Dr. Prasarn mentioned that the expenditure on Research and Development
(R&D) in Thailand is only 0.2 per cent of its GDP, while it is 1
per cent in Hong Kong. While Hong Kong wants to increase this to 3 per
cent, Korea wants its R&D expenditure to be 5 per cent, he
said.
Innovation is a key driving force in the economy and it impacts
technology and productivity. Thailand's practice of adapting existing
technology available elsewhere has to change to a system where the
country leads in innovation, he added.
Further, Thailand is also experiencing a demographic change with an
increase in the population of elderly people coupled with a
decline in the percentage of people entering the productive age, Dr.
Prasar remarked.
The BOT Governor identified the creation of a more conducive
environment for fostering business and fair competition as another
imperative for progress. This is required for building confidence among
foreign investors. Singapore is a good example of a place where foreign
investor confidence is fairly high, he said.
Development of education was mentioned as the third critical aspect
required for progress. Improving education in Thailand, and bringing it
at par with international standards is needed. While international
schools are opening in Thailand, and they provide access to both
expatriates and some Thais, their reach continues to be limited. This
is a limited solution, he said, as the Governor stressed on the need to
elevate the educational standards of primary and secondary
schools all over the country.
Dr. Prasarn mentioned that to become a primary school teacher in
Singapore, a student has to be among the top 20 per cent in the class.
Only the best can become teachers, he said, as he quoted that the
salary of a primary and secondary school teacher in Singapore was equal
to that of employees in the Central Bank of Singapore.
To become a Minister in Singapore means that you should have topped
your class, and to become a Prime Minister, one should have held the
portfolio of the Ministry of Education, he indicated.
A proud alumnus of the Asian Institute of Technology, the Governor
also highlighted the role played by AIT in development of education in
the Asian region.
