A Clarion Call by Chamber Chairman Sanan Angubolkul to New Government: Actionable Measures for the Economy
Sanan Angubolkul, the esteemed Chairman of the Chamber, made a descriptive plea to the newly elected government. He asked the premier, Srettha, to dedicate the initial 100 days in office to three pressing matters, all aimed at bolstering the economy and increasing Thailand’s global competitiveness.
His first recommendation focused on delivering stimulus packages. The objective here is twofold – to lighten the cost of living for citizens and lessen the cost of production for the private sector. The plan to achieve this is simple but significant – reduce oil prices and shrink power bills. Sanan alarmingly noticed the surging oil prices and skyrocketing power bills as primary factors diminishing the competitiveness of Thai exporters.
Second on the agenda is the crucial role of tourism in triggering Thailand’s economic growth. The last quarter, in particular, witnesses a surge in tourist arrivals, signalling a high-tourism season for the country. In view of this, the new government should urgently streamline visa issuance for Chinese tourists and work towards making it more accessible. Additionally, the government must fuel plans to accommodate more flights to meet the ever-increasing demands of foreign tourists.
Thirdly, he urged the government to expedite the disbursement of funds from the budget allocated for the fiscal year 2023. Along with this, Sanan stressed the importance of expediting the execution of the budget bill for fiscal 2024 to ensure seamless transitions and elevate foreign investors’ confidence. His belief is ingrained in the idea that a rejuvenation of confidence amongst foreign investors will significantly influence the inflow of foreign investments, further leading to job creation and a boost in the nation’s primary economic statistics.
Sanan optimistically stated that if Srettha Thavisin, the new leader, would consider these three proposals and concentrate on an economic stimulus, impressive economic growth would materialize during the end quarter, enabling the nation to attain its target of 3% growth. Now that Srettha had emerged victorious in the Prime Ministerial vote on Tuesday, he is en route to form his Cabinet. Sanan, along with the chamber, is hopeful he will nominate competent individuals and specialists to the Cabinet who can manage economic portfolios with expertise.
These actions, as outlined by Sanan Angubolkul, if put to practice by the new administration, could potentially steer Thailand’s economy in a positive direction, rendering its global status more desirable.
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