Central company’s focus’ stalled development ‘
Thailand should be prepared for political change, according to former prime minister Thaksin Shinawatra, who has proposed financial reform.
At the Ritz Carlton in Bangkok on Thursday evening, Thaksin gave a speech at the Forbes Global CEO Conference.
Now in its 22nd season, the meeting convenes world-leading CEOs, tycoons, entrepreneurs, investors, and thought leaders to discuss important issues of global issue and develop new partnerships.
During the episode and Gala Dinner Session, Thaksin was invited to have a one-on-one speech with Steve Forbes, Chairman and Editor-in-Chief of Forbes Media.
The former prime minister suggested that the Thai government be prepared for upcoming political conundrums by proposing a number of economic reforms to boost Thailand’s market.
Thailand’s central bank was extremely concerned about the country’s economic problems, according to Thaksin, who claimed the government’s business had not improved significantly over the previous ten years.
He claimed that as a result, some commercial lenders under the control of the central bank did not lend to small businesses and those in need, leading to a lack of cash flow in the nation.
Thus, the central bank is simply duty-bound to oversee the commercial lenders, he said.
They should n’t have been overly protective, he claimed, which might have helped to boost foreign currency.
The central banks is an independent body, but it occasionally needs to speak up and interact with business interests to understand their problems.
” Besides, the central bank requires practical solutions to increase the cash flow in Thailand”, he said.
Thaksin said Thai businesses, regardless of size, want to reassess their business model.
Because of the increased competition in the economy, he claimed they may have fresh ideas, like using technology to support their work. The Taiwanese e-commerce program Temu and how it gained popularity were finally given as examples.
Plus, the government must safeguard local businesses as it seeks to attract more foreign investment. For instance, the government lately instituted a taxation policy for foreign investors who invest in Thailand, he said.
When Thaksin inquired about Thailand’s plan to construct a land bridge to connect the Andaman Sea and the Gulf of Thailand, Thaksin said that the country should prioritize constructing a area bridge otherwise.
‘ ‘ We need to have engagement from the exclusive market in the building ]of that land bridge], in which they need to be concerned about the business validity while worried about the government’s benefit”, he added.
In politics, Thaksin was asked his opinion about what would happen if US President-elect Donald Trump imposed 10 % taxes on imported goods to the US and up to 60 % tariffs on Chinese products.
He claimed that US consumers may be forced to spend more for imported goods if Mr. Trump raises these taxes.
At the same time, if the US-China business war intensifies, Thaksin suggested that Thailand does expect more companies to come to the country.
He argued that Thailand needs strong tax incentives to entice more foreign investments from different global markets.
Additionally, he claimed that this financial union would help rebalance international funds within the next five times as Brics become more prevalent.
Brics is an international organisation comprising nine nations– Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates.
Brics was founded to recognize different investment opportunities at its beginning.
He noted that Asean needs to be more unified by having the same level of consensus as” One Asean,” despite Thailand’s participation in the regional frameworks Asean and Asia-Pacific Economic Cooperation ( APEC ).
‘ ‘ Apec may allow small economic people to have the opportunity to obtain larger areas ]which may help them to grow faster], “he added.