BANGKOK, 27th Aug 2013, The Thai Chamber of Commerce (TCC) has joined hands with the government in establishing a baht currency committee to ensure the currency’s stability.
The decision came during a meeting on evaluating and assessing the current situation of Thai baht and its exchange rates between the Ministry of Finance and the TCC attended by Deputy Prime Minister and Finance Minister Kittiratt Na Ranong, and TCC’s Chairman Isara Wongkusolkit.
Both parties agreed to establish 2 committees to closely work together. One would be focusing on ensuring the baht’s stability in terms of exchange rate and its value and preventing fluctuations in the future.
The second committee, comprised of TCC’s staff and Finance Ministry officials, would be tasked with summarizing an overall picture of the soon-to-be implemented 2.2 trillion baht infrastructure overhaul mega project. One area in particular that needs reviews is the project’s construction materials.
In order to ease the burden of the research cost, the TCC has also requested tax reduction on expenses from the research from the government to increase 3-4 times from the original 2 times the normal rate.
The Thai Chamber of Commerce would push for improvement on its research and development techniques, in addition to formulating a business model for SMEs to penetrate the 3 southern border provinces in order to create jobs and opportunity for the locals there.