Somkid Jatusripitak
Encyclopedia
Somkid Jatusripitak Chinese: 曾汉光, Thai politician, is a former Deputy Prime Minister and Minister of Commerce of Thailand
. He was a leader and cofounder of the populist Thai Rak Thai
party. His wife, Anurachanee Jatusripitak, teaches at Chulalongkorn University
. He has three children.
)-Thai family, one of 10 children. His great-great grandfather immigrated from China
during the reign of Emperor Jiaqing. One of his older brothers, Som Jatusripitak later became president of Siam City Bank and Commerce Minister in Chavalit Yongchaiyudh
's government.
in 1972. Later, He completed an MBA in Finance from the Graduate School of Business Administration or NIDA Business School, National Institute of Development Administration
(NIDA
) and a Ph.D. in marketing from the Kellogg School of Management
at Northwestern University
.
After graduating, he joined a teaching position and became Associate Professor in Marketing at Graduate School of Business Administration or NIDA Business School, National Institute of Development Administration
or NIDA . He also served as an Associate Dean at NIDA Business School. Somkid's thinking was greatly influenced by Michael Porter
's "Competitiveness of Nations". He focused much of his academic research on the development of national and business competitiveness. Along with his mentor Philip Kotler
, he was a strong supporter of the concept of Nation Branding
. In 1997, Somkid co-authored "The Marketing of Nations: A Strategic Approach to Building National Wealth" with Philip Kotler
. The book outlined how countries could improve their competitiveness through marketing and appropriate policies to support it. Somkid's book, "Thailand Inc: Concepts and Strategy", stressed how Thailand should use marketing to improve its competitiveness.
. He played a role in the establishment of the Phatra Research Institute. He became a Director of the Saha Pattanapibul Group, a major Thai consumer goods conglomerate. He was appointed to become Advisor of the Stock Exchange of Thailand
, Director of PTTEP, and Director of the Petroleum Authority of Thailand.
's government.
's government.
Somkid has been called "the man behind Thaksinomics", and was the mastermind of the populist policies that helped propel the Thai Rak Thai party to a landslide election victory in 2001. The TRT "won by embracing
populism on a grand scale," said the Far Eastern Economic Review. Somkid's chief policy innovations included the universal healthcare program, 1 million THB development funds for each of Thailand's 70,000 villages, a 3-year loan freeze for farmers, fast-track privatization of state enterprises, and a national asset management corporation (AMC) to buy up the $20 billion in bad debt carried by Thai banks.
Somkid also pioneered the TRT party's rural small and medium enterprise (SME) policy. Noting that agriculture remains the most important economic sector, employing 60-70% of the Thai population, the economic challenge was to develop the agricultural sector and link it with the modern sector. This became one of the founding principles of the Thaksin government's popular One Tambon One Product
(OTOP) program.
At the time, The Nation newspaper exclaimed that these policies "amount to a revolution in Thai public policy".
During the anti-Thaksin demonstrations of 2005-2006, Thaksin noted that Somkid was one of four individuals who might become Prime Minister if Thaksin stepped down.
In March 2006, during the height of the anti-Thaksin protests, Somkid underwent balloon angioplasty surgery to relieve a blood clot in an artery near his heart.
After Thaksin Shinawatra
's announcement that he would not accept the Premiership from Parliament after the April 2006 elections, Somkid was widely seen as a potential replacement. In a poll of businessmen, 57% said Somkid was the most suitable candidate for new premier. The next highest TRT politician was Bhokin Bhalakula, who received only 12%. Soon later, a broad coalition of TRT factions, including Wang Nam Yom (130 MPs), Rim Nam (15 MPs), Lamtakong (7 MPs), Wang Phya Nag (10 MPs), Chon Buri (7 MPs) and the Central provinces (10 MPs) decided to push for Somkid Jatusripitak as the next prime minister.
, attending the Thai-France Cultural Exhibition with Princess Sirindhorn and Foreign Minister Kantathi Supamongkhon. On 21 September 2006 arrived back to Bangkok. Unlike several other senior members of Thaksin's Cabinet, he was not arrested by the junta. Somkid kept a low profile, until on 2 October 2006 he resigned from the Thai Rak Thai Party, along with Thaksin Shinawatra.
He continued to lead a low profile, until in February 2007, he was appointed head of a government committee charged with "preaching" King Bhumibol's self-sufficient economy policy. The appointment provoked great controversy, as critics claimed that the populist economics czar had no role promoting self-sufficiency. Somkid appointment was supported by General Saprang Kalyanamitr, a powerful member of the junta, and Sondhi Limthongkul
of the People's Alliance for Democracy
, a long-time colleague of Somkid's. Somkid later decided to resign from the committee, which was then dissolved. Somkid's long-time rival, Finance Minister Pridiyathorn Devakula
volunteered to help perform the committee's role, and denied any role in Somkid's resignation.
