Thailand needs changes toward AEC

BANGKOK, July 26 (TNA) - Commerce Minister Boonsong Teriyapirom that Thailand needs to fine-tune strengths and weaknesses before the formation of the ASEAN Economic Community (AEC) by 2015. During his speech at a forum in Bangkok on Thursday on the preparation of Thailand for the AEC, Boonsong pointed out that Thailand is strong for its products, services, various quality agricultural products and skilled labor, but the country is weak for its low productivity, heavy reliance on exports at some 70 per cent of the country's gross domestic product (GDP) and insufficient research and development (R&D) projects. Boonsong acknowledged that the Thai government is further strengthening the country by facilitating trade and investment, restructuring taxes, developing infrastructures and improving the quality of products and he, therefore, believes that Thailand will be ready for the AEC by 2015. Meanwhile, at a workshop to prepare Thailand for the AEC chaired by Prime Minister Yingluck Shinawatra, participants discussed, among others, the AEC’s impacts on the Thai service sector, as the highest extent of foreigners’ shareholding in domestic tourism will rise from 49 per cent to 70 per cent, resulting in foreign operators being able to compete with small and medium-sized Thai operators in tourism-related businesses but skilled Thai workers can seek well-paid jobs overseas, as Thai workers are recognized for quality services. (TNA)