The main policy body on trade and investment for the regional arm of the United Nations in Asia and the Pacific opened its first session today, noting that the region was on the path to recovery from the economic and financial crises but also that the adverse social effects would be felt for a long time.
The Committee on Trade and Investment, which provides policy guidance to the work of the Economic and Social Commission for Asia and the Pacific (ESCAP), is meeting through Friday in Bangkok under the theme, “Trade-Led Recovery and Beyond.”
In her remarks to the Committee, Noeleen Heyzer, Under-Secretary-General of the United Nations and Executive Secretary of ESCAP, emphasized the need to enhance connectivity in the region in support of intraregional trade.
Many developing countries in the region, particularly the least developed and landlocked ones, lack sufficient access to markets or are not competitive enough to fully use trade as a tool for wealth generation and poverty reduction. “For these countries effective integration with regional and global trading systems will potentially provide important additional sources of growth,” she said.
Trade measures should also be specifically designed to target the sectors of the economy linked with small businesses, women and the poor to ensure that future trade-led economic growth was pro-poor and benefited people who needed it most, Dr. Heyzer added.
Foreign Minister Kasit Piromya of Thailand said in his inaugural address that regional economic cooperation was essential to promoting sustainable growth and strengthening resilience against future economic crises. He referred to last month’s ASEAN Summit which had launched an initiative to establish an East Asian Free Trade Area comprising the 10 ASEAN members and China, Japan and the Republic of Korea. He also emphasized the importance of public-private partnerships, particularly in infrastructure projects.
The Committee also discussed trade and investment as a means to achieve inclusive and sustainable development. Kiat Sittheeamorn, Thailand Trade Representative, said Asia stood to benefit greatly from trade and should therefore take a pro-active role in promoting trade liberalization. “Trade is a victim of the crisis but a hero of recovery,” he said, adding that Asia should speak with one voice to get the maximum benefit out of trade.
The Committee also noted that Asia was leading the recovery from the crisis and exports were poised for strong growth in 2010. Kishore Mahbubani, Dean of the Lee Kuan Yew School of Public Policy at the National University of Singapore, called for Asia to be at the forefront of trade-led growth. “The global economy creates many opportunities; for instance, Asia is already taking a lead in developing green technologies,” he said. In a modern economy, there was a need for a proper balance between the invisible hand of the market and the visible hand of good government.
Damdin Tsogtbaatar, State Secretary of the Ministry of Foreign Affairs and Trade of Mongolia, noted that the crisis had revealed that the “old economy” was neglected in favour of the “new economy.” “Important traditional sectors such as agriculture and mining cannot easily be replaced by dot.com industries in many countries,” he said.
The first session of the Committee on Trade and Investment, which drew about 100 senior officials, academics and private sector representatives from some 25 countries, is part of a series of events which make up ESCAP’s first Asia-Pacific Trade and Investment Week. Secretary-General Supachai Panitchpakdi of the UN Conference on Trade and Development (UNCTAD) is scheduled to deliver a keynote address Thursday to the Committee.
Other events during the Week have included the Asia-Pacific Economists’
Conference on “Trade-led Growth in Times of Crisis” to commemorate the fifth anniversary of the Asia-Pacific Research and Training Network on Trade (ARTNeT), the OECD/ESCAP Conference on Corporate Responsibility and other workshops.
Saturday, November 21, 2009
Friday, November 13, 2009
UMI TO INCREASE MOSAIC EXPORT FOCUS NEXT YEAR
Union Mosaic Industry next year will increase its mosaic-tile export volume to cash in on its Asian competitors having slowed down or shut production after facing high labour costs.
The company current exports 15 per cent of its production of ceramic tiles and mosaic, but the proportion will be boosted next year for mosaic.
UMI chairman Paweena Laowiwatwong said yesterday that the production slowdown or shutdown of some mosaic manufacturers in Asia had presented the company with an opportunity to win more overseas orders.
She said mosaic production was more labour intensive than ceramic-tile production, whereas the market was smaller. This had led to the closure of some tile and mosaic-makers.
Many countries in the Middle East and other parts of Asia still offer demand for mosaic tiling , however.
UMI's mosaic sales account for 6-7 per cent of its revenue, she said. Although demand is not high, the company still produces mosaic because it offers a better margin than ceramic tiles.
She said the export outlook for its range next year should be brighter than this year's because of the global market recovery. UMI expects to enjoy export growth of 10 to 20 per cent. This year's exports have dropped by 10 per cent due to the economic crisis.
