Bangkok: Pichai is expediting preparations for the Trump tax deal, which will be presented to Congress by the end of August. He hopes the economic stimulus measures will boost GDP growth by 3-5% and is moving forward with the establishment of a civil society AMC.
According to Thai News Agency, Deputy Prime Minister and Finance Minister Pichai Chunhavajira has instructed all relevant agencies to hasten the preparation of the 19% US import tariff agreement, including various related legal requirements. This undertaking is expected to culminate with a presentation to Parliament in August. This initiative follows a briefing on government policy to leading global CEOs aimed at driving economic progress. Pichai believes these efforts will bolster investor confidence and stimulate domestic investment.
Addressing the current economic stimulus measures, the objective remains to achieve a GDP growth rate of 3-5 percent, provided no further challenges emerge. Collaboration across sectors is essential to navigate various issues, as the absence of these measures could impede GDP growth. Hence, the cooperation of both the public and private sectors is deemed crucial.
Pichai further stated that the government is advancing discussions with the Ministry of Finance and the Bank of Thailand to establish an asset management company (AMC) to acquire non-performing loans from the financial system. This initiative will involve consultations with banking institutions and relevant agencies to define the type of AMC and its role in managing public debt, with the aim of addressing the non-performing loans issue effectively.
Regarding the Cabinet's approval of the remaining 25 billion baht for Phase 2 of the economic stimulus program, Pichai noted that numerous projects necessitate these funds, including those focusing on the Thai-Cambodian border dispute. Consequently, multiple agencies are expected to collaborate to rejuvenate the border economy and restore normal trade activities.