A corner of Bangkok city (Photo: Bangkokpost)

Bangkok (NNT/VNA) – The Thai Cabinet has endorsed a new draft Public-Private Partnership (PPP) Act in the hope of enhancing investment cooperation between the public and private sectors and bettering the lives of the Thai people. 

Ekniti Nitithanprapas, Director-General of the Thai State Enterprise Policy Office, revealed on April 3 that the Cabinet has resolved to approve in principle the draft PPP Act during its latest meeting.

The new law has been adapted from the Private Investment in State Undertaking Act 2013. It will soon be forwarded to the Office of the Council of State for review, prior to its submission to the National Legislative Assembly later on. 

The bill mandates that the government draw up clear policies for infrastructure development and public service projects, with an emphasis to be placed on joint investments between the public and private sectors that are based on partnership.

Investment support will be provided for agencies involved in PPP projects within the framework of financial discipline while related requirements and procedures will have to be concise and open to inspection. 

If put into effect, the law is expected to entice more private operators to invest in state infrastructure and public service projects, enabling them to be undertaken more quickly and efficiently.

As a result, it will help elevate the potential and competitiveness of the country and ensure citizens have equal access to state services and better quality of life.-VNA