UMI yesterday reported a third-quarter net profit of Bt61 million in the same perioed last year. Its net profit in the first nine months was Bt95.54 million, compared with a loss of Bt34.46 million over the same period last year.
The company expects to turn a profit this year because of its focus on cost reduction and high-margin product development, Paweena said. It posted a loss of Bt115.23 million last year.
She said the company targeted sales growth next year at 5 to 10 per cent, from expected revenue of Bt2.1 billion this year.
"If we can maintain our gross profit margin at 20 per cent and enjoy stable oil and natural-gas prices, we believe the company will achieve sales growth," she added.
The company's board is considering paying a diveidend to stakeholders for the first time in four years, she said.
Paweena said the Thai Khemkhaeng project was a positive factor driving demand for tiling next year.
UMI plans to run at 85-per-cent capacity in response the expected rise in domestic demand. It currently operates at 75 per cent.
The company current exports 15 per cent of its production of ceramic tiles and mosaic, but the proportion will be boosted next year for mosaic.
UMI chairman Paweena Laowiwatwong said yesterday that the production slowdown or shutdown of some mosaic manufacturers in Asia had presented the company with an opportunity to win more overseas orders.
She said mosaic production was more labour intensive than ceramic-tile production, whereas the market was smaller. This had led to the closure of some tile and mosaic-makers.
Many countries in the Middle East and other parts of Asia still offer demand for mosaic tiling , however.
UMI's mosaic sales account for 6-7 per cent of its revenue, she said. Although demand is not high, the company still produces mosaic because it offers a better margin than ceramic tiles.
She said the export outlook for its range next year should be brighter than this year's because of the global market recovery. UMI expects to enjoy export growth of 10 to 20 per cent. This year's exports have dropped by 10 per cent due to the economic crisis.
UMI yesterday reported a third-quarter net profit of Bt61 million in the same perioed last year. Its net profit in the first nine months was Bt95.54 million, compared with a loss of Bt34.46 million over the same period last year.
The company expects to turn a profit this year because of its focus on cost reduction and high-margin product development, Paweena said. It posted a loss of Bt115.23 million last year.
She said the company targeted sales growth next year at 5 to 10 per cent, from expected revenue of Bt2.1 billion this year.
"If we can maintain our gross profit margin at 20 per cent and enjoy stable oil and natural-gas prices, we believe the company will achieve sales growth," she added.
The company's board is considering paying a diveidend to stakeholders for the first time in four years, she said.
Paweena said the Thai Khemkhaeng project was a positive factor driving demand for tiling next year.
UMI plans to run at 85-per-cent capacity in response the expected rise in domestic demand. It currently operates at 75 per cent.
Cabinet wants second look at tapioca sale
The cabinet has declined to approve a Commerce Ministry proposal to sell more tapioca in domestic and export markets.
Prime Minister Abhisit Vejjajiva said the sale should be approved first by the Tapioca Committee chaired by Deputy Prime Minister Korbsak Sabhavasu and then proposed to the cabinet.
The government still has 1.6 million tonnes of tapioca chips and 326,180 tonnes of starch that have been in its stockpiles for 10 months. Further delays would result in damage to the quality,the ministry has said.
Prime Minister Abhisit Vejjajiva said the sale should be approved first by the Tapioca Committee chaired by Deputy Prime Minister Korbsak Sabhavasu and then proposed to the cabinet.
The government still has 1.6 million tonnes of tapioca chips and 326,180 tonnes of starch that have been in its stockpiles for 10 months. Further delays would result in damage to the quality,the ministry has said.
CRISIS FORCES ADAPTATION
Hoping to turn a crisis into an opportunity and take advantage of the nascent economic recovery, Thai businesses are adjusting the way they do business in a variety of ways.
Teeradej Snongtaweeporn, deputy administrative director of Big Star, the maker of Gambol footwear, said the company had revised its strategy to focus more on own-brand products and reduce the amount of original-equipment manufacturing (OEM) of footwear for client brands.
"We want to export more footwear under our Gambol brand, and to move away from the OEM business," Teeradej said, adding that the company currently exports Gambol footwear to 10 markets in Southeast Asia, in addition to the Middle East and Eastern European countries including Ukraine and Russia.
"We want to reduce OEM from 40 per cent to about 20 per cent of our export business by the second quarter of next year," Teeradej said. Exports currently account for about 40 per cent of Big Star's total sales.
"Relying too much on OEM leaves you vulnerable to clients who shift orders to lower-cost manufacturers. So we want to focus on our own brand, which is quite strong," Teeradej said.
