Veerathai Santiprabhob: Strengthening ACMECS integration through financial cooperation
The views expressed in this speech are those of the speaker and not the view of the BIS.
Excellencies,
Distinguished guests,
Ladies and gentlemen,
Swasdee krub,
First of all, I would like to take this opportunity to thank the leaders of the Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy (ACMECS) and the organizers for the opportunity to speak at this very important forum. I believe the ACMECS and the Bank of Thailand share a common goal, a goal of promoting economic and financial developments to ensure sustainable well-being of our people. Certainly, our region has immense potential from growth perspectives, with abundant natural resources to population primed to embrace new economic opportunities. Just as important is the development of our financial systems to unlock the potential of our people and support growing intra-regional trade and investment. A well-functioning financial system is a critical foundation for us to achieve our common goal.
To establish suitable financial environment, financial development policies in the ACMECS region must focus on three key words of productivity, immunity, and inclusivity. Productive financial sector enables efficient resource allocation critical for raising the productivity of the economy as a whole. Maintaining a resilient financial system allows for smooth functioning of the financial market, improves risk management, and keeps systemic risk at bay. And, an inclusive financial system ensures that the benefits from economic growth can be shared fairly across the whole society, fostering stable social and economic environment conducive for sustainable growth.