Thai Chamber of Commerce seeks equal incentives for locals

The Thai Chamber of Commerce (TCC) is asking the government to give Thai companies the same benefits that foreign investors receive. This move aims to help improve production efficiency and strengthen the country’s global competitiveness. During a meeting with the Commerce Ministry, Sanan Angubolkul, the chairman of the TCC, stressed the importance of enhancing the production abilities of local businesses. He believes that Thai firms should receive benefits like tax exemptions and duty waivers on machinery imports, similar to what foreign investors get. Poj Aramwattananont, the TCC vice-chairman, highlighted that the Board of Investment (BoI) should renew tax incentives for Thai firms whose previous benefits have expired. As Thailand prepares for trade negotiations with the US, Mr. Poj pointed out the need for detailed data on service trade. He expressed concerns about the trade deficit, which could be affected by expenses related to insurance, electronic services, and software. He remains optimistic that issues surrounding the Uyghur situation will not negatively impact trade and investment, reaffirming Thailand's commitment to human rights. Additionally, Mr. Sanan called for swift discussions with China to enhance the export of syrup and durian, hoping to improve the export process and address challenges from low-cost imports. Commerce Minister Pichai Naripthaphan announced plans to boost the value of Thai food products through various programs. The ministry is also focusing on promoting exports to India, the Middle East, and China. Negotiations for free trade agreements are ongoing, including one with Bhutan expected to be signed in April. The fifth round of Thai-EU FTA talks is set for this month, aiming for completion by December. However, the Thai economy faces a challenge with high household debt, currently at 90% of GDP. This level of debt affects consumer spending power. The ministry is seeking cooperation with the TCC to address this issue while working to provide Thai investors with incentives similar to those enjoyed by foreign investors.