The company saw OEM orders from Europe plunge during the recent global economic turmoil, but was able to offset this by exporting more footwear under the Gambol brand.
"The Thai economy is expected to recover in the second half of next year, driven by higher purchasing power among consumers, aided in part by the [government's] Thai Khemkhaeng economic stimulus scheme. We plan to increase our production capacity by 10 per cent next year. The company currently produces about 10 million pairs of footwear per annum," Teeradej said.
The economic crisis has also brought about some changes at ICC International, according to director Somphol Chaisiriroj, who oversees the Arrow apparel brand. He said the company expected to achieve close to Bt2 billion in sales of Arrow products this year, up nearly 10 per cent over last year - but lower than the 15 per cent targeted at the beginning of the year.
"Rather than worry about the economic crisis, I'd rather learn from it and use those lessons to formulate a new business plan," said Somphol.
The downturn should encourage business operators to think about society in all its dimensions, he said, and not just their bottom lines.
"It should be a mission of all businesspeople today to try and do something to help other people," he said.
Consumers want to buy brands that make a contribution to society, Somphol said.
In 2007, Arrow launched a corporate social responsibility campaign, "Send Me Home", with the goal of releasing eight captive elephants back into the wild. The last two elephants are due to be released next month.
Sales of Arrow apparel were stagnant for the first six months, but grew a strong 15 per cent in the third quarter, which he attributes largely to the exposure achieved via the campaign.
Singer Thailand, meanwhile, has revamped its instalment payment plan for electrical appliances.
"We have increased the payment-period options from 12 and 18 months to 24 and 38 months, and reduced the monthly payments from between Bt700 and Bt1,000 to just Bt500 for refrigerators, and from between Bt1,500 and Bt2,000 to Bt900 for air-conditioners. This will make it easier for consumers to access our installment plan amid the current economic difficulties," Boonyong said.
Teeradej Snongtaweeporn, deputy administrative director of Big Star, the maker of Gambol footwear, said the company had revised its strategy to focus more on own-brand products and reduce the amount of original-equipment manufacturing (OEM) of footwear for client brands.
"We want to export more footwear under our Gambol brand, and to move away from the OEM business," Teeradej said, adding that the company currently exports Gambol footwear to 10 markets in Southeast Asia, in addition to the Middle East and Eastern European countries including Ukraine and Russia.
"We want to reduce OEM from 40 per cent to about 20 per cent of our export business by the second quarter of next year," Teeradej said. Exports currently account for about 40 per cent of Big Star's total sales.
"Relying too much on OEM leaves you vulnerable to clients who shift orders to lower-cost manufacturers. So we want to focus on our own brand, which is quite strong," Teeradej said.
The company saw OEM orders from Europe plunge during the recent global economic turmoil, but was able to offset this by exporting more footwear under the Gambol brand.
"The Thai economy is expected to recover in the second half of next year, driven by higher purchasing power among consumers, aided in part by the [government's] Thai Khemkhaeng economic stimulus scheme. We plan to increase our production capacity by 10 per cent next year. The company currently produces about 10 million pairs of footwear per annum," Teeradej said.
The economic crisis has also brought about some changes at ICC International, according to director Somphol Chaisiriroj, who oversees the Arrow apparel brand. He said the company expected to achieve close to Bt2 billion in sales of Arrow products this year, up nearly 10 per cent over last year - but lower than the 15 per cent targeted at the beginning of the year.
"Rather than worry about the economic crisis, I'd rather learn from it and use those lessons to formulate a new business plan," said Somphol.
The downturn should encourage business operators to think about society in all its dimensions, he said, and not just their bottom lines.
"It should be a mission of all businesspeople today to try and do something to help other people," he said.
Consumers want to buy brands that make a contribution to society, Somphol said.
In 2007, Arrow launched a corporate social responsibility campaign, "Send Me Home", with the goal of releasing eight captive elephants back into the wild. The last two elephants are due to be released next month.
Sales of Arrow apparel were stagnant for the first six months, but grew a strong 15 per cent in the third quarter, which he attributes largely to the exposure achieved via the campaign.
Singer Thailand, meanwhile, has revamped its instalment payment plan for electrical appliances.
"We have increased the payment-period options from 12 and 18 months to 24 and 38 months, and reduced the monthly payments from between Bt700 and Bt1,000 to just Bt500 for refrigerators, and from between Bt1,500 and Bt2,000 to Bt900 for air-conditioners. This will make it easier for consumers to access our installment plan amid the current economic difficulties," Boonyong said.
