Thailand needs to restructure to promote trade, investment: official
Boonyarit chaired a meeting on October 7, during which participants said Thailand should work to benefit from a stronger baht, for example importing more raw materials which are cheaper.
The meeting also concluded that regulations to promote the import of raw materials need to be amended, while measures or incentives to lure more foreign direct investments, particularly in high technology and innovations, should be introduced.
The proposal will be submitted to the Joint Public and Private Sector Consultative Committee on Commerce’s meeting, chaired by Commerce Minister Jurin Laksanawisit.
Boonyarit said Thailand should also resume free trade agreement (FTA) negotiations with the EU to retain the country’s export competitiveness. He noted that the European bloc pursued FTA negotiations with other ASEAN nations, signing pacts with Singapore and Vietnam.
Thailand needs to settle trade talks as soon as possible, including the Regional Comprehensive Economic Partnership and bilateral pacts with Turkey, Sri Lanka and Pakistan, he said.
Kriengkrai Thiennukul, vice-chairman of the Federation of Thai Industries, said the ongoing trade war between China and the US, the Brexit impasse, and Hong Kong protests have affected trade, finance and investment confidence worldwide.
According to him, weaker confidence has sent Thai manufacturing, exports and global demand into a tailspin./..