2012 to Be Designated the Year of Investment

(31/08/2011)

The Government will designate 2012 the Year of Investment and Skill Development. The decision was made during the first meeting of the Committee on the Monitoring of the Economic Situation. The meeting, chaired by Finance Minister Thirachai Phuvanatnaranubala, took place at the Ministry of Finance on 29 August 2011. The Committee on the Monitoring of the Economic Situation was set up at the initiative of the Finance Minister, with senior officials from the public sector and representatives of private organizations as members. It serves as a mechanism to coordinate the private sector and the Ministry of Finance in monitoring the economic, financial, and monetary situation inside and outside Thailand. Both the private sector and the Ministry may use this mechanism to exchange views and create better understanding between them. Through this committee, they may offer suggestions and measures in tackling economic problems and various obstacles to business operations. The first meeting of the committee shared the view that the United States and the European Union, which are Thailand’s major trading partners, have been facing economic uncertainties. As a consequence, Thailand’s overall economic situation, especially the capital market, is experiencing volatility. The meeting also exchanged views on impacts of the global economy on the baht, as well as international trade and the investment situation in foreign countries. Meanwhile, Director-General of the Fiscal Office Naris Chaiyasoot said that Thailand’s fiscal position remains stable, since the Government was able to collect more revenue during the past year and the country’s economy has grown steadily. From October 2010 to July 2011, the Government’s earnings amounted to almost 1.5 trillion baht, an increase of 9.7 percent over the same period of the previous year. During the same period, it spent about 1.8 trillion baht from the national budget, an increase of 24.3 percent. The Government, in its policy statement, will maintain fiscal discipline, while improving the budget structure and set priorities for national expenditures in line with directions for development in the future. It will encourage Thai business people to invest in neighboring countries and improve the domestic investment situation, which would attract foreign investors to Thailand. In addition, the Government will restructure the entire tax system to enhance the country’s competitiveness and promote the role of the private sector in co-investing in various enterprises, supervised by the Government.