
Thailand
is adjusting itself to cope with the eurozone debt crisis, and measures
are being worked out by all agencies concerned to help Thai businesses
that may be affected.
Prime Minister Yingluck Shinawatra has assigned all
relevant ministries to closely monitor both direct and indirect impacts
of the debt crisis in five European countries on the Thai economy.
The five countries include Portugal, Greece, Ireland, Spain, and Cyprus.
The Prime Minister urged each ministry concerned to come up with
measures readily to be implemented to cope with the situation, if it
worsens.
A recent meeting of all related agencies, chaired by the Deputy Prime
Minister and Finance Minister, Mr. Kittiratt Na-Ranong, was told that
Thailand was quite well-prepared for the eurozone crisis, and reports on
the situation are now being made on a daily basis.
It was also informed that Thai exports to Europe in May 2012 amounted to
1,974 million US dollars, an increase of 6.8 percent over the same
period in 2011. The rise is at a satisfactory level and shows a positive
sign, when compared with a 16.8 percent contraction in the first
quarter.
The meeting entrusted the Ministry of Commerce and the Ministry of
Finance with improving all possible channels to facilitate cross-border
trade. Sharing borders with Malaysia, Myanmar, Laos, and Cambodia,
Thailand operates border checkpoints to facilitate cross-border trade
with the four countries. Both the Ministry of Commerce and the Ministry
of Finance were asked to study the looming impact of the crisis on each
export item and the situation of major importers of Thai products in
various foreign markets.
The Director-General of the Department of Export Promotion, Mrs.
Nuntawan Sakultanaga, believes that great opportunities are still open
for Thai exports to Europe, since the European Union market is a large
market, with high purchasing and bargaining power. In terms of
investment, all EU countries still have good prospects despite the debt
crisis, as their logistics and communication routes are linked to one
another.
Thai Trade Centers in 43 countries were told to urgently send reports to
the Ministry of Commerce on how Thailand should deal effectively with
the volatility of the European economic situation. Their reports also
include positive and negative effects on various business sectors, such
as finance, trade, and services.
The Ministry of Tourism and Sports is also conducting a study on impacts
of the eurozone debt crisis on Thailand’s tourism. It is expected that,
despite the eurozone crisis, the number of European tourists visiting
Thailand will rise by about four percent to more than five million in
2012.
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