Informa december 2013

A BUSINESS MAGAZINE OF THAI – ITALIAN CHAMBER OF COMMERCE DECEMBER 2013

Reaching new highs The evolution of Thailand’s real estate

invites you to our

Under the Sea Picnic Saturday 1st February 2014 ͝Ǥ͔͗ Ƥ ͕͖Ǥ͔͗ ͗͝ Ƥ ͗ ǡ ǡ Ƭ Ǩ ͖͔͔ ͖Ǧ͚Ǥ Ǩ Reserve your tickets today! Visit our KIS Facebook page for reservations and event schedule: http://www.facebook.com/kisinternationalschool Email: kim@kis.ac.th Free Shuttle Bus to and from the MRT at the Thailand Cultural Centre, Exit 2.

Address: 999/124 Kesinee Ville, Pracha Utit Road, Huay Kwang, Bangkok 10320 For directions go to: www.kis.ac.th

“La Felicità è Donare” International Legal Counsellors Thailand Ltd. 18th Floor, Sathorn City Tower 175 South Sathorn Road Tungmahamek, Sathorn Bangkok 10120, THAILAND Tel. (66 2) 679-6005, Fax. (66 2) 679-6041 www.ilct.co.th e-mail: mallikam@ilct.co.th or law@ilct.co.th

President's Message

Thai-Italian Chamber of Commerce PRESIDENT Mr. Giacomo Mauri – River of East-West Harmony Co., Ltd. Tel: +66 81 814 5160 VICE PRESIDENT Ms. Tiziana Sucharitkul – Tilleke & Gibbins International Ltd. Tel: +66 2 653 5555 Fax: +66 2 653 5678 HONORARY TREASURER Mr. Chakrit Benedetti - Italasia Electro Co., Ltd. Tel: +66 2 261 7990-9 Fax: +66 2 261 8700 DIRECTORS Fr. Giovanni Contarin – Camillian Hospital Tel: +66 2 185 1444 Fax: +66 2 185 1403

Giacomo Mauri President Thai-Italian Chamber of Commerce

Mr. Paolo Tavolato – TMF (Thailand) Ltd. Tel: +66 2 613 4900 Fax: +66 2 613 4999 Mr. Sawang Pracharktam – Thai Optical Group Plc. Tel: +66 2 440 0506-8 Fax: +66 2 440 0509 Mr. Yongyudh Teeravithayapinyo – Jewelry Network Co., Ltd. Tel: +66 2 610 9378-9 Fax: +66 2 610 9379 Mr. Rene Okanovic – Berli Jucker Public Co., Ltd. Tel: +66 2 367 1092 Fax: +66 2 381 4541 Mr. Pierre Nicou – Eurofood – The Commercial Company of Siam Ltd. Tel: +66 2 261 0245 Fax: +66 2 261 0243 Mr. Luca Vianelli – MDA Consulting SEA Co., Ltd. Tel: +66 2 652 2447 Fax: +66 2 652 2448 Mr. Romeo Romei – Quick Pack Pacific Co., Ltd. Tel: +66 2 367 1092 Fax: +66 2 531 6425 Mr. Federico Cardini – F. Infinity Chalon Co., Ltd. Tel: +66 2 207 8614 Fax: +66 2 207 2626 Dr. Francesco Pensato – WorldPharma Co., Ltd. Tel: +66 7 6 263 923 Fax: +66 7 6 367 153 Mr. Andrea Gallucci – DIGITHAI Software Group Co., Ltd. Tel: +66 2 610 3925 Mr. Sandro Zanello – Savino Del Bene (Thailand) Ltd. Tel: +66 2 714 3700-3 Fax: +66 2 714 3515 SECRETARY GENERAL Mr. Giovanni Quaratesi Thai-Italian Chamber of Commerce. 1126/2 Vanit Building II, Room 1601B 16th Floor, New Petchburi Rd., Makkasan, Rajdhevee, Bangkok Tel: +66 2 253 9909, +66 2 255 8695 Fax: +66 2 253 9896 E-mail: secretarygeneral@thaitch.org

The Informa is the magazine of the Thai-Italian Chamber of Commerce, covering all business activities and social news of interest to the members of the Thai-Italian community and others active in the expanding ThaiItalian bilateral relations. EDITOR: Thai-Italian Chamber of Commerce Tel: +66 2 255 8695 Fax: +66 2 253 9896 E-mail: info@thaitch.org EDITORIAL COMMITTEE: Thai-Italian Chamber of Commerce Chairman: Mr. Sandro Zanello Directors: Mr. Giacomo Mauri Mr. Sawang Pracharktham Secretary General: Mr. Giovanni Quaratesi Italian Embassy Representative: Ms. Somsri Pobpipugtra Scand-Media Representative: Mr. Gregers Moller TICC Staff: Mr. Michele Tomea Trade Manager Ms. Karittha Sopitthip Marketing and Pr Executive Ms. Siriwan Sanchumchuen Membership Executive Ms. Wijit Wijit Sanboriboonsuk Accounting Executive PUBLISHER: Scand-Media Corp., Ltd. 211 Soi Prasert-Manukitch, Prasert-Manukitch Road, Chorakaebua, Ladprao, Bangkok 10230 Tel: +66 2 943 7166-8 Fax: +66 2 943 7169 Design: Disraporn Yatprom / Email: disraporn@scandmedia.com ADVERTISING CONTACT: Advertising Contact: Ms. Karittha Sopitthip (Miù) Marketing and Pr Executive Thai-Italian Chamber of Commerce Tel: +66 2 255 8695 Ext: 103 Fax: +66 2 253 9896 E-mail: pr@thaitch.org www.thaitch.org Mr. Finn Balslev, Marketing Director Scand-Media Corp., Ltd. Tel: +66 2 943 7166 Ext: 116 Fax: +66 2 943 7169 Mobile: +66 81 866 2577 Email: finn@scandmedia.com - www.scandmedia.com

Dear Members, Happy New Year to you all! As 2014 starts, I would like to extend a warm welcome to new members and thank renewing member. Over the years, the Thai-Italian Chamber of Commerce (TICC ) has grown into a sizeable business network. Let me assure you that the TICC directors and staff are doing their best to serve the local Thai-Italian business community as well as anyone involved in commerce between Thailand and Italy. Business opportunities continue to be created in Thailand, despite political difficulties here and economic stagnation in Europe. I wish all of you will greatly benefit in 2014 from these business opportunities. In addition, I have to acknowledge the growing contributions that many of you, our members, have given to TICC activities and programs in 2013. Without your tangible involvement in TICC and your sharing of knowledge with other members, TICC would have no real reason or means to exist. I hope TICC will be able to count on even greater involvement from you all in 2014. In 2013, TICC reached positive results with increasing membership and services. Some of the increase took place in areas outside Bangkok, thanks to the effort of the Phuket Committee and the Eastern Seabord Committee, headed by Mr. Francesco Pensato and Mr. Carlo Filippo Ciambrelli, respectively, as highlighted in the following pages. Thank you Francesco and Carlo Filippo for your work to ensure that members outside Bangkok fully benefit from the TICC information resources, events and projects. Toward the end of 2013, TICC and the Italian community welcomed a new Italian Ambassador to Thailand, H.E. Francesco Saverio Nisio. I am sure you all will want to join me to wish Ambassador Nisio a happy and productive stay in Thailand. This issue of Informa is focused on the real estate market in Thailand. This market has experienced a real boom in the past ten years and still has room for growth in the future, due not only to internal factors, but also of foreigners’ demand. I hope you will enjoy reading about it.

Arrivederci, Giacomo Mauri

Contents 6

Overview: “Reaching new highs”

Compass Real Estate Group

The evolution of Thailand’s real estate

Exclusive interview with Lawrence Knowles, Sales Director

Sustainable building in Thailand

Ospitalità Italiana

The embassy of Italy

Business Opportunity

Legal Issue

Phuket and Southern Region of Thailand Committee

Eastern Seaboard Committee

TICC Members

TICC Event

28 29

Focus on the number of sustainable buildings for growth in Thailand.

Cheese: a bite of Italy.

Spritz up your life with Aperol!

Special interview with the Italian Artist, DEM

Thai – Myanmar Delegation to Singapore

2nd Myanmar Real Estate Summit (MRES) 2013

Cosmoprof Worldwide Bologna

Laws and Regulations on Real Estate Transactions in Thailand

An overview on real estate market

Exclusive interview with Mr. Brian Presson, director of the "Owners Direct"

Members activity

Achieved Events

TICC Members Area TICC Fairs & Upcoming Events

BUSINESS FOCUS

â&#x20AC;&#x153;Reaching new highsâ&#x20AC;? The evolution of Thailandâ&#x20AC;&#x2122;s real estate The real estate market in Thailand changed significantly 10 years before the Asia Financial Crisis in 1997. The central government, at that time, was promoting and supporting economic expansion and export businesses, including financial liberalisation policies to attract foreign capital inflow and foreign direct investment.

