Somkid comes up with new policy to ‘energise’ Thai economy

[webfact]

Somkid comes up with new policy to ‘energise’ Thai economy

By The Nation

 

Deputy Prime Minister Somkid Jatusripitak called on state enterprises to make smart investments that make money and can help the economy.

 

At a meeting held to discuss economic stimulus measures with the Energy Ministry, Deputy Prime Minister Somkid Jatusripitak came up with an “energy to create Thailand” policy for state enterprises such as PTT and the Electricity Generating Authority of Thailand (Egat) to follow.

 

Somkid said that since there is a global slowdown due to Covid-19, PTT should adjust its approach and accelerate investment this year and the next, as well as make sure it does not miss the target. PTT should also find new sources to boost employment through options like connecting agriculture and tourism.

 

Meanwhile, he said, Egat is a strong organisation and has made sacrifices this year by reducing the cost of power. However, Somkid said, Egat needs to come up with ways of looking after the unemployed and further reducing the cost of electricity, natural gas, NGV and LPG. He also said that the Energy Ministry should work with the Transport Ministry to make public buses cheaper.

 

Meanwhile, Energy Minister Sonti Sontijirawong said his plans focus on reducing the cost of living and creating revenue for people amid the Covid-19 fallout.

 

Energy Minister Sontirat Sontijirawong has come up with a plan to boost grassroots economy as well as create new jobs.

 

The ministry has divided its stimulus measures as follows:

 

• Spending more than Bt40.5 billion to ease people’s burden by reducing household electricity bills, keep household gas (LPG) affordable until September (extending this subsidy to December is being considered) and providing NGV support for public vehicles until the end of July among others.

 

• Expediting the investment of more than Bt200 billion this year to create more than 10,000 jobs. The ministry will also launch a new round of exploration and production this year, as well as invest in modernising the grid to help Thailand become an LNG hub and study the possibility of connecting the grid to neighbouring countries.

 

• Spending more than Bt30 billion to stimulate the economy in post-Covid era by generating revenue for companies and creating more than 8,000 jobs. Egat will stimulate trade through online markets, communities, power plants and trips to dams and reservoirs nationwide. PTT, meanwhile, will create a Living Community Marketplace, promote domestic travel by launching a “Blue Card” and stimulate the economy through funds to promote energy conservation. There are also plans to expand power transmission lines to divert the river to the Bhumibol Dam, which should also help ease drought conditions.

 

Sonthirat said his ministry is planning to invest in a 700-megawatt community-based project to boost grassroots economy and expects a Cabinet approval on June 30. The ministry will then open bid for a “Quick Win” programme for 100MW from July 1, announce winners by mid-August, and start construction at the beginning of next year.

 

As for the 600MW general community-based power plant, it should be open for registration between October and December. This power plant is expected to create more than 10,000 jobs.

 

Source: https://www.nationthailand.com/business/30390298

 

-- © Copyright The Nation Thailand 2020-06-26

 

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[bert bloggs]

Thailand the hub of new policies.

[Isaan sailor]

As long as the Baht remains overpriced—these are just pipe dreams...

[PatOngo]

new policy to ‘energise’ Thai economy

 

 

[RichardColeman]

8 hours ago, webfact said:

• Expediting the investment of more than Bt200 billion this year to create more than 10,000 jobs. 

 

• Spending more than Bt30 billion to stimulate the economy in post-Covid era by generating revenue for companies and creating more than 8,000 jobs.

Great potentially 18,000 jobs in years to come to replace the millions lost now for closing down the entire country

[steven100]

well it's a start, however alot more needs to be done.

I tend to look for the positives in any disaster rather that just continue as a negative and putting down any idea put forward to help others and the economy like some do.

This won't solve all the problems, but it's better than nothing at all.  Let's hope it gains traction.

[soalbundy]

1 hour ago, RichardColeman said:

Great potentially 18,000 jobs in years to come to replace the millions lost now for closing down the entire country

It is something and Covid was hardly his fault.

[Brunolem]

10 hours ago, webfact said:

PTT should also find new sources to boost employment through options like connecting agriculture and tourism

Why would PTT, an oil and gas corporation, have any expertise in agriculture and tourism, not to mention connecting them? 

 

More generally, why focus on energy to reboot the economy? 

 

Thailand is not Saudi Arabia or Russia, it is just an importer and consumer of energy, not a producer. 

 

The millions who have lost jobs in tourism, restauration and other services can hardly be rescued by PTT and EGAT... 

 

[Cali farong]

Another new policy. Do they really think people believe that 

these everyday hairbrain schemes will help Thailand recover.

very entertaining to see what they come up with everyday 

[Christie Paul]

Without a clue of how an economy actually functions, governments the world over have steered the ship of state directly into an iceberg at full steam. And as it lists and sinks they busily rearrange the deck chairs. Few realise it, but fundamentally we are in an economic equivalency of the Great Depression.  

[Trillian]

31 minutes ago, Christie Paul said:

Without a clue of how an economy actually functions, governments the world over have steered the ship of state directly into an iceberg at full steam. And as it lists and sinks they busily rearrange the deck chairs. Few realise it, but fundamentally we are in an economic equivalency of the Great Depression.  

Do you ever stop to read the things you've written, Central Banks and Finance Departments don't understand how economies actually function.......really?

[CLS]

11 hours ago, Brunolem said:

Why would PTT, an oil and gas corporation, have any expertise in agriculture and tourism, not to mention connecting them? 

