Thai govt will push for a digital-based economy: Pridiyathorn

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NEW GOVERNMENT
Govt will push for a digital-based economy: Pridiyathorn
Nakarin Srilert
The Nation


Pridiyathorn

BANGKOK: -- The GOVERNMENT plans to push for a digital-based economy for long-term economic development and expects to see concrete results within one year, Deputy Prime Minister MR Pridiyathorn Devakula said yesterday.

Pridiyathorn said the digital-based economy was a very difficult part of government administration but it was vital, given it is fundamental for sectors such as manufacturing, agriculture, services, finance and banking.

It might be late for Thailand to push for a digital base, but it is not too late to start it, he said.

"A digital-based economy is not only about hardware or software, but also a new economic base for other sectors to grow," he said.

In banking, transactions are now based on the digital system, he said.

Pridiyathorn also plans urgent economic measures and has set a target of doing this within the first three months of this administration.

The moves will focus on government policy to enhance the country's economic capability, and accelerating disbursement of the rest of the fiscal 2014 state budget and the 2015 budget efficiently. The ministry plans to review applications for private enterprises and investors, help farmers generate proper income, reduce obstacles to exports, search for new export markets, and persuade more foreign tourists to come to Thailand.

One of Pridiyathorn's priorities among the urgent economic measures is boosting employment within the next three months.

He said Thailand had plenty of talented people compared with other countries, but many were "headhunted" by firms in other economies.

Measures that need to be discussed with economic ministries before details are declared include the need to promote Thai industries and enlarge the service sector. All of the measures will be disclosed to the public after they get Cabinet approval.

"We do not have high expectations on figures for gross domestic product or the policy interest rate for this year's economic targets, while exports depend on external factors. However, economic stimulus can be done from within," Pridiyathorn said.

After short-term economic stimulus, the existing problem - distortions in the economic structure - would be solved. Such distortions include the energy structure, tax system, and manufacturing and agricultural "structures".

Laying out Thailand's economic foundations would take a certain time, Pridiyathorn said, noting that this government had to draw out directions for major issues, such as developing the country's transport infrastructure, for the next government.

Source: http://www.nationmultimedia.com/politics/Govt-will-push-for-a-digital-based-economy-Pridiya-30243367.html


-- The Nation 2014-09-16

[Chang_paarp]

So business will go digital, but the government will still require reams of paper and signed copies for every transaction? Come on walk the walk and not just talk the talk by leading by example.

Then we get into the infrastructure needed.......

[terryp]

i have to ask will this include the archaic visa system

[davehowden]

What on Earth is he rambling on about?

Does he mean computerization?

[Fiddlesticks]

A digital economy would likely entail electronic audits and with that money trails and accountability. Seems that this would be the last thing that many officials would want to see. As long as everything is done with a verbal agreement, a wink and a nod, all misconduct can be denied. So, in Thailand's digital world, the only digit that is important is the one you salute with!

[ezzra]

A big jump from Buffalo-based economy to digital-based one, don't you think?

[chainarong]

If it is anything like the Australian Government has now operating , the moment you use a monetary transaction bells start ringing in the tax dept , all transactions are automatically feed back to the tax dept, bank, international banking, share trading, business, everything , it is up to the individual to declare at tax time , they just sit back and wait, if this is the case in Thailand, it will be a big game changer., however problems implementing the system may take five to ten years to sort out.

[visionchaser45]

He looks like a very tech-savvy fellow, who has a working knowledge of digital systems and their utility across a wide range of applications.

Edited September 16, 2014 by visionchaser45

[Thaddeus]

In the land of flip flops, the man who can tie shoelaces is a genius.

[DaiHard]

They will need to update the pathetically slow internet then.

[allan michaud]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

What on Earth is he rambling on about?

Does he mean computerization?

It could just be a case of pathetic reporting but it does sound like he has no idea what he is talking about. If Thailand does have good and talented people it is about time they started being leaders instead of these same tired old political dinosaurs.

[slygeeza]

bitcoins?

[Thailand]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

What on Earth is he rambling on about?

Does he mean computerization?

It could just be a case of pathetic reporting but it does sound like he has no idea what he is talking about. If Thailand does have good and talented people it is about time they started being leaders instead of these same tired old political dinosaurs.

And he is one of the chosen!

Square pegs and round holes seems to be the current policy.

[Krataiboy]

A digital-based economy for Thailand? If he is talking money, it's there already. Only three per cent of the world's fiat currencies are backed by real assets. The other 97 per cent is bank-created debt and the nightmarish stuff dreamed up by dealers in dodgy financial instruments like credit default swaps and derivatives which have pumped up an invisible investment bubble worth an estimated quadrillion dollars. Just hope it doesn't burst!

