Business aid for economic trends & opportunities in Thailand

Bank of Ayudhya has organised a huge business oriented seminar, Krungsri Business Forum 2016: Thailand’s Opportunity, to give beneficial information to their bank’s customers and business owners to plan their investment. In this seminar, many of the bank’s experts, well known figures from the government and private sectors have shared upcoming business trends and opportunities to the participants.

Supporting the business in line with the Bank of Thailand’s missions amidst economic restructuring, Dr. Veerathai Santiprabhob, Governor of the Bank of Thailand, said: “The Bank of Thailand will support the export sector by applying a management framework featuring flexible exchange rates to allow the Thai currency to move in parallel with demand and supply. In case of serious fluctuation which obstructs private sector investment or overall recovery, the Bank of Thailand will use appropriate tools to reduce fluctuations and run expansionary monetary policy to enhance economic expansion.”

Dr. Somchai Sujiapongse, Permanent Secretary of the Ministry of Finance, representing the public sector, said: “In supporting Thai business the important thing is to achieve steady quantitative economic growth and drive economic and tax structure reform. This, in turn, will boost the competitive capabilities and raise the rate of gross domestic product (GDP) growth of the Thai economy. During the first half of the year, we stimulated the economy through application of measures and initiation of mega projects, firstly invested by the government as the private sector still lacks confidence. As a result of short term economic stimulus measures, GDP showed satisfactory growth of 3.2%. We hope that the private sector will have more confidence to invest in many projects in the future.”

As for the world economy, Mr. Chiwoong Lee, Senior Economist at Mitsubishi UFJ Morgan Stanley Securities addressed fluctuations in the world economy in his world economic outlook, saying: “From 2014, export-dependent countries have seen decreasing product exports. At the same time, many countries set higher tariff ceilings to protect their trade from the world, which lessen labour competition and resource usage and will also reduce sales & trading. China is a good example because they have clearly affected the global economy in a macroeconomics level.”

Dr. Luxmon Attapich, Senior Country Economist, Asian Development Bank (ADB) added: “It will be another tough year for Thai exports. The traditional markets for Thai industry include the US, Japan, and the European Union are starting to reduce their role. Fortunately, the Chinese and ASEAN markets, especially Cambodia, Laos, Myanmar and Vietnam (CLMV) have compensated for this, so Thailand can trade more because the CLMV growth rate is high.”

Mr. Tak Bunnag, Krungsri Head of Global Markets Group, Bank of Ayudhya Public Company Limited (Krungsri) said: “Thanks to the integration of the ASEAN Economic Community (AEC), CLMV has become one of the most interesting markets. This makes Bank of Ayudhya see greater investment opportunities in the markets near our home. These days, we can see continuous increasing investments in the region and the economic growth rate of many countries is increasing. Business investment channels are still open wide in neighbouring countries. Therefore, Thai investors should grab this opportunity during this period before investors from other countries come to take it.”

This seminar is one of their activities to give out essential information, which is important for business owners to see business opportunities. Moreover, for convenience, the bank is there to provide monetary solutions to push forward their businesses and can become part of the customers’ teamwork.

Source

http://www.bangkokpost.com/business/news/1011753/business-aid-for-economic-trends-opportunities-in-thailand