his was done by setting up a number of industrial estates around Thailand, which raised per capita revenues and increased purchasing power. High purchasing power stimulated demand for larger and higher-quality residences, so land prices in the city areas of provinces around Thailand increased dramatically. In addition, in 1989, the government allowed foreigners town 40% of the total area of a condominium project. Thus, 1987 to 1990 was the heyday of the real estate market. Many office buildings with total areas of more than 5.9 million sq m or approximately 73% of the existing office supply in Bangkok (8.1 million sq m), more than 140,000 condominium units and approximately 235,400 housing units, were completed before 1997. This was due to many new foreign investors and Thai local businessmen setting up new companies in Bangkok, so many landlords started to develop office buildings to support new companies, and

condominium and housing projects for Thais and foreigners. The main factor stimulating the real estate market during 1987 -1990 was the reduction of the interest rate from 15 to18% in 1980 - 1986, to 12 to 13%, causing many investors and those in the middle- to high-income bracket in Bangkok to buy property either for their own residence or for speculation. Thailand was affected by the financial crisis in Mexico and Europe during 1995 and 1996, so many foreign investors were not confident in new financial markets, including Thailand. They were withdrawing their investments from both the capital and real estate markets, and the liquidity of the economy began to be more of a concern. As a result, the growth of the economy started to slowdown. The economic slowdown affected all Thai purchasing power, and the property supply of all sectors increased over the past few years, so Thailand was faced with an oversupply problem in many locations,

BUSINESS FOCUS

especially Bangkok and some business cities around Thailand. In addition, on 2 July 1997, the state announced a change in the exchange rate system from a fixed system to a floating exchange rate system; this affected many businesses. The real estate market in Thailand stagnated after the official announcement and many residential and commercial projects stopped construction; some of these projects have been on the market since then. The new government, after the crisis, tried to stimulate the real estate market in Thailand again by introducing a tax exemption and many other policies. The Thailand real estate market is back on an uptrend again over the past few years, because Thailand’s economy is recovering. The official opening of the first sky train line in Bangkok (Silom line) was in 1999. The new mass transit system is the major factor driving residential demand along the line, especially condominium and office buildings, although many developers are still waiting for their own recovery. The condominium market has become the new market after the crisis of six or seven years ago, especially along the sky train line in the city area of Bangkok. Many condominium projects from listed and non-listed developers were launched and achieved high take-up rates after their official launches. Many housing projects were launched to suburban areas and neighbouring provinces around Bangkok, because of the increasing land prices in Bangkok, especially along the mass transit system. In addition, the first subway system was opened in 2004, which increased residential demand along that line, although many developers tried to buy plots of land along the line during the under-construction period, as the land prices were still lower than those along the sky train system. In addition, the government also expanded the mass transit system from existing lines to suburban areas around Bangkok. Many condominium projects were launched along the sky train system and the subway line after the construction was started. Condominium prices also increased every year from THB40,000 psm in the years before 2000 to more than THB280,000 psm in 2013. After the existing government announced the development of10 new mass transit systems around Bangkok, many developers launched their new condominium projects close to the stations of the under-development lines. These were very successful, as buyers can payless at a condominium project close to the mass transit systems station, compared to condominium prices in the city area. The housing market in Bangkok (excluding condominium units) is booming again after

more than five years past from the crisis. More than 50,000 units each year have obtained permission from the Department of Land, but this number significantly decreased again in 2006. Because much of the housing market launched their new projects in provinces neighbouring Bangkok, such as Nonthaburi, Samut Prakarn, Samut Sakorn and Pathum Thani province, due to the expanding of urbanization from Bangkok to surrounding provinces. The biggest factor to affectthe housing market was thefloodsin 2011, when many housing projects in the northern part of Bangkok, Nonthaburi and PathumThani were under water for at least twoweeks. The housingmarket was frozenafter the water dried, while the condominium market in the Bangkok city area was more attractive, as it was not affected by the flood. In addition, the residential market in other provinces that were not affected by the flood also became new locations for flood victims, such as Cha Am, Hua Hin, KhaoYai, Pattaya and some business citiesoutside the flooded area. The expansion of residential projects to the suburbs and neighbouring provinces around Bangkok is a new magnet for retail projects, due to the increasing demand in the area. Smaller retail formats, like community malls, are the new retail format and have gotten good feedback in many locations. The other factor that affected the retail market in Bangkok is the limitation of town plans, laws and regulations which affect large-scale retail project development, such as superstore malls and shopping malls. Thus, all retail developers were launching new smaller and friendlier retail facilities. In addition, many residential developers built and opened community malls in the same location as their projects to support the residents and other people. The other, smaller retail format became the new trend in

2013 and in the future will be convenience store. Although 7-Eleven will have the largest share of the market, other brands are trying to become second in the market. AEC in 2015 is a new, major factor affecting the Thailand real estate market, especially in the bordering provinces across Thailand. In preparation for the ASEAN Economic Community (AEC), every country involved has made many changes to their laws and regulations and implemented many infrastructure development projects during the past several years. Many countries announced special economic zones located along the borders of their country to attract foreign investors. Many provinces along the border of Thailand are becoming new investment destinations for Thai and foreign investors. In addition, the central government approved the opening of special economic zones in some provinces along the country’s border. Mae Sot in Tak province is the first location for a special economic zone in Thailand, but is still considering the privileges for all investors who invest in the zone. The Thailand real estate market still has room for growth in the future, not only due to internal factors, but because of many external factors that also boost the economy, due to Thailand’s good location in ASEAN, which is anew, emerging market in the world.

Information by The European Asean Business Centre (EABC)’s member: Colliers INTERNATIONAL Thailand Tel:+ 662 656 7000 Email:info.th@colliers.com

INTERVIEW

The main trends which characterise the Thai real estate market at the moment and the forecast for the future. Exclusive interview with Lawrence Knowles, Sales Director of Compass Real Estate Group. TICC had the pleasure to interview Sales Director of Compass Real Estate Group, Mr. Lawrence Knowles, about his wealth of experience in Real estate and construction sector in Thai market. What are the main trends which characterise the Thai real estate market at the moment? Which types of properties are in greatest demand?

The current trend in the condominium market is for smaller units sizes as developers try to counteract rising construction costs. Despite rising construction costs, Thai real estate continues to offer much better value for money than its Asian neighbours. In the housing market we have seen a number of developers target overseas buyers in particular in the resort destinations of Phuket and Pattaya, while domestic Thai buyers continue to purchase heavily in Hua Hin. In the condominium market we have seen strong growth in Bangkok spurred on by the extension of the cities public transport network. Increasing land prices and limted availability of prime land in Bangkok is forcing developers to focus on high end projects or move further afield along the BTS extensions to target mid range buyers. In the resort destinations we have seen a genral shift toward larger resort style projects offering addtional facilities and communal areas.

Which locations in Thailand have the greatest appeal to your customers? And who is your target? In Bangkok the majority of customers focus on sights close to the BTS and MRT lines. Our office is located on Sukhumvit Soi 13 and the surrounding area is growing in popularity for buyers looking for high quality units. Sukhumvit has grown over the past few years and there is a wide range of commercial developments

including hotels, shopping and entertainment complexes. The lower Sukhumvit area is a particualry popular with foreign buyers, while Thai customers prefer Ekkamai and Thonglor. On the Eastern Seaboard we have seen an increasing number of buyers focusing on the smaller resort areas such as Bang Saray, just 10km south of Pattaya City. In Pattaya city resort projects situated close to the beach continue to be the most popular choice for residents and investors alike. We are likely to see Rayong be heavily devloped over the next few years due to the strong industrial base and high speed rail link from Bangkok. What advice would you give to someone who is considering purchasing property in Thailand? Use a good real estate agent! Many buyers think they will get the best price by going direct to the developer; this is usually not the case. Furthermore a good agent will be able to give you an unbiased opinion with the advice and guidance you need to make the right decision. Always do your research; be sure to check the background of the developer and look at what they have done before. Never be afraid to ask! Most developers are flexible when it comes to designs, payments terms and price. If there is something you are not happy with see if you can change it. Make sure your contract is checked by either a legal or real estate professional. If buying in foreign ownership you may require a Foreign exchange transaction form to complete the transfer. Finally donâ&#x20AC;&#x2122;t believe everything you read or hear. There is a lot of misinformation regarding property purchases in Thailand. There are many â&#x20AC;&#x2DC;expertsâ&#x20AC;&#x2122; ready

to give you advice. Always speak to a real estate professional and do your own research.

Is there any danger of a real estate bubble in Thailand? If yes, when? If no, why?

I do not think we are in danger of a real estate bubble in Thailand. Currently the upward trend is being driven by sustainable demand, improving quality and increased international interest. Real Estate 'bubble's' are created when there is a speculative market place where supply outpaces real demand. This is not the case in Thailand where demand for quality real estate is stronger than ever. Recent figures from the Real Estate Information Centre (REIC), state the number of units transferred in the first quarter of 2013 was greater than the number of registrations, suggesting real demand is outpacing new supply. The conditions that helped fuel the 1997 crisis, such as appreciation of the baht and a lack of financial discipline and controls no longer exist. Thai banks now take a more cautious attitude to lending, with both the Bank of Thailand and BoT introducing measure to reduce speculative purchases.

How has the market reacted to greater demands for high environmentallyfriendly standards? The market has been slow to react to growing demand for enviromentally friendly projects. Rising construction costs lead developers to sacrafice enviromental concerns in favour of price. Recent changes to the way Enviromental Impact Assesment reports are processed have

INTERVIEW

lead to some frustration from develoeprs, and we are likely to see changes in this process over the next few years.

How strong is the link between your company and the Italian construction/ design sectors?

Unfortunately we do not have strong ties with the Italian construction/design sectors. We work with a number of developers who are constantly looking for experienced construction and design specialists. I encourage anyone looking to build partnerships to contact me.

Do you believe there might be opportunities for Thai real estate companies to sell luxury property in Italy to Thai buyers? If yes or no, why? There is definately an opportunity for Thai real estate companies to sell Italian real estate. The main obstacle is a lack of knowledge of overseas property investments amongst the Thai real estate community. Thai real estate companies benefit from a wealth of foreign investors who buy property around the world. The Thai market is more cautious about buying overseas prefering to invest domestically.

