Finance Ministry plans reforms in five areas
THE FINANCE Ministry is going ahead with economic reforms in five areas, while standing ready to invest in infrastructure in the hope of making Thailand a transport hub for the CLMV (Cambodia, Laos, Myanmar and Vietnam) subregion.
Speaking at an event called “SET in the City 2017” yesterday, Finance Minister Apisak Tantivorawong said the economic reforms would target national infrastructure, the manufacturing sector, taxation, wealth inequality, and fiscal stability.
The infrastructure reform is an important issue, particularly regarding transportation, which will be a key driver to enhance Thailand’s competitiveness, he said. At present, the Thai transportation system lags behind other countries’.
Apisak said he hoped Thailand would become the transportation centre for CLMV.
Apart from a plan to make Thai trains capable of speeds of 100-120km/h to lower transportation costs, he said Thailand would be developed as an aviation hub after being ranked the world’s second to third place in terms of the number of airlines passed.
“Today, Europe and the United States are confronting a lot of uncertainties. We have to depend on ourselves, and public investment must occur. Now, we’re trying to develop infrastructure in several areas that could boost economic growth. We insist that public investment is not for free, there will be a return in the future,” Apisak said.
The most important thing is the reform on fiscal discipline and stability, he said, adding that if money was spent continuously, fiscal stability would face a problem. Therefore, the ministry has proposed laws involving fiscal and monetary discipline, the budgets for which are under review by the Council of State.
“What we hope for is that once the economic reform is complete, the foundations will be established. We believe for better in the future and this will grow Thailand in the next 10-20 years,” he said.
In regard to the fiscal and monetary sector, if any countries do not adjust, they will not be able to apply new technologies and they will be left behind, he said.
Kesara Manchusri, president of the Stock Exchange of Thailand, said more than 100,000 participants were expected to attend the “SET in the City” investment expo, which started yesterday and will run until Sunday at Royal Paragon Hall, Siam Paragon.
Commenting on the deadly attacks this week near the British Parliament, she said she believed that there would be no impacts on global stock markets, including the Thai bourse.
