Thailand needs to restructure the export, import and investment sectors to cope with mounting external risks.(Photo: thethaiger.com) Bangkok (VNA) – Thailand needs to restructure the export, import andinvestment sectors to copewith mounting external risks, particularly from the ongoing trade war,the Brexit impasse and the international geopolitical situation, said Boonyarit Kalayanamit,permanent commerce secretary.
Boonyarit chaired a meeting on October 7, during which participants said Thailandshould work to benefit from a stronger baht, for example importing more rawmaterials which are cheaper.
Themeeting also concluded that regulations to promote the import of rawmaterials need to be amended, while measures or incentives to lure more foreigndirect investments, particularly in high technology and innovations, should beintroduced.
Theproposal will be submitted to the Joint Public and Private SectorConsultative Committee on Commerce's meeting, chaired by Commerce MinisterJurin Laksanawisit.
Boonyarit said Thailand shouldalso resume free tradeagreement (FTA) negotiations with the EU to retain the country's exportcompetitiveness. He noted thatthe European bloc pursued FTA negotiations with other ASEAN nations, signing pacts withSingapore and Vietnam.
Thailandneeds to settle trade talks as soon as possible, including the RegionalComprehensive Economic Partnership and bilateral pacts with Turkey, Sri Lankaand Pakistan, he said.
Kriengkrai Thiennukul, vice-chairman of theFederation of Thai Industries, said the ongoing trade war between China and theUS, the Brexit impasse, and Hong Kong protests have affected trade, finance andinvestment confidence worldwide.
Accordingto him, weaker confidence has sent Thai manufacturing, exports andglobal demand into a tailspin./..
VNA
