Part of the Economic Policies of the Yingluck Shinawatra Administration

(23/08/2011)

In its policy statement presented in Parliament, the Yingluck Shinawatra administration proposed restructuring the entire tax system in order to enhance Thailand’s competitiveness and ensure social justice. Emphasizing income distribution for sustainable economic growth, the Government will create a long-term base of tax revenue and increase the efficiency of collecting national income from taxes and non-tariff activities. In its macro-economic policies, the Government will improve the structures of various state enterprises, with an emphasis on better services and asset management for the maximum benefit. It will consider setting up funds to manage national assets, such as the sovereign wealth fund, the national reserve oil fund, and the food security fund. Concerning income generation, the Government will promote tourism to increase the country’s tourism income twofold within the next five years. It will also expand agricultural and food businesses in an effort to develop Thailand as a center for quality food production and trade and a center for futures markets of agricultural products. As a new strategic industry, the petroleum and alternative energy industry will be promoted to generate more income and employment. The Government will develop community enterprises as part of the creative economy system to add value to Thai products and services. Thai business people will be urged to invest more in neighboring countries which have potential in terms of labor force and raw materials. Regarding economic restructuring, the Government will promote the National Farmers Council, increase the efficiency of crop production through research and development, and introduce the registration of farm families, linking with the program on credit cards for farmers. It will also promote the “New Theory” in agriculture and empower the agricultural sector to cope with the global food crisis. At the same time, the Government will accelerate agri-business and produce a new generation of farmers, while developing farmers’ organizations in terms of business. As for the industrial sector, it will reduce production costs for entrepreneurs, promote brands for Thai products, and improve the standards of Thai products for more international recognition. The Government will upgrade the industrial sector into creative industries based on local wisdom and technology innovation. It will promote knowledge-based agro-industry associated with creativity, local wisdom, and innovation in order to add value to Thai products and improve their quality. Small and medium-sized enterprises will be given greater opportunities to have access to financial support. New industrial zones will be developed, including the land bridge between the Andaman Sea and the Gulf of Thailand. The Government will promote the opening of more Thai restaurants overseas and the developing of Thailand into the “Kitchen of the World.” In addition, it will accelerate the establishment of special economic development zones, with an emphasis on border provinces to boost trade and investment with neighboring countries.