Stable politics to boost Thai exports to grow over 5% in 2014

BANGKOK, December 24 (TNA) - The Ministry of Commerce has projected that Thai exports should grow by at least 5 per cent next year, based on stable domestic politics, thanks to the recovering world economy. Srirat Rastapana, Permanent Secretary for Commerce, made the comments on Tuesday at a meeting in Thailand's northeastern Khon Kaen Province with commerce authorities, the Khon Kaen governor, representatives of the private sector and other relevant agencies to discuss plans to promote Khon Kaen as a center of the ASEAN Economic Community (AEC), set to be formed by 2015. Srirat admitted that the domestic political situation remains a risk factor and an obstacle to Thailand's participation in the AEC, as unstable politics undermines national competitiveness, calling for attempts by all parties to stabilize domestic politics as soon as possible. Srirat cautioned that Thailand's political problems could affect national competency ahead of the formation of the AEC, saying she believes if Thai politics is stable, the value of national exports will exceed its targeted growth of 5 per cent next year, as her ministry is seeking ways to boost shipments of Thai products to overseas markets. Meanwhile, Supak Sivarak, President of CIMB Thai Bank, assessed that the domestic political situation should be relieved within six months, warning, however, that the ongoing domestic political strife, if prolonged, could affect the government's spending and delay public investment, while reducing the national economic growth to only 2-3 per cent next year and causing foreign investors to leave Thailand, where national credit rating may, thus, be downgraded and local and overseas fund-raising costs of business operators may increase.(TNA)