Thaksin urges new Cabinet to get ready for challenges

Former prime minister Thaksin Shinawatra has advised the new Cabinet to brace for many challenges facing Thailand, adding that PM Paetongtarn Shinawatra will assign specific individuals to deal with each issue.

Speaking at the “Vision for Thailand” event organised by Nation Group at Siam Paragon in Bangkok on Thursday, Thaksin highlighted Thailand’s potential for sustainable development amid climate change. Though, he said, it should brace for geopolitical challenges.

For instance, he said, the ongoing US-China trade conflict has triggered many trade barriers and advised Thailand to address the trade deficit with the US ahead of the country’s upcoming presidential election.

He also stressed the need for strategies to mitigate the effects of the Covid-19 pandemic and the Russia-Ukraine war on the global supply chain.

The former premier also pointed to the rapid growth of technology, especially artificial intelligence (AI), which is serving as a disruptor in industry.

In addition, he said, the Thai authorities should deal with the scourge of drug abuse and trafficking more effectively by offering treatment to addicts and reducing the demand for drugs.

“Thailand is already aware of these issues, but has not tackled them,” he said, adding that the Cabinet should be proactive with Paetongtarn taking a team-based approach to solving each problem.

“She told me that if there’s no ownership, the challenges cannot be dealt with effectively,” he said.

Thaksin also proposed halving financial institutions’  contributions to the Financial Institutions Development Fund and Deposit Protection Agency, so they have funds to deal with non-performing loans (NPLs).

This, he said, will help at-risk borrowers avoid asset confiscation, though he acknowledged that the final decision would rest with the finance minister.