The business sector has called on the government
to protect Bangkok from floods to maintain the confidence of investors,
and to also inject money into system to help rapidly rehabilitate the
economy.
The Thai Chamber of Commerce on Wednesday issued a statement asking
the government to try its best to protect Bangkok from floods.
TCC chairman Pongsak Assakul said if the inner capital is inundated
it will severely affect the confidence of foreign investors and cause
difficulties with international communications.
The TCC's statement called on the government to:
1) Put utmost effort into the prevention of flooding in inner
Bangkok, as it is the centre for business and communications with
overseas trade partners;
2) Provide information on the flood situation in the English language, giving details covering as many angles as possible;
3) Coordinate with the private sector to ensure adquate supplies of consumer goods and accessibility to necessities.
Mr Pongsak said the TCC had set up a flood relief centre to provide assistance to flood affected businesses.
“TCC will submit these demands to Commerce Minister Kittiratt
Na-Ranong for consideration to help coordination between the state and
the business sector to protect Bangkok,” he said.
Meanwhile, retailers urged the government to prepare post-flood
economic rehabilitation measures to enhance recover as soon as possible.
The government must rapidly rehabilitate the economy after flood
recedes by increasing people's purchasing power, Chatchai Duangrat,
director of the Thai Retailers Association, said on Wednesday.
Mr Chatchai said this can be done by an immediate cash
injection similar to the “Cheques Help the Nation” scheme implemented by
the previous Democrat-led coalition government.
This should be the first measure implemented as it could rapidly boost the economy, he added.
Moreover, the government should provide interest-free loans for
manufacturers to rehabilitate businesses and resume operations as soon
as possible, Mr Chatchai said.
He predicted that the flood damage to the economy would be no less
than 100 billion baht and it would trim economic growth for the year by
between one and two per cent.
Mr Chatchai said he will attend a meeting of the Thai Chamber of
Commerce tomorrow, Oct 27, to discuss the flood's impact and business
rehabilitation plans.
Amid the flood crisis, there was still some good news. US Ambassador
to Thailand Kristie Kenney said on Wednesday that the US government and
American investors would continue investing in Thailand despite the
devastation.
The US ambassador said this after visiting Prime Minister Yingluck
Shinwatra at the Flood Relief Operations Centre at Don Mueang airport
this morning.
She was accompanied by a number of US investors who have interests in Thailand, according to the reports.
Mrs Kristie said she was concerned about the flood situation in Thailand.
The US government was ready to provide support for Thailand’s efforts
in dealing with the crisis and will invest more in Thailand after the
water recedes, she added.
The Bank of Thailand governor was also concerned about the impact of the flooding on the economy.
He confirmed that the central bank will not declare Thursday and
Friday, Oct 27-28, and Monday Oct 31 an official holiday for financial
institutions because it would affect both domestic and overseas trade,
Mr Prasarn yesterday discussed with the managements of Thai and
foreign commercial banks the government’s declaration of a five-day
holiday over this weekend for state officials in 21 flooded provinces,
including Bangkok.
“Commercial banks and the Stock Exchange of Thailand will continue
their operations as usual. We all agreed that the financial system must
be protected to enable it to continue supporting the economy,” he said.
The cabinet on Tuesday resolved to declare Oct 27-28 and Monday Oct
31 an official holiday in 21 flood-hit provinces, including Bangkok, to
allow officials whose responsibilities do not concern flood prevention
to stay home, relieving traffic congestion, or to travel out of Bangkok
to other provinces.
Source: Bangkok Post
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