Approved changes implemented at Thai Port Authority
The Port Authority of Thailand (PAT) has received approval for a new Port Authority Bill, marking a significant milestone in the country's logistics sector. This bill, aiming to enhance the PAT's competitiveness in global logistics, is expected to bring about numerous benefits, including easing logistics bottlenecks, enhancing transport efficiency, and creating jobs in Thailand.
The key provisions of the new bill lift previous restrictions, allowing the PAT more flexible management tools. The PAT is now able to establish limited companies or public companies, both domestically and abroad, fostering transparent commercial collaboration with the private sector. This collaboration will enable the PAT to invest in or enter into ventures with other parties, diversifying income streams and maximizing the commercial use of port areas efficiently.
The PAT is also permitted to develop real estate, a move that is anticipated to boost economic centres around ports. Property development under the new bill will not only enhance the commercial aspect but also improve public spaces alongside commercial areas, contributing to a more livable and attractive environment.
Manaporn Charoensri, Deputy Transport Minister, stated that the bill provides modern management tools to improve operational flexibility and efficiency. The bill further provides financial tools and new business models to ensure essential projects move forward without delay. The PAT may issue bonds and other financial instruments to directly raise capital for development projects, allowing the PAT to make agile use of its resources.
The reforms in the bill position the PAT as a world-class player in logistics and trade. The bill is expected to build confidence among Thai operators and foreign investors alike, contributing to a more robust and competitive logistics sector in Thailand. If approved, the bill will be submitted to the Prime Minister before royal endorsement and publication in the Royal Gazette.
The new bill, if implemented, is expected to help Thailand compete more effectively on the global stage, enhancing the country's position as a key player in the international logistics network. The bill is set to bring about a new era of growth and development in Thailand's logistics sector, paving the way for a more efficient, competitive, and modern logistics industry.
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