1

Dear Readers, In these very sad circumstances, on behalf of the Embassy of Belgium, I would like to reiterate to all our Thai friends and colleagues our most sincere condolences for the passing of H.M. King Bhumibol who undoubtedly will leave a shining mark on Thailand and in the hearts of the Thai people. With this latest issue of our Economic Newsletter I would like to share some interesting news about Belgian companies such as Solvay and Mithra. You will also be happy to hear that the lime giant company Carmeuse has decided to invest in Thailand, just as the company Sioen is now settling in Myanmar. In this Newsletter, you will also learn about the success of Barco and Hydrogenics and the awards attributed to uniQue (Koh Samui) and Nannic. I would also like to draw the attention of ASEAN companies on a tool designed with the support of the European Union to help them to trade more easily in the region. Enjoy the reading, Nicolas Nihon Chargé d’affaires a.i.

Economic news

September-October-November 2016

The Embassy of Belgium

Emb

assy

of

Bel

giu

m S

ept

– O

ct –

No

v 2

016

2

CARMEUSE ACQUIRES GOLDEN LIME, THAILAND’S LEADING LIME COMPANY

The Belgian company Carmeuse, together with its Thai partner GP Group, announced last September the acquisition of a 45% stake in Golden Lime Public Company Limited (SET: SUTHA), Thailand’s leading lime company, which has its main operations in Saraburi. The transaction triggers a tender offer to acquire the remaining publicly traded shares. The founding family will retain a minority interest in the company. The acquisition will build on Golden Lime’s leading position in Thailand and complement the solid foundation in place with Carmeuse’s global expertise in mining, lime process technologies and innovative lime applications. Kiatikul Monsereenusorn will remain Managing Director of Golden Lime. Tim Van den Bossche, CEO of Carmeuse Middle East & Asia, will become chairman of the board. “We have been waiting for the right opportunity to enter South East Asia,” said Tim Van den Bossche. “Golden Lime’s solid reputation and sustainable relationships with local customers, suppliers and other stakeholders form the foundation upon which to build an even stronger organization”. Thailand is indeed one of the largest consumers of lime and lime-derived products in South East Asia thanks to a large and diversified industrial and agricultural base. “ Founded in Belgium in 1860, with its main offices now in Louvain-la-Neuve, Carmeuse is a worldwide leading producer of high calcium and dolomitic lime, limestone and derived products. With operations across more than 90 locations in Europe, The Americas, Asia, Middle East and Africa, the company has been providing for more than 155 years solutions to markets as diverse as steel, construction, roads and soil stabilization, mining and non-ferrous metals, water and waste treatment, flue gas treatment, chemicals, agro-food, paper, glass, ceramics, plastic, carpet, paint, and many other applications worldwide. In 2015, the group’s turnover exceeded EUR 1.1 billion. It employs approximately 3,850 people worldwide.

www.carmeuse.com

www.goldenlime.co.th

Emb

assy

of

Bel

giu

m S

ept

– O

ct –

No

v 2

016

3

SOUTHEAST ASIA’S FIRST RENEWABLE HYDROGEN-BASED STORAGE AND POWER PLANT GOES TO HYDROGENICS

Hydrogenics Corporation, a leading developer and manufacturer of hydrogen generation technology and hydrogen fuel cell power modules based in Canada, announced last July that along with Phraram 2 Civil Engineering Co., Ltd. (“PCE”) it had been awarded the “Lam Takhong Wind Hydrogen Hybrid Project” by the Electricity Generation Authority of Thailand (EGAT). This will be Southeast Asia’s first megawatt-scale project for energy storage. The facility, located in the sub-station area of the Lam Takhong Wind Turbine Generation Project, Nakhon Ratchasima Province, Thailand, will consist of Hydrogenics’ ultra-compact 1 MW PEM HyLyzer electrolyzer, hydrogen storage and a HyPM fuel cell plant. PCE, based in Bangkok, will provide the services required to implement the technology supplied by Hydrogenics. The installation will use the HyLyzer to convert excess electricity from wind to hydrogen during off-peak hours, and this hydrogen will then be used by the HyPM fuel cell plant to generate 300kW of electricity for EGAT’s Learning Center, an energy neutral building. The contract was signed in Bangkok on September 6 in the presence of the representatives of the Embassies of Canada and Belgium. This is indeed the Belgian branch of Hydrogenics (based in Oevel), which will provide the hydrogen technology and related services for this project.

www.hydrogenics.com

Emb

assy

of

Bel

giu

m S

ept

– O

ct –

No

v 2

016

4

BELGIAN-THAI COMPANY BEST RESIDENTIAL DEVELOPER IN KOH SAMUI

Christophe Deridder, celebrating with daughter (Khun Mai) and wife (Khun Uemporn)

A small Belgian-Thai family business is steadily growing into a success story. Last September, uniQue received in Bangkok the “Award of Best residential developer for Koh Samui 2016”, a prestigious award from the Property Guru Group & Property Report, which places uniQue amongst Thailand finest developers, says Christophe Deridder, Managing Director of the company.

