Central bank governor sets infrastructure development as Thailand's priority

[webfact]

Central bank governor sets infrastructure development as Thailand's priority
By English News



BANGKOK, Sept 19 – The Bank of Thailand (BoT) today urged the government to elevate Thailand’s infrastructure so as to improve the country’s cost of living standard and competitive edge.

BoT Governor Prasarn Trairatvorakul said Thailand’s economic infrastructure, the contributing element to sustainable economic growth, is volatile in light of weakened economic growth which has fallen from 9 per cent before the 1997 economic crisis to 4 per cent at present.

Per capita income is at 15-20 per cent, representing an unimproved cost of living standard compared to that of neighbouring countries like Malaysia, South Korea and Taiwan, he said, indicating that the problems were due to wide income gaps and diminishing competitiveness.

He quoted a World Economic Forum survey in the last five years in which Thailand’s 28th rank dropped to 37th while Indonesia improved from 54th to 38th and the Philippines climbed up 12 ranks.

Thailand’s major challenges are political instability, corruption, a lack of preparedness in technology and education while monetary and financial policies were too restrictive to boost the country’s economy, he said.

The government must improve production capability and efficiency to cope with negative factors and sporadic volatile impact if it wants to boost Thailand’s economy, said Mr Prasarn.

The BoT governor said Thailand describes itself as the hub of Southeast Asia given its role as the manufacturing base for significant industries and good trading partners, but it has not made full use of the strength for economic expansion.

Thailand needs a major change, especially the private sector which much boost its manufacturing capability, while the Thai work force must adjust itself to new production technology with the government’s support, he said.

He called on Thai people to be open to diverse attitudes and create a value standard that excludes corruption and is in favour of good governance. (MCOT online news)


-- TNA 2013-09-19

[MaxLee]

The government won't listen to anyone and especially not its people...

Edited September 19, 2013 by MaxLee

[Tatsujin]

Reduce the blatant corruption first of all, that will improve everything.

[Lite Beer]

BORROWING BILL

Bankers support Govt's infrastructure investment
The Nation

BANGKOK: -- Bankers showed support to the government's infrastructure development scheme, with confidence that it will lift the quality of living and Thailand's connectivity to the region.

Still, at the special dinner on Wednesday night with Prime Minister Yingluck Shinawatra, the Thai Bankers Association vowed to take a close look at the investment details to ensure transparency of the investment.

Kannikar Chalitaporn, president of Siam Commercial Bank, said that Thailand should not lose the opportunity to be the ASEAN hub.

Vorapak Tanyawong, president of Krung Thai Bank, said the investment should boost the quality of living of all Thais.

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong told the bankers that if the Bt2 trillion borrowing bill is passed, at least Bt350 billion will be injected into the economy within 2014.

According to TBA secretary general Twatchai Yongkittikul, during the dinner, Yingluck highlighted the necessity of the investment. She also promised to ensure transparency through the cooperation with the Anti-Corruption Organisation of Thailand. Bankers were also informed that most of the fund will be raised in the domestic market. Tentatively, about 40 per cent would be raised through dollar-denominated bonds, to match the imports of construction materials and machinery.

On the proposed channeling of foreign reserves to finance the scheme, they said that could be done only after a legal amendment.

-- The Nation 2013-09-19

[MaxLee]

How much did the Pheu Thai dogs collect to bribe the bankers changing minds???

Edited September 19, 2013 by MaxLee

[LuckyLew]

"We will support whomever gives us the most"

[Pimay1]

"We will support whomever gives us the most"

These guys know which side of their bread is buttered on.

[jonclark]

..."the country’s cost of living standard"

Sorry but <deleted> is the cost of living standard?? Should it go up or down? Is a rise a good thing or a bad thing? Or both?

(Sorry can't turn of bold font for some reason)

[dcutman]

On the proposed channeling of foreign reserves to finance the scheme, they said that could be done only after a legal amendment.

I didnt see anything in the article about this, But if they are going to do it, why borrow it when the money is available and just sitting in a reserve. Maybe if the BOT was dishing it out, at least there would possibly be a little control.

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong told the bankers that if the Bt2 trillion borrowing bill is passed, at least Bt350 billion will be injected into the economy within 2014.

No plan, no design, no studies, and no contracts, but there will definitely be at least 350 billion injected somewhere in 2014. Some organization is going to be needed for oversight, the BOT would be a better choice over any other, IMO The The NAAC is toothless, and does nothing until the money has already been stolen.

[Skywalker69]

The government won't listen to anyone and especially not its people...

If he wants to keep his job he must listen to his bosses. They just told him to jump......and he did.

[Halion]

Reduce the blatant corruption first of all, that will improve everything.

Agree, however targeting corruption would be like using asprin to combat cancer. Corruption is simply one of the more visible effects of a culture which has been structured over past decades to benefit a small elitist group who run this country for their personal benefit . For any plausible hope for future development the inherient culture has to be reformed in order that this nation can clearly distinguish right from wrong. It is a direct result of the incumbent culture that we currently have the problems that plauge this nation.

[jaidam]

There is absolutely no evidence to support the claims that the transport ministries plans will involve any corruption. Their last transport minister that was robbed while at his beautiful daughters wedding and was found to have about 1 trillion baht stashed in shopping trollies throughout his mansion explained that the money came from his weekend hobby of doing architecture plans for his mates. It's plausible. Either way I plan to open a store to sell shopping trollies near Khun Kittirat's house just in case.

[clockman]

And we should trust bankers?

[notmyself]

..."the countrys cost of living standard"

Sorry but <deleted> is the cost of living standard?? Should it go up or down? Is a rise a good thing or a bad thing? Or both?

A confusion between cost of living and standard of living (living standard?) I guess.

[trainman34014]

''He called on Thai people to be open to diverse attitudes and create a value standard that excludes corruption and is in favour of good governance ''.

Doh ! Why do i get the feeling that the majority wouldn't even know what the hell he was talking about....but even if some of them did, what will they do about it ?

[timewilltell]

The PTP corruption machine infecting everyone. This is a terrible bill designed for corruption and there is no planning or forethought - it s a hopeless disaster and improperly dressed even.

[MaxLee]

......

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong told the bankers that if the Bt2 trillion borrowing bill is passed, at least Bt350 billion will be injected into the economy within 2014. ....

yes,.... in themselves, self enriching backstabbing policy....

[i claudius]

I was discussing this with my wife and some of the silly things said by politicians ,i also said i wonder why the Thai people do not laugh at some of these silly statements ,like we do ,her reply "The average Thai is to stupid " ,this from a Thai woman but she has lived in the west . and there you have it this is what those at the top think i am sure.

[hansnl]

Thailand dropped in the ranking.

Indonesia and Phillipines raised in the ranking.

Corruption and bakshees in those three countries, it is said, does not differ very much.

Why is Thailand dropping in the ranking.

Obviously there must be something else going on.

[hansnl]

And we should trust bankers?

Bankers????

BANKSTERS you mean.

[moe666]

Thailand dropped in the ranking.

Indonesia and Phillipines raised in the ranking.

Corruption and bakshees in those three countries, it is said, does not differ very much.

Why is Thailand dropping in the ranking.

Obviously there must be something else going on.

Thailand could only go down as the other two could only go up. the Philippines after Marcos was a basket case and Indonesia what can you say about that mess

[Bkungbank]

Do not belived bankers they suck your money from ATM 150 THB International withdraw (Aeon bank ) not charge

Inter-banking 5-25 Baht, that's lots of money.