Commerce Ministry’s policies largely unchanged, Pichai says

Pichai Naripthaphan, minister of commerce, says the ministry will continue the initiatives of the previous minister, Phumtham Wechayachai, who was also deputy prime minister. The policy consists of 10 key points, with three new ones:

Reduce expenses, increase incomes, and expand opportunities.
Manage a balance between consumers and business operators.

Enhance the efficiency of proactive operations by provincial and commercial attachés.

Revise outdated laws to accommodate the rapidly changing global trade landscape.

Drive grassroots economic policies.

Boost exports, aiming for 1-2% growth this year.

Promote the use of free-trade agreements (FTAs).

Encourage Thai businesses to expand internationally.

Modernise the export structure.

Encourage environmentally friendly production among entrepreneurs.

“With the potential and expertise of the officials at the Ministry of Commerce, we can drive these policies toward success," Pichai said. “I am confident that the ministry will continue to advance the country's trade and investment. Apart from the policies I have set out, if anyone has good ideas or innovative thinking, I am open to discussions. My door is always open." 

He said accelerating the restructuring of exports is crucial because Thailand’s current export products have become outdated. Relying on past successes is no longer feasible; the country must quickly develop new businesses and export products in high-potential industries, especially the S-curve industries. 

He highlighted the PCB (printed circuit board) industry as one with significant potential, predicting that it could attract around 1 trillion baht in investment in the future. 

Such investments would create a ripple effect, leading to the emergence of new export products in S-curve sectors, such as smart TVs and smartphones, which are technology products that can significantly increase export revenue. Additionally, this would generate employment and increase income for Thai workers, Pichai said.

Regarding the government’s measures to reduce expenses, increase incomes, and expand opportunities, he said the government would implement measures to lower costs, such as debt moratoriums for farmers to relieve them from paying high interest rates. Support would also be provided for small and medium-sized enterprises (SMEs). 

He expressed hope that the Bank of Thailand would lower interest rates and manage the baht to prevent it from being too strong, thus reducing overall costs and supporting exporters.

"I want to emphasise that the current exchange rate of 33 baht per dollar is too strong. It has appreciated by 5-6% in just a month, and exporters are struggling to survive,” he said. 

“The rate of 33 baht per dollar needs to be urgently addressed by the Bank of Thailand, as it negatively impacts exports, especially agricultural products, which already operate on thin margins. I’m not in a feud with the central bank, but it’s clear that while our competitors’ currencies have weakened, ours hasn’t, and that’s not right.”