The China-US trade war will create more opportunities for Thailand, Commerce Minister Pichai Naripthaphan said on Friday.
Commerce Minister Pichai Naripthaphan: 'Thailand loved by everyone' (Photo: Varuth Hirunyatheb)
Mr Pichai mentioned in a government policy statement that the new administration will benefit from the ongoing trade war between the two superpowers, both of which are allies of Thailand.
He said 150 billion baht has been invested in the nation's printed circuit board (PCB) industry over the past year. He expects that number will rise to hundreds of billions of baht, or even a trillion baht, which would attract several PCB firms to the country.
The minister noted that foreign investors are interested in Thailand as the country has a sufficient and steady supply of electrical energy and hydropower.
Mr Pichai believes Thailand's economy will soon be revived, making the nation an economic hub that can attract investment from an array of powerful nations.
"We want to be loved by China. We want to be loved by America. If we're neutral, we'll be able to draw investment and trade opportunities. The fact that Thailand is loved by everyone gives us an advantage in terms of development," he said.
Mr Pichai asked the public not to view imports from China negatively.
He emphasised the need to push for a positive attitude, adding the Commerce Ministry has had discussions with 28 agencies and concluded the best way to foster this would be to ensure imports are safe and meet global standards.
Mr Pichai also revealed that the government is undertaking further negotiations about potential free trade areas and talking with India about Thailand's plan to send more exports to the country.
Meanwhile, Deputy Finance Minister Paopoom Rojanasakul proposed three plans to boost the economy.
They include subscribing to demand-side economics; dividing the country's debts into three groups -- household debt, business-sector debt, and the government debt; and attracting more investment from overseas.