‘Pichai’ entered the Ministry of Commerce on the first day, stating that the economy has been bad for many years, pointing out that the Bank of Thailand is too concerned about Moral Hazard, and is ready to accelerate debt resolution and interest rate reduction to help SMEs and farmers, preparing an urgent plan to solve the problems of expensive goods, flooding of Chinese goods into Thailand, low agricultural products, and liquidity of rice mills.
Mr. Pichai Naripthaphan, Minister of Commerce, entered the Ministry of Commerce for the first day to pay homage to the sacred objects of the Ministry, welcomed by Mr. Napintorn Srisanpang, Deputy Minister of Commerce, Mr. Suchart Chomklin, Deputy Minister of Commerce, along with senior executives of the Ministry of Commerce.
After paying homage to the sacred objects, Mr. Pichai gave an interview that he and the Deputy Minister are ready to work together. He thanked the Prime Minister for appointing him to the position and is ready to work to the fullest. He believ
es that many problems that have arisen must be solved together, especially the Thai economy, which has been bad for many years. The Ministry of Commerce is one mechanism that will help solve problems, especially trade negotiations with foreign countries that have not been carried out for many years, so this must be expedited.
For SMEs, there are many issues that need to be solved. The first issue is debt resolution, which requires cooperation from the Bank of Thailand (BOT). Moral hazard is not emphasized too much. For example, when it comes to cutting SME debt, the BOT often refers to Moral Hazard too much (incentivizing unaffected debtors to stop paying debts). In the past, the global economy has not recovered from the COVID-19 situation. If it is left untreated, the economy will continue to get worse. Therefore, helping entrepreneurs to regain income will help the economy move forward. If it is left untreated, the economy will continue to get worse and debt will increase. In the end, debt must be cut and
assistance provided. I think cooperation from the BOT and commercial banks is important.
As for the policy approach to solving the problem of expensive goods, everything has been prepared. Right now, we are just waiting for the Prime Minister’s policy statement to the parliament. Initially, we discussed the action plan with the Permanent Secretary of the Ministry of Commerce, but we have to wait for the policy statement before we can give an interview.
As for the problem of Chinese products flooding into Thailand, we must urgently discuss with each other. I don’t want China to be seen as a villain. In the past, China viewed Thailand as a brother and sister. Thailand and China have increased their investment in businesses related to Thailand by 40-50%. There is also the electronic circuit board (PCB) manufacturing industry, which is considered a New S-CURVE business worth 150 billion baht.
Resolving the problem of falling agricultural products, for which there are already prepared measures, but we will not
talk about it now. We have to wait for the policy statement.
As for the Thai Rice Mill Association’s approach to solving the liquidity problem, which is preparing to submit a letter requesting assistance with low-interest loans, it has been initially acknowledged. The Bank of Thailand will have to play a role in solving the problem because all businesses are affected by interest rates.
‘I didn’t just talk about this now. I’ve been talking about it since I was an advisor to the prime minister. The Bank of Thailand should have more flexibility. If there’s water, fish can lay eggs in large numbers. But when the water comes out, fish die or fish compete for water, which is a problem. Don’t be afraid that there will be a lot of bad debt. We have to find a way to solve it. Don’t mix them up,’ said Mr. Pichai.
However, regarding the division of ministry responsibilities, Mr. Pichai said that the work has not been divided yet, but confirmed that there are currently no problems with the other two ministers. On Mond
ay, September 16, 2024, he will enter the ministry to provide work policies.
Source: Thai News Agency