Thai private sector’s strategies to boost sluggish economy

The Thai Chamber of Commerce will submit a White Paper to the government proposing strategies to boost Thailand’s economic growth to more than 3% per year. The White Paper is the outcome of the 44th national seminar of the Thai Chamber of Commerce, which concluded today.

Poj Aramwattananont, president of the Thai Chamber and the Board of Trade, says that the Thai economy is at a turning point, with growth rate projection of 2.4-2.6%, while long-term growth potential is showing signs of decline due to high household indebtedness, slow productivity growth and an aging society.

Held on the theme of ‘Unlocking New Growth: New Potentials for Growth’, the seminar concluded with a number of major proposals in the White Paper.

The strategies include acceleration of cost reduction, economic recovery and distribution of growth, creation of new economic growth engines, reform of agriculture and food industries to increase the of Thai products, suppression of bureaucratic corruption and strengthening transparency, acceleration of market access and increasing opportunities for Thai businesses anddriving economic development in five regions.

Poj said that the six strategies reflect the shared aim of the private sector to advance the Thai economy, adding that the key is to translate the proposals into practice through continuous cooperation between the government and private sectors.