The Finance Ministry is poised to table the Financial Hub bill for the cabinet's consideration by February next year, with expectations that it will help drive higher domestic investment, according to Deputy Finance Minister Paopoom Rojanasakul.
Once the cabinet approves the draft bill, Mr Paopoom said he will work to push the bill through the legislative process in the House of Representatives in the first reading, which is expected to begin in early April next year.
If Thailand has a law promoting its role as a regional financial hub, Mr Paopoom said he believes the nation can become the financial gateway to Asean.
He explained the Financial Hub bill will have an organisational structure that can issue financial business licences as specified, including providing tax and non-tax incentives through an agency called the One Stop Authority.
The Financial Hub will focus on supporting five financial industries: banking, securities, futures trading, digital assets and insurance.
The One Stop Authority under Thailand's Financial Hub is established to improve operational efficiency and technological development.
The goal is to push for ease of doing business, which is another key factor in building confidence for business operators and service users, making the Financial Hub more investor-friendly.
Additionally, Mr Paopoom mentioned the government's inflation target framework, which was recently approved by the cabinet on Tuesday, setting a target range of 1-3%, saying the cabinet intends to keep inflation within the 2% target, as it aims to implement fiscal and monetary measures.
Monetary measures involve a reduction in the policy interest rate to drive inflation, which is currently still below 1% this year, he added.
However, Mr Paopoom said he believes that inflation next year is likely to rise above this year's level due to government measures aimed at stimulating the economy.
As for the baht, it must remain at a competitive level compared to the currencies of competitor countries, he said.
