DPM:Thai economy will grow from new transport projects

BANGKOK, June 1 (TNA) - Thailand is foreseen to achieve a seven-year gross domestic product (GDP) growth at 5 per cent annually on average from the government's success in the implementation of new mega-transport projects, funded by a two-trillion-baht loan. Delivering a speech at a Bangkok hotel Saturday, attended by senior bankers and business operators, Deputy Prime Minister and Finance Minister Kittirat Na-Ranong said if the government's new mega-projects proved successful, local people and business players could also switch to using more boat transportation, to 18 per cent from 12 per cent now, enabling Thailand to save money on energy as much as 100 billion baht yearly. Kittirat assessed that the number of people using public bus should also increase to 30 per cent, from only 5 per cent now, while border trade should further expand as well, thanks to the improvement of Thai rail and customs services. According to the deputy premier, the Thai government will also control pubic debt from not exceeding 50 per cent of the country's GDP. Meanwhile, Transport Minister Chadchart Sittipunt pointed out that new high-speed rail projects will bring more progress to the upcountry, while Vorapak Tanyawong, President of state-run Krung Thai Bank, noted that the Thai government's new mega-transport projects will help boost the country’s competitiveness in the lead-up to the formation of the ASEAN Economic Community (AEC) by 2015, when Thailand hopes to become a transportation hub in the region. (TNA)