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Strong Thai Currency Compels Central Group to Invest Overseas

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  • Strong Thai Currency Compels Central Group to Invest Overseas

    Recently, the stable Thai currency is a fear for exporters and foreign tourists visiting Thailand.

    On the flip side, many Thai businesses are gaining currency development and investing overseas with their strong baht.

    CEO of Central Group, Tos Chirathivat, has declared that the family-owned conglomerate is investing 20 billion baht in three overseas projects. The investment will be in Austria, Japan, and Italy.

    In a news report, the group stated it is investing in the Centara Grand Hotel in Osaka, the Rinascente department store in Turin, and a mixed-use project in Vienna.

    All of these are a joint venture between Central and Signa Group. It is situated on Mariahilfer Strasse. The place is a well-known shopping area in Vienna.

    Moreover, it consists of a luxury hotel and department store due to its launch in 2023.

    Reports also conveyed that the Centara Grand Hotel in Osaka, Japan, is a cooperative venture between Central, Kanden Realty and Development, together with Taisei Corporation.
    Thai Currency – The stable Thai currency is creating fear for exporters and foreign tourists visiting Thailand. What does it mean?

  • #2
    I had no idea the baht was that strong lately.

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    • #3
      Originally posted by mlawson71 View Post
      I had no idea the baht was that strong lately.
      well Thailand is large country, developed tourism and so one
      some say it to be emerging economy u know

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      • #4
        I wonder how that will hit their tourist sector though.

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        • #5
          Originally posted by mlawson71 View Post
          I wonder how that will hit their tourist sector though.
          In short run it will decrease sector earning and shift prices a bit.
          But in long run, sector will become stable again
          I had some experience in tourist industry long before, so worst thing is that you earn in foreign currency but pay local subcontractors (hotel, guides and etc) in local
          But if prices for supplies (food, petrol) decrease than market becomes stable again

          Adam Smith 4 ever

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          • #6
            Thank you for the explanation! I confess I don't know much about the tourist industry in general so this is always interesting to me.

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