The government of Thailand said it is ready to launch the BHT2 trillion infrastructure investment project next year. The news comes after the borrowing bill was approved by the Senate on Tuesday night, according to a report published by The Nation.
The said bill drew a protest from the opposition and some senators. Democrats filed a petition to the Constitutional Court yesterday. The petition claimed the bill lacked project specificatoins and tighter financing supervision, the report said.
Thailand's economy had suffered a slowdown in its economic growth this year. Economists believe that the giant infrastructure project would give the economy a boost, said the report.
According to Transport Minister Chadchart Sittipunt, the investment scheme would be launched in 2014. The Transport Ministry will initially supervise the project with the help of other state agencies. Discussions with the World Bank, Asian Development Bank, and the Anti-Corruption Organization of Thailand have started to help supervise the infrastructure project, the report explained.
A research by King Mongkut's University of Technology Thonburi said the mega investment will boost Thailand's competitiveness in the Asean Economic Community, added the report.
Thailand currently ranks 38th out of 144 nations in the Global Competitiveness Index (GCI). The country also ranks 29th in the World Competitiveness Scoreboard, The Nation reported.
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