Compass Real Estate Group 3/21 Moo 11, Nongrpue, Banglamung, Chonburi, 20150 Tel : 038-231918-20 Fax: 038-231921 E-mail: info@compassthailand.com Website: www.compassthailand.com www.compasspattaya.com www.compassbangkok.com Background Compass Real Estate was established in 2010 and is Thailand's fastest growing real estate company. Compass specializes in development management and is currently

What is your forecast about the sector in Thailand? Which areas show the greatest opportunities for both Thai and international buyers?

I have an optomistic forecast for the Thai real estate market over the next few years. Figures from 2013 suggest that there is strong demand for real estate across the board. Furthermore continued investment in infrastructure and commercial projects is helping to fuel growth. Thailand's tourism industry continues to go from strength to strength, according to the Association of Thai Travel Agents, the number of foreign visitors is growing by 15-20% a year. Despite rising development costs, Thai real estate remains amongst the best value for money anywhere in the world. Furthermore real esate investment yields remain strong at between 6 - 9%. The creation of the AEC in 2015 should will cements Thailand's position as a regional hub for tourism and industry. Recent political turmoil has had a minor impact on the market. Thailand has one of the most resilient markets in the world. Despite a number of crises over the last decade including floods, political protests and the Tsunami the economy has still grown by almost 5% a year.

managing agent for 7 leading developments across Thailand. Compass has managed the sale of over 3,000 units in the past 3 years. In addittion Compass have a retail divison of estate agencies in both Pattaya and Bangkok managing sales and rentals of residential and commercial real estate. Products & Services Developer Services: Managing Agent, Sole Agent, Market Research & Analysis, Consultation, Marketing Services, Real Estate Software Solutions. Estate Agent Services: Sales, Rentals, Commercial, Residential, Land, Rental Management, Investor Services

With regrds to investemnt opportunites I would suggest you come and speak to one of our agents at compass. However in brief; in Bangkok I would focus on the lower Sukhumvit area as this area continues to grow in popularity and value. If budgets allow luxury real estate in Bangkok makes a great investment due to the diminshing availability of land in prime locations. In resort destinations such as the Eastern seaboard investors should focus on beachfront locations in up and coming areas. There is a huge amount of condominium projects on offer to investors and it's difficult to find the opportunities amongst the crowd. As I mentioned earlier, Bang Saray is currently attracting a lot of interest due to several large infrastructre and commercial developments including a new bypass, the expansion of U-Tapao airport and two major new waterparks in this area. Prices in this area are well below market averages, and investors are likely to see strong capital gains over the next few years.

Representatives Name: Mr. Lawrence Knowles Position: Sales Director After graduating with a degree in International Relations, Lawrence was headhunted by Barclays Banks premier division in the UK. Lawrence specializes in development consultancy and strategy is considered one of the leading specialists in off plan property in Thailand. Lawrence also writes for a number of property publications, as well as regular appearances on TV and radio. With a wealth of industry contacts and unmatched knowledge of the local market, Lawrence brings his wealth of experience to bear as Sales Director for Compass Real Estate Group.

Facts & Figures Year Established: 2010 Total Employees: 50

BUSINESS FOCUS

Sustainable building in Thailand The number of sustainable buildings for growth in Thailand.

hen we talk about sustainable building we mean a process of planning, construction, usage and demolition of a building environment compatible and resource efficient. However, this compatibility must not get to the detriment of the economic efficiency, stability and comfort of the building. Therefore we can include sustainable building in the larger idea of sustainable development: economic growth respectful of the living standards of both actual and future generations. Generally speaking, the target of sustainable building is to lower the overall impact of artificial capital on human health and natural capital, through efficient usage of resources, energy and water, labour productivity improvement and wastes and pollution reduction. Building sector in Thailand Investments in Thailand real estate sector exceeded 22 billion euro in 2012, with an annual growth rate of 12.7%, while 2013 projections see a growth rate of 8.5% or more. Cement annual demand should be 34 millions tones, near the pre-crisis historical maximum of 37 million in 1997. New houses in Bangkok in 2012 were 111.900, about 37% more than 2011. UN forecasts Thai urban population will reach 39.6 million people in 2015, from 23.3 in 2010. Cities like Chiang Mai, Khon Khaen and Chon Buri and other provinces have grown dramatically thanks also to the recent infrastructure plan by the Government and the imminent integration in the ASEAN area.

Sustainable building in Thailand

The number of sustainable buildings in Thailand is growing every year: they were two in 2009, five in 2010, nine in 2011, fifteen in 2012 and eighteen in 2013, all with the LEED (Leadership in Energy and Environmental Design) certificate. LEED is an American certification

well known and spread in the whole world, which measures the level of sustainability of a building. Other 80 buildings are waiting for receiving the certificate. Thailand is the first ASEAN country owning a LEED Platinum building, the highest sustainability level: it is the headquarters of the Siam Cement Group, completely renovated in 2012. Even the Government helps the diffusion of sustainable buildings: the new Regulatory Plan wants to boost sustainable building through incentives granted to sustainable buildings builders, for example by offering a larger building area. In 2011 the Thai Green Building Institute, an institution that helps promoting sustainable building in Thailand, launched its own certification for green buildings: TREES (Thailandâ&#x20AC;&#x2122;s Rating of Energy and Environmental Sustainability), especially studied for Thailand. TREES is composed by 85 elements, divided into macro-areas: building management (3 elements), view and landscape impact (16 elements), water efficiency (6 elements), energy efficiency and level of pollution (20 elements), materials and resource quality (13 elements), internal environment quality (17 elements), environmental protection level (5 elements), innovation and environmental sustainability level (5 elements). Based on the judgment on these features of the buildings, a mark will be expressed ranging from 0 to 85, following this outline: Number of elements approved 0 - 29 30 - 37 38 - 45 46 - 60 61 - 85

Mark Certificate Silver Gold Platinum

The higher is the mark, the higher is the level of energy efficiency and environmental sustainability of the building. Nowadays there are 16 buildings in Thailand with the TREES certification. Furthermore, multinational companies like SCG, Toyota, Univenture, KBANK and Ananda Development have undertaken to adopt TREES standards for their own actual and future projects. Also, it is important to know the price difference between TREES and LEED; while the first one can cost about 200,000 â&#x20AC;&#x201C; 300,000 THB, the price for the second one could be more than a million THB. In conclusion, the fast and steady development of residential and industrial areas outside Bangkok and in countryside cities, the faraonic state plan to improve infrastructures (highways, railways, docks and airports), the ambitious governmental target of reaching 25% clean energy in 2021, make building sector in Thailand, particularly sustainable building, one of the most attractive sectors for Italian companies in this country for its future developments.

Alessandro Lazzaro was born in Camposampiero (PD) in 1989. He graduated in Business Administration in 2011 at Bocconi University in Milan. He is currently enrolled in the Master of Science Management at the same university. He speaks Italian, English and German; he is also fond of cinema and Italian literature.

OSPITALITA` ITALIANA

Cheese: a bite of Italy Cheese plays a starring role in Italian culture and recently is gaining popularity among Thai People e-mail: info@thaitch.org www.eurofoodthai.com

The Ospitalità Italiana seal certificates the authenticity of Italian restaurants in more than 40 countries around the world. Even in Thailand, where Italian restaurants have been spreading very rapidily, Ospitalità Italiana protects the typicality of some food products by recognizing those restaurants which use Italian recipes, cooking methods and genuine Italian food ingredients with UE certification systems named DOP “Denominazione d’Origine Protetta ” and IGP “Indicazione Geografica Pro-

tetta”.

Nowadays one of the biggest issues to face is represented by the presence of “Italian sounding” food products on the global market. Italian sounding means counterfeit “Italian” food products sold with almost-Italian names. These names, rather than reflecting a general food category, whitewash a lower-quality food and exploit the high reputation of the real Italian food.

Since Italian Cuisine is highly copied, Ospitalità Italiana is meant to protect customers as well, helping them to identify genuine Italian restaurants from restaurants which have little or no Italian experience. In Thailand the project Ospitalità Italiana is developed by the Italian Chamber of Commerce and supported by many food and beverage operators. One of the project’s sponsor of this edition is Eurofood, which is a department in The Commercial Company of Siam, specialized in the import and distribution of a whole range of Mediterranean food products such as pasta, pasta sauce, olive oil, olive, cold cuts, organic range, gherkin, caper, onion, butter and cheese. Cheese, in particular, plays a starring role in Italian culture, especially in Italian cuisine. It has always been present on the dining tables of the whole peninsula. It is a food suitable for every occasion, revered and refined in every region, city and town. In Italy there are more than 450 varieties of cheese, including 32 DOP certified which are Italian family’s favorites because of their quality. In Thailand, at the moment, the most famous cheeses probably are: Parmigiano-Reggiano, Grana Padano, Gorgonzola, Pecorino Romano, Asiago e Mozzarella di Bufala.

INGREDIENTS: 4 slices of prosciutto di Parma 2 slices of focaccia (bread) Pesto, for spreading 100 g Taleggio Cheese finely sliced Salad leaves, to garnish Extra virgin olive oil, for drizzling Black pepper METHOD: Toast the focaccia. Spread one slice of the focaccia with the basil pesto. Top the bread with the Parma ham and Taleggio cheese. Dress the salad leaves with extra virgin olive oil, balsamic vinegar and salt and freshly ground pepper. Serve the sandwich with the salad.