Sunday, November 8, 2009
Tapioca starch sale to China blocked
Deputy Prime Minister Korbsak Sabhavasu insisted yesterday the Commerce Ministry must renegotiate its tapioca starch deals with the Chinese government, saying the prices proposed were too low.
Mr Korbsak made the comment after a meeting of the National Tapioca Policy Committee on Monday turned down a Commerce Ministry proposal to sell 200,000 tonnes of tapioca starch under a government-to-government contract to China.
The rejection has reportedly baffled the Commerce Ministry, as the deals were said to be handled according to conditions and guidelines set by a similar committee chaired by Mr Korbsak.
The conditions oblige the government to sell tapioca starch at between 7,600 and 8,100 baht per tonne. China's Ming Yang from Guangxi had proposed to buy 200,000 tonnes of tapioca starch from the Thai government at 7,950 baht a tonne.
But Mr Korbsak insisted yesterday that the ministry needs to re-negotiate for a better price, as the proposed price is lower than that paid by Thai firms to buy government stocks.
At the committee's meeting, Mr Korbsak said the government was paid 8,300 baht a tonne when it sold 130,000 tonnes of tapioca starch stocks to six firms.
"The government earns much better prices from selling the products in the domestic market. So the deals to foreign buyers at cheaper prices do not make sense," said Mr Korbsak.
He added that the rejection was unlikely to affect relations between the two countries, as China is now rich and can afford tapioca starch at higher prices.
In other deals, Mr Korbsak said the committee had agreed to sell 340,000 tonnes of tapioca chips at 4,800 baht per tonne to eight exporters, and another 100,000 tonnes of tapioca chips at 4,477 baht per tonne to three companies for sale domestically.
Thailand is the world's biggest exporter of tapioca products, controlling 75% of the global market. Exports take the form of chips, pellets and flour.
The government is currently estimated to hold about 400,000 tonnes of tapioca starch and 1.7 million tonnes of chips.
Mr Korbsak made the comment after a meeting of the National Tapioca Policy Committee on Monday turned down a Commerce Ministry proposal to sell 200,000 tonnes of tapioca starch under a government-to-government contract to China.
The rejection has reportedly baffled the Commerce Ministry, as the deals were said to be handled according to conditions and guidelines set by a similar committee chaired by Mr Korbsak.
The conditions oblige the government to sell tapioca starch at between 7,600 and 8,100 baht per tonne. China's Ming Yang from Guangxi had proposed to buy 200,000 tonnes of tapioca starch from the Thai government at 7,950 baht a tonne.
But Mr Korbsak insisted yesterday that the ministry needs to re-negotiate for a better price, as the proposed price is lower than that paid by Thai firms to buy government stocks.
At the committee's meeting, Mr Korbsak said the government was paid 8,300 baht a tonne when it sold 130,000 tonnes of tapioca starch stocks to six firms.
"The government earns much better prices from selling the products in the domestic market. So the deals to foreign buyers at cheaper prices do not make sense," said Mr Korbsak.
He added that the rejection was unlikely to affect relations between the two countries, as China is now rich and can afford tapioca starch at higher prices.
In other deals, Mr Korbsak said the committee had agreed to sell 340,000 tonnes of tapioca chips at 4,800 baht per tonne to eight exporters, and another 100,000 tonnes of tapioca chips at 4,477 baht per tonne to three companies for sale domestically.
Thailand is the world's biggest exporter of tapioca products, controlling 75% of the global market. Exports take the form of chips, pellets and flour.
The government is currently estimated to hold about 400,000 tonnes of tapioca starch and 1.7 million tonnes of chips.
DOMESTIC SALES LOOK MORE PROMISING
Next year's outlook for automobile exports remains murky due to the high risk of sluggish economies in many countries and the rising price of oil, while domestic sales are expected to expand about 5 per cent thanks to the government's economic stimulus package and rising farm income.
"Our exports have dropped some 40 per cent year on year since the first quarter and there are still no signs of them getting better. We're afraid that the situation can get worse in case those countries have no more economic stimulus packages and their economies are kept in hardship," Suparat Sirisuwanangkura, president of the Thai Automotive Industry, said yesterday.
Auto exports in 2010 will either rise or fall by 5 per cent from this year's target of 540,000 units. However, lower exports tend to have more chance of taking place.
Another important foctor is the continual hike in oil prices, which have a high probability to spiral up from US$75-$80 per barrel at present to $100 next year, he said.
Nonetheless, auto-makers have opportunities to expand their customer bases in the Middle East and Asean where the markets have been recovering faster than other parts of the world."
