Briefs

Deputy Prime Minister Somkid Jatusripitak is to lead an official delegation of high-level public- and private-sector representatives to Sri Lanka from March 8-12 today until Saturday.

Commerce Minister Apiradi Tantraporn said a meeting of economic ministers of the two countries would be held during the visit, which has the objective of boosting trade and investment cooperation between Thailand and Sri Lanka.

“Sri Lanka has several infrastructure-development plans that should offer a good opportunity for construction, design, and decorative businesses from Thailand. And Sri Lanka’s private sector is searching for investment and joint-venture opportunities with foreign investors in hotels, tourism services, hospitality schools, hospitals, medical and pharmaceutical [enterprises], real estate, tea, and jewellery design. 

“It is also interested in importing consumer goods such as foods, [home products] and home decoration items,” she said.

Considering Sri Lanka’s projected 7.3-per-cent economic growth this year, the highest in South Asia, Apiradi said Somkid wanted to hasten Thailand’s efforts to promote exports of goods and services to serve the requirements of Sri Lankan markets, build business partnerships, and strengthen cooperation between the public and private sectors of the two countries. Sri Lanka is also rich in natural resources, especially in the fisheries industry, in which it has invited Thai investment.

“This visit will be a starting point for a jump in investment and trade relationships between Thailand and Sri Lanka,” said the minister. 

 

 

 

 

Draft Oil Fund Act approved 

The Energy Policy Administrative Committee has approved the draft of the Oil Fund Act, which clearly states the duties of a fund that was abused by many governments in the past.

At its monthly review yesterday, the committee chaired by Energy Minister Anantaporn Kanjanarat also decided to reduce the Oil Fund’s subsidy on liquefied petroleum gas from Bt0.4116 a kilogram to Bt0.3636, and to maintain retail prices for this month, after a slight decrease in the cost of LPG. 

According to a statement from the committee, under the proposed draft, the Oil Fund will perform five objectives. 

First, it will stabilise fuel prices at appropriate levels for the public benefit when there is an oil crisis that could affect energy and economic security.

Second, it will ensure that biofuels are priced so as to be competitive with conventional fuels.

Third, it aims to alleviate the impacts of fuel-price restructuring on low-income earners and underprivileged people. 

Fourth, it will support investment in building up a strategic oil reserve to prevent fuel shortages. 

The fifth objective is to support investment in the state’s fuel-related infrastructure for the purpose of energy security.

The draft will be sent to the National Energy Policy Council and Cabinet for their approvals before submitting it to the National Legislative Assembly for enactment.