The reigning cheese of Italy is Parmigiano-Reggiano with its rich, nutty taste and distinctive aroma, it is used by the finest chefs in food preparation. It is equally delicious to eat with fruit, crackers and wine or sprinkled on pasta, rice or soup. A perfect alternative to Parmigiano Reggiano can be Grana Padano and Pecorino Romano. Gorgonzola, instead, is strong and earthy, leaning on the sweet and mild side when younger, becoming sharper and more piquant with maturation. It has been named after the town of Gorgonzola outside Milan, and dates as far back as the 10th century, possibly earlier. Taleggio is also recently gaining success in Thailand. This kind of cheese comes from northern Italy and has a soft texture and a fruity, creamy character. This cheese has a pungent aroma that becomes more pronounced as the cheese ages. It is protected by DOP which means that it can only be produced in specified regions of Lombardy and Piedmont. project implemented by

sponsored by

2 parts Aperol 1 dash of Soda. 1 slice of orange The Aperol Spritz is very easy to make, and it is also worth experiments with to determine proportions that suit your taste. Add lots of ice to a large white wine glass and one orange slice. Pour in the Prosecco and the Aperol and top with the soda water. Stir gently until mixed.

promoted by

THE EMBASSY OF ITALY

Colouring cities through public art Interviewing DEM on upgrading rundown urban areas Special interview with the Italian Artist, DEM

Nature is watching you (drawing)

o celebrate the Italian Festival in Thailand 2013, the Embassy of Italy has invited DEM, the famous Street Artist, illustrator and sculptor to hold a workshop presenting his cryptic and surreal, sometimes ironic and bizarre style in Bangkok during 13-23 October. Thai-Italian Chamber of Commerce met DEM at Silpakorn University, Taphra Campus in Bangkok, in the occasion of the workshop “Painting on the wall: east meets west”, during which DEM taught and painted large scale’s works with university students. DEM is an Italian artist, he was born in 1978 in Codogno, a little town in Northern Italy. He wants other people to reach art easily. DEM thinks that new cities surrounded by skyscrapers should be livelier and painting buildings with murals using a smart style would be the best way to give everybody the opportunity to appreciate art everywhere, even if they can’t afford it. We interviewed DEM to understand his perception of art, how he believes art should be readily available to all and its power to transform a dull world into a more colourful one. Although he has visited Thailand on a short ten day trip

he tried to give an overall perspective on the country’s relationship with art.

Hello DEM, when and how did you start creating murals and what do you take inspiration from? When I was 12 I was inspired by the graffiti illustrated on a skateboard magazine. I felt the need to paint them on my own and I have now been making them for over twenty years. After a few times, I felt the need to show my works to a larger audience, not only to skaters and other graffiti painters. When I was a child my mum used to read me mythological stories and I was fascinated by them. In fact the subjects of my works are animals, plants and mythological characters that I created from a mix of different things. In the last five years I felt the need to come back toward nature and ancient life, therefore I started studying anthropology in order to learn more about old rituals and traditions linked to humans and nature. My aim is to show how humans lived synchronized with nature rather than taking advantage of it.

I am also producing a movie with Claudio Cecconi , an indipendent film maker, in which I will explain with concrete examples the value I give to art.

Which are the tools you use to paint and make your sculptures?

When I paint on walls, I mostly use brushes, quartz paint and a paint roller brush. I paint using ink, acrylic, earth colours and powders. My sculptures, instead, are created out of recycled natural materials that I find in the forest or along rivers, such as bones, nest, eggs, feathers, woods and so on..

How do you find a wall to paint on? And does anybody ever asked you to work on his own wall?

I don’t have a clear strategy in choosing where to paint. Usually, when I find a suitable space, I try to approach its owner to figure out whether I can get his approval to start my work. A few years ago I was in a little town in Italy to create some works, but nobody wanted me to start painting. They weren’t aware of my previous

THE EMBASSY OF ITALY works but as soon as they saw what I was painting, they all requested me to paint their house’s walls.

Graffiti are often linked with social problems; what do you think about that?

I think that young people who make graffiti with spray paint are trying to react to social issues constantly affecting our society: they do so by creating auto-referential work that only graffiti writers can appreciate. Society should understand why people keep doing graffiti all over the world and what the reasons behind this unstoppable movement are. Young people have strong relationships with graffiti because sometimes they are the only instrument they have to say something. Society launches a lot of campaigns against smoke, compulsive shopping, drugs, and now also graffiti, but these are often ineffective.

Do you think that graffiti could make cities looking better? Is this the aim of your work? I think that graffiti would be a great solution to improve the appearance of rundown areas in cities. I participated in some projects to improve council estate houses in Italian cities and to teach these painting techniques to children.

How would you define your art?

I make public art, which is available for everybody. You can discover artistic works going around the city and it is really important because it allows you to live art every day.

Have you seen any differences between Italian and Thai murals?

Yes, in the proximity of Bangkok’s downtown I saw some Thai murals; they are strictly linked with nature and mythological characters. They are close to my personal style. In fact, while studying anthropology I am focussing on Thai mythological characters such as Yak, Hanuman, Karuda and Singto.

What do you think about Bangkok’s urban spaces?

The Shadow of Grimorio - Installation

Kukero (canvas) My short ten-day visit to Bangkok helped me discover two different sides of the city. On one hand, perception of Bangkok is that the city was not built “for people”. Most social spaces are dedicated to commercial activities, there are very few green spaces and pollution rules everybody’s daily lives. On the other hand some areas of Bangkok have conserved their traditional character with low rise houses,

contained traffic, offering a more friendly environment. TICC thanks DEM for his time and commitment to building strong links between the Italian and Thai artistic communities. We hope that through future cultural exchanges, DEM alongside other artists can play an active role in inspiring new ideas that integrate art with Bangkok’s urban development. For anyone hoping to catch a glimpse of some cutting edge artwork, visit www.demdemonio.org for news and updates.

Tommaso Lucentini is graduated in Public Relations and Corporate Communications at IULM University in Milan. He founded the iTalentJob project, which aim is to guide job-seekers find and get their dream job. He loves to travel and he speaks Italian, English and Spanish.

BUSSINESS OPPORTUNITY

Thai – Myanmar Delegation to Singapore During October – November 2013, the Italian Trade Commission (ICE) headquarter and its Singapore office together with its partners organized 3 autonomous show/professional meetings in Singapore with the aim for Italian manufacturers to establish their network in Asia.

he sectors of these shows were Cosmetic, Eye wear and Jewelry. The concept of the show was for Italian manufacturer of each sector to showcase their products and arrange professional meetings with buyers from Singapore and other countries of the Asia Pacific region, selected on the basis of the specific company profiles presented. On this occasion, we, Italian Trade Commission Bangkok office brought potential delegates from Thailand and Myanmar to visit these events as well. The first one Autonomous Cosmetics Show was held on 1st and 2nd October at Grand Copthorne Hotel, organized in collaboration with Cosmetica Italia (Ex Unipro), the Association of Italian cosmetic manufacturers bringing 8 Italian cosmetic manufacturers. On this event, ICE Bangkok invited 5 representatives from Thailand and 3 from Myanmar to attend this show. The delegates were Central Marketing Group, DKSH Thailand, Pink Peo Co.Th, Sesa Cosmetics, and Tiger Eye Trading from Thailand. From Myanmar, Roya Ruby, Thar Ki Nwe, and Hnin Thitsa were presented. The second one was Eye Wear show in collaboration with ANFAO (Association of optical

products manufacturers of Italy) during 31st October – 1st November at Traders Hotel. The show comprises of 19 Italian companies. ICE Bangkok brought 5 representatives from Thailand and 2 from Myanmar. The representatives were from Better Vision, DKSH Thailand, Eyelab Exclusive, Mr. Eye and Netr Optic from Thailand and 2 Representative from Union of Myanmar Federation of Chambers of Commerce and Industry. The last one was Jewelry Show with participation of 25 Italian jewelry producers during 5th - 6th November at Grand Copthorne Hotel. At this show, ICE Bangkok accompanied 4 representatives each from Thailand and Myanmar which were Fluke Jewelry, Gems Promotion Centre, Karat,and Sette Peccati from Thailand and 1 representative from Union of Myanmar Federation of Chambers of Commerce and Industry, 2 representatives from Myanmar Gem and Jewelry Entrepreneur Association and Jewelry Collection Manufacturing. The result of the 3 shows were fruitful. Many companies were able to establish the partners and order. We would like to thank everyone taken part in these initiatives!

