Thumbs Up For New Economic Team; Thai Cabinet

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ECONOMIC AFFAIRS

Thumbs up for new economic team

By Business Reporters

The Nation

Private sector encouraged by choice of ministers by Yingluck administration

The private sector has welcomed the new team of economic ministers. It believes they share the same view and that their educational backgrounds and experience will drive the Kingdom's economic growth with the ability to tackle urgent economic issues.

Finance Minister/Thirachai Phuvanatnaranubala

Veterans in the financial markets predict that Thirachai will serve the government well as finance minister, given his strong credentials in the financial market. Another unique characteristic that should support him well is he knows - without a doubt - how to get by, albeit narrowly.

A source in the capital market said Thirachai in the past year had worked hard to garner international acceptance through participation and speeches delivered at international events.

The fact that he qualified as a candidate for the post of Bank of Thailand governor, before losing the race to incumbent Prasarn Trairatvorakul, proves his sound knowledge of macroeconomics.

"Yes, there are two black spots in his biography: one was his role at the Bank of Thailand during the 1997 financial crisis when the central bank spent a huge sum defending the baht and lost the battle; and the second was the way he handled the scandal involving Shin Corp transactions. But on other fronts, he is qualified for the finance minister job," said a veteran who asked not to be named.

Under Thirachai, the Securities and Exchange Commission was under fire following the Shin Corp transactions in 2006. The Thaksin family refused to pay capital gains tax, saying all shares transacted via the stock market were not subject to such tax. The SEC backed the claim but its own investigation later found a conspiracy to disguise many pre-2006 transactions.

Thirachai also got by when the SEC was asked to investigate if Yingluck Shinawatra had broken the securities law by an alleged act of perjury on shareholdings. When pressured by Finance Minister Korn Chatikavanij, he said the office had finished its investigations and completed its responsibility. It's now the responsibility of other government units, he said. Later, the SEC board of directors endorsed his viewpoint.

Commerce Minister/Kittirat na Ranong

The would-be deputy prime minister heading the economic team - and Commerce Minister under the Pheu Thai-led government - Kittirat na Ranong will face a tough task dealing with both microeconomy and macroeconomy problems, which urgently need the government's attention.

However, the private sector has welcomed him. It shares the same views of his business and analyst profile which, together with his compromising character, will encourage him to work closely with exporters.

In addition, Kittirat was also named to head the government's economic team, which will, over time, reveal his talent.

"As a young-generation executive and economist, his administrative capability and knowledge will encourage him to manage the trading system and better understand economic issues," said Korbsook Iamsuri, president of Thai Rice Exporters Association.

Panisuan Jarmnarnvej, president of the Thai Frozen Foods Association, said Kittirat would face many challenges to prove himself amidst the economic sluggishness of Thailand's major trading partners. In addition, he needs to curb higher production costs of manufacturers.

Energy Minister/Pichai Naripthaphan

The Energy Ministry's permanent secretary Norkhun Sitthiphong said he is ready to work with the new minister. Urgent issues he would put forward include negotiations on the overlapping sea area between Thailand and Cambodia, restructuring of the energy price, and revision of the power development plan.

Bangchak Petroleum's president Anusorn Sangnimnuan said the company was ready to work with the new minister. He would like to see him regulate the energy industry in line with market mechanisms and promote alternative energy.

ICT Minister/Captain Anudith Nakornthap

New ICT Minister, Captain Anudith Nakornthap, 46, said yesterday that promoting fair treatment in the telecom industry on a lawful and transparent basis, as well as promoting equal ICT service accessibility at affordable prices, topped his priority list.

Wichian Mektrakarn, chief executive officer of Advanced Info Service (AIS), said he is hopeful the ministry would further promote the national broadband policy, the 3G wireless broadband service, and the maximum utilisation of overall ICT networks.

Private telecom operators will keep a close watch on how the new ICT minister handles the hot potato case of the approaching expiry of cellular concession terms.

Agriculture and Cooperatives Minister/Theera Wongsamut

The private sector hopes to see Agriculture Minister Theera Wongsamut, who retains her portfolio, focus more on irrigation system development to further support the Kingdom's 'Kitchen of the World' policy.

The time is right for Theera to convince the government for a budget allocation of Bt300 billion for irrigation development nationwide.

"The minister needs to concentrate on the project to ensure farmers can capture rising prices of farm goods to better their living standards," said Montri Congtrakultien, president of the crop integration business group of Charoen Pokphand Group.

Transport Minister/ACM Sukampol Suwannathat

Sukampol has close relations with former prime minister Thaksin Shinawatra. As transport minister, he will oversee the massive investment in mega-projects, from the Land Bridge project to the Thailand-China high-speed train project. A Transport Ministry source said that with his military background, he is expected to deal with pressure from the State Railway of Thailand's labour union in order to achieve successful reorganisation of the SRT.

Industry Minister/Wannarat Charnnukul

Sanan Angubolkul, chairman and president of Srithai Superware, said Wannarat Charnnukul was acceptable as the new industry minister.

Sanan, who is also head of the energy unit of the Thai Chamber of Commerce, pointed out that the strengths of Wannarat were that he learned new things quickly, had studied deeply in the energy field, and dared to make decisions. These, he said, are good qualifications that make him ready and suitable for the new post.

-- The Nation 2011-08-10

related topics:

No room for Red Shirts in new Thai cabinet

Thai cabinet members under pressure following poll promises

[Siripon]

As both Thirachai and Kittirat have worked in supervisory roles in the stock market,they undoubtedly are aware of the rumours of stock manipulation during the Thaksin years.

A wise move by Thaksin to co-opt both men on board to prevent any attacks.

[JurgenG]

As both Thirachai and Kittirat have worked in supervisory roles in the stock market,they undoubtedly are aware of the rumours of stock manipulation during the Thaksin years.

A wise move by Thaksin to co-opt both men on board to prevent any attacks.

A big difference between Thaksin and his opponents, he learns from his mistake.

Errare humanum est, perseverare diabolicum

[Bagwan]

Under Thirachai, the Securities and Exchange Commission was under fire following the Shin Corp transactions in 2006. The Thaksin family refused to pay capital gains tax, saying all shares transacted via the stock market were not subject to such tax. The SEC backed the claim but its own investigation later found a conspiracy to disguise many pre-2006 transactions.

I have nothing to add.

[siampolee]

Finance Minister/Thirachai Phuvanatnaranubala Yes, there are two black spots in his biography: one was his role at the Bank of Thailand during the 1997 financial crisis when the central bank spent a huge sum defending the baht and lost the battle; and the second was the way he handled the scandal involving Shin Corp transactions. But on other fronts, he is qualified for the finance minister job," said a veteran who asked not to be named.

Under Thirachai, the Securities and Exchange Commission was under fire following the Shin Corp transactions in 2006. The Thaksin family refused to pay capital gains tax, saying all shares transacted via the stock market were not subject to such tax. The SEC backed the claim but its own investigation later found a conspiracy to disguise many pre-2006 transactions.

Thirachai also got by when the SEC was asked to investigate if Yingluck Shinawatra had broken the securities law by an alleged act of perjury on shareholdings. When pressured by Finance Minister Korn Chatikavanij, he said the office had finished its investigations and completed its responsibility. It's now the responsibility of other government units, he said. Later, the SEC board of directors endorsed his viewpoint.

It would indeed seem as if it comes to economizing on the truth the newly appointed finance minister is indeed an expert in that field, thus his selection for the post was approved by the puppet master from Dubai..

As has already been commented perhaps this is an extension of an assurance policy linked to a . ''get out of jail free card too.''

Edited August 12, 2011 by metisdead
Bold font removed.