UniQue is a Belgian-Thai development located in Bangrak, on the island of Koh Samui. Positioned on a landscaped hillside, the development offers a sense of privacy to its residents. Spread across an area of 14.5 Rai, uniQue offers sea views from Chaweng Bay towards the island of Koh Phangan, to the Angthong and Koh Som islands.

uniQue-kohsamui.com www.asiapropertyawards.com

Emb

assy

of

Bel

giu

m S

ept

– O

ct –

No

v 2

016

5

PDI CEASES ITS ZINC PRODUCTION FROM MAE SOD MINE

The main mine pit rehabilitation progressing well, after ceasing mining operations

PDI’s Mae Sod Mine finished operations last June, after full depletion of its last reserves. The mine rehabilitation, which is currently underway, is designed to give the site back to nature. Mr. Francis Vanbellen, Managing Director of Padaeng Industry Public Company Limited or PDI says: "Our Mae Sod Mine concluded its 32 years long sustainable operations in June due to the depletion of the ore reserves. This year PDI produced its last 140,000 tons of zinc silicate ore. As from now, the company will complete the mine rehabilitation plan and convert the mine into an abundant forest. To ensure the sustainable management of the site from 2017 on, it will be managed under the Royal initiative project. Additionally, PDI will invest in the creation of a Padaeng Zinc Mine Museum and of a pagoda, both expected to start functioning next year. To respond to the needs of its long-term customers, PDI decided set up PDI Metals, a new company that will continue to provide 50,000 tons per year of high quality LME standard zinc products.

www.padaeng.com/en

Emb

assy

of

Bel

giu

m S

ept

– O

ct –

No

v 2

016

6

MYANMAR FIRM SIGNS $6M DEAL TO INSTALL

BARCO MOVIE EQUIPMENT ACROSS MYANMAR

Officials address media at a signing ceremony between MAZE and Barco supplier Clover Solution

Last July Clover Solution signed in Yangon a 6 million USD deal with MAZE to equip one hundred movie theatres to be built across Myanmar over the next two years with the projector technology from Belgian company Barco. MAZE, run by actor U Lwin Moe, hopes the new investment will revitalize Myanmar’s film industry. “If there are cinemas, the film industry will make more income, but we need to attract audiences with good-quality theatres”, said U Lwin Moe. In the early eighties, there were more than 400 cinemas nationwide, but by 2010 this number had dropped to around 40, the company said. Many cinemas went out of business and the buildings have been demolished to make way for hotels, shopping malls, and apartment and office buildings. “We will build the first two cinemas in two-and-a-half or three months,” U Lwin Moe said. “After installing seats, air-conditioning and sound systems, we will make the steel structure and precast concrete walls for 10 cinemas in a month.”

Barco, based in Kortrijk (Belgium), is a global technology company that designs and develops networking visualization products for the entertainment, enterprise and healthcare markets. Barco has its own facilities for Sales & Marketing, Customer Support, R&D and Manufacturing in Europe, North America and APAC. Barco (NYSE Euronext Brussels: BAR) is active in more than 90 countries with 3,300 employees worldwide. In 2015 Barco posted sales of 1.029 billion euro.

www.barco.com/en

Emb

assy

of

Bel

giu

m S

ept

– O

ct –

No

v 2

016

7

SIOEN: A BELGIAN COMPANY SETTLES IN MYANMAR

Differences in logistics and infrastructure support, as well as varying investment benefits, are prime considerations for factory locations. Myanmar, a mid-sized ASEAN country with a relatively good supply of low-cost workers and improving business conditions, has drawn increasing interest from foreign investors looking to relocate their labor-intensive production activities. When choosing a location for their production plants in Myanmar, garment or footwear companies may consider setting up their factories inside one of the country’s industrial zones or Special Economic Zones (SEZs) in order to benefit from the specific investment incentives offered by the Myanmar government, along with other advantages such as better infrastructure and logistic support. The Thilawa Special Economic Zone is located on the outskirts of Yangon, 20 km Southeast of the city, and is commercially operational since September 2015. It offers to investors hard and soft infrastructure - from roads and utilities to supporting services such as maintenance - complying with international standards. We are very proud to hear that the Belgian company SIOEN decided to jump on board and establish a manufacturing facility in Thilawa. Under the name of SIOEN Myanmar Ltd, this facility will produce technical textile material (protective clothing) according to a CMP scheme (Cut, Make, Pack). It should be fully operational at the beginning of next year. SIOEN Industries NV is a diversified stock quoted Belgian group with an extensive portfolio of products and activities : spinning, weaving and coating, manufacturing of garments, production of fine chemicals and processing of technical textiles.

www.sioen.com

www.myanmarthilawa.gov.mm

Emb

assy

of

Bel

giu

m S

ept

– O

ct –

No

v 2

016

8

NANNIC, "BEST SPA BRAND IN THE WORLD”

