BANGKOK, 26 July 2012 – The Ministry of Commerce has indicated that Thailand is now 70% equipped to join the ASEAN Economic Community (AEC) but still needs to quickly address weaknesses in labor, education and technology.
In his statement at a seminar regarding the AEC at Siam Paragon, Commerce Minister Boonsong Teriyapirom said that Thai investors have been faced with a new challenge since it is now essential for them to upgrade their businesses to be on par with the rest of the ASEAN nations
During the seminar, which is aimed at providing advice and raising awareness about investment opportunities within ASEAN, the Thai Minister suggested all ASEAN governments to establish a concrete mutual trade system for the 10 member nations to follow.
As for Thailand, Mr. Boonsong said even though it is now 70% prepared for the regional integration, the country is still in need of improvements in the areas of education, labor and technology. Besides, he pointed out that the country must also invest in flood prevention projects, both short and long-term, in order to raise the confidence of foreign investors in the Thai industrial sector.
The Commerce Minister stated further that his ministry has set a target for border trade value at 1 trillion baht this year, which will be achieved by promoting cross-border investments through diplomatic relations. Moreover, he added that the government has also formulated measures for preventing a decline in the quality of farm products from Thailand.