Thailand, despite suffering through a severe flood crisis and other difficulties, still has great potential for business and growth in the face of a fast-changing global environment, former British prime minister Tony Blair said.
Speaking to hundreds of Thai and foreign executives yesterday at the CEO Forum organised by the Board of Investment, Blair said he was confident about the future of Thailand because there were many positive factors bolstering its growth. "Thailand has better investment potential than other countries in Asia and it's ready for the future despite its current difficulties," he said.
Blair also said that Europe was to blame for the current global economic crunch and that long-term structural reform was needed to solve the euro crisis. To do this, the European Central Bank should stand behind the single currency and focus on creating a new economic system. He added that the European financial crunch was a good lesson for the rest of the world. "The world is changing fast, and the challenge is not just for a company but also the country and the government."
He said that to keep up with changes and technological developments, countries needed to adopt four strategies.
First, each country should be strongly committed to providing clear regulations and rules of law for the business sector.
"Governments need to create an environment in which businesses are confident," he advised.
Second, social welfare, the government and service enterprises should grow together and change to support the private sector. He said public service would only work if it was flexible and kept up with technology.
Third, both the government and private sector should focus on the development of human capital, which is key to a bright future. He said a competent set of human resources needed not just education, but also an increase in creativity, respect of intellectual property and the development of job skills.
Finally, Blair said, governments should teach their people to be more open-minded, especially in terms of trade and investment, which would help promote stronger global economic growth.
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