In early May 2007, a group of former senators-elect said they were ready to support Somkid in forming a new political party, the so-called Dharma Thippatai group. Among those included Suraporn Danaitangtrakoon, Anek Laothamatas (former leader of the Mahachon Party
), and former Thai Rak Thai members Suranand Vejjajiva and Pimol Srivikorn. On 26 June 2007, they founded Ruam Jai Thai.
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
. He was a leader and cofounder of the populist Thai Rak Thai
Thai Rak Thai
The Thai Rak Thai Party was a Thai political party that was officially banned on May 30, 2007, by the Constitutional Court of Thailand due to violations of electoral laws during the 2006 legislative elections. From 2001 to 2006, it was the ruling party under Prime Minister and its founder Thaksin...
party. His wife, Anurachanee Jatusripitak, teaches at Chulalongkorn University
Chulalongkorn University
Chulalongkorn University is the oldest university in Thailand and is the country's highest ranked university. It now has nineteen faculties and institutes. Regarded as the best and most selective university in Thailand, it consistently attracts top students from around the country...
. He has three children.
Early life
Somkid was born in Bangkok and grew up in a large Chinese (TeochewTeochew people
The Chaozhou people are Han people, native to the Chaoshan region of eastern Guangdong province of China who speak the Teochew dialect. Today, most Teochew people live outside China in Southeast Asia especially in Singapore, Thailand, and Malaysia. They can also be found almost anywhere in the...
)-Thai family, one of 10 children. His great-great grandfather immigrated from China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
during the reign of Emperor Jiaqing. One of his older brothers, Som Jatusripitak later became president of Siam City Bank and Commerce Minister in Chavalit Yongchaiyudh
Chavalit Yongchaiyudh
General Chavalit Yongchaiyudh is a Thai politician and retired general. He was Thailand's 22nd Prime Minister from 1996 to 1997. He is of Sino-Thai and ethnic Lao descent....
's government.
Education and academic career
Somkid graduated with a Bachelor's Degree from the Faculty of Economics, Thammasat UniversityThammasat University
Thammasat University , or in brief TU , is Thailand's second oldest university. Officially established on 27 June 1934, the university was originally named by founder Pridi Banomyong, University of Moral Science and Politics , reflecting the political fervor of the time...
in 1972. Later, He completed an MBA in Finance from the Graduate School of Business Administration or NIDA Business School, National Institute of Development Administration
National Institute of Development Administration
National Institute of Development Administration is Thailand's most prestigious graduate university under the Commission on Higher Education, the Ministry of Education...
(NIDA
National Institute of Development Administration
National Institute of Development Administration is Thailand's most prestigious graduate university under the Commission on Higher Education, the Ministry of Education...
) and a Ph.D. in marketing from the Kellogg School of Management
Kellogg School of Management
The Kellogg School of Management is the business school of Northwestern University in Evanston, Illinois, downtown Chicago, Illinois and Miami, Florida. Kellogg offers full-time, part-time, and executive programs, as well as partnering programs with schools in China, India, Hong Kong, Israel,...
at Northwestern University
Northwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
.
After graduating, he joined a teaching position and became Associate Professor in Marketing at Graduate School of Business Administration or NIDA Business School, National Institute of Development Administration
National Institute of Development Administration
National Institute of Development Administration is Thailand's most prestigious graduate university under the Commission on Higher Education, the Ministry of Education...
or NIDA . He also served as an Associate Dean at NIDA Business School. Somkid's thinking was greatly influenced by Michael Porter
Michael Porter
Michael Eugene Porter is the Bishop William Lawrence University Professor at Harvard Business School. He is a leading authority on company strategy and the competitiveness of nations and regions. Michael Porter’s work is recognized in many governments, corporations and academic circles globally...
's "Competitiveness of Nations". He focused much of his academic research on the development of national and business competitiveness. Along with his mentor Philip Kotler
Philip Kotler
Philip Kotler is the S.C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University.-Early life:He received his master's degree at the University of Chicago...
, he was a strong supporter of the concept of Nation Branding
Nation Branding
Nation branding is a field of theory and practice which aims to measure, build and manage the reputation of countries . Some approaches applied, such as an increasing importance on the symbolic value of products, have led countries to emphasise their distinctive characteristics...
. In 1997, Somkid co-authored "The Marketing of Nations: A Strategic Approach to Building National Wealth" with Philip Kotