Private sector supports Thai government’s infrastructure investment

BANGKOK, October 18 (TNA) - The private sector has supported the Thai government’s new 2.2-trillion-baht-infrastructure investment projects over the next seven years, saying that they will boost the country's competitiveness. Prasert Bunsumpun, Board Chairman of PTT Global Chemical Public Company Limited (PTTGC) and a board member of PTT Public Company Limited (PTT), acknowledged at a public forum in Bangkok on Friday that Thailand has not introduced such the new infrastructure investment projects for a long time, resulting in neighbouring Singapore and Malaysia are more advance than Thailand regarding national infrastructure development. Prasert pointed out that the Thai government's new 2.2-trillion-baht infrastructure investment plans, focused on high-speed trains and double-track rail systems, will stimulate Thailand's economic growth and national competitiveness subsequently. Prasert told the forum that the 2.2-trillion-baht transport investment will also cut Thailand's logistic costs, now accounting for 15 per cent of the country's gross domestic product (GDP), and will enhance the efficiency of domestic energy consumption and distribute urbanization in the country. Besides, Prasert noted, the Thai government's new transport development projects, including road construction, will improve and expand road networks between Thailand and neighbouring countries and, thus, support the formation of the ASEAN Community (AC) by 2015. Meanwhile, Payungsak Chartsutipol, Chairman of the Federation of Thai Industries (FTI), told the forum that logistic costs now account for 15 per cent of Thailand's GDP, compared with only 8 per cent in many other countries, and the Thai government, therefore, needs to upgrade the country's infrastructure, which will then help distribute businesses, industries, tourism and knowledgeable personnel from the capital to provincial areas. The FTI chief foresaw that the value of Thailand’s border trade with neighbouring countries, now accounting for 10 per cent of the country's GDP, should also further expand after the government's new mega investment plans are complete. (TNA)