Thai food exports to reach Bt 1 trillion in 2013

BANGKOK, January 25 (TNA) - Thailand's food industry and exports have kept growing, but the National Food Institute (NFI) has warned of negative impacts from the ongoing baht appreciation, if prolonged. NFI Director Phet Chinnabut told journalists on Friday that the Thai food industry is likely to continue expanding considerably, boosted particularly by Thai food exports to other member countries of the Association of Southeast Asian Nations (ASEAN), as well as Japan and China. Phet, thus, predicted that the value of Thai food exports this year should reach one trillion baht, from 900 billion baht last year. According to the NFI chief, the ongoing baht appreciation has not significantly affected Thai food producers so far, but he cautioned that they would be affected if the baht appreciation prolonged for 2-3 months, urging the Thai government to, therefore, take actions to help cushion the impacts from the stronger baht and from a new daily minimum wage hike to 300 baht nationwide, effective from January 1, 2013. Meanwhile, the Federation of Thai Industries (FTI) discussed the strengthening Thai baht, while calling for an intervention from the Bank of Thailand (BOT), whenever necessary, to maintain the stability of the Thai currency. FTI Vice Chairman Wallop Wittanakorn also pledged with relevant agencies to closely monitor the fluctuation of the Thai baht in order to make sure that the Thai currency would not be stronger than other countries in the region. Wallop also urged the Thai Finance Ministry to take the opportunity of the ongoing baht appreciation to hurriedly invest in the country's new infrastructure projects and rail systems, as well as to import needed arms weapons. Besides, the FTI vice chair called on more support from the government for Thai private business operators to invest overseas to help reduce pressure on the Thai baht, by raising the ceiling of their investment funds in foreign countries. (TNA)