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State agencies urge government to promote overseas investment shows
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Academic says Thailand’s economic challenge less severe than 1997
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State agencies urge government to promote overseas investment shows
Thailand’s state agencies are urging the government to set up an economic
team to present overseas investment road shows to regain the confidence that
has been lost in recent years among foreign investors and tourists.
The Department of Export Promotion (DEP), the Tourism Authority of Thailand
(TAT), and the Board of Investment (BoI) have teamed up to promote the Thai
economy to regain confidence in trade, investment, and tourism.
The three agencies planned to propose their plans to the prime minister
during a meeting this past week.
Among several plans, they call for the government to establish a Thailand
Economic Team Road Show on Trade, Investment and Tourism to bring back
confidence to foreign investors.
A team led by Thailand’s prime minister and deputy prime minister for
economic affairs will focus on holding road shows in new markets only
slightly affected by the world economic downturn such as Japan, China,
Malaysia, and the United Arab Emirates beginning this month and continuing
through April.
Under the so-called ‘Road show’ approach, a seminar is held in each country
to give information about Thailand’s trade and investment potential, with
some 300-400 businesspeople invited to participate in the event.
Trade talks will be held between the Thai private sector and government and
private sectors in those countries to provide an opportunity for Thai
exporters to meet their trade partners.
Cultural performances and exhibitions to promote Thailand as a tourist
destination will be arranged for senior government officials,
businesspeople, and media.
The plan is to boost understanding among those countries on the current
situation in Thailand and revive confidence in trade, investment and tourism
to stimulate the Thai economy. (TNA)
Academic says Thailand’s economic challenge less severe than 1997
Thailand’s current economic challenge would continue at least
two years and at most four years, but would still be less severe than when the
country was hit by financial crisis in 1997, according to Somjai Phagapasvivat,
an economics lecturer at Bangkok’s Thammasat University.
Dr. Somjai said his projection of less severity re the country’s economy was
based on the lifting of trade barriers by several countries while they also
injected money into the equity market to cushion the impact.
On the part of Thailand, which relies on exports and tourism for 70 percent of
its total revenue, the government must quickly boost the country’s exports and
tourism business and use both monetary and financial measures, he said.
The government must also move more quickly to solve short-term unemployment,
which is expected to soar to about one million in 2009. For every one percent
decline in gross domestic product, about 350,000 people become jobless, Dr.
Somjai said.
The academic said he fully agreed with the government, which assumed power on
December 23, to use tax measures in boosting the economy because this measure is
used by many countries. Most importantly, tax measures must be used to stimulate
consumption and reduce unemployment. (TNA)
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