Charoen Kittikanya
Bangkok Post
The Foreign Ministry plans to use "financial diplomacy" to expand trade and relations with neighbouring countries, a senior official says.
Financial diplomacy will work in tandem with other modes of support such as soft loans, infrastructure investment and joint ventures, to foster closer economic co-operation with and provide more focused assistance to neighbouring countries, said Panich Vikitsreth, vice-minister of Foreign Affairs.
"We are looking forward to extending co-operation with and provide assistance to authorities of neighbouring countries particularly for Laos, Cambodia and Burma to develop their capital market to help shape up their economy," said the former deputy Bangkok governor and co-founder of Ayudhya JF Asset Management Co.
The Economic Affairs Department is now developing guidelines for financial diplomacy and how the ministry should co-operate with agencies in the Thai capital market such as the Stock Exchange of Thailand and the Securities and Exchange Commission.
"Given the rich natural resources and potential industrial and economic growth, a joint capital market development between Thailand and neighbouring countries would greatly benefit Thailand and the region," he said.
The move would help mobilise funding in the region and reduce the income gap in less developed countries which should curb the wave of economic migration, he said.
According to Mr Panich, integrating Thailand's securities market with those of its neighbours would help attract foreign investment.
The ministry will also play a more hyperactive role in supporting government trade-related policies.
"As trade and economic issues play an increasingly important part in the international relations, it's also a must for the Foreign Ministry to adjust its role to [cover] economic dimensions beyond the traditional fronts of politics and national security," said Mr Panich.
"We are now restructuring to become another state agency that functions more as a trade and investment facilitator in addition to the Commerce Ministry or Thailand Trade Representatives."
Due to its presence across the world, the Foreign Ministry will help improve Thailand's competitiveness by providing information and services to support trade negotiations and business expansion, he said.
The ministry also aims to increase its capacity to support the government's policy to promote regional connectivity that covers infrastructure and implementing more efficient regulations and procedures to reduce the transit time for goods and commuters.
Studying alternative energy - particularly wind, solar and nuclear power - for the government will be another new role for the ministry, he said.
From 2004-08, Thailand provided about 13 billion baht in financial support within the Greater Mekong Subregion, two-thirds of which were slated for infrastructure development and one-third for technical support in human resource development.
Thailand has allocated another 20 billion baht for infrastructure development in the subregion from 2008-10.
Financial diplomacy will work in tandem with other modes of support such as soft loans, infrastructure investment and joint ventures, to foster closer economic co-operation with and provide more focused assistance to neighbouring countries, said Panich Vikitsreth, vice-minister of Foreign Affairs.
"We are looking forward to extending co-operation with and provide assistance to authorities of neighbouring countries particularly for Laos, Cambodia and Burma to develop their capital market to help shape up their economy," said the former deputy Bangkok governor and co-founder of Ayudhya JF Asset Management Co.
The Economic Affairs Department is now developing guidelines for financial diplomacy and how the ministry should co-operate with agencies in the Thai capital market such as the Stock Exchange of Thailand and the Securities and Exchange Commission.
"Given the rich natural resources and potential industrial and economic growth, a joint capital market development between Thailand and neighbouring countries would greatly benefit Thailand and the region," he said.
The move would help mobilise funding in the region and reduce the income gap in less developed countries which should curb the wave of economic migration, he said.
According to Mr Panich, integrating Thailand's securities market with those of its neighbours would help attract foreign investment.
The ministry will also play a more hyperactive role in supporting government trade-related policies.
"As trade and economic issues play an increasingly important part in the international relations, it's also a must for the Foreign Ministry to adjust its role to [cover] economic dimensions beyond the traditional fronts of politics and national security," said Mr Panich.
"We are now restructuring to become another state agency that functions more as a trade and investment facilitator in addition to the Commerce Ministry or Thailand Trade Representatives."
Due to its presence across the world, the Foreign Ministry will help improve Thailand's competitiveness by providing information and services to support trade negotiations and business expansion, he said.
The ministry also aims to increase its capacity to support the government's policy to promote regional connectivity that covers infrastructure and implementing more efficient regulations and procedures to reduce the transit time for goods and commuters.
Studying alternative energy - particularly wind, solar and nuclear power - for the government will be another new role for the ministry, he said.
From 2004-08, Thailand provided about 13 billion baht in financial support within the Greater Mekong Subregion, two-thirds of which were slated for infrastructure development and one-third for technical support in human resource development.
Thailand has allocated another 20 billion baht for infrastructure development in the subregion from 2008-10.
1 comment:
Stupid ass Thais government, only bluffing and fake threatening...cambodia? Thailand is childish Govts..!
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