Thai government laying new economic foundation

[webfact]

Government laying new economic foundation
By Digital Content



BANGKOK, Oct 29 -- The government is laying a new economic foundation by adjusting promotional privileges for investors and applying information technology to develop the digital economy, according to Deputy Prime Minister Pridiyathorn Devakula.

Mr Pridiyathorn, who supervises economic affairs, told a seminar on Thailand's strategies concerning its new economic foundation that the government is preparing many measures to create new investment in Thailand.

He cited measures including incentives to attract transnational companies to set up their headquarters here to facilitate their business in the region.

There will be tax exemptions for resale-oriented imports and extended visa periods for businesspersons. He will propose 15-16 such measures to the cabinet in three weeks.

Mr Pridiyathorn also said that the Board of Investment would channel its promotional privileges increasingly to Thai investment projects overseas rather than to foreign investors arriving in Thailand.

In addition, the government will draft bills to support the digital economy.

He explained that concerns using information technology to support business, trade, education and other areas of work.

A national committee on the digital economy will be formed by year-end and will spend one year laying the foundation of the digital economy for the next government.

Regarding Thai exports which in September less well than earlier expected, Mr Pridiyathorn said that exports had fallen due to the global economy and it did not mean that the Thai economy had any problem. (MCOT online news)


-- TNA 2014-10-29

[Krataiboy]

a national committee on the digital economy will be formed by year-end

What, another committee? You can hardly see the "road-map to recovery" these days for all the new bureaucratic bodies blocking the way.

[rickirs]

Mr Pridiyathorn said that exports had fallen due to the global economy and it did not mean that the Thai economy had any problem.

With complete denial like this how can anyone expect the Government can make any meaningful improvements in the Thai economy?

There's a problem? Blame it on foreigners. Thailand is a nation of peace and honey.

[DrTuner]

Extended visa periods .. I suppose they are talking about BOI companies.

[IamNoone88]

Nothing new here. Certainly no sweeping change to overtake the more successful Asean countries.

[Thai at Heart]

Laying new foundations?

Where is this.massive sweeping reform? Nowhere to be seen.

What utter guff....

[Dogmatix]

Tax incentives for regional HQs have been in place for nearly 20 years but they are insignificant compared to HK and S'pore that don't tax earnings of offshore subsidiaries at all. Thailand just doesn't have the skilled personnel who are fluent in English and Chinese to make it viable as a regional HQ for most companies in Asia. For financial businesses like asset management it is impossible to get the licenses and they don't allow the CEO to be a foreigner etc.

Thai exports are no longer competitive. Nothing new has been added to the product line since they started making disk drives and pick-ups. Nothing in the smart phone area for example.

Foreign investors are wary of Pridyathorn since he supported capital controls and the tightening up of the Foreign Business Act when he was finance minister in the military appointed Sarayud government.

[noitom]

Just listen to his Thai style rationalization. The falling Thai economy has to do with the "global"economy and doesn't mean that there is anything wrong with Thailand. Can you imagine statements like this? What in the world do Thais think that normal people actually think about Thailand and their preposterous blustering leaders?