Global law firm puts reducing social inequality at heart of Thai agenda
Social inequality was the top topic at a conference marking global law firm Baker McKenzie’s 45th anniversary in Thailand.
The event at the Athenee Hotel on Friday also provided market insights, updates on legal and business trends, and interactive discussions.
“The work we do in supporting the business community and society on diversity, inclusion, equity, and sustainability, is Baker McKenzie at its best and I'm very proud of this,” Baker McKenzie’s global chairman Milton Cheng said in his opening speech.
The focus of the conference was “global economic challenges and opportunities in Asia”.
“Inequality is a structural problem in [Thailand],” said Payong Srivanich, president of the Thai Bankers’ Association.
E-government and greater financial inclusion are the mechanisms for lessening inequality, Payong said, adding: “Thailand is leading the way into a digital economy and we must take full advantage of the opportunity.”
Srettha Thavisin, President and CEO of Sansiri Plc, said: “I feel strongly about inequality and double standards in Thailand. The middle class and upper class have the power to bring about social equality.”
He called for an increase in transactional and inheritance tax collection.
Srettha agreed with Payong on the importance of financial inclusion.
Sorachon Boonsong, an attorney at Baker & McKenzie, said he would like to see greater enforcement of laws that ensure equality in Thailand.
He looks forward to Thailand enhancing its consumer protection and competition laws, as well as widening the room for foreign nationals and companies to do business in Thailand.
The first question panelists took from the audience was: What kind of leaders are qualified to drive the country's economy?
“A good leader needs to be able to keep up with world events, be prepared and understand what the country needs,” Sorachon said.
Srettha said Thailand lacks a leader who can proactively negotiate trade.
“Geopolitics is important. I want politicians to think outside the box and give more importance to the Foreign Ministry,” Srettha said.
Payong said a leader must dare to make quick decisions and understand Thailand's identity.
The second question was: Will the Thai economy get a boost if underground businesses are legalised?
“I believe in transparency and transparency will lead to efficiency,” said Payong.
Srettha suggested that not only would this generate more taxable income, it would also reduce crime.
Panelists were also asked what they thought about artificial intelligence (AI).
Payong said it could lead to more cyber crimes and that it needs to be made more relevant to Thailand since English literacy is not universal. “It will take longer for AI to mature in Thailand, “but we can't wait too long”, he added.
Srettha said reskilling will eventually be needed for people to remain valuable members of society in an AI-competitive world, but it will take some time before AI can outwit us.
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