Pridiyathorn explains long-term economic reforms to Moody's
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Deputy Prime Minister MR Pridiyathorn Devakula has explained plans to enhance the Thai economic competitiveness to Moody's Investors Service officials during their meeting today.
One of the plans is to have the manufacturing sector embrace more innovation and technology in three years. For example, over 4,000 plastic pellet factories will be encouraged to shift to bio-plastic production.
Pridiyathorn is confident that Thai workforce can adjust well to the new trend, giving the large number of high-skilled labour.
Another is to turn Thailand into a regional hub for multinational companies' regional headquarters. According to Pridiyathorn, 15 companies, including Thai and Japanese companies, have registered for regional headquarters tax privileges.
He also mentioned that the measures to turn Thailand into a digital economy should be more concrete in six months. Following discussions with private companies and preparations on broadband connectivity, foreign consultants will be hired to advise on the national network.
Pridiyathorn insisted that the meeting today improved the rating agency's understanding in the Thai economy. Yet, the meeting has no influence on Thailand's sovereign rating.
