There are three routes to boost exports through the Democratic
manifesto, the Chat Pattana cosmetic package and the New Aspiration's Lonely Export
Summit. Thanong Khanthong explains.
After staying on the sidelines for the past six months, the Democrats yesterday made
some raucous noises to prove they are still alive.
Their economic team, led by Supachai Panitchpakdi and Abhisit Vejjajiva, unveiled a
three-page statement on how to tackle the economic woes. It was brief enough to become a
Democrat manifesto.
The Democrat manifesto is a mixture of joy and disappointment. Joy because the
Democrats have finally come out to prove their existence amid Thailand's growing economic
trauma. Disappointment because it merely parrots the conservative approach adopted by the
Finance Ministry and the Bank of Thailand in their awkward handling of fiscal policy,
monetary policy, the financial institutions, the foreign exchange policy, exports and real
estate.
Absent from the manifesto are any bold initiatives to tackle the financial sector
crisis, which caused foreign speculators to attack the baht in the middle of last month.
''Using money from the Financial Institutions Development Fund to tackle the financial
system crisis may be necessary but it should be based on the sound principle of guarding
financial system stability and protecting the interests of the depositors rather than the
shareholders or management. More importantly, the money must be used in a most limited
scope," the Democrats said.
Perhaps the manifesto is a ploy to snub the New Aspiration Party and also the Chat
Pattana Party. On Monday, Chatichai Choonhavan, the Chat Pattana leader, held a
high-profile meeting with Prime Minister Chavalit Yongchaiyudh at Ban Manangkhasila.
Following this PR exercise in which Chavalit was held hostage, the Chat Pattana swiftly
released its own face-saving package to boost exports.
The Chat Pattana became an object of self-pity after it was denied a grandiose
opportunity to participate in the first-ever Export Summit in Pattaya. Its export stimulus
package was drafted by Surakiart Sathirathai, a former finance minister and key adviser
with an obsession for craftsmanship. The package helped the Chat Pattana gain some
recognition and saved its day. Exports, which bring in Bt1.5 trillion in foreign exchange
for the country, hold the key to Thailand's economic recovery. Any political party that
lacks an export policy cannot claim to be a true party of modern Thailand. As expected,
the Export Summit became a lonely summit. It was an encounter between the prime minister;
Amnuay Viravan, the finance minister; and Commerce Minister Narongchai Akrasanee on one
side, and more than 30 key exporters.
Hold tight to your seat. The Democrats are going to steal the finale by holding a major
conference. At this conference, Supachai will unveil the most comprehensive and systematic
study ever on Thai exports. This package is an extension of the Democrats' ''white
book" on how to further develop the Thai economy, drafted while the Democrats were in
power. The conference is co-sponsored by the Industrial Finance Corporation of Thailand
and the Economic Research Centre of Chulalongkorn University. Now, let's bless the Thai
exporters, who will be fanatically served by three export stimulus packages from three
political parties New Aspiration, Chat Pattana and the Democrats. If they don't trust
any of the political parties, they're better off hawking tofu.