ANNOUNCEMENT 18 Dec 2009In December 2009, the government of Thailand announced a changed incentive to localise business operations.
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Commerce Ministry to focus on domestic consumption stimulation
BANGKOK, 18 January 2010 (NNT)
New strategies aim to hike domestic consumption
Published: 19/12/2009, Bangkok Post
The Government of Thailand outlined on December 18, 2009 new strategies to increase local consumption in order to face the economic and financial crisis. Domestic consumption in Thailand is at 30% of GDP and the government aims at increasing it to 40%-50%.
The Ministry of Commerce announced on January 18, 2010 that its efforts to stimulate the economy will be concentrated on boosting consumption rather than supporting exports.
Main elements of the new strategy are:
- to adjust the structure of local manufacturing;
- to stimulate local investment and consumption;
- promote new technology;
- strengthen value chains;
- and increase the proportion and value of local content.
The budget available to the Ministry of Commerce for 2010 has been increased by 0.5 million baht to 11.6 million baht against the previous year.