The Second Financial Sector Master Plan and the First Capital Market Master Plan have already been announced. The Government is working on tax reforms and a few infrastructure projects have been decided upon, some of which already launched. Although at an early stage, and it may take some time before these tasks of longer-term nature will start to bear fruits, I believe that Thailand is set on the right course of economic progress. Indeed, the private sector continues to see favorable investment opportunities in Thailand. Despite current uncertainties, the expected Business Sentiment Index (BSI) has improved in recent months, boding well for further investment going forward. Our discussions with several domestic and foreign chambers of commerce also confirmed similar positive sentiment and confidence in Thailand’s strength by long-term investors. This positive opinion has also been evidenced by a stable level of BOI investment privilege applications similar to last year’s. For our part, the Bank of Thailand has recently amended our regulations (effective June 11, 2010) to allow multinational corporations to set up treasury-center operations to facilitate more efficient financing flows in Thai baht and foreign currencies. To conclude my remark today, I would like to reiterate that, with resilient economic fundamentals, the prospect of the Thai economy remains robust in the medium term. I believe that going forward gradual policy normalization of fiscal and monetary policies will enhance our economic resiliency and provide more policy space for the future.
Evidently the supervisor’s aim must be to ensure that the banking sector is a fortress against the storm and not an added problem that we have to face at the worst time imaginable. 1  Recently, it has been frequently said that the banking sector is in much better shape than it was before the previous crisis. This will allow it to become part of the solution. In any event, crises are, by definition, periods of transition and COVID-19, despite its specific features, will be no exception. I believe this crisis will serve as a catalyst which will speed up many of the trends that we have already seen and discussed on many occasions at our meetings. First, as regards the importance of digitalisation. Second, in respect of the need to gain in efficiency and cut costs. Also, naturally, as regards the criticality of good governance and risk control, underpinned by the best international practices which will allow institutions to react appropriately to such changing circumstances. And, above all, regarding having a sound and sustainable business model for the medium and long term. We do not know what the future holds for us, but what we do know is that the better prepared we are, the better we will fare. Before I conclude, let me apologise for not having made the most of this address to introduce a supervisory “wedge”.