[northernjohn]

So business will go digital, but the government will still require reams of paper and signed copies for every transaction? Come on walk the walk and not just talk the talk by leading by example.

Then we get into the infrastructure needed.......

I missed that part in the OP can you cut and paste it?

[I knew this would happen]

"He said Thailand had plenty of talented people compared with other countries, but many were "headhunted" by firms in other economies."

Yes, the world is desperately looking for Thai professionals, where would we be without them.......

[northernjohn]

<script type='text/javascript'>window.mod_pagespeed_start = Number(new Date());</script>

i have to ask will this include the archaic visa system alt=whistling.gif>

One can only hope. It is not that it is so archaic but it is so inefficient.The 90 day is both archaic and useless other than that as far as the retirement goes I see no problem.

A big jump from Buffalo-based economy to digital-based one, don't you think?

Yes and one long over due.

They will need to update the pathetically slow internet then.

True I believe that part of that is in the works now with new lines coming into Thailand. Also they will have to get the government out of the business and let private enterprise take over. That will release a no holds barred contest of competition that requires innovative improvements.

[12DrinkMore]

A digital-based economy for Thailand? If he is talking money, it's there already. Only three per cent of the world's fiat currencies are backed by real assets. The other 97 per cent is bank-created debt and the nightmarish stuff dreamed up by dealers in dodgy financial instruments like credit default swaps and derivatives which have pumped up an invisible investment bubble worth an estimated quadrillion dollars. Just hope it doesn't burst!

That is simply not true.

There maybe only 3% of liquid assets behind deposit accounts.

But almost all of the rest of the deposits are backed by real assets such as property, bonds and promises by someone or some entity to pay. And those promises to pay are in turn backed by the assets and income flow of the debtor.

CDO's, CDS's and other derivatives have a use in mimising risk and passing it on for a fee to companies prepared to accept the risk. So they are not all outright bad. There are problems in assessing risk and mispricing of these instruments.

But IMO there is a moral risk in allowing assets to be insured by speculators who have no holding of the underlying asset. It is a bit like 100 people insuring your neighbours car. There will be a level of interest in trying to encourage an accident, as they only win if the car is written off......

[Thai at Heart]

He looks like the opitome of a digital, hitec, start up, type of guy.

[belg]

go plant rice by e-mail or something ?

or do they mean more issaan scammer girlfriends and working the internet and milking many farangs to support the whole family ?

[taony]

Means you just swipe your ATM between her boobs for each transaction .

Edited September 16, 2014 by taony

[Robert2006]

If it is anything like the Australian Government has now operating , the moment you use a monetary transaction bells start ringing in the tax dept , all transactions are automatically feed back to the tax dept, bank, international banking, share trading, business, everything , it is up to the individual to declare at tax time , they just sit back and wait, if this is the case in Thailand, it will be a big game changer., however problems implementing the system may take five to ten years to sort out.

You my friend have nailed it. Spot on! Credit has to be given, they really are talented salespeople, it doesn’t sell very well to say, “We want to know how much you’re worth and everything you do with your money so it’s easier for us to harvest more of your wealth”.

I love the typical governmental closing technique; it’s for “economic growth”. I’m surprised they didn’t use the tired old stand-by closes, “it’s for your safety”, or “it’s for the children”.

[englishoak]

"He said Thailand had plenty of talented people compared with other countries, but many were "headhunted" by firms in other economies."Oh there are some but what I think he was bemoaning is they are headhunted mainly because Thai busienss dont pay enough to keep them in Thailand

[SMSinBangkok]

Oh my Buddha

This makes me laugh. I just moved in to a new condo in Bangkok (I have been living and working in Thailand for six years now). I had to sign 18 times on 18 paper pages (rental contract six pages and they needed three copies).

Last month I applied for finance to by the new Ducati Monster 1200 S. I signed about 30 paper pages. It actually made my fingers go tired (in the end I did not get finance because I was told I needed Thai guarantor even if she/he is making 1/20 of me)

I am a customer of Bangkok Bank. But if I go to another branch office then the one I opened my account with, they cannot help me with anything.

And why does Laos, Myanmar and Cambodia have 4G and not Thailand...

Thai politicians and elite are just words. Keep the people down so we can roll round in the country's money.

I recommend I book I just read about Thailand, written by a former Reuters journalist. But I can't. The elite have banned it...

Cheers Martin

[nickcar]

He looks like a very tech-savvy fellow, who has a working knowledge of digital systems and their utility across a wide range of applications.

He was my boss when i worked in computer department at TFB. Very tech-savvy and brilliant administrator.