Private sector proposes economic stimulus measures

BANGKOK, September 3 (TNA) - The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) expressed confidence in the government's economic stimulus measures and also proposed theirs for immediate and medium-term effects. The JSCCIB, comprising the Thai Chamber of Commerce (TCC), the Federation of Thai Industries (FTI) and Thai Bankers' Association. Boontuck Wungcharoen, chairman of the Thai Bankers' Association, said Wednesday after the JSCCIB meeting that the government's measures would restore confidence and improve the national economy within three months. However, the joint committee proposed four measures to help support the economy, he said. Firstly the government should cut income tax on small and medium enterprises to attract them to the government's taxation system and make them eligible to government assistance for SMEs and loans from financial institutions. Secondly the government will increase the annual value of border trade from 1.4 trillion baht at present to 2 trillion baht in two years or 2017 and SME outlets should be established at potential border areas. Thirdly the government should better promote export and form provincial economic teams that will include representatives of the JSCCIB. Fourthly the government should quickly sell its rice stockpiles to increase the purchasing power of farmers. Mr Boontuck also said that the number of visitors to Thailand was likely to drop by 25% in August when Bangkok bombings happened and arrivals should return to normal in two months. (TNA)