 

More generally, why focus on energy to reboot the economy? 

 

Thailand is not Saudi Arabia or Russia, it is just an importer and consumer of energy, not a producer. 

 

The millions who have lost jobs in tourism, restauration and other services can hardly be rescued by PTT and EGAT... 

 

To connect tourism and agriculture makes no sense IMO.

Farm holiday? Good idea, but wrong country.

Only one thing comes to mind. Maybe the heroine baron needs some funds, as the tourism promotion budget will not be exhausted this year.

 

Thailand has many petroleum refineries, not only a consumer.

Refined Petroleum:

Exports of refined petroleum account for 2.7% of Thailand’s total annual exports and the country has a 1.5% share of a global market that is worth $412 billion annually. According to World Energy Council figures, Thailand achieves oil production of 17.2 million tonnes per year and has 49.2 million tonnes of oil recoverable reserves.

https://commodity.com/thailand/

[Trillian]

It's more beneficial right now to be a net importer of oil, Thailand's oil exports are probably costing the country money I imagine.

[Christie Paul]

16 minutes ago, Trillian said:

Do you ever stop to read the things you've written, Central Banks and Finance Departments don't understand how economies actually function.......really?

I refer you to an incomplete list of governement soverign defaults: 

 

https://en.wikipedia.org/wiki/List_of_sovereign_debt_crises

 

From a historical perspective economic destruction from mismanagement and corruption is routine, almost to the point of becoming tedious. 

 

Routine economic meltdown are often attributed to wars - but close examination shows that wars tend to break out after an economy has turned down.  

 

 

[Trillian]

8 minutes ago, Christie Paul said:

I refer you to an incomplete list of governement soverign defaults: 

 

https://en.wikipedia.org/wiki/List_of_sovereign_debt_crises

 

From a historical perspective economic destruction from mismanagement and corruption is routine, almost to the point of becoming tedious. 

 

Routine economic meltdown are often attributed to wars - but close examination shows that wars tend to break out after an economy has turned down.  

 

 

Managing an economy poorly is one thing, not understanding how they function is something else entirely. Crisis will occur that affect even solid well managed Western economies and they will cause difficulty, perhaps because low likelihood risks materialised, maybe because a planned gamble didn't pay off, maybe because a series of external factors aligned and materialised, those things don't mean governments don't know.

 

 

 

 

[Laughing Gravy]

The word comes up in the title seems to sum it all up. How about a well thought out business plan or venture. I will look forward to the next idea on how to ignite the economy which no doubt will be on Monday.

 

Just what credentials does the guy have with comes up with a new policy. I have visions of him putting his hand in a hat and pulling out a slip of paper, saying lets announce this one.

 

[Trillian]

1 hour ago, Laughing Gravy said:

Just what credentials does the guy have with comes up with a new policy. I have visions of him putting his hand in a hat and pulling out a slip of paper, saying lets announce this one.

 

Somkid Jatusripitak

Deputy Prime Minister

Born July 15, 1953, age 66

Education

 

Attended Triam Udomsuksa School before earning his bachelor’s degree in banking and international economics from Thammasat University. He holds a master’s degree in business administration in finance from the National Institute of Development Administration and a doctorate degree in business administration in marketing management from the North Western University, the US.

 

Political career

Adviser to the foreign minister and adviser to a deputy prime minister under the Thaksin Shinawatra government, he held the post of finance minister four times, deputy prime minister three times, and also served as commerce minister during the tenure of Thaksin Shinanwatra. After the 2014 coup, Somkid became a deputy prime minister in the first Prayut Chan-o-cha government.

 

https://www.nationthailand.com/news/30373103

[tomauasia]

19 hours ago, RichardColeman said:

Great potentially 18,000 jobs in years to come to replace the millions lost now for closing down the entire country

Yes just destroyers that hate anything they don't like. They have caused sever damage to a once prosperous nation.

[tomauasia]

These crooks have done so much more damage than Yingluck. She was well liked and the country stable. These new policies are laughable.

The best policy is jail you all for treason and restore democracy and open Thailand. Welcome farangs and release China 

[Mavideol]

5 hours ago, Trillian said:

Managing an economy poorly is one thing, not understanding how they function is something else entirely. Crisis will occur that affect even solid well managed Western economies and they will cause difficulty, perhaps because low likelihood risks materialised, maybe because a planned gamble didn't pay off, maybe because a series of external factors aligned and materialised, those things don't mean governments don't know.

 

 

 

 

always expect the unexpected to avoid big surprises

[Laughing Gravy]

5 hours ago, Trillian said:

Somkid Jatusripitak

Deputy Prime Minister

Born July 15, 1953, age 66

Education

 

Attended Triam Udomsuksa School before earning his bachelor’s degree in banking and international economics from Thammasat University. He holds a master’s degree in business administration in finance from the National Institute of Development Administration and a doctorate degree in business administration in marketing management from the North Western University, the US.

 

Political career

Adviser to the foreign minister and adviser to a deputy prime minister under the Thaksin Shinawatra government, he held the post of finance minister four times, deputy prime minister three times, and also served as commerce minister during the tenure of Thaksin Shinanwatra. After the 2014 coup, Somkid became a deputy prime minister in the first Prayut Chan-o-cha government.

 

https://www.nationthailand.com/news/30373103

Well thanks for this. You would have thought with this he would have come up with something original, creative and that would actually work. But  maybe I am asking for too much????