Finance Minister Apisak Tantivorawong said yesterday that despite the government having pushed forward many mega-projects in recent months, state investment in the region accounted for only 10 per cent of overall investment.

The ministry hopes, therefore, to see more investment, particularly from the private sector, in provinces on the Eastern seaboard, which is the Kingdom’s largest economic zone, he said.

“During the first two months, total investment declined from the same period last year. To boost investment, the government will continue organising roadshows overseas, offering more investment incentives,” he said.

Some countries, including neighbouring nations, offer a wider range of incentives and privileges to investors than Thailand has in its armoury, he said.

“The ministry may, however, soon offer more tax breaks, a new industrial zone or other privileges to investors,” he added.

The minister also said some investment laws and regulations needed to be revised in order to attract and facilitate investors from overseas, as well as domestic investors.

“For domestic investment, investors in the Eastern region are our main targets for this year,” he explained.

The ministry held a mobile “Chief Change Officer-Ministry of Finance (CCO-MoF)” meeting in Chon Buri over the past two days, aimed at engaging and stimulating the private and public sectors for future investment.

A second CCO-MoF meeting will be held in the latter half of the year.

Apisak said other Finance Ministry agendas for this year included promoting more assistance between stakeholders, with big players being asked to help small operators – something which he described as a “typically Thai” business approach that could not be found in Western countries.

The ministry also plans to help struggling businesses and those involved in small and medium-sized business, in particular.

The government, meanwhile, will press ahead with its mega-infrastructure project programme, which would help revive the economy, he said.

“In the second half, the ministry will monitor the newly approved Yellow and Pink line [mass-transit rail] projects, as well as motorway projects. It will also push for smaller-scale projects from private sector in order to boost the economy,” he said.

Moreover, the Finance Ministry will improve the e-payment system by working with other state units.

A working group on e-payments has been established and Apisak said he expected to see some positive action this year.

The system will link all transactions, payments and the tax department in a single online portal.

The ministry plans to utilise 4G technology in all departments, in order to prevent the type of corruption that can occur in traditional contract negotiations, he said.

“With a single account, all companies will be linked, from the bidding procedure to purchasing, delivery, the Customs Depart-ment, and import/export. This system is expected to help cut the cost of the bidding process by up to Bt30 billion per year,” Apisak added.

“The ministry will improve the Customs Department in order to facilitate the private sector, as well as contractors,” he added.