Thailand approves reformation of Port Authority

The Port Authority of Thailand (PAT) has received approval for a new Port Authority Bill, which is set to transform the organisation and position it as a world-class player in logistics and trade.

The bill, endorsed with 377 votes in favour and none against in parliament, provides the PAT with modern management tools and new financial instruments to invest faster and more strategically. This includes the ability to issue bonds and other financial instruments for development projects.

The PAT is now allowed to establish limited companies or public companies, both domestically and abroad, and may collaborate transparently with the private sector. This will enable the PAT to diversify its income streams and enter into ventures with other parties.

One of the key objectives of the bill is to ease logistics bottlenecks and enhance transport efficiency. Essential projects can move forward without delay due to the financial provisions in the bill, and it is anticipated that this will build confidence among Thai operators and foreign investors.

The PAT is also permitted to develop real estate to maximize the commercial use of port areas, with property development around ports expected to boost economic centres. Job creation and improvement of public spaces alongside commercial areas are anticipated as a result.

The new bill is designed to enhance the PAT's competitiveness in global logistics. The organisation will be able to establish limited companies or public companies, both domestically and abroad, and may collaborate transparently with the private sector. This will allow the PAT to diversify its income streams and invest in new business models.

The bill also allows the PAT to develop real estate to maximize the commercial use of port areas. This is expected to boost economic centres and create jobs. Improvement of public spaces alongside commercial areas is also anticipated.

The bill will be deliberated by the Senate within 60 days. If approved, it will be submitted to the Prime Minister, receive royal endorsement, and be published in the Royal Gazette.

The current interim chairman of the Port Authority of Thailand, who is advocating for comprehensive structural reforms to enhance global logistics competitiveness, is not explicitly named in the search results. However, it is clear that the new Port Authority Bill will play a crucial role in achieving these goals.

In summary, the new Port Authority Bill is set to transform the Port Authority of Thailand, positioning it as a world-class player in logistics and trade. The bill provides the PAT with modern management tools, new financial instruments, and the ability to collaborate with the private sector to invest faster and more strategically. It is anticipated that this will lead to increased efficiency, job creation, and economic growth.