Bangkok: "Juti" supports the government's push for Thailand's entry into the OECD to erase the image of being the "capital of gray business." Mr. Juti Krairiksh, Chairman of the House of Representatives' Committee on Finance, Fiscal Affairs, Financial Institutions, and Financial Markets, discussed the progress of Thailand's efforts to join the Organization for Economic Cooperation and Development (OECD). He highlighted the government's policy, which has received parliamentary approval, aimed at lifting the nation from the low-income trap and enhancing its international stature through OECD membership.
According to Thai News Agency, Mr. Juti emphasized the necessity for Thailand to improve its governance system to meet international standards, focusing on transparency and credibility. He outlined a crucial deadline for submitting Thailand's application by June 30, 2027, and stressed the importance of immediate efforts to enhance governance, dispel the illicit business image, and address chronic issues like corruption and drug trafficking. This, he noted, would bolster investor confidence and foster national development.
Mr. Juti assured that the legislative branch will play a supportive role by studying and reviewing recommendations for the government, while the executive branch will be responsible for implementation. He underscored that the ultimate goal is the advancement of Thailand and its citizens. He also mentioned the necessity for law amendments, requiring the approval of all 500 House of Representatives members, and expressed confidence in the expertise of the House Committee on Finance and Fiscal Affairs to efficiently address issues.
When discussing the potential impacts of joining the OECD, Mr. Juti highlighted the immense value of Thai corporate bonds, totaling 18 trillion baht, which surpasses the annual budget by four times. He asserted that becoming an OECD member would enhance foreign confidence in Thailand's capital market, facilitating investment, job creation, and increased competitiveness on a global scale.