Thailand needs to restructure to promote trade, investment: official
Thailand needs to restructure the export, import and investment sectors to cope with mounting external risks, particularly from the ongoing trade war, the Brexit impasse and the international geopolitical situation, said Boonyarit Kalayanamit, permanent commerce secretary.
Thailand needs to restructure the export, import and investment sectors to cope with mounting external risks.(Photo: thethaiger.com)
Bangkok (VNA) – Thailand needs to restructure the export, import andinvestment sectors to copewith mounting external risks, particularly from the ongoing trade war,the Brexit impasse and the international geopolitical situation, said Boonyarit Kalayanamit,permanent commerce secretary.
Boonyarit chaired a meeting on October 7, during which participants said Thailandshould work to benefit from a stronger baht, for example importing more rawmaterials which are cheaper.
Themeeting also concluded that regulations to promote the import of rawmaterials need to be amended, while measures or incentives to lure more foreigndirect investments, particularly in high technology and innovations, should beintroduced.
Theproposal will be submitted to the Joint Public and Private SectorConsultative Committee on Commerce's meeting, chaired by Commerce MinisterJurin Laksanawisit.
Boonyarit said Thailand shouldalso resume free tradeagreement (FTA) negotiations with the EU to retain the country's exportcompetitiveness. He noted thatthe European bloc pursued FTA negotiations with other ASEAN nations, signing pacts withSingapore and Vietnam.
Thailandneeds to settle trade talks as soon as possible, including the RegionalComprehensive Economic Partnership and bilateral pacts with Turkey, Sri Lankaand Pakistan, he said.
Kriengkrai Thiennukul, vice-chairman of theFederation of Thai Industries, said the ongoing trade war between China and theUS, the Brexit impasse, and Hong Kong protests have affected trade, finance andinvestment confidence worldwide.
Accordingto him, weaker confidence has sent Thai manufacturing, exports andglobal demand into a tailspin./..
Thailand’s Monetary Policy Committee (MPC) has reduced its economic growth forecast for the country from 3.3 percent to 2.8 percent in 2019 and from 3.7 percent to 3.3 percent in the next year.
Thailand’s economic growth in the third quarter is likely to improve from the second quarter’s reading, mainly thanks to positive tourism growth and the government’s economic stimulus measures, according to the Bank of Thailand.
Thailand has revised the number of foreign tourists it expects to welcome this year down from 40.1 million to 39.7 million, citing impact of the global economic slowdown and the stronger baht.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Thailand needs to restructure the export, import and investment sectors to cope with mounting external risks.(Photo: thethaiger.com) 