For more information, please contact Italian Trade Commission Bangkok Agenzia per la promozione all’estero e l’internazionalizzazione delle imprese italiane Ufficio di Bangkok Bangkok Office 14/B Floor, Bubhajit Bldg., 20 North Sathorn Rd, Silom, Bangrak, Bangkok 10500 Thailand T +662 6338491-3 F +662 6338494 bangkok@ice.it www.italtrade.com/muangthai

BUSSINESS OPPORTUNITY

2nd Myanmar Real Estate Summit (MRES) 2013 By a special agreement between TICC and CMT, one of TICC’s member participated to an international summit in Yangon.

angon, Myanmar. Following the several Summits regarding the most delicate issues of the Country, that seems to have regained the international scene after its politic and economic opening, the second Myanmar Real Estate Summit 2013 was held in Yangon at the end of September. In an economic and legal framework, constantly growing and developing, in this case the attention was focused on the delicate situation and on the market dynamics concerning the real estate sector. In fact, Real estate and landed properties, in the logic of the market, are just essential and effective steps for every real and potential investor or businessman. For this reason the attendance at the Summit has been appreciated and in great numbers, both by local people and foreigners coming from Bangkok, Singapore, Korea, Hong Kong, etc. and by people having their business locally well established, and by people intending to learn more and by people being “the first time in Yangon”. At the Summit the most different topics concerning the real estate sector in Myanmar have been discussed, ranging from the town planning scheme, to the operativeness and to the guarantees, to the legal aspects and to the current taxation. Regarding the development of the former capital Yangon, with an estimated population of 10 million inhabitants within the year 2040 (at present about 5 million), the Government’s intentions seems to be very clear and definite: to avoid an “indiscriminate” development as in other big cities in Asia, keeping instead the heritage left by the former English homeland and the historical areas. For this reason, thanks also to the Yangon Heritage trust contribution, there is the intention to go ahead developing a business and residential area at north of Inya Lake and with the renovation of the downtown area. In the suburbs instead, several industrial zones are now being developed, among the most important there is Tillawa; some zone is under a specific law such as the Special Economic Zones. Although there is a draft bill under consideration that would allow the foreigners to buy condo units, at the moment, under the law in force, the foreign investor cannot buy both real estate or landed properties. However it is possible to buy by leasing, but for a period no more than one year, unless to submit the contract to the approval of the Myanmar Investment Commission (MIC, a governmentappointed body under the Ministry of national Planning and Economic Development that appraises domestic investment proposals in Myanmar), to get a validity term extension

world’s great new commercial frontiers, the price issues are standing out. The real estate price in Yangon has been constantly raising during the latest three years reaching up to 95 US$ per square meter, roughly three times the price in Bangkok, five times more than in Phnom Penh, passing by the first quarter of this year Singapore’s office rental rates of 74 US$ a square meter. This is as a strong deterrent for the investments, that we would like to be faster and permanent.

up to 50 years, with a possibility to extend of 10 plus 10 years. The leasing can be obtained by private or government agencies, or institutions linked to them, both by public tenders and by negotiations, but in this latter case what kind of precautions and protections should the investor take (land due diligence)? For example, besides implementing the usual legal deed of protection due to long term contracts, as a first step it is advisable to verify at the relevant authorities the documents such as the certified land map and the original land history, in order to be sure of the validity of the negotiations under the way, and only the actual land owner is allowed to do this procedure. According to the above guidelines, a study case shows two effective macro ways to carry out an investment through a Joint Venture with a local partner, and its establishing needs the approval of the Myanmar Investment Commission. Therefore the local land owner carries on to the granting of the land rights for the Joint Venture by drawing up the contract of leasing. Alternatively, in case of a state owned land, the Joint Venture company can get directly by the government a contract of leasing with a validity term up to 50 years, with a possibility to extend of 10 plus 10 years. All above said is under a special tax regulations intended to facilitate the foreign investor, by levying a 25% corporate tax, with incentives at MIC discretion, such as tax exemption up to 5 years, exemption or reduction on the import tax duties of machineries or raw materials or on export of manufactured goods, while on the lease contracts the taxation is equal to a maximum of 5% of the annual average rent (for a more than 3 years contract). In this framework, aimed to overcome the difficulties due to lack of regulations and to uncertainties of a Country actually one’s of the

However the biggest companies from China, Japan and western countries are paying whatever is needed to enter an economy that according to an estimate could quadruple during the next 20 years reaching up to 200 billion US$. In the meantime the administration of the former military commander Thein Sein, the country’s leader for the second time since March 2011, seems to be preparing new measures not only to resolve any problems regarding the land rights and the ownership of areas under the development plan, but also to peg the market and to curb the rising speculation that troubles the real estate market with strong repercussion also on the local people and their business, besides on the foreign investors.

By Chiara Vigano' Born and raised in Como, she is post graduate in International Trade at the University of Milan. Living in Bangkok since September 2013, after an intership at the Commercial Department of the Italian Embassy, she has started to work at LCS Interational for Myanmar, Thailand and all ASEAN area, to assistance investors and companies.

Legal and Commercial Services International Co., Ltd. 142 Two Pacific Place, 14th Fl., Suite 1406 - 1407 Sukhumvit Rd., Klongtoey, Bangkok 10110 Thailand www.legalcommercialservices.com

BUSSINESS OPPORTUNITY

Cosmoprof Worldwide Bologna a guarantee of success in a World of Beauty F

or more than 45 years, Cosmoprof Worldwide Bologna is the leading and most important international B2B event in the world dedicated to Cosmetics and Beauty, chosen by professionals of the sector as the ultimate place to make business. All Beauty sectors, such as Perfumery and Cosmetics, Professional Beauty & SPA, Hair, Green/Natural, Nail, Packaging, Contract Manufacturing and Machinery, are represented in one single event in more than 80,000 square meters of exhibition area. As a matter of fact, Cosmoprof Worldwide Bologna closed its 2013 edition with recordbreaking figures: 193,842 visitors including 48,823 from abroad, 2,390 exhibitors including 1,500 from abroad, 24 national collectives with new entries from Japan, India, Indonesia, Pakistan and Colombia. Thanks to the work of Bologna Fiere Group and SoGeCos S.p.A., the world’s leading trade show organizers in the cosmetic, fashion an culture sectors, the international platform offered by Cosmoprof with its events in Hong Kong since 1996 (Cosmoprof Asia) and Las Vegas from 2002 (Cosmoprof North America), is a real guarantee of success all over the world. Besides, SoGeCos S.p.A. has the privilege of working with the beauty sector in all 5 continents and monitoring new and emerging markets where demand for cosmetic products is very strong and continues to grow up. For these reasons, SoGeCos S.p.A. represents the ideal Beauty Partner for companies operating in the sector, with the aim to optimize the presence of companies in the fair and to maximize business opportunities through initiatives tailored to facilitating contacts between exhibitors and buyers. Plus, Cosmoprof Worldwide Bologna, hosts COSMOPACK, “the Show within the Show”, completely dedicated to everything which goes into the making of a beauty product. More than 300 exhibitors from all over the globe are involved, representing the entire supply chain of the cosmetic industry: from raw materials to the most technologically advanced machinery, from the latest packaging innovations to formulas and textures produced by the world leaders in contract manufacturing.

Hereunder there is a focus on the main sectors of the exhibition:

Natural and Organic Cosmetics Industry Pavilion 21N completely dedicated to ‘natural and organic cosmetics industry’, is an exclusive showcase for over 3,000 square meters of the greenest products, from ideas to production, from formulation to packaging, from advertising to sales. “N” for natural, but also organic and ecological, cosmetics for consumers who are increasingly careful about how to nourish their

bodies and their skins “N” for niche market, which is increasing its share of the large-scale retail trade. It is the landmark stage on a global level for the whole Perfumery and Cosmetics world: fragrances, accessories, skincare, toiletries. Perfume stores have become the preferred channel for purchasing products related to wellness and beauty for women and men.

HAIR

It is a complete showcase for the “Hair” sector and attracts everybody in the hairdressing world: more than 450 firms, including internationally renowned companies and new businesses, will have the opportunity to present their products, their most innovative techniques and their latest on-trend collections to an attentive and enthusiastic audience. Participants at Cosmoprof Bologna 2014 will be able to count on the presence of the most prestigious salon owners and professionals from the sector, who are eager to discover the latest innovations in products, equipment and accessories and enhance their profile through demonstrations and new launches.

plines with a view to opening up new business opportunities.

NAIL WORLD

Cosmoprof Bologna is the only globally renowned trade fair with a specific focus on the world of nails, attracting companies and brands from all over the world which, in addition to exhibiting professional products for nail reconstruction and treatments for hands and feet, offer professional training, technical demonstrations and business consultation. In conclusion, a network of international contacts has been developed thanks to strong synergies established with the Chambers of Commerce abroad, foreign organizations and institutions in order to promote the presence of international buyers and create new business opportunities for all exhibitors. The consolidation of the International Buyer Program is one of the main objectives of Cosmoprof Worldwide Bologna 2014 supported by strong investments planned on international trade press, road shows and online campaigns dedicated to the promotion of the event to an increasingly qualified audience.

BEAUTY SALON AND SPA

It is the most prestigious showcase for the world of beauty and wellness, offering a complete overview of the cosmetic products, machinery, innovations and services in the sector. Every year Cosmoprof Bologna attracts the leading owners of beauty centers, buyers of hotels and spas, beauty therapists, professional training schools and fitness clubs. Starting this year, Cosmoprof Bologna will also be entering the new territory of aesthetic medicine, inviting professionals from its various individual disci-

For more information and Special conditions for BUYERS and EXHIBITORS through TICC, please contact: Mr. Michele Tomea, Trade Manager Email: trade@thaitch.org Tel: 02 255 8695 Ext. 104

LEGAL ISSUE

Laws and Regulations on Real Estate Transactions in Thailand

ith residential developments and condominiums sprouting up almost everywhere in Bangkok, the real estate market seems to be unstoppable. Nevertheless, making an investment in such real properties can be tricky for investors who do not understand the Thai legal framework on real estate. Provided hereunder is an excerpt from ILCTâ&#x20AC;&#x2122;s latest edition of Thailand Business Legal Handbook which gives an insight into the Thai laws and regulation relating to real estate transactions involving foreigners.

