On March 14, 2019, Deputy Prime Minister Somkid Jatusripitak delivered a speech at the 3rd State-Owned Enterprise CEO Forum organized by the State Enterprise Policy Office (SEPO). He emphasized that during the transition period between elections, he wants the executives of all 56 state enterprises to play a crucial role in driving the economy forward. He acknowledged that the economy faces global challenges due to poor exports and issues in the global economy, leading to uncertainty in private sector investments as they await clarity on the election.

          Therefore, Thai state enterprises must act as a driving force for economic growth, including companies like PTT Public Company Limited, Thai Airways International Public Company Limited, and the State Railway of Thailand (SRT). Everything must progress according to plan because Thai society still needs state enterprises to lead economic advancement, unlike in other countries where the private sector drives growth. Currently, Thailand's political status with global powers such as China, the United States, and Japan is significant, and recently South Korea has invited the government to visit to attract South Korean investors, presenting a great opportunity for Thailand to seize.


          Somkid further stated that in this era of full democracy, state enterprises have significantly contributed to the country's economic drive, launching various projects to assist the poor and support SMEs and startups. This contrasts with earlier times when he first entered politics, where there were fewer projects from state enterprises due to multiple political parties controlling different ministries, leading to a lack of unified direction. In the current era, when projects are initiated, they can be collaboratively executed, which helps the economy advance more effectively.


          Finance Minister Apisak Tantivorawong mentioned the need for a unified approach in driving state enterprises, focusing on the country's interests rather than individual agendas. Some agencies that perform well and generate high profits should reinvest those funds into national development instead of investing in stocks or overseas. This is not considered national development; state enterprises should think like the private sector, meaning they should not invest in foreign stocks. These funds should remain in the country, and domestic investments are essential for strengthening the nation. This is a collective effort to build the country, so he urges state enterprise executives to collaborate in creating wealth for the nation and reducing inequality to benefit the country as a whole.


          Additionally, he believes that Thai state enterprises must urgently focus on two critical issues: 1. Improving efficiency. If done well, this will demonstrate that Thai state enterprises can compete with the private sector. However, state enterprises differ from the private sector because part of them is government-owned, so they do not need to prioritize maximum profits. They only need to be self-sustaining to implement policies and care for the social aspects they are responsible for, such as in the financial sector, ensuring that underprivileged individuals can access financial resources and that the poor can own homes. These are essential government policies.

         
          2. Addressing corruption and leakage. He emphasized that this is a crucial issue that Thai state enterprises must urgently resolve, as they have been labeled as hotspots for corruption and leakage. There are two levels of leakage: 1. Policy level, where political figures may intervene, and some state enterprises may be compelled to comply, and 2. Lower levels, which also need to be addressed.


          "While we cannot control other factors affecting our economy, which prevents those factors from fully driving Thailand's economic growth, the investment of state enterprises, amounting to 400 billion baht per year, is vital to stimulate the economy during times of high uncertainty. The investment funds from state enterprises will become a crucial tool for ensuring stability in the country's economic growth," said Apisak.

 

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