Private Sector Urged to Help Cope with the Flood Crisis

(11/11/2011)

The private sector has been urged to join forces with the Government in coping with the flood crisis and restoring confidence in Thailand among both Thais and foreigners. A group of 40 members of the private sector met Prime Minister Yingluck Shinawatra on November 10 to discuss assistance offered by the private sector to help relieve the hardships of flood victims. The group was led by the Chairman of the Stock Exchange of Thailand (SET), Mr. Sompol Kiatphaibool, and the Chairman of the Thai Listed Companies Association, Mr. Chanin Vongkusolkit. The Prime Minister said that the Government would mobilize domestic funds first before seeking funding sources from foreign countries to invest in mega-projects for future development and economic stimulus. She called for cooperation from capital market organizations in working with the Government to help flood-hit people in the provinces and Bangkok during the flooding period and after floodwaters recede. For instance, they might offer to repair damaged public facilities and provide food supplies and other necessities to the victims. The Chairman of the Stock Exchange of Thailand revealed that a 500-million-baht flood relief fund had been set up with donations from SET listed companies. The “Capital Market Joins Hands for Flood Relief” fund would assist the affected people in two phases. The first phase focuses on immediate assistance, which includes the provision of survival kits and the operations support for the military and the police. The second phase involves rehabilitation and recovery for business and civic sectors. The Japanese car manufacturer Toyota Motor Thailand, meanwhile, announced that it would resume its auto production in Thailand on November 21. The company’s three plants have suspended operations since October 10 because of shortages of raw materials, as a consequence of the severe flooding. Industry Minister Wannarat Channukul has reiterated that full efforts were being made to protect Bang Chan and Lat Krabang industrial estates in eastern Bangkok. About 20 of the 93 factories in the Bang Chan Industrial Estates have reportedly suspended operations following rising water in Saen Saep Canal, which posed a flood threat. A report from the Ministry of Foreign Affairs said that the Honorable Ms. Hilary Rodham Clinton, Secretary of State of the United States, would visit Thailand on November 16 and 17. During the visit, Secretary Clinton will call on Prime Minister Yingluck and Foreign Minister Surapong Tovichakchaikul to discuss the current flooding situation and cooperation on humanitarian assistance and disaster relief both in the short and long term, in addition to other bilateral issues.