Nannic, the company of René Nagels and Tine Janssens, has been nominated as "Best Spa Brand" in the election of the World Spa Awards. Based in Heist-op-den-Berg (Belgium), Nannic is fully devoted to the development of new skincare and cosmetic products. The manager himself is also passionate about innovation. "It's always been in my nature to discover new things," says René Nagels, considered to be one of the most important cosmetic scientists in the world. "When you add a lot of traveling to this, you get in touch with many impulses that can inspire you." Nannic focuses particularly on active skin rejuvenation and long-term skin improvement and is now Sweden's number one spa brand. Nannic is present in 38 countries and the Philippines will soon be added to this long list. Thanks to an active communication campaign, the company is also eager to work on its image in Belgium where it remains under the radar. "Along with a durable network of professional beauty institutes we build our expansive growth," say René Nagels and Tine Janssens.

www.nannic.com

Emb

assy

of

Bel

giu

m S

ept

– O

ct –

No

v 2

016

9

MITHRA ABOUT TO SET FOOT IN JAPAN

The Liège-based company, active in the biotechnology sector, announced last August the signature of a major partnership agreement with the Japanese company Fuji Pharma for the supply of its “Estelle” products. Mithra signed an exclusive 20-year license and a supply agreement for the contraceptive pill “Estelle” with Fuji Pharma, the Japanese leader for women's health, contraception and dysmenorrhea. This agreement represents a deal between €250 and €600 million. François Fornieri, CEO of Mithra Pharmaceuticals, is delighted: "This agreement confirms our strategy and our wish to create a partnership with the world leaders in the field of women's health around the world. Japan is one of our priority 'peripheral' markets outside of our main markets in the EU and the United States. We are confident that it will pave the way for many more similar partnerships”.

Professor François Fornieri and Dr. Jean-Michel Foidart founded Mithra Pharmaceuticals in 1999 as a spin-off of Liège University (Belgium). It is a pharmaceutical company with a focus on Women's Health. Mithra's mission is to support and help women at every stage in their lives in order to improve their overall quality of life. Hence the company’s aim to become a global leader through the development, manufacturing and marketing of drugs in four therapeutic fields concerning women's health: fertility and contraception, menopause and osteoporosis, vaginal infections and cancers. Mithra has a total workforce of about 85 people and its head office is in Liège, Belgium. This company is listed on Euronext.

www.mithra.com/en

Emb

assy

of

Bel

giu

m S

ept

– O

ct –

No

v 2

016

10

SOLVAY WINS SPE PROCESS INNOVATION AWARD FOR BMW M4 GTS

HOOD AS "MOST INNOVATIVE COMPOSITE PART"

Last September the Belgian company Solvay received the prestigious “2016 Society of Plastics Engineers (SPE) Process Innovation Award” for the Most Innovative Composite Part. The award is for the BMW M4 GTS Hood manufactured from Solvay’s materials and processes, in collaboration with C-Con and Läpple. This car hood was pressed using Solvay’s new rapid cure thermoset resin system MTRTM 760, which offers 40% weight reduction over traditional materials. This significant weight reduction combined with successful head impact crash tests and functional tests, Class-A finish and the ability to use existing metal stamping assets for composite production made MTRTM 760 the ideal material for the application. The material properties enables a complex manufacturing process for 3D shapes in a cost efficient way. Solvay’s new Global Business Unit Composite Materials is a global provider of technologically advanced light-weighting material solutions that enable its customers in the aerospace, automotive and other demanding industries to design, develop and efficiently manufacture high-quality, high-performance and complex composite structures. Solvay serves diversified global end markets, including automotive and aerospace, consumer goods and healthcare, energy and environment, electricity and electronics, building and construction as well as industrial applications.

www.solvay.com

Emb

assy

of

Bel

giu

m S

ept

– O

ct –

No

v 2

016

11

A TOOL FOR ASEAN COMPANIES

PROVIDED BY THE EUROPEAN UNION

The ASEAN Solutions for Investments, Services and Trade (ASSIST) was officially launched at the 48th ASEAN Economic Ministers' Meeting on 3rd of August 2016 at Vientiane (Lao PDR). ASSIST mechanism is now "open for business" and can be used by ASEAN companies to lodge complaints in relation to intra-ASEAN trade of goods. It will be extended to trade in services and investment issues as soon as possible. ASSIST is designed as a non-binding and consultative mechanism aiming at delivering practical solutions to ASEAN based enterprises for specific intra-ASEAN cross border trade problems in a time-bound manner, thereby facilitating business across the ASEAN Economic Community (AEC). ASSIST enables the business sector to interact directly with ASEAN Member States to fully implement the ASEAN economic agreements in line with the AEC Blueprint 2025. ASSIST was developed in partnership with the “ASEAN Regional Integration Support from the EU” project (ARISE). During the months of June and July 2016, the European Union funded ARISE project conducted ten workshops in all the ASEAN Member States to train government officials and the private sector in using this system. We now encourage you to disseminate this information, so that the private sector can take advantage of this important ASEAN trade facilitation tool. Only its use will make it a success.

www.assist.asean.org

Emb

assy

of

Bel

giu

m S

ept

– O

ct –

No

v 2

01

6