Thailand: government issues agenda for full economic development following AEC agreement

Monday 15 December 2014 00:04 CET | News

The government has issued three strategies to maximise the local economic growth potential by the end of 2015, following the Asean Economic Community (AEC) agreements implementation.

They involve the promotion of cross-border trade, developing the competency of local enterprises and forming business partnerships within AEC in order to promote Thailand as a trading centre in the region, reports.

The three strategies involve a plan to develop special economic zones in border areas and promote the growth of cross-border trade, enhance the competency and competitiveness of Thailand’s enterprises to trade and invest cross-border. They also include business partnerships within each AEC member state, as well as with other countries, in order to promote Thailand as a regional trading centre.

Cross-border commerce with Laos, Malaysia, Myanmar and Vietnam is targeted to exceed USD 45.7 billion (THB 1.5 trillion) in 2015, up from an estimated level of about USD 33.4 billion (BHT 1.1 trillion) in 2014. Cross-border trade is expected to increase by about 10% y-o-y.

The government will spend USD 91.4 billion (BHT 3 trillion) on hard infrastructure development like roads, railways, ports and airports, as well as on special economic zones. It will also focus on soft infrastructure, such as laws, regulations and custom procedures that could be made easier and facilitate more trade and foreign-direct-investment growth.

As part of the goal to promote Thailand as a trading nation, the government will encourage more companies to form close ties with businesses in other AEC enterprises under a single supply chain, and export to third markets. The government will also encourage them to adopt digital technology for their businesses and create new trading channels. This includes supporting ecommerce, online trading networks, the development of local products suitable for online marketing and the organisation of trade fairs on the internet.

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Keywords: Thailand, government, agenda, economic, Development, potentia, AEC, member countries, cross border
Categories: Payments & Commerce
Countries: World
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