In Thailand, sales of new passenger cars are on an upward tick since sales fell only 8 per cent in the first three quarters, while sales of pickup trucks shrank 29 per cent due to lowincome in the agricultural sector.
"I believe pickup sales will become higher following the government's policy of guaranteeing crop prices. On the side of carmakers, we would like the government to give a clear direction for its energy policy so we can plan our business properly," he said.
Domestic atuo sales in the first nine months fell 20 per cent from the same period last year to 360,000 units, he said. In the same period, exports declined 39.3 per cent to 363,000 units.
Auto-makers have cut their production target from 1.08 million units to 1 million units this year, with 520,000 units for the domestic and the rest for export.
Some 70 per cent of terminated and laid-off workers have been called back to auto and auto-parts plants since the global economic crisis was unwound, he added.
"Another important factor is the continual hike in oil pirces, which have a high probability to spiral up from US$75-$80 per barrel at present to $100 next year."
"Our exports have dropped some 40 per cent year on year since the first quarter and there are still no signs of them getting better. We're afraid that the situation can get worse in case those countries have no more economic stimulus packages and their economies are kept in hardship," Suparat Sirisuwanangkura, president of the Thai Automotive Industry, said yesterday.
Auto exports in 2010 will either rise or fall by 5 per cent from this year's target of 540,000 units. However, lower exports tend to have more chance of taking place.
Another important foctor is the continual hike in oil prices, which have a high probability to spiral up from US$75-$80 per barrel at present to $100 next year, he said.
Nonetheless, auto-makers have opportunities to expand their customer bases in the Middle East and Asean where the markets have been recovering faster than other parts of the world."
In Thailand, sales of new passenger cars are on an upward tick since sales fell only 8 per cent in the first three quarters, while sales of pickup trucks shrank 29 per cent due to lowincome in the agricultural sector.
"I believe pickup sales will become higher following the government's policy of guaranteeing crop prices. On the side of carmakers, we would like the government to give a clear direction for its energy policy so we can plan our business properly," he said.
Domestic atuo sales in the first nine months fell 20 per cent from the same period last year to 360,000 units, he said. In the same period, exports declined 39.3 per cent to 363,000 units.
Auto-makers have cut their production target from 1.08 million units to 1 million units this year, with 520,000 units for the domestic and the rest for export.
Some 70 per cent of terminated and laid-off workers have been called back to auto and auto-parts plants since the global economic crisis was unwound, he added.
"Another important factor is the continual hike in oil pirces, which have a high probability to spiral up from US$75-$80 per barrel at present to $100 next year."
NEW ZEALAND'S HOME BUILDING APPROVALS INCREASE 3.3 PER CENT
Home-building approvals in New Zealand rose for the fifth time in six months in September, signalling lower mortgage rates are helping to kick-start demand for property.
Permits increased 3.3 per cent from August, Statistics New Zealand said, citing seasonally adjusted fugures. Excluding apartments, approvals rose 2.8 per cent to a 13-month high.
Reserve Bank Governor Alan Bollard said he was unlikely to raise borrowing costs from a record low until the second half of next year, to help the economy emerge from its worst recession in three decades. There are signs the economy is growing again.
"The pace of increases is not substantial but is in line with what would be expected given the increase in house sales, low interest rates and improvement in net migration," said ANZ National Bank economist Philip Borkin.
Economists monitor approvals excluding apartments because apartment consents are volatile. There were 155 apartment approvals in September, up from 30 in August and down from 366 in September 2008.
Excluding apartments, approvals in the third quarter increased 31 per cent quarter on quarter. Economists expect building approvals to keep pacing gains in house sales, property prices and immigration.
Home sales rose 44 per cent year on year in September, the Real Estate Institute reported. House prices increased 1.9 per cent from August. The number of permanent migrant arrivals exceeded departures by 17,043 in the year ending September 30, the most since 2004, the government said last week.
"With house sales still rising, further consent increases are likely over the next six months, and this should see residential construction make some reasonable contributions to growth over 2010," Borkin said.
Property construction has slump year on year because of the recession, which began in last year's first quarter, and as a credit crisis curbed development projects. In the 12 months ending September 30, approvals fell 35 per cent.
The value of approvals for home building and renovations declined 14 per cent in September from a year earlier to 480 million New Zealand dollars (Bt11.56 billion), the agency said.
Permits increased 3.3 per cent from August, Statistics New Zealand said, citing seasonally adjusted fugures. Excluding apartments, approvals rose 2.8 per cent to a 13-month high.
