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Somkid outlines a bright future for Thai economy

Tanutam Thawan

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PHOTO: Somkid looks to a future and doesn't even mention tourism - The Thaiger
    • Thailand is poised to soar in the global market with heightened investment attraction and a massive budget earmarked to rejuvenate the economy in the fourth quarter, as the Covid-19 pandemic eases, according to Deputy Prime Minister Somkid Jatusripitak.
    • Mr Somkid says the government also plans to enhance financial cooperation with China and Hong Kong that will lead to business expansion in CLMV countries (Cambodia, Laos, Myanmar and Vietnam).
    • Mr Somkid said the country needs to solve economic woes caused by the Covid-19 crisis and prepare the country for the post-pandemic recovery.
    • The direction lies with sustaining the economy so it can progress through the invocation of executive decrees initiated by the Finance Ministry and the Bank of Thailand.
    • One decree sponsored by the Finance Ministry involves the procurement of a one-trillion-baht loan to pay for public health defences against the pandemic and relief money to aid people who have been hit by the crisis.

    “Thailand is poised to soar in the global market with heightened investment attraction and a massive budget earmarked to rejuvenate the economy in the fourth quarter, as the Covid-19 pandemic eases.”

    Enthusiasm from Deputy Thai PM and finance tzar Somkid Jatusripitak speaking to Bangkok Post.

    Mr Somkid believes the government also plans to enhance financial cooperation with China and Hong Kong that will lead to business expansion in neighbours Cambodia, Laos, Myanmar and Vietnam.

    Mr Somkid said the country needs to solve economic woes caused by the Covid-19 crisis and prepare the country for the post-pandemic recovery.

    “Some economic sectors, such as exports, will not contribute much to the economy this year.”

    He has directed the Budget Bureau to find an additional fund of 200 billion baht to help the economy.The fund may also be utilised as a financial buffer, especially if there’s a resurgence of Covid-19 or when other funds for sustaining the economy fall short in the medium term into next year, when the public health problem is expected to subside.

    “The 200-billion-baht fund is set aside from the current fiscal year budget. Of this, 80 billion baht is expected to be obtained for use starting next month.”

  •  

    But he admitted the investments may not be of significant help to the economy in 2020 because the “entire world is experiencing a downturn due to Covid-19”.

  • Mr Somkid also maintains that Thailand has caught the attention of several countries looking to relocate their production in the wake of the pandemic, including China, Taiwan, Hong Kong and Japan. He says they are attracted by potential investments in food production, farm product processing and medical equipment manufacturing.

    “Criteria has been recently tweaked to allow foreign investment projects valued at 100 million baht or less to be approved by an investment negotiation panel without having to be submitted to the BoI board. This will bring in more overseas investments.”

  •  

    Finally, the Finance Minister says the Stock Exchange of Thailand will kick off financial service cooperation previously reached with Hong Kong and the Chinese city of Shenzhen…

  • “…with the joint listings on course to being clinched so shares can be traded in Thailand or in Cambodia, Laos, Myanmar and Vietnam, which are countries with robust growth of between 5-6% annually.
  • SOURCE: Bangkok Post

 

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2 Comments

2 Comments

  1. Avatar

    Kevin Martyn

    Friday, June 19, 2020 at 10:03 am

    Come on the story about Thailands economy is someone really looking at Thailand wearing “rose coloured glasses”.

    I am sure many of the countries surrounding Thailand will fix their issues firstly before ever considering the severe economic financial Thailands Government put itself in. Not a thing to do with “Covid 19”

    I’m 100% positive Thailands economy will take at least a decade to show any signs of a recovery.

    I can say with my hands on my heart any Thai national with a “brain” will not be spending there hard earned Thai baht at the shopping “Malls” and booking a holiday in or out of THAILAND! – FACT.

    Thailands government is “Spin Doctoring” and trying to paint a picture that all is “Rosy” with Thailands economy.

    It really is not.

    I read that the USA is now 26 trillions USD in debt. WOW! A trillion plus owed to Chinese!

    At the end of the day that sum of cash shall never get paid back.

    No amount of money pumped into Thailand s economy will do anything as the funds/cash is already lost. Of course you can only dream where the diverted cash will go!!!!!!!

  2. Avatar

    Toby Andrews

    Friday, July 3, 2020 at 2:13 pm

    The United Nations say Thailand will lose $47 billion.
    I would rather believe the UN than a Thai Finance minister.
    Thailand has lost credibility, with the heavy handed handling of this pandemic.
    No smart investor will trust the present government. There is no telling what they will do to screw things up next.

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