Seeking Measures to Help Thai Businesses Affected by the Eurozone Crisis
- The Government Public Relations Department
- June 29, 2012
Thailand is adjusting itself to cope with the eurozone debt crisis, and measures are being worked out by all agencies concerned to help Thai businesses that may be affected.
Prime Minister Yingluck Shinawatra has assigned all relevant ministries to closely monitor both direct and indirect impacts of the debt crisis in five European countries on the Thai economy.
The five countries include Portugal, Greece, Ireland, Spain, and Cyprus. The Prime Minister urged each ministry concerned to come up with measures readily to be implemented to cope with the situation, if it worsens.
A recent meeting of all related agencies, chaired by the Deputy Prime Minister and Finance Minister, Mr. Kittiratt Na-Ranong, was told that Thailand was quite well-prepared for the eurozone crisis, and reports on the situation are now being made on a daily basis.
It was also informed that Thai exports to Europe in May 2012 amounted to 1,974 million US dollars, an increase of 6.8 percent over the same period in 2011. The rise is at a satisfactory level and shows a positive sign, when compared with a 16.8 percent contraction in the first quarter.
The meeting entrusted the Ministry of Commerce and the Ministry of Finance with improving all possible channels to facilitate cross-border trade. Sharing borders with Malaysia, Myanmar, Laos, and Cambodia, Thailand operates border checkpoints to facilitate cross-border trade with the four countries. Both the Ministry of Commerce and the Ministry of Finance were asked to study the looming impact of the crisis on each export item and the situation of major importers of Thai products in various foreign markets.
The Director-General of the Department of Export Promotion, Mrs. Nuntawan Sakultanaga, believes that great opportunities are still open for Thai exports to Europe, since the European Union market is a large market, with high purchasing and bargaining power. In terms of investment, all EU countries still have good prospects despite the debt crisis, as their logistics and communication routes are linked to one another.
Thai Trade Centers in 43 countries were told to urgently send reports to the Ministry of Commerce on how Thailand should deal effectively with the volatility of the European economic situation. Their reports also include positive and negative effects on various business sectors, such as finance, trade, and services.
The Ministry of Tourism and Sports is also conducting a study on impacts of the eurozone debt crisis on Thailand’s tourism. It is expected that, despite the eurozone crisis, the number of European tourists visiting Thailand will rise by about four percent to more than five million in 2012.
( Source : Foreign Office, The Government Public Relations Department / Seeking Measures to Help Thai Businesses Affected by the Eurozone Crisis )