Reserve Bank Governor Alan Bollard said he was unlikely to raise borrowing costs from a record low until the second half of next year, to help the economy emerge from its worst recession in three decades. There are signs the economy is growing again.
"The pace of increases is not substantial but is in line with what would be expected given the increase in house sales, low interest rates and improvement in net migration," said ANZ National Bank economist Philip Borkin.
Economists monitor approvals excluding apartments because apartment consents are volatile. There were 155 apartment approvals in September, up from 30 in August and down from 366 in September 2008.
Excluding apartments, approvals in the third quarter increased 31 per cent quarter on quarter. Economists expect building approvals to keep pacing gains in house sales, property prices and immigration.
Home sales rose 44 per cent year on year in September, the Real Estate Institute reported. House prices increased 1.9 per cent from August. The number of permanent migrant arrivals exceeded departures by 17,043 in the year ending September 30, the most since 2004, the government said last week.
"With house sales still rising, further consent increases are likely over the next six months, and this should see residential construction make some reasonable contributions to growth over 2010," Borkin said.
Property construction has slump year on year because of the recession, which began in last year's first quarter, and as a credit crisis curbed development projects. In the 12 months ending September 30, approvals fell 35 per cent.
The value of approvals for home building and renovations declined 14 per cent in September from a year earlier to 480 million New Zealand dollars (Bt11.56 billion), the agency said.
DEUTSCHE BANK EXECUTIVE WANTS TO OPEN A POLITICAL ACCOUNT
As the managing director and head of the Global Markets division of Deutsche Bank in Thailand, responsible for more than 133 billion baht in assets and liabilities, and a mother of three young children, Ornkanya Pibuldham could be regarded as a "Thai Superwoman".
She is also one of the best paid and increasingly influential women in Thailand and is looking beyond business, aiming to enter politics and maybe become a senator or even a minister one day.
Ms Ornkanya, also known as Mook and who turned 40 in September, was born in Bangkok."My father used to run an engineering consulting firm and my mum was a professor of engineering at Chulalongkorn University. As both my parents were engineers,I also became one. After graduating with a bachelor's degree in engineering from Chulalongkorn University, I helped my dad, working for his company."
But engineering didn't suit her, and pursuing an early interest in golf, she opened the first golf school in Thailand while still in her early twenties. She also became the publisher of Golf Digest Magazine . However, the business wasn't successful and seeing so many of her friends doing well in banking,she went to the University of Exeter in the UK in 1995, and emerged two years later with an MA in finance and investment.
"After that I took a job at Standard Chartered Bank in London as a foreign exchange trader and management trainee. I was with them [in London] for one year and another four in Thailand.
"I was approached by Deutsche Bank in 2000, and have worked here since. We are the largest bank in Germany and one of the biggest foreign banks in Thailand. My first position was in corporate foreign exchange sales, and my career took off," Ms Ornkanya said.
"I was appointed to my current position in February 2007. I look after the bank's balance sheet, trading, sales activities, clients,markets, managing the cash-flow for the bank and so on. I have 15 people in my team, and they are all smart. I like them to be smarter than me, so that I can work less," she joked.
"Since I'm in trading and sales, the work is quite intensive. It involves a lot of stress because we are trading. I'm so lucky that I do well. The Deutsche Bank group market department is the major contributor of the bank's revenue," Ms Ornkanya said.
Commenting on the current economic situation in Thailand, she added:"Last year was a good year for us because the market was volatile - the stock market moved and the currency moved, because of all the news about the global economy. We were lucky that we could catch the trends so we could make money.
"However, if you ask me about the economy, I think that Thailand is lucky because of the Bank of Thailand (BoT). It has stringent rules and regulations, but doesn't control the banks, and it has very good, well qualified people working for it. The BoT is very strict,both for local and foreign banks. That's why most of them here weren't affected [by the crisis].
"Thai banks survived the crisis and are generally doing well in comparison to many banks abroad that collapsed because of the 'sub-prime' crisis. They [Thai banks] have plenty of cash and because of it they can lend to their clients, and for that reason the companies here have a lot of money as well.The fact that Thai companies went out buying assets in other regions is because they have access to cheap liquidity and use it as an opportunity to buy cheap assets.
"Thailand is a country with liquidity because the banks were not affected by the crisis. We are an exporting country, so when other countries are not doing well, it is difficult for us to do well, but in general, because we have liquidity, the country has the money to muddle through the crisis.
"The worst of the financial crisis in Thailand is most probably over. However, political uncertainties and rumours in the market are factors that discourage investors who can choose to invest somewhere else," she warned.
