White papers urges transformation, investment
In order to achieve a 3 % growth rate by the end of the year, the government is considering creating a white sheet with recommendations for how to revive the nation’s struggling business.
The 42nd regional conference organized by the Thai Chamber of Commerce and Thailand’s Board of Trade, which took place over the weekend in Chon Buri, was attended by Deputy Prime Minister Anutin Charnvirakul on Sunday, and the report includes suggestions made by individuals.
It is a real wishlist or grab-bag of suggestions ranging from measures to help small businesses with debt relief to flood relief, price controls for basic goods, regulatory controls for energy prices, and provincial assistance.
In his capacity as the head of the Thai Chamber of Commerce and Board of Trade, Sanan Angubolkul predicted that Thailand should be able to expand at a highest rate of 5 % once it has successfully restructured its economy, particularly by reducing the country’s household debt burden and improving revenue supply.
The proposals fall into three groups.
The government needs to promote consumer and investor confidence in its ability to control the market, both domestically and internationally, through policies designed to lower business operating costs and living costs.
He suggested that the government may regulate the prices of basic consumer goods and services that people frequently need, such as by limiting the price increases for diesel and electricity.
According to Mr. Sanan, the government should also take into account a request for a shared public-private power committee because it would have a better chance of controlling energy prices.
Private companies are urging Thailand’s government to deliver the budget evenly throughout the country to encourage economic activity outside of the capital and the largest cities, he said.
A new co-payment system, Mr Sanan said, may increase the buying power of customers in such places.
The government’s initiative to stimulate the economy in 10 extra counties should also be sped away and expanded, he said.
The bilateral committee on wages must be given the maximum daily wage adjustment, he said, to prevent further interference with the committee’s work.
According to Mr. Sanan, the next area of ideas is the need to increase SMEs ‘ ability to compete more competitively, mainly by lowering their debt load.
In this case, the state may develop procedures to increase income distribution.
He suggested that it should also reduce the impact of debts on SMEs by limiting mortgage payment and/or extending the time it takes for heavily indebted people and SMEs.
He added that government treatment to safeguard regional businesses from the effects of price dumping and the influx of inferior goods from other nations is also crucial to ensuring the survival of local businesses.
He added that “more investments are also encouraged in industries with a good potential to grow properly and use several people.”
He said there are new ways to encourage economic growth, as well as new ways to encourage more investments, in the next set of proposals.
” The government should bear in mind the need to keep up the momentum for growth in important business regions, particularly food, hospitality, health and wellness, transportation, and education-related companies”, he said.
In addition to these conventional sectors, the development of new S-curve businesses including AI-based, online, electric vehicle and clean energy industries, also needs a genuine push from the government, he said.
The government should not ignore the water management issues, he said, despite its efforts to encourage economic growth. Repeat floods and drought may halt development, he said.
The authorities should take into account the change in the world’s political situation as it adjusts to the world’s changing economic environment, according to the TCC chairman.
The looming trade war is preferable to a true war, he said, “even though Mr. Trump’s return may provide more uncertainty to the world economy and global trade.”