Deputy Prime Minister sees stronger trading nation status for Thailand

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Deputy Prime Minister Pridiyathorn Devakula on Wednesday set his sights on boosting Thailand as a trading centre in Southeast Asia, spelling out his plans to achieve the goal.

When the region becomes one community under the Asean Economic Community (AEC) in December next year, MR Pridiyathorn said he was confident Thailand could fully tap the benefits of economic integration at the end of next year,” he told the Bangkok Post Forum 2014 on Wednesday night.

MR Pridiyathorn raised the question of why the trading headquarters of companies for products which Thailand champions in the global market are situated outside the country. He said this was because the rules and regulations governing trading companies in Thailand are not as expedient as in Singapore, Hong Kong or Malaysia, both in terms of tax and non-taxes.

“We could easily become the trading nation of the region,’’ added the deputy prime minister, who is in charge of economic affairs.

But MR Pridiyathorn said the private sector could not do it alone as it needed help from the government to set the country up as a firm regional trading base.

Part of the reform process of the government will be geared towards this goal, he added.

The deputy prime minister urged the Board of Investment (BoI) to play a stronger role in promoting overseas investment in Thailand, and said the government will need to change rules and regulations “in the near future”.

The rules included the need to make the tax system more competitive with Thailand’s rivals, reduce the cost of living, better methods to tackle corruption and improve logistics systems, including the construction of additional deep sea ports on the Andaman Sea, revenue structure and developing the digital economy.

“We need to change all related regulations to accommodate the establishment of trading headquarters in Thailand. I am working on it and should be able to announce the desirable changes in the near future,” he said.

“The current government is drafting a law to set up a new policy body governing the digital economy and amending many laws to expand the scope of the ICT (Information and Communication Technology) Ministry and to streamline the functions of all related government agencies in this area,” he added.

MR Pridiyathorn said the trading hub plan could not be turned into reality overnight and needed a strong will by the government.

“The whole thing may not be able to be completed within a year, but a serious start with a strong political will could lay a good foundation for this reform and would naturally attract the attention of subsequent governments to continue this development as it is obviously needed to cope with the changing world,” he said.

 

 

Source : Bangkok Post | October 8, 2014

Thomas D’Innocenzi

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About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. thomas@novaadvisors.com In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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