And she had some advice for foreign investors:"If you ask me for advice for corporate investors, I'd need some parameters before I could advise what company or sector they should look at.
"But for those coming here as individuals,I strongly recommend they invest in property in Bangkok, especially in the business districts.This is a very attractive investment and you can make money. To me, Bangkok is Thailand.Twenty per cent of the Thai population live here and the numbers are increasing every day. If you can't afford to invest in these areas, then buy a piece of property on the outskirts of Bangkok. As long as it's within Bangkok, you will be fine. All the infrastructure will come to you. With our current pace of development, I can't really see Chiang Mai or Khon Kaen becoming Boston or Manchester in the near future - you're not going to make money there.
"Thailand is a good place for foreigners to invest - great infrastructure, rigid laws and regulations, a strong financial system. We may have instability on our politics, but we all know by now that it is just 'our way of life'.
"We might not have been able to come this far without this instability," she stressed,adding:"I haven't found a foreigner who has a negative view of Thailand. They all love Thailand. Sometimes I ask myself whether Thai people love Thailand as much, whether we are proud to be Thai and say enough good things about our country.
"Of all the foreign banks in Thailand, I'm the only female who does this kind of work.The others are all men. This job is very demanding, especially for a woman with three children to look after, plus I do a lot of travelling abroad."
On her priorities, both personal and in business, Ms Ornkanya said:"I work for the bank, so I want the bank to be successful,because then I will be as well. As for my personal life, my priority is to make sure that my kids are doing well in a secure environment.
"As to the future, I'm at the top at Deutsche Bank, so what next? Whatever happens, I want to live and work in Thailand. When I was young, I used to think about working abroad, but not now. If you talk about job security, or your value to an international firm, it is here."
Commenting on her biggest achievements and failures, she said:"To have my three beautiful kids and to be a good mum to them. My family and my job are equally important to me, but of course, family is the most important. I can walk away from being a Deutsche Bank executive, but not from being a mother. No major failures as yet,definitely not in my business."
As for her biggest challenges, Ms Ornkanya said:"Maybe I'll sit here for another few years. I need to move on at some time so my people can grow. One day, I'd like to be in politics to be able to do something for my country. My day-to-day work gives me the opportunity to get to know people and to understand their organisations and their needs. I'm making my way up there. I was approached to join a political party, but I haven't made any decision at this time. Don't you think Thai politics has many more colours than other countries? It can get you into a big fight with your best friend, and make your parents stop talking to each other."
Ms Ornkanya attributes her success to her parents, who are also her role models:"My mum gave me self confidence and my dad gave me a great sense of humour. When people have self confidence, they tend to be surrounded by smart people.
"And a sense of humour stops you from becoming arrogant. By the way, I'm not that successful, I have another 20 years to go before retirement. Let's talk about my 'success'then."
Finally, Ms Ornkanya had some advice for young Thai women:"You should be committed and persistent in whatever you do.We have to make choices every day, so make sure that you make the right choices. Women always make decisions based on emotion.That's why we make wrong choices all the time. I have made wrong choices, and I have to live with them," she said without elaborating.
She is also one of the best paid and increasingly influential women in Thailand and is looking beyond business, aiming to enter politics and maybe become a senator or even a minister one day.
Ms Ornkanya, also known as Mook and who turned 40 in September, was born in Bangkok."My father used to run an engineering consulting firm and my mum was a professor of engineering at Chulalongkorn University. As both my parents were engineers,I also became one. After graduating with a bachelor's degree in engineering from Chulalongkorn University, I helped my dad, working for his company."
But engineering didn't suit her, and pursuing an early interest in golf, she opened the first golf school in Thailand while still in her early twenties. She also became the publisher of Golf Digest Magazine . However, the business wasn't successful and seeing so many of her friends doing well in banking,she went to the University of Exeter in the UK in 1995, and emerged two years later with an MA in finance and investment.
"After that I took a job at Standard Chartered Bank in London as a foreign exchange trader and management trainee. I was with them [in London] for one year and another four in Thailand.
"I was approached by Deutsche Bank in 2000, and have worked here since. We are the largest bank in Germany and one of the biggest foreign banks in Thailand. My first position was in corporate foreign exchange sales, and my career took off," Ms Ornkanya said.
"I was appointed to my current position in February 2007. I look after the bank's balance sheet, trading, sales activities, clients,markets, managing the cash-flow for the bank and so on. I have 15 people in my team, and they are all smart. I like them to be smarter than me, so that I can work less," she joked.
