Deputy Prime Minister Somkid Jatusripitak has urged the Stock Exchange of Thailand to take a lead role in setting up a community development fund.
The exchange can use its own money or persuade listed companies to pour their corporate social responsibility budgets into the fund to directly help communities and rural people.
"It's already the government's policy to turn the country into the state of the people (pracharat) and we believe the private sector, with its vast resources, won't miss out on that. The SET should lead them in helping narrow the income gap and develop provincial areas," he said during a visit to the SET on Friday.
As well, Mr Somkid urged the exchange to do more to promote venture capital investments and digital-economy businesses.
The SET should use its capital market development fund to help entrepreneurs and act as a middleman to attract large listed companies to invest in startups with potential, he said.
"Venture-capital businesses need money while the exchange has the capital market development fund. The fund can be used but we need to be clear what our target group is," he said.
"Since the exchange has no intention to take over [startup companies], entrepreneurs should trust it more than other fund sources."
He also wants the SET to tighten trading ties with Singapore Exchange since the two were the most promising markets in Asean.
"At the same time, the SET can persuade more companies in the CLMV [Cambodia, Laos, Myanmar and Vietnam] to list so it can diversify its products. Any obstacles can be sorted out at Asean Summit," he said.
"If the SET can do all these, it will grow strongly. An exchange is not a place to collect commission fees but a market to mobilise funds and use the proceeds for national development," he said.
Deputy Prime Minister Somkid Jatusripitak has urged the Stock Exchange of Thailand to take a lead role in setting up a community development fund.The exchange can use its own money or persuade listed companies to pour their corporate social responsibility budgets into the fund to directly help communities and rural people."It's already the government's policy to turn the country into the state of the people (pracharat) and we believe the private sector, with its vast resources, won't miss out on that. The SET should lead them in helping narrow the income gap and develop provincial areas," he said during a visit to the SET on Friday.As well, Mr Somkid urged the exchange to do more to promote venture capital investments and digital-economy businesses.The SET should use its capital market development fund to help entrepreneurs and act as a middleman to attract large listed companies to invest in startups with potential, he said."Venture-capital businesses need money while the exchange has the capital market development fund. The fund can be used but we need to be clear what our target group is," he said."Since the exchange has no intention to take over [startup companies], entrepreneurs should trust it more than other fund sources."He also wants the SET to tighten trading ties with Singapore Exchange since the two were the most promising markets in Asean."At the same time, the SET can persuade more companies in the CLMV [Cambodia, Laos, Myanmar and Vietnam] to list so it can diversify its products. Any obstacles can be sorted out at Asean Summit," he said.
"If the SET can do all these, it will grow strongly. An exchange is not a place to collect commission fees but a market to mobilise funds and use the proceeds for national development," he said.
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