Bangkok--Mar 8--SET
The Top Executives’ Networking Forum 2005 is being held today (March 4, 2005) in Phuket. This special event was organized by Federation of Thai Capital Market Organizations (FeTCO). At the event, Dr. Arj Taolanond, Chairman of the Board of Trade; Praphat Bodhivorakhun, Chairman of the Federation of Thai Industries (FTI); Chartsiri Sophonpanich, Chairman of the Thai Bankers’ Association (TBA), and Mr. Suthep Peetakanont, Chairman of the Federation of Thai Capital Market Organizations (FeTCO) jointly signed the “Phuket Declaration”. This Declaration is a collaboration between these 4 major economic organizations, aimed at restructuring the private business sector. The joint declaration was held with the Minister of Finance presiding over as a witness.
These 4 organizations have realized the heightening level of world competition that is becoming more aggressive and borderless, imposing immense pressure on many countries. As a result, the four see Thailand as needing an urgent adjustment to effectively contend with these circumstances, and have decided to jointly push for a restructuring of the private sector and a regulating of its direction in a way that strengthens both businesses and society.
Mr. Praphat Bodhivorakhun, Chairman of the FTI, said that, according to the Phuket Declaration, there will be an introduction of rigorous measures to conserve energy among private businesses because of the continuous increase in the world oil prices, which has unavoidably affected business costs and the outflow of foreign exchange.
He said, “The 4 organizations have joined with the Energy Policy and Planning Office and various educational institutions to come up with an effective energy conservation plan. We will invite specialists and set up a special team to advise business operators. They will also motivate entrepreneurs to save energy by lowering loan interests for them and presenting them with certificates of recognition for companies that have successfully implemented their plan. There will also be a committee to constantly plan, follow through and evaluating these measures”.
Mr. Chartsiri Sophonpanich, Chairman of the TBA, stated, “Business operators must prompt themselves to act before the world trade market becomes even more liberal. The 4 organizations have all agreed to create a competitive edge for all local businesses, with a special focus on SMEs and new operators. They’ll need a competitive edge so that they will be ready to stand their ground in this increasingly competitive environment, which is being brought about by our Free Trade Agreements and Basel II agreement, which affects clients of all financial institutions.
In addition, the TBA will also further develop and strengthen industrial clusters. These moves will help strengthen links between operators, resulting in a greater competitive edge when they enter the world trade arena. At the same time, these groups will continue to reinforce the financial strength of the private sector in order that they can access long-term financial sources through links with the Board of Trade and the FTI. Both will provide teams of business and financial advisors to help them better prepare their businesses before listing on The Stock Exchange of Thailand or the Market for Alternative Investments (mai).
Furthermore, the four will push for additional research, which will facilitate the creation of more value-added, innovative products. This will be done through the setting up of a Research and Innovation Promotion Fund. The four organizations also want to see the development of higher-quality personnel that can respond effectively to their business’ needs. They believe this can be accomplished by encouraging each business organization to transform themselves into learning organizations, thus helping them attain sustainable growth.
Mr. Suthep Peetakanont, FeTCO Chairman, said: “One of the efforts agreed upon in the Phuket Declaration is to encourage the development of human resources in the business sector and help develop the society in an integrated manner. We hope to accomplish this by seeing our group become an active part in the process to strengthen and improve the quality of life for all communities.
The 4 organizations will help develop the quality of life of communities by playing host in a project that will make schools the center of each community and by constructing public facilities, such as parks and community stadiums. They believe that assuring the sustainable development of Thai youth and strengthening the family institution will provide a strong foundation for a quality society in the future.
Mr. Arj Taolanond, Chairman of the Board of Trade, said that all of the 4 collaborating organizations have participated in several substantial activities for the society, such as the San-Jai-Thai Soo-Jai-Tai (From All Thai Hearts to the South) project to help and raise funds for those affected by the ongoing unrest in the 3 southern border provinces as well as finding professions for residents in the deep south. The project has been expanded to also aid the victims of the tsunami.
The 4 organizations plan to hold more activities for the private sector restructuring project, with joint roadshows with educational institutions. The first activity will be kicked off in Khon Kaen soon.
For more information,
please contact the Corporate Communication Dept.:
Ladawan Kantawong Tel: 0-2229-2036 /
Kulvida Jintakawong Tel: 0-2229-2037 /
Nattaporn Boonprapa Tel: 0-2229-2049 /
Watsamon Saowakhonsathien Tel: 0-2229-2797 End.