BANGKOK: The Governor of the Bank of Thailand (BOT) has issued a warning about the potential for the legalisation of casinos to tarnish Thailand's international reputation, portraying a "grey" image and posing economic risks.
Dr Sethaput Suthiwartnarueput (pic) stressed the importance of the nation maintaining a "correct" and "clean" profile by adhering to regulations.
Speaking at a "Meet the Press" event on Friday, he voiced his support for bolstering the wellness sector as a higher-value, lower-risk alternative to entertainment complexes.
Dr Sethaput explained that Thailand's current economic objectives should extend beyond simply attracting large tourist numbers. He argued for a greater emphasis on generating "value added," citing the potential of areas like elderly care, which caters to a global market.
He acknowledged Thailand's existing tourism infrastructure but emphasised the need for continuous improvement.
However, his primary concern lay with the backdrop of significant global uncertainty. In this context, he asserted that Thailand must project an image of integrity and transparency.
Referencing Moody's recent assessment of Thailand's adherence to rules and ethical conduct, Dr Sethaput highlighted the risks associated with casinos, suggesting they could create a "grey" perception of the country, which he deemed a significant vulnerability.
Consequently, when considering the choice between developing entertainment complexes and the wellness industry, the Governor firmly favoured wellness. He argued that this sector offers greater potential for added economic value with fewer inherent risks.
"Entertainment complexes have numerous facets," Dr Sethaput stated.
"The current challenge isn't solely about attracting more visitors, as tourists have various options. It's about how we generate value. In today's uncertain global climate, it's increasingly crucial to present ourselves as a nation that is correct, clean, and abides by rules and regulations. The issue of casinos risks increasing this 'grey' image, making it a significant risk."
Turning to the government's proposed 10,000 baht digital wallet handout, Dr Sethaput expressed his appreciation for the administration's reassessment of its suitability.
He noted that in the current climate of shifting circumstances and a surge of foreign goods entering Thailand, policy decisions must prioritise cost-effectiveness and deliver tangible benefits, especially given increasingly constrained financial and fiscal resources.
Regarding the impact of the ongoing trade war, Dr Sethaput observed that the effects of US tariff increases were not yet apparent due to ongoing negotiations However, he pointed to a visible consequence: a slowdown in investment as businesses await clarity on import duties. - The Nation/ANN
