South Korean entrepreneurs, both existing and prospective, affirmed their readiness to continue their investments in Thailand with investment privileges applications expected at over Bt12 billion by yearend, according to Industry Minister Pongsawat Svasti.
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The Bank has rightly noted that Thailand’s ability to provide higher value added to its manufacturing sector would improve its ability to compete in
“the increasingly globalized and knowledge- based economy. The resulting higher-paying jobs in these sectors would also strengthen domestic demand in the long run.”
The government in Thailand has implemented several measures to mitigate the short run impact of rising inflation and falling incomes. They include personal income and corporate tax reduction, tax deductions for investment, reduction in property sales transaction fees, subsidies on gasoline, water, electricity, and public buses and train services, direct transfers from the government to administrations at the grassroot level in Thailand, as well as loans by specialized state-owned financial institutions to SMEs and households. However, additional measures to assist affected workers and SMEs in improving their productivity and capacity would enable them to better cope and withstand future shocks in Thailand.
In order to ensure Thailand’s competitiveness in the near future, Thailand needs to improve its productivity and investment climate.Experience from countries that have managed to increase productivity and rise up the value chain such as South Korea and Taiwan have shown that productivity improvements at the national level are achievable with a concerted efforts by the private sector, government, and academia.Firms need to raise their productivity and adaptability to the rapidly changing macroeconomic environment and intensifying competition through greater product and service development, higher efficiency, and better risk management. Government in Thailand should take measures to improve the country’s investment climate such as streamlining the regulatory environment and improving public infrastructure which will help stimulate private investments as they help to reduce operating costs for firms.
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South Korean entrepreneurs continuing Thai investments valued at Bt12 billion
