Thai government urged to oversee production for more export, economic growth

BANGKOK, November 20 (TNA) - A top Thai banker has called on the government to cooperate with the private sector to catch up with changes in the world market, while also supervising domestic production to drive ahead export and national economic growth. The top Thai banker, Kosit Panpiemras, who is Executive Chairman of Bangkok Bank, pointed out on Thursday that Thai exports have declined despite the global economic recovery; so, the government's supervision on production to cushion export and national economic growth is proposed. Kosit cautioned that the government's economic stimulus measures through monetary and fiscal policies would not bear fruit if the administration kept implementing populist policies in the way that household debts would not fall. The top banker projected that the Thai economy should grow by 3-4 per cent next year due to its low base this year, while previous populist policies and household debts have continued to become negative factors to prevent national economic growth from reflecting the country's real potential. Meanwhile, Chokedee Kaewsaeng, Deputy Secretary-General of the Board of Investment of Thailand (BOI), acknowledged that foreign investment during the first 10 months of this year dropped by 10 per cent year-on-year because Thailand could not yet serve investment projects which turned to use higher technologies. The BOI deputy chief estimated that the overall value of investment projects seeking BOI's promotional privileges should stand at about 700 billion baht this year, lower than last year's figure, with most projects centered on automobile, electrical, electronic and machinery industries. (TNA)