On 31 May 2012, Mr.Sek Wannamethee, Deputy Director General of the Department of Information and the Deputy Spokesperson of the Ministry of Foreign Affairs gave media interview regarding Prime Minister Yingluck Shinawatra who attended and gave an opening statement as guest of honour of CNBC at Power Breakfrast event. The event, held on the first day of the Forum, attracted over 150 executives from the public and private sectors from over 50 countries. After the opening statement, CNBC held a panel discussion under the topic “Asia’s New Reality: Growth vs Inflation” with the participation of Mr. Kittirat Na Ranong, the Deputy Prime Minister who attended the panel discussion at the invitation of CNBC. Gist of the opening statement and the panel discussion as follows:
1. Gist of the Prime Minister’s statement
Prime Minister Yingluck Shinawatra was pleased to attend CNBC Power Breakfast and noted that it presented an opportunity for leaders from both public and private sectors to exchange experiences and views on how to address challenges faced by many countries in the region.
The topic of the discussion “Asia’s New Reality: Growth vs. Inflation” reflects the current situation faced by many Asian economies, especially considering that most Governments are pursuing policy to pursue economic growth. Thailand is aiming to ensure the right balance between economic growth and price stability. The Thai economy has strongly rebounded from the floods and the growth rate is expected to be around 5.5 — 6.5 percent this year, and the inflationary pressures remain well within the limit as inflation from agricultural product and global oil price have softened. Given the slow global economic outlook, Thailand will give high priority to boost domestic demand and implementing the budget plan on public investment on schedule. After the major floods, Thailand will invest USD 11.4 billion to improve basic infrastructure to deal with potential natural disasters.
Based on strong our economic fundamentals, Thailand will continue to ensure sustainable growth and improve our competitiveness as well as embracing the concept of inclusive growth. Not only do we focus on our domestic growth, but as the region becomes a key engine of the global economy, Thailand will focus on reducing development gaps between countries and increase growth potential as a whole. Thailand, therefore, intend to foster closer cooperations with our neighbours in the region and developing economic corridor to reduce economic inequality and distribute economic benefits in the region.
On political front, Thailand has achieved greater stability by receiving a clear mandate from the people in the general election last year. In light of strong economic fundamentals and democratic institutions, Thailand is in an excellent position to offer new opportunities for both local and international businesses which will help us and our neighbours in prospering sustainably.
2. Gist of the panel discussion on topic of “Asia’s New Reality: Growth vs. inflation”
The CNBC Power Breakfast was moderated by CNBC News Anchor, Mr. Martin Soong. The key invitees were (1) Deputy Prime Minister, Mr. Kittirat Na Ranong, (2) the Indonesian Minister of Commerce, Mr. Pak Gita Wirjawan, (3) the Managing Director of Asian Development Bank (ADB), Mr. Rajat Nag and (4) the Chairman and CEO of the First Eastern Investment Group (Hong Kong), Mr. Victor Chu.
Mr. Kittirat reiterated the importance of sustainable growth which is an important economic policy of the Government by highlighting the Government’s income distribution policy as well as an increase in the minimum wage as to provide incentive for labour to invest in self development. He also encouraged private sectors to invest more in basic infrastructure, particularly in labour. He alsonoted that regional cooperation should not only be limited to imports and exports.
Apart from investment in basic infrastructure, Mr. Rajat Nag added that investment in education development is also an important aspect which the private sector should take an active role, whilst the public sector should create a conducive environment for investment. Furthermore, he noted that public-private partnership and regional integration are vital.
Mr. Victor Chu reiterated the importance of developing basic infrastructure and the distribution of capital in China, while Mr. Pak Gita Wirjawan shared his views on the implementation of the economic policy of Indonesia, which places emphasis on public expenditure to increase economic activity. As for the issue of regional connectivity, he is confident that there will be improvement, while each country would also need to improve its own domestic network which is what Indonesia is currently doing.
For further information, please contact the Press Division, Department of Information, Ministry of Foreign Affairs, Tel.02-6435170, Fax.02-6435169, E-mail: div0704@mfa.go.th