Foreign Ownership of Land Foreigners may own land in Thailand only in accordance with the treaties in force between Thailand and their respective countries, otherwise, permission of the Minister of Interior must first be obtained. There are no such treaties currently in force; however, foreigners may be permitted to own land subject to the following criteria: (a) the land so acquired must be used for residential purposes;

(b) the area of land so acquired must not exceed one rai; (c) the foreigner must first bring funds of not less than Baht 40 million into Thailand for investment and maintaining the investment for not less than five years. The funds brought into the Thailand must be invested in one of the following businesses or activities: (i) purchase of Thai government bonds, bonds of the Bank of Thailand, bonds of state enterprises, or bonds whose principal and interest are guaranteed by the Ministry of Finance; (ii) investment in an immovable property mutual fund, an immovable property mutual fund for rectifying problems in financial institution system, or a mutual fund for rectifying problems in the financial institution system, all of which are established under the law governing securities and exchange; (iii) investment in the share capital of a

juristic person that has been granted with investment promotion under the law governing investment promotion; or (iv) investment in businesses declared by the Board of Investment as businesses that may apply for an investment promotion under the law governing investment promotion; (d) the land that foreigners may acquire must be located within Bangkok, Pattaya or within the area designated as residential area under the law governing town planning, and it must be located outside the safety zone of the military under the law governing military safety zone; and (e) permission for the acquisition of the land must have been obtained from the Minister of Interior. Under the Investment Promotion Act B.E. 2520, a promoted company may be granted the right

LEGAL ISSUE to own land necessary for conducting its business, subject to the conditions specified by the Board of Investment. The Petroleum Act, B.E. 2514 also permits oil concessionaires to own land required for their petroleum operations.

Under the Land Code B.E. 2497, “foreigners” are defined as:

(e) other individuals or juristic persons whom the law regards as foreigners, and who bring foreign currencies into Thailand or withdraw money from a non-resident Thai currency account, or withdraw money from a foreign currency account to purchase a condominium unit.

(d) juristic persons defined as foreigners under the Foreign Business Act, B.E. 2542; and

(a) a limited company or public limited company with more than 49% of its registered capital held by foreigners, or more than half of its number of shareholders are foreigners (shares issued to bearers are deemed to be held by foreigners);

It should be noted that the total foreign ownership in a condominium may not exceed 49% of the aggregate unit space within a building or else the condominium units acquired in violation of this quota will be subject to compulsory disposal.

(b) a limited partnership or a registered ordinary partnership in which the capital contribution by foreigners constitutes more than 49% of its total capital, or in which more than half of its partners are foreigners;

Lease of Real Properties

(c) in case a juristic person under (1) or (2) above holds shares or subscribes for shares in other juristic persons in the manner described in (1) and (2) above, those other juristic persons shall also be deemed as foreigners; (d) associations, including co-operatives, in which more than half of the members are foreigners, or which operate exclusively or substantially for the furtherance of foreign interest; and (e) foundations with the objectives that particularly or substantially serve foreign interests. Amidst rising concerns on the exploitation of Thai nominees to effect improper real estate transactions, the Land Department currently imposes internal regulations requiring real estate transactions with foreign elements to undergo close scrutiny before registration is approved. If a company has foreigners as shareholders or directors and has an objective to engage in the real estate business or there is a reasonable doubt to believe that the Thai shareholders hold shares on behalf of foreigners, the sources of funds for the company’s Thai shareholders would be subject to investigation. Moreover, even if a Thai company does not have any foreign shareholders or directors, officials may still investigate the source of funds of the shareholders. Officials may also investigate cases of juristic persons buying lands at prices much higher than their registered capital. In case a foreign company leases or acquires the right to possess a piece of land for a long period of time, an investigation of the purpose of the lease or right granted will also be conducted. In case of illegal acquisition of land or false notification, the persons involved not only face criminal penalties, but the land must also be transferred within the given period or the Direc-

tor General of the Land Department shall order the land to be disposed.

Leases of real properties including land and condominiums exceeding three years or for the life of the lessor or lessee (in the case of natural persons) are enforceable only for three years, unless it is made in writing registered with the competent Land Office. The term of the lease may not exceed 30 years for commercial and 50 years for industrial purposes and it is possible to agree on a lease extension of not exceeding 30 years or 50 years, respectively. Moreover, foreigners may construct and own buildings, and acquire superficies and usufructs on the leased land.

Foreign Ownership of Condominiums The Condominium Act B.E. 2522 stipulates that a sale and purchase agreement of condominium units made between a project developer and a buyer must be prepared in accordance with the standard format prescribed by the Ministry of Interior where the materials used to advertise and promote the sale of such condominium units shall be deemed to be an integral part of such agreement as well. The owner of a condominium unit is provided with a unit title deed, which contains the name of the owner, location, size of the land, and area of the condominium unit. It also contains the unit’s proportion of ownership in the common property since an individual holding full title to a condominium unit also owns a proportional area of the common property.

International Legal Counsellors Thailand Ltd. 18th Floor, Sathorn City Tower 175 South Sathorn Road Tungmahamek, Sathorn Bangkok 10120, THAILAND Tel: 66 (0) 2679 6005 Fax:66 (0) 2679 6041 www.ilct.co.th www.russinvecchi.com

The Act also permits five categories of foreigners, who can be individuals or juristic persons, to purchase condominium units in Thailand as follows:

Mrs. Ratinuch Kawnachaimongkol; Email: ratinuchk@ilct.co.th

(a) those permitted to reside in Thailand under immigration law;

Mr. Karinevidch Olivero; Email: karinevidcho@ilct.co.th

(b) those permitted to enter Thailand under investment promotion law;

Ms. Warittha Ratanacharee; Email: waritthar@ilct.co.th

PHUKET AND SOUTHERN REGION OF THAILAND COMMITTEE

Is there any risk of housing bubble in today Thai Real Estate?

An overview on Real estate Market in Thailand with the contribution of TICC Phuket and Southern Region of Thailand Committee

eal Estate is dynamic in Thailand: prices in Bangkok have increased of 7% in a year. Anyway, the risk of a bubble remains low. There are no risks of a housing bubble in Thailand, however prices have recorded a huge hike, particularly in the luxury residential, and this can be considered a crystal clear sign of the growing interest by investors to core assets, or luxury, mostly in Bangkok. The majority of the real estate business of the country is concentrated in the hands of a few large companies that are financially resistant and have learned the lessons of the Asian financial crisis of 1997, performing in-depth research and reviewing the initial plans, containing the excess supply on the market. However, significant price increases have recorded in some segments of the market, including luxury property in downtown condos of Bangkok: according to a March 2013 report by CBRE Thailand, the local branch of the great real estate consulting firm, prices of luxury apartments in the city have reached $4,829 per square meter by the end of 2012, up 7.1 % on an annual basis. It is a significant increase, especially when you consider that the secondary market in Bangkok is traditionally less lively, because rich Thai investors prefer to invest in new buildings. According to CBRE, however, the demand for residential units at a good price in a strategic position - along the lines of existing public transport or in the developing ones - will remain robust: " The high standards are an increasingly important factor - Cbre Thailand says - and the ability to ensure the quality will be the key to success and a competitive advantage in the local real estate market in the coming years. " Voices and concerns expressed recently about the eventuality of a bubble in the Thai property market, have awakened analysts and lenders. Central Bank and the commercial ones operating in the country are out in front, taking more cautious approach in grants funding for the purchase of housing, tightening regulations on loans. The Bank of Thailand (BOT) is keeping an eye on the market, looking for signs of speculation: the risk of a housing bubble was probably among the main reasons that prompted the institute to decide, May 29th, to lower the interest rate of 0.25 basis points. Today, banks are more careful in granting credit to both builders and buyers of homes. Meanwhile, the Thai property market, continued to attract foreign investment and assets of a growing number of upwardly mobile Thais,

especially in Bangkok and in the neighboring regions. On one hand there are investors who come from Singapore and Hong Kong: they aim to Bangkok for several reasons, including the increasing restrictions and limited margins of development in their national markets, the steady rise in sales prices and the appeal of a city where you can spend the weekend. Even the Thais meanwhile, are buying property both to live in and as a store of wealth, to shelter their savings from the volatility of the currency and stock market. The most dynamic real estate market is represented by the islands, in particular those of tourist interest. For example, Tecnocasa group, operating in 12 countries in the world, is also active in Thailand with 2 estate agents. Currently there are six professionals working in agencies of the famous brand franchise, present for 3 years on the island of Phuket. "The business in Phuket is mainly in tourism - said Salvatore Parisi, Affiliate Tecnocasa in Phuket -. It is constantly growing and Patong Beach, Karon Beach, Kata Beach, Kamala Beach, Rawaii, Chalong are the most sought after areas. The real estate prices have remained stable compared to 2012: the price per square meter of a new building is 2 thousand euro while you swap a secondhand for one thousand euro. "The rental market is experiencing a positive trend, especially in terms of investment. Yields are interesting: renting the unit you get in fact an annuity average of 7-10 percent." The demand for rental properties - said Salvatore Parisi - comes mostly from tourists ".

Buyers in Thailand, particularly in Phuket, come from all over the world. They are mainly Russians, Chinese, Indians and Australians. On the island of Phuket there is a high density of Italians living there for a long time, so much so that some neighborhoods are referred to as 'little Italy', while others visit the island only for tourist purpose. Several interventions in the region such as the expansion of the airport, the tunnel project linking Patong Beach to Kathu and the opening of several shopping centers, make the housing market more dynamic. The trend in the coming months will also be positively affected by a forecast of strong growth (+10%) of tourists in Thailand.

