BANGKOK, 15 July 2015 – Export growth is expected to return to positive by the year 2017m after the restructuring of Thailand’s industries, according to Deputy Prime Minister M.R. Pridiyathorn Devakula.
Speaking during a training program for advanced level economic reporters, M.R. Pridiyathorn said that amidst the global slowdown, the government was stimulating the economy by focusing on the weak spots. He explained further that initiatives such as aid measures for rice growers and rubber planters would prevent people from incurring additional debts. He also noted that populist policies would not be employed because they never worked and were a waste of budget.
The deputy prime minister indicated that there was a tendency for the global economy to decline further. As such, close monitoring of China was needed as the country was experiencing a deceleration in economic growth.
According to M.R. Pridiyathorn, the Thai government would restructure the industrial sector by focusing on higher-value products, by means of having the Board of Investment (BOI) place emphasis on providing incentives to high-technology industries such as the food industry, medical industry, hybrid vehicles industry, nano-materials industry and aircraft maintenance industry. He expressed the belief that the said restructuring would allow the growth of the export sector to return to positive territory within two years or by the year 2017.