"It will drive GDP growth, reduce public debt, spur domestic consumption,' Thaksin said.
"It's new, fresh money, and so worth pursuing.'
Thaksin retains significant influence with policymakers through the ruling Pheu Thai party, helmed by his daughter Paetongtarn Shinawatra, despite having no formal title in the government.
His speech to business people on how to invigorate growth comes after the Constitutional Court recently suspended Paetongtarn as prime minister while it deliberates on an alleged ethics violation case involving her handling of a border dispute.
Thaksin has his own legal troubles, including a decade-old royal defamation case that is due to be ruled on next month. He remains confident he will be found innocent, he told the seminar.
Thailand's economy, which relies heavily on exports and tourism, has expanded at an average of under 2% over the past decade, trailing other major South-East Asian economies.
Gross domestic product will likely grow 1.3% to 2.3% in 2025, constrained by high household debt and slowing tourist arrivals, while the economy is also at risk of a 36% tariff from the US, its largest export market.
Airports of Thailand should raise its passenger service charges by as much as 300 baht ($9.22) per passenger to generate 40 billion baht in additional profit per year, he added. That would be a roughly 40% hike from the current level.
"AOT should be an economic driver in terms of being an aviation hub, cargo center, and aircraft maintenance centre, which can drive the economy much further,' he said.
The proceeds could be used to improve the authority's six airports and help Thailand become South-East Asia's aviation hub, as well as drive businesses like cargo and aviation maintenance.
AOT shares rose 11% in Thursday trading, closing at the highest since March, after local newspaper Kaohoon reported it planned to hike passenger service charges and landing and parking fees, and start collecting transit and transfer fees.
There are calls to revitalise the travel industry. Earlier this week, the Tourism Authority of Thailand lowered its forecast for foreign tourist arrivals in 2025 to 35 million from 40 million, with Chinese visitors falling short of projections.
Only 2.3 million Chinese visitors came to Thailand in the first half of 2025, compared with 3.4 million a year earlier, according to data from the Ministry of Tourism and Sports.
News of a Chinese actor's kidnapping to Myanmar through Thailand increased safety concerns, said Thaksin, who suggested that he would personally insure any Chinese travellers to Thailand in order to win their confidence. - Bloomberg L.P.
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New Straits Times
17 minutes ago
- New Straits Times
Thailand rejects international mediation to end fighting with Cambodia
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The Star
an hour ago
- The Star
Thailand warns of war with Cambodia as US calls for ceasefire
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The Thai army said Cambodian forces "conducted sustained bombardment' using heavy weapons, field artillery and rockets through Friday morning, and that it responded appropriately and advised civilians to avoid the conflict zones. Cambodia's defence ministry confirmed shelling overnight and claimed to control the site of two disputed temples and another area, according to the Khmer Times. It separately reported 40 workers are trapped at Preah Vihear temple, one of the points of conflict. The flareup in clashes on Thursday, which included Thai airstrikes on Cambodian military bases using F-16 fighter jets and Phnom Penh's attack on civilian areas in Thailand, followed a months-long border standoff that also pushed Thailand's ruling coalition to the brink of collapse. The baht fell 0.2 per cent to 32.34 per dollar, in line with regional peers, while the benchmark stock index was little changed after dropping as much as 0.6 per cent. The neighbours share a long history of border tensions, though relations have remained largely stable since a deadly 2011 conflict that left dozens dead. The last major flare-up centred on the Preah Vihear temple, a longstanding flashpoint dating back to the French colonial era. Much of the current dispute stems from maps drawn on differing interpretations of early 20th-century Franco-Siamese treaties, which defined the border between Thailand and Cambodia, then part of French Indochina. A prolonged military conflict would add to multiple economic challenges for both nations, including the US threat to impose stiff tariffs. Unlike neighbouring Indonesia, the Philippines, and Vietnam - which have secured trade agreements with the Trump administration - export-reliant Thailand has yet to reach a deal. Given the risks to Thailand's local economy and tourism, a vital contributor to the economy, Bangkok may have more reasons to end the conflict as soon as possible, said Trinh Nguyen, Natixis senior economist for emerging Asia. "We expect de-escalation to take place after aggressive actions,' Trinh said. "External risks are rising and Thailand cannot afford to derail already weak tourism and soft growth.' Cambodia's economic growth was already expected to slow, according to a July 17 report by Maybank Securities Pte., which noted the country's dependence on the US is the highest in Asean, at 38 per cent of nominal exports or 21 per cent of GDP. The country also has more than half a million workers in Thailand, according to official estimates, though Maybank said undocumented migrants could push that number closer to 1.2 million people. Officials in Thailand's Chanthaburi and Trat provinces said some 2,000 Cambodian migrant workers have gathered at a checkpoint to return home. Thai exports to Cambodia totaled US$5.1 billion in the first half of 2025, including jewelry, oil and sugar, with US$732 million of imports, mostly fruit and vegetables, according to the Thai Commerce Ministry. The clashes have adversely affected economic confidence and disrupted trade and investment between the two countries, the Thai Chamber of Commerce said in a statement on Thursday. Thailand said it has evacuated more than 130,000 civilians from conflict zones. Cambodia has closed 260 schools in the province of Oddar Meanchey, the centre of the conflict, the Khmer Times reported. The fighting has drawn condemnation from world leaders, with the US saying it is gravely concerned. "The United States urges an immediate cessation of hostilities, protection of civilians, and a peaceful resolution of the conflict,' State Department deputy spokesman Tommy Pigott told reporters in Washington on Thursday. While Thailand has ruled out bilateral talks and signaled no immediate plan to cease the military actions, a drawn-out conflict poses fresh challenges to leader Paetongtarn Shinawatra, who had already been suspended as prime minister for her handling of the border dispute. Her Pheu Thai-led coalition has been on the brink after the defection of a key party last month left it with a slender majority. Thai nationalist groups, who had initially planned an anti-government rally for Sunday, have pushed it back to Aug. 2. Posts supporting the Thai army and air force are trending on X and Facebook in Thailand. - Bloomberg ALSO READ:


Focus Malaysia
an hour ago
- Focus Malaysia
Singapore urges calm as border tensions rise between Cambodia, Thailand
IN LIGHT of recent clashes along the Cambodia-Thailand border, Singapore has urged both nations to exercise restraint and resolve the situation through diplomatic means, stressing the importance of civilian safety. A spokesperson from Singapore's Ministry of Foreign Affairs (MFA) expressed the nation's concern over the incident, calling on both governments to halt further hostilities. So far, there have been no reports of any Singaporeans harmed in the border skirmish. However, the MFA has advised citizens to postpone non-essential travel to affected border regions. In a statement, the ministry encouraged Singaporeans currently in Cambodia or Thailand to remain alert, follow local news updates, and comply with instructions from local authorities to safeguard their wellbeing. The armed exchange, which took place early Thursday, occurred in a contested border zone. Both Cambodian and Thai military forces have accused each other of initiating the confrontation. Tensions between the two countries have been steadily intensifying since a deadly incident near Preah Vihear on 28 May, which claimed the life of a Cambodian soldier. —July 25, 2025 Main image: Al Jazeera