Phuket and Southern Region of Thailand Committee: Dr. Francesco Pensato TICC Director and Chairman Dr. Giacomo Brunco TICC Deputy Chairman Mr. Salvatore Parisi TICC Deputy Chairman The Committee premises are located at: WORLDPHARMA â&#x20AC;&#x201C; JK DRINKS 68/203-204, Moo 1, Tambon Chalong, Muang, Phuket 83130 Thailand Tel: +66 76 263 923 Email: phuket@thaitch.org

EASTERN SEABOARD COMMITTEE

The prospective of Pattaya and its surrounding area’s real estate market

Mr. Carlo Filippo Ciambrelli from TICC Eastern Seaboard Committee had the pleasure to interview Mr. Brian Presson, director of the "Owners Direct" TICC Eastern Sea Board Committee had the pleasure to interviw Mr. Brian Presson, director of the “Owners Direct” a well-known real estate company in the Eastern Seaboard and Pattaya’s booming market. He was formerly a successful entrepreneur in the United States of America.

What do you think of the current real estate market conditions in Pattaya and its surrounding areas? Well, first of all I would deem the current market situation as extremely volatile. The construction is relentless and furthermore, the developers are continuously increasing prices. Last year we recommended our investors buy pre-construction. We negotiate the best price from the developer and we were able to successfully re-sell providing our clients a profit on all 32 investment.

What do you mean on all 32 investment? For the investors, our company purchased 32 pre-construction condos and re-sold all 32 units at a profit.

Do you still recommend buying preconstructions? No. Currently we recommend buying the distressed seller-market and also the re-sell market. That is mean buying from distressed investors, people that have purchased pre-construction or “off plan” and that are unable to continue making their payments. Also, we are finding great values in the re-sell market. There is a lot of inventory in the re-sell market and re-sells are much harder to sell!

Why? For two simple reasons: first, developers have huge advertising budgets. Secondly, they offer good payments terms. On the contrary, for the private re-seller it is very difficult to be found in such a huge market, and most can’t offer good payment terms. They want their money all up front. This gives a potential buyer a good opportunity to buy at a much lower price. As they say the first secret to sell well…is to buy well.

What would be in your opinion the best strategy for a seller that wants to re-sell his/her property? First, try listing the property with several agents. MLS (multiple listing service) doesn’t exist in Thailand. If you list your property with a single agent the other agents with potential buyers will not know about your property. Next, be flexible. Consider self financing (owner financing). Many foreigners are looking for financing for various reasons, including the new laws regulating the export of capitals out of their countries that do not allow easy money transfers. I usually recommend thirty per cent down and eight per cent interest over five years, but this can adjusted based on the seller’s and buyer’s needs.

If I understand it correctly, your advice is still to buy, but preferably not directly from developers? Yes, absolutely so for investors. For individual buyers it is different. They usually buy for self occupancy. It is always a good investment “per se” to buy a place that your heart desires. Furthermore, developers still offer a good

Pattaya’s most successful agent with a record to prove it! 32 resales - 32 profit for our investors year to date. Why? We always get you the best purchase price ! 22

product at a reasonable price and construction standards are getting better and better. However, for investors looking for re-sell profit or rental return we recommend the re-sell or the stressed seller-market.

Finally, what is, in your opinion, the prospective of Pattaya’s real estate market? Long term I feel confident that the market will continue to grow despite the short-term inventory glut. Pattaya is growing very fast and also the opening of the Asian Market will surely attract more Asians investors. Also, compared to Bangkok and other Asian cities such as Singapore, Hong Kong, Tokio and Kuala Lumpur, Pattaya is still a great value. Pattaya is a prospering beach resort and an excellent place to visit or live. Pattay has a unique international flavor and an unparalleled entertainment venue. We can call Pattaya the Miami of Asia!

Eastern Seaboard Committee: Mr. Carlo Filippo Ciambrelli Chairman of TICC Eastern Seaboard Committee The Committee premises are located at: The Social Lawyers Co., Ltd. 63/14 South Pattaya Rd. MBMG Group Building, Moo 10, Nongpreu, Banglamung, Chonburi 20150 Thailand Tel: +66 38 427 904-5 Email: easternseaboard@thaitch.org

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TICC MEMBERS

Italian Restaurant Review: The Sun is shining at Sole Mio

ong time friends and business partners Domenico Locantore, General Manager, and Armando Monti , Executive Chef are together bring their combined knowledge of the best parts of Italy. Domenico explained that the restaurant’s name Sole Mio comes from a very popular song from Naples, "O Sole Mio" which became a worldwide hit in when Elvis Presley composed his version of it in English, "It's Now or Never". Music is an intricate aspect of Sole Mio’s concept. On some evenings, diners are wooed by live vocals and guitar music. Their diligence in serving a true Italian dining experience has been recognized by Ospitalità Italiana who have presented Sole Mio with a brass plate signifying the restaurant’s authenticity. Issued by the Thai-Italian Chamber of Commerce, stringent requirements must be met for a restaurant to receive this honor. So far, only seven Italian establishments out of over 200 in Bangkok have been given the award.

Members activity: Savino del Bene for Camillian Home

avino del Bene for Children in need of Camillian home lunch event was held on Thursday 14 October, at the Sole Mio Restaurant , Soi Thong Lor 13, bangkok. In attendance were the Camillian Home Foundation’s patron Father Giovanni Contarin, 25 children from the Camillian Home project, Mr. Nicola Genovese SE ASIA Area Manager from Savino Del Bene S.p.A. headquarters, Ms. Siriorn Wattanasombat, Branch Manager of Savino del Bene Thailand, the whole Savino del Bene Thailand staff and invited guests. The lunch was sponsored by Savino del Bene Co. Ltd, global logistics provider with a worldwide network and leadership position and it was a great success with all attending having an enjoyable afternoon and sharing fantastic time with children with disabilities. We would like to thank all those who attended for giving their time and support to Camillian Home project to raise funds for children living with disabilities. Further information regarding Camillian Home Foundation, please visit: www.camillianhomelatkrabang.org

TICC EVENTS

Monza nel mondo: International Convention of the 78 Italian Chambers of Commerce abroad Monza - Italy

n November 11, the Thai Italian Chamber of Commerce together with the other 77 Italian Chambers of Commerce Abroad joined in the 22nd Convention Mondiale delle Camere di Commercio italiane all’estero. This event was organized by Camera di Commercio Industria Artigianato Agricoltura Monza Brianza and Assocamerestero. This edition took place in Monza. The Congress focused on the forum for Chamber leaders and professionals to share best-practices, exchange insights, develop networks, address the latest business issues affecting their communities, and learn about new projects of innovation from Italian chambers around the world. It represented the perfect opportunity to relaunch the Made in Italy in the whole world.

Breakfast Talk on "Corporate Social Responsibility (CSR) innovation, a boost for staff engagement and business integration in Thailand" Bangkok - Thailand

n November 21st, the Joint Chamber Breakfast Talk on "Corporate Social Responsibility(CSR) innovation, a boost for staff engagement and business integration in Thailand" was organised by TICC, in collaboration with the Franco-Thai Chamber of Commerce and the British Chamber of Commerce Thailand at Crowne Plaza Bangkok Lumpini Park Hotel. More than 45 participants had the opportunity to hear CSR/shared value for business companies in Thailand from high qualified speakers such as Mr. Henri de Reboul, expert on CSR, Mrs. Kanit Muangkrachang, Vice President of Thai Toshiba Electric Industries, Dr. Riaz Khan, Adviser from Yunus Center at AIT and Mrs. Emmanuelle Bourgois, CSR Specialist.

Oktoberfest All Nations Night Bangkok - Thailand On the 2nd November TICC joined the GTCC Oktoberfest for All Nations Night (Other foreign Chambers of Commerce) at the Chatrium Hotel Riverside Bangkok. As in the previous editions, the German beer festival was celebrated with the traditional Munich’s style with non-stop live music by ‘Anton & The Funny Guys Band’, with the support of Etihad Airways.

TICC EVENTS

Get Together Ospitalità Italiana “Italian Lifestyle in Phuket” Phuket – Thailand

n the 28th of October the Thai – Italian Chamber of Commerce (TICC) organized a Get Together which took place in Phuket, at Leo & Mas Ristorante Italiano e Pizzeria. More than 80 people from the vivacious international community based in Phuket enjoyed a traditional Aperitivo Italiano, made new business contacts and had the chance to hear speakers including TICC President, Giacomo Mauri and the Honorary Consul of Italy for Phuket, Francesco Pensato. The event also introduced the Ospitalità Italiana project 2013/2014

Joint Chambers Networking Event "Wine & Cheese Tasting" Bangkok - Thailand

n the 24th of October, the Thai Italian Chamber of Commerce with the Franco-Thai Chamber of Commerce in partnership with Thai Canadian Chamber of Commerce and British Thai Chamber of Commerce organized a "Wine & Cheese Tasting" event at Renaissance Hotel. At this evening more than 100 people was able to discover a huge variety of regional wines and cheeses from Italy and France, offered by our sponsors Kim Chua Group and Texica, TICC Member.

