InfoQuest (September 4, 2019) -- Thai Finance Minister Uttama Savanayana accented that global economic fluctuations have sent Thailand's economy not into recession, but downturn, or more precisely, slowdown. Therefore, he called for state-owned enterprises (SOEs) to adjust their investment plans and speed up investment progress so as to restore confidence in the private sector and make the sector aware that notwithstanding the current situation, the government investment is still on track towards the stated goal. Recently, Thai Deputy Prime Minister Somkid Jatusripitak has ordered all SOEs to go ahead with various investment projects, and the Thai Ministry of Finance (MOF) has also ordered the State Enterprise Policy Office (SEPO) to follow investment progress and invite relevant SOEs to discuss investment matters in order to solve current problems and speed up investment progress.
The finance minister stressed that SOEs should not only focus on long-term investment. At a time when Thailand's economy experiences a downturn, they should speed up investment progress to spur economic growth, instead of postponing like private enterprises.
"SOEs have the responsibility to continue making investments according to the stated goal so as to reassure the private sector, let the sector see the government's continuous effort in investment and assure it that Thailand is not facing economic recession, but merely a slowdown. SOEs must assume their due responsibilities and adjust the priorities of related projects so as to speed up the investment progress, shore up Thailand's economic growth, and ensure that Thailand's economy will not fall into recession amid persistent economic decline worldwide. It's highly urgent for SOEs to speed up investment, and they must make moves as soon as possible about projects that allow priority adjustment and can be implemented immediately in order to boost confidence," said the finance minister.
He also added that in order to strengthen the management of SOEs, MOF will send a representative to each SOE to see to it that all relevant personnel work hard and carry out their duties conscientiously so as to help SOEs accelerate investments in accordance with national strategies, especially in digital infrastructure which is the backbone of the country’s future economic structure.
Source: InfoQuest, by Khara/ Kasamarporn/Rachada, translated by Xinhua Silk Road
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