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Brainstorming for a better system

PM reassures investors

Brainstorming for a better system

The Bank of Thailand has invited more than 40 bankers and academics to meet and brainstorm to prepare the second financial system development plan focused on boosting the efficiency of the country’s financial system.
Speaking after a meeting on the direction of the Second Financial Development Plan for 2008-2012, BoT deputy governor Bandid Nijathaworn said participants agreed with the overall picture of the plan’s direction.
Under the plan, emphasis would be placed on enhancing efficiency of the country’s financial system because it could help maintain the stability of the system, which would contribute to Thailand’s overall future economic growth.
However, the participants want the second plan to have a clear objective to reduce the limitations to accessing financial services by small companies.
Mr. Bandid said the plan is set for completion in the first quarter of next year. A joint working group will be set up to revise obsolete rules and regulations.
The participants also viewed that the plan should not focus only on the development of commercial banks, but also give importance to other parts of the financial system.
Most participants supported three approaches to boost efficiency of financial institutions, reducing unnecessary financial system costs, more liberalized competition focused on value-added services, and lastly to better develop the basic structure of Thailand’s financial system. TNA


PM reassures investors

Despite a decline in exports due to a sluggish global economy, the country’s economy is projected to grow 4 to 4.5 per cent this year, while government spending and investment by state enterprises are expected to continue rising, Prime Minister Gen. Surayud Chulanont said to a group of local and foreign investors attending the Third Thailand Focus in Bangkok.
He added that his interim government continued to support tourism and projected that about 14.8 million tourists would visit Thailand in 2007.
The government is also exploring trade and investment opportunities with other countries through bilateral and multilateral systems, he said.
The forum, organized by the Stock Exchange of Thailand, was designed to serve as a venue for investors to be kept informed of Thailand’s political direction and policies of the new government in the future.
Thailand will embark on sustainable development, in both politics and economy, and efforts by the government this year will make the country an attractive place for investment and doing business, the prime minister reaffirmed.
Touching on local politics, Gen. Surayud emphasized to investors that his interim government and the Council for National Security had agreed to hold a free and fair general election before the year end and the newly-elected government should be formed in January.
The coming three months will be considered as vital for the future political development of Thailand, he added. TNA