Private sector highlights six-pronged strategy

Private sector highlights six-pronged strategy

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) wants political parties competing in the general election to pay heed to its six-pronged strategy it believes should play a vital role in driving the economy over the next four years.

The recommendations are scheduled to be sent to political parties, now in the last leg of campaigning as the May 14 general election draws near.

After the election, the newly formed government will also be given these recommendations, said Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, a key member of the JSCCIB.

The six recommendations concern improving Thailand's competitiveness, modernising regulations on doing business, making Thailand a technology hub, developing human resources, supporting small and medium-sized enterprises and promoting business sustainability through the bio-, circular and green (BCG) economy.

BCG, which was declared a national agenda item by the Prayut Chan-o-cha government, encourages manufacturers to adopt technology that can add value to their products and minimise the impact on the environment.

Many companies have adopted BCG in their business plans as it not only supports carbon emission reduction campaigns, but also promises new sources of revenue.

Mr Kriengkrai said earlier he believes BCG will be among the factors helping Thailand escape the middle-income trap. Greater support for digital technology and technology-based manufacturing is also needed to improve Thailand's economy, he said.

In a previous forum on what business leaders want from a new government, Suphachai Chearavanont, chief executive of conglomerate Charoen Pokphand Group, stressed the need to work on technology issues.

He said digital technology will not only increase competitiveness, but also improve national education by giving students easier access to knowledge stored on digital platforms.

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