BANGKOK – Deputy Prime Minister Somkid Jatusripitak has urged investors to make their investments during the present appreciation of Thai currency, boosting confidence among international investors looking to invest in the Eastern Economic Corridor.
Deputy Prime Minister Somkid Jatusripitak, has delivered his Thailand 2020 speech, in which he said the trade war between China and the U.S. is still generating uncertainties, plus increased risks in the global economy, and should prompt Thailand to make more effort to attract foreign investments, especially in the Eastern Economic Corridor (EEC) where the government has pursued several major projects including the Don Muang – Suvarnabhumi – U Tapao Airports Connector high speed railway; the Laem Chabang Port Phase 3 development, and Map Ta Phut Industrial Estate Phase 3 development, to promote investment.
He said the country must focus on technological advancement and security, through the Regional Comprehensive Economic Partnership (RECP) and in the Indo-Pacific region which covers some 30 countries.
The DPM admitted the economic performance in Q1-2 this year has receded from the previous year, with GDP dropping from 4.8 to 2.8 percent, which is partly a result of the delay in forming an elected government, as well as the trade war which affects Thailand’s export sector. He said the Q3-4 performance and next year, should see the Thai economy perform better than the current growth estimate of 2.9 percent thanks to the government’s economic stimulating measures, thus Thai investors should make their investments during the present period of a strong Thai Baht. He also assured the forum that the 2020 economy will recover better than current estimates.
The DPM also mentioned that the government gives a high priority to the introduction of a 5G mobile network, aiming to be the first country to adopt the new cellular technology in ASEAN, with the auction date set for February 2020 at the earliest, or March 2020 at the latest.