Reform roadmap in the work

Economy May 28, 2014 00:00

By Erich Parpart
The Nation

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Seven private-sector organisations are drawing up an economic road map comprising short- and long-term reform plans to be presented to the junta.

“The most important thing right now is to find ways to bring back confidence in consumption, investment and tourism, while each organisation has also been tasked with coming up with a plan to enhance the country’s competitiveness for the next 15-20 years,” Isara Vongkusolkit, chairman of the Board of Trade, said yesterday.
The groups are the Thai Chamber of Commerce/Board of Trade, Tourism Council of Thailand, Thai Bankers’ Association, Federation of Thai Industries (FTI), Federation of Thai Capital Market Organisations, Stock Exchange of Thailand and Thai Listed Companies Association.
The road map aims to boost Thailand’s competitiveness based on sustainable growth and to come up with a tangible plan to restore consumer and investor confidence as soon as possible in order to help stimulate the economy.
The seven organisations will meet again to review each one’s long- and short-term economic plans.
Supant Mongkolsuthree, chairman of the FTI, said there were seven frameworks within the road map. They were plans to increase the country’s competitiveness, enhance public and private investment, promote education and innovation, lessen social and economic inequality, fix corruption, reform regulations, and create a new economic structure.
Each organisation will come up with long- and short-term plans for each of the frameworks that are related to that agency’s operation. 
The short-term plan would concentrate on bringing back confidence to stimulate the economy, while the long-term plan should be tangible and sufficient enough for the National Economic and Social Development Board to include it in the future economic-development blueprint.
It should not take more than half a year to rebuild the confidence of consumers and investors, Supant said. “Six months would be too long. We have to bring it back as soon as we can.”
The plans of each organisation will be presented at their meeting next week before they are compiled and submitted to the National Council for Peace and Order, which should happen before the end of June.