Bangkok: The Federation of Thai Industries and the Bank of Thailand held a strategic meeting to discuss cooperation on monetary policy and industrial development in Thailand amid challenges from US tariffs, the trade war, and the strong baht.
According to Thai News Agency, Mr. Kriangkrai Thienukul, President of the Federation of Thai Industries (FTI), and Mr. Vitai Ratanakorn, Governor of the Bank of Thailand (BOT), explored ways to propel the economy forward. During the meeting, the FTI President introduced the "4GO" industrial development strategy, which encompasses four key initiatives: GO DigitalandAI, GO Innovation, GO Global, and GO Green. These initiatives aim to enhance production efficiency through digital technology and artificial intelligence, encourage the use of research and innovation, elevate Thai industrial standards in the global supply chain, and promote sustainable green industries.
The FTI executive further outlined proposals for the BOT to bolster the industrial sector. These suggestions included measures to tackle US tariffs and the trade war, such as expedited financial support for Thai exporters, addressing SME liquidity and debt issues through increased soft loans and eased collateral requirements, and maintaining the baht's stability to support SME exporters. The BOT was urged to stabilize the baht at a competitive level and encourage the use of foreign exchange hedging tools.
Mr. Vitai, who recently took office as the Governor of the Bank of Thailand, shared insights into the BOT's monetary policy and its commitment to maintaining financial stability and fostering sustainable economic growth.