MEMBERS AREA

– ORIENTAL AND BEYOND CO., LTD. Guido Mastrofini Managing director 10Th Floor, R.S.U Tower, Sukhumvit 571, Klong-Toey Nua, Bangkok 11000 Tel: +66 (0)22597183 Fax: +66 (0) 26623416 Website: www.thailandiaviaggi.com, www.orientalandbeyond.com Email: orientalandbeyond@gmail.com, contact@orientalandbeyond.com Company Background As our name suggests, we deal with the Orient, the region of the world we are passionate about. We are eager to share our passion for Thailand through Oriental and Beyond, a tour operator based in Bangkok since 2006, offering our travelers the possibility to discover the country through different eyes, beyond the tourist brochures and pamphlets. Oriental and Beyond, as a travel designer, is in direct contact with the end consumer, tailor making each vacation through an individual session to then build the custom trip specific to the needs of the traveler; with our office based in Bangkok we always have a quick and up-to-date insight of news and Thai happenings and festivals. Products & Services – Tailor made tours and private tours in Thailand – Private holidays and customized vacations – Our packages tour Thailand far and wide – Assistants and private guides – Private limousine and van – Off the beaten track tours From the Five – Stars Deluxe Hotels and Urban Tours to comfortable Lodges within the villages of hill tribes – Elephants trekking/ Scenic flights/ Golf courses/ Selected hotels/ Selected hotels for families – Signature massages, relaxation and 28

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pampering in Thailand’s first worldclass Spa Menu a la carte: draw your personal travel at your pleasure Beaches and islands destinations Trekking destinations Diving destinations River cruises, Sea cruises, Dinner cruises-from ½ day to 4 days in traditional boats Massage courses and certificates from Wat PoThai Traditional Massage School, both for beginners and specialists

Facts & Figures Year Established: 2006 Annual Turnover: Complete Total Employees: 4

OWNERS DIRECT CO., LTD. Mr. Brian Presson Director 313 /38 Moo 10, Nongprue, Banglamung, Chouburi, 20150 Tel: +66 (0) 86 - 8306777 E-mail: pressonpbc@gmail.com Website: www.ownersdirectthailand.com Company Background Full service real estate and legal offices in Bangkok and Pattaya. Products & Services Sales, service, management rentals, Investment.

PCMC ENGINEERING CO.,LTD. Jayut Jayanandana Operation Manager 555/130-131 Sukhapiban 5 Road, Ao-Ngoen, Saimai, Bangkok Tel: +66 (0) 2 158-7291-2 Fax: +66 (0) 2 158-7290 E-mail: pcmc_th@yahoo.com Website: www.pcmc.co.th Company Background PCMC is a fully integrated company, supported by highly professional engineers who are involved in turnkey design, air condition, M & E contracting in hotels, hospital, office building, school, supermarkets with a mission of energy savings, interior designing for offices, factories, restaurants. Products & Services Turn Key Design, M & E Contractor, Air Condition, Electrical, Sanitary, Security And Fire. Facts & Figures Year Established: April 20, 2007 Total Employees: 63 People

Facts & Figures Year Established: 2011 Total Employees: 6

WEFLEX THAI CO., LTD. Alessandro Fiori Owner/ President Paolo Serpagli Owner/ Vice President Salvatore Milazzo Owner/Tecnical Director 2 4 0 / 3 7 Ay o t h a y a To w e r F l o o r 19th,Ratchapisek Road, Huaykwang Sub-District, Huaykwang,Bangkok Tel: +39 (0) 59 551898 Fax: +39 (0) 59 551 633 Website: www.weflex.com Company Background WEFLEX Thai Co., Ltd. Is a brand of WEFLEX Srl, the Italian head quarter, based in the province of Modena and established in 2000. Both WEFLEX Srl and WEFLEX Thai Co., Ltd. are specialized in advanced logistic solutions for warehouse management.

MEMBERS AREA Product & Services: – WEFLEX is the distributors of Track + Race, a technology for a complete, real-time control and optimization of all the resources being used in a company warehouse (human, means and goods) – WEFLEX is also the owner of I. Tile, an integrated system (WMS integrated with Track+ Race R fid technology) Specifically customized to fit the specific requirements and needs of the (tile) ceramic companies.

Co., Ltd. was established in Bangkok, Thailand in 1991. Today JAS operates with 240 office in 80 countries and more than 3,600 employees.

Email: info@i-creamsolutions.com, info@izzo.asia Website: www.i-creamsolutions.com, www.izzo.asia

Products & Services Air & Ocean freight/ Domestic and International Distribution/Customs brokerage and Logistics

Company Background Sumii Co., Ltd. is supplier of a large range of quality equipment and premium ingredients which are related with the Gelato & Ice cream business for every size and purpose in this specific business. Under the trading name “i-Cream Solutions”, the company is specialized in the Gelato & Ice cream Solutions. The leading company in the Gelato & Ice cream business in Thailand. A company which is focus in giving Solutions. Serving customers by supplying the right products together with the right services like: training, education, consultancy and technical support. Our mission is to help our customers to be successful in the Gelato & Ice cream business. our Mission… is your Success... In 2013 our company starts offering our customers under the trading name “Izzo Coffee”, Solutions for the Coffee business by supplying quality Italian espresso machines and premium coffee beans from Napoli with the focus on serving high quality coffee in a traditional Italian style.

Facts & Figures Year Established: 1991 Total Employees: 31

There are more than 50 applications all around the world, one of which in Thailand, with Thai Ceramics, SCG Group. Year Established: 2013

MA.MA.MA CO.,LTD Mr. Andrea Capellino General Manager

JAS FORWARDING WORLDWIDE (THAILAND) CO., LTD Mr. Roderich Hoffmann Managing Director Mr. Daniele Iussa Regional Sales Manager S.E.A. 193/24 Lake Rajada Office Complex, 4 Floor, Ratchadapisek Road, Klongtoey, Bangkok 10110 Thailand Tel: +66 (0) 2 661 8390 (10 lines) Fax: +66 (0) 2 661 8402-3 E-mail: TH-info@jas.com Website: www.jas.com Company Background JAS is a privately owned international freight forwarder and logistics provider. During its thirty-plus year history, JAS has experienced exponential growth based on the vision and energy of its founder Mr. Biagio Bruni, who today remains Chairman. JAS has built a global network of quality offices that deliver a consistent level of high service and performance to its customers. JAS has built a global network of quality offices that deliver a consistent level of high service and performance to its customers. Jas Forwarding Worldwide (Thailand)

88/17 M00. 7 T,Rawai,Soi Sai Yuan 1 Road, A. Mung Phuket, Thailand, 83130 Tel: +66 (0) 76 – 288813 Fax: +66 (0) 76 - 288 813 E-mail: info@happyelephantresort.com www. happyelephantresort.com Company Background The Company Owns And Manage The Happy Elephant Resor t Since 05/12/2009 Products & Services Resort And Accomadation Facts & Figures Year Established: 2009 Registered Capital: Phuket, Thailand Total Employees: 5 Peoples

SUMII CO., LTD. Mr. Somsak Youngjaiyut Managing Director 1550 Thanapoom Tower, 12th floor New Petchburi Road, Makkasan, Ratthawi, Bangkok 10400, Thailand Phone: +66 (0) 2 654 7566 Fax: +66 (0) 2 654 7565

Product & Services Official importer of: Nemox, Frigomat, Innova, Montebianco, Anselmi, Hiber, ItalProget, Hotmix, Silikomart, Aexperial, Pocatino, Izzo, Myway, Beem, SAB and VBM. - Gelato / Ice cream machines - Blast freezers /Confectionary machines - Pasteurizers / Heaters - Display Cabinets / Show Cases - Soft serve machines / Cream whippers - Silicone molds / Ice cream tools - Gelato / Ice cream ingredients - Coffee machines /Grinders - Coffee beans - Technical Service - Rental Service - Training /Consultancy Facts & Figures Year Established: 2009 Registered Capital: Bangkok

TICC FAIRS-UPCOMING EVENTS

International Trade Fairs in Italy 2014 Exhibitions In Italy

Detail

Date

Venue/Website

Vicenzaoro

Gold & Jewelry

18 – 23 January

Vicenza, Italy www.vicenzaoro.com

HOMI Milano Universe

Retail and Lifestyle Fair

19 – 22 January

Milano, Italy www.homimilano.com

Cibus

Food

5 – 8 May

Parma, Italy www.cibus.it

Cosmoprof

Cosmetics

4 – 7 Aprile

Bologna, Italy www.cosmoprof.it

In 2014, take your golden opportunity to display and trade your products and services in the TICC supported fairs! For more information and Special conditions for BUYERS and EXHIBITORS through TICC, please contact: Mr. Michele Tomea Trade Manager Email: trade@thaitch.org Tel: 02 255 8695 Ext. 104

International Trade Fairs in Thailand 2014 Exhibitions in Thailand

Detail

Date

Venue/Website

Phuket International Boat Show (PIMEX)

Marine industry

9 – 12 January

Phuket, Thailand www.phuketboatshow.com

53rd Bangkok Gems & Jewelry Fair Gems & Jewelry Fair

Trade: 25 – 28 February Challenger Hall, IMPACT, Bangkok, Thailand Public: 1 March www.bangkokgemsfair.com

Thailand International Furniture Fair Furniture & Interior (TIFF 2014)

Trade: 12 – 14 March Public: 15 – 16 March

Challenger Hall, IMPACT, Bangkok, Thailand www.thailandfurniturefair.com

Bangkok International Fashion Fair and Bangkok International Leather Fair 2014 (BIFF & BIL 2014)

Trade: 12-14 March Public: 15-16 March

Challenger Hall, IMPACT, Bangkok, Thailand www.biffandbil.com

Fashion & Leather

Upcoming Events January – March 2014 Date

Event

Location

9 – 12

Phuket International Boat Show(PIMEX)

Booth No.9 – Royal Phuket Marina, Phuket

“Ticc Aperitivo Italiano: Get Together”

Diamondbeach, Phuket

S. Valentine’s Networking Event

To be confirmed

Intellectual Property Rights Seminar

To be confirmed

End of March

Cosmetic Certif. Seminar

TICC’s Office

End of March

Annual General Meeting

To be confirmed

January

February

March