Prayut: Alibaba deal a challenge to local businesses, not a threat
Prime Minister Gen Prayut Chan-o-cha has allayed mounting fears of a monopoly developing following a deal that Chinese online trade giant Alibaba signed with the government early this week.
Prayut said he was well aware of the concerns but urged the public to open their minds to accept good benefits from the collaboration, Government spokesman Lt-General Sansern Kaewkamnerd said on Saturday.
Alibaba Group has committed to invest a total of Bt11 billion in Thailand in a move that Prayut said could benefit the country’s small farmers and rural enterprises due to the firm’s expertise in diverse technology.
“The PM had ordered the economic team to balance economic competition. While carefully considering the appropriation of benefits for foreign investors, we have to protect Thai investors and SMEs as well,” Sansern said.
The premier also suggested that Thai business owners adapt themselves to cope with the competition, viewing it as a challenge rather than an obstacle, Sansern said.