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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Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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