Thailand
Funds still sought to cover Thai Pavilion’s extra expenses
Thailand is at risk of being fined by the organiser of the World Expo if it fails to pay an additional expense of 12.4 million baht incurred from a one-year delay of the world’s biggest international exhibition by the deadline at the end of this month, says the Digital Economy Promotion Agency (Depa).
World Expo is set to kick off in Dubai on Oct 1 and will last for six months. It was previously scheduled to take place in Oct 2020 but was delayed by a year due to the pandemic.
The additional expenses include insurance coverage, security, maintenance and a healthcare management system.
Nuttapon Nimmanphatcharin, president of Depa, the organisation responsible for operating the Thai pavilion and related activities, said the private sector has been invited to sponsor Thailand’s pavilion and organise activities to ease this additional expense.
As of July 23, some 9.4 million baht has been raised from 10 corporates and over 100 individuals.
Another 3 million baht is still required and Depa is still waiting for additional donations from the private sector and seeking some more funds from its operating budget to ensure it can meet expenses.
“There is no choice. Depa will not default on payment,” he said.
Depa has faced low financial liquidity following a government cut in its fiscal budget.
The cabinet in 2018 approved a budget of 887 million baht for participation in the expo, which was allocated to Depa in fiscal 2020 and 2021.
Private firms that sponsor the event are listed in the Thai pavilion’s souvenir book and granted fast-track access when they visit the site.
They can also hold activities at the pavilion for six months during the expo, which wraps up on March 31 next year.
Some 600 million baht has been spent by Depa on the construction of the pavilion and in preparation for the event.
World Expos take place every five years and are designed to showcase the achievements of nations.
World Expo 2020 Dubai was designed to address the changing global economy.
The event’s theme is “Connecting Minds, Creating The Future”, conceived to signal that people need to help develop the world together and inspire future generations.
The expo features three concepts: opportunity, mobility and sustainability.
The Thailand Pavilion demonstrates the transformation of an iconic perspective from the Thai identity to contemporary architecture. The pavilion’s concept has integrated memorable Thai characteristics with contemporary design.
Source: https://www.bangkokpost.com/business/2155339/funds-still-sought-to-cover-thai-pavilions-extra-expenses