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FTI offers 13 ways for new govt to improve economy

 


January 28, 2008

THAILAND/ECONOMY
FTI offers 13 ways for new govt to improve economy
The Federation of Thai Industries (FTI) will submit 13 short-term measures to the new government, expected to be announced early next month, aimed at stimulating a local economy which might be affected from a possible slowing of the global economy, FTI chairman Santi Vilassakdanont said Saturday.

Members of FTI are gathering in this province southeast of Bangkok, with an objective to brainstorm ideas and submit them to the new government so that actions could be taken to protect the Thai economy from being impacted by the global recession which might occur, Mr. Santi said.

The 13 measures include a reduction in the interest policy rate, a cut in corporate tax by 5 percentage points and a reduction in personal income tax. FTI members also urged the new government to keep the current value added tax collection at 7 per cent until the Thai economy improves, speeding up the building of the mega infrastructural projects and nuclear-power plants after several Asian countries have already built their own generating stations.

FTI also asked the new administration to maintain the 30 per cent capital reserve requirement imposed by the Bank of Thailand in December 2006 to stem speculation in the Thai baht, and to reduce corporate taxes by another 10 per cent for industries using more than 75 per cent of locally produced raw materials in their production process.

Also, the government should allow the private sector to play a larger role in addressing and resolving economic problems together with the government.

Mr. Santi said FTI members would very soon draw up medium and long-term options for solving problems faced by local industries.

Courtesy TNA

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