Thai Deputy PM downplays concerns
US financial crisis impact on exports
Thailand’s Deputy Prime Minister Olarn Chaipravat on
Wednesday downplayed mounting concern over the potential impact of the
United States financial crisis on Thailand’s exports, saying that most of
Thailand’s export destinations are in Asia, the Middle East, and in the
country’s immediate neighbours.
He said that some 50-60 per cent of Thailand’s exports, particularly of farm
products, had not been shipped to the countries affected by the US financial
meltdown, but he conceded the crisis had unavoidably affected the Asian
economy. He sees a need for Asian countries to accelerate trade talks
interdependently, in order to strengthen and stabilise regional trade.
The deputy premier said Thailand will attempt to turn the global financial
crisis into an opportunity by encouraging mutual trade activities in Asia.
The Thai government will propose to neighbouring countries the coordination
of financial ties, the building of a fully-fledged financial community in
Asia, and long-term investment cooperation.
In addition, the government will attempt to promote mutual long-term
borrowing among Asian countries since the existing global financial center
had weakened and a base in Asia needed to be found. (TNA)