State enterprises must pump more money into provinces, Somkid orders

[webfact]

State enterprises must pump more money into provinces, Somkid orders
By The Nation

 

Deputy Prime Minister Somkid Jatusripitak

 

BANGKOK: -- Deputy Prime Minister Somkid Jatusripitak has told the executives of state enterprises to invest more in the upcountry.

 

He assigned executives to come up with investment plans for the 2018 fiscal year.

 

He said such investments had played a significant role in boosting the economy this year.

 

The combined assets of 56 state enterprises are worth Bt13 trillion and produce annual revenues of Bt5 trillion. 

 

The enterprises pump Bt100 billion in the state coffers each year and their combined capital spending is Bt470 billion a year.

 

Somkid said the new investments should not focus too much on profit-making but on boosting provincial economies.

 

To support the state enterprises, the government will review key performance indicators to make them suitable for new investments by shifting the focus from profit-making to regional economic development. 

 

Meanwhile, Finance Minister Apisak Tantivorawong admitted that large investors were not interested in investing in special economic zones along the border areas. 

 

He said that was because there was a high cost for transportation and logistics, so the government would make changes to the special economic zone plan to promote small and medium-sized Industries in the provinces instead.

 

Source: http://www.nationmultimedia.com/news/business/EconomyAndTourism/30319124

 

-- © Copyright The Nation 2017-06-26

[Smarter Than You]

Am I the only one that finds it amusing that the Junta has had to turn to Thaksin's man, a co-founder of TRT and DPM under Thaksin to teach them a bit of Thaksinomics?

[JCauto]

5 hours ago, Smarter Than You said:

Am I the only one that finds it amusing that the Junta has had to turn to Thaksin's man, a co-founder of TRT and DPM under Thaksin to teach them a bit of Thaksinomics?

Nope, I'm pretty amused. I'm also amused that it's taken them three years to get around to thinking "maybe if we invest in the rural areas the people there might vote for the right party". Then of course they decide the way to do this is via State Enterprises. They just don't have the slightest idea, which is unsurprising because the only ones from rural areas the leaders of the military ever encounter are the ones they order about. Far as they're concerned the only words those folk know, or need to know, is "YES SIR!"

[yellowboat]

Three years from usurping control from an elected government is a bit late for nice nice in the east and north.  Should have been done much earlier. 

[Thechook]

But they can still squeeze some more into Bangkok, tell them to wait, be happy and smile.

[gk10002000]

Exactly what is a State enterprise?

[Mad mick]

17 hours ago, Smarter Than You said:

Am I the only one that finds it amusing that the Junta has had to turn to Thaksin's man, a co-founder of TRT and DPM under Thaksin to teach them a bit of Thaksinomics?

Ha ha very good . Still have there yellow submarines that will just sit in dry dock .waste of thai peopls money only pm jaunta and mates have the old tea money so they dont care, brown paper bag its a laugh

[JAG]

1 hour ago, gk10002000 said:

Exactly what is a State enterprise?

A device for distributing government money ...

Edited June 27, 2017 by JAG

[Smarter Than You]

9 minutes ago, JAG said:

A device for distributing government money ...

...to retired Generals.

[ratcatcher]

1 hour ago, gk10002000 said:

Exactly what is a State enterprise?

NCC-1701-A is a good example  .

[Srikcir]

1 hour ago, gk10002000 said:

Exactly what is a State enterprise?

Business as a minimum majority-owned by the State, capitalized by the State (and sometimes by minority private domestic and/or foreign investors), officers and Board of Directors appointed by the State, and performance oversight by the State. There is also a Super Oversight Committee (or some title to that effect) created by and chaired by the PM Prayut who overseas the performance of the entirety of all State enterprises.

 

This is an archaic business model that effectively substitutes a business economic agenda with a political agenda. As such state-owned enterprises tend to resist market-driven economics in favor of political and personal objectives. Given the lack of independent checks & balances, Thai state-owned enterprises are susceptible to corruption that can stem from the lack of transparency and accountability.