"Since I'm in trading and sales, the work is quite intensive. It involves a lot of stress because we are trading. I'm so lucky that I do well. The Deutsche Bank group market department is the major contributor of the bank's revenue," Ms Ornkanya said.
Commenting on the current economic situation in Thailand, she added:"Last year was a good year for us because the market was volatile - the stock market moved and the currency moved, because of all the news about the global economy. We were lucky that we could catch the trends so we could make money.
"However, if you ask me about the economy, I think that Thailand is lucky because of the Bank of Thailand (BoT). It has stringent rules and regulations, but doesn't control the banks, and it has very good, well qualified people working for it. The BoT is very strict,both for local and foreign banks. That's why most of them here weren't affected [by the crisis].
"Thai banks survived the crisis and are generally doing well in comparison to many banks abroad that collapsed because of the 'sub-prime' crisis. They [Thai banks] have plenty of cash and because of it they can lend to their clients, and for that reason the companies here have a lot of money as well.The fact that Thai companies went out buying assets in other regions is because they have access to cheap liquidity and use it as an opportunity to buy cheap assets.
"Thailand is a country with liquidity because the banks were not affected by the crisis. We are an exporting country, so when other countries are not doing well, it is difficult for us to do well, but in general, because we have liquidity, the country has the money to muddle through the crisis.
"The worst of the financial crisis in Thailand is most probably over. However, political uncertainties and rumours in the market are factors that discourage investors who can choose to invest somewhere else," she warned.
And she had some advice for foreign investors:"If you ask me for advice for corporate investors, I'd need some parameters before I could advise what company or sector they should look at.
"But for those coming here as individuals,I strongly recommend they invest in property in Bangkok, especially in the business districts.This is a very attractive investment and you can make money. To me, Bangkok is Thailand.Twenty per cent of the Thai population live here and the numbers are increasing every day. If you can't afford to invest in these areas, then buy a piece of property on the outskirts of Bangkok. As long as it's within Bangkok, you will be fine. All the infrastructure will come to you. With our current pace of development, I can't really see Chiang Mai or Khon Kaen becoming Boston or Manchester in the near future - you're not going to make money there.
"Thailand is a good place for foreigners to invest - great infrastructure, rigid laws and regulations, a strong financial system. We may have instability on our politics, but we all know by now that it is just 'our way of life'.
"We might not have been able to come this far without this instability," she stressed,adding:"I haven't found a foreigner who has a negative view of Thailand. They all love Thailand. Sometimes I ask myself whether Thai people love Thailand as much, whether we are proud to be Thai and say enough good things about our country.
"Of all the foreign banks in Thailand, I'm the only female who does this kind of work.The others are all men. This job is very demanding, especially for a woman with three children to look after, plus I do a lot of travelling abroad."
On her priorities, both personal and in business, Ms Ornkanya said:"I work for the bank, so I want the bank to be successful,because then I will be as well. As for my personal life, my priority is to make sure that my kids are doing well in a secure environment.
"As to the future, I'm at the top at Deutsche Bank, so what next? Whatever happens, I want to live and work in Thailand. When I was young, I used to think about working abroad, but not now. If you talk about job security, or your value to an international firm, it is here."
Commenting on her biggest achievements and failures, she said:"To have my three beautiful kids and to be a good mum to them. My family and my job are equally important to me, but of course, family is the most important. I can walk away from being a Deutsche Bank executive, but not from being a mother. No major failures as yet,definitely not in my business."
As for her biggest challenges, Ms Ornkanya said:"Maybe I'll sit here for another few years. I need to move on at some time so my people can grow. One day, I'd like to be in politics to be able to do something for my country. My day-to-day work gives me the opportunity to get to know people and to understand their organisations and their needs. I'm making my way up there. I was approached to join a political party, but I haven't made any decision at this time. Don't you think Thai politics has many more colours than other countries? It can get you into a big fight with your best friend, and make your parents stop talking to each other."
Ms Ornkanya attributes her success to her parents, who are also her role models:"My mum gave me self confidence and my dad gave me a great sense of humour. When people have self confidence, they tend to be surrounded by smart people.
"And a sense of humour stops you from becoming arrogant. By the way, I'm not that successful, I have another 20 years to go before retirement. Let's talk about my 'success'then."
Finally, Ms Ornkanya had some advice for young Thai women:"You should be committed and persistent in whatever you do.We have to make choices every day, so make sure that you make the right choices. Women always make decisions based on emotion.That's why we make wrong choices all the time. I have made wrong choices, and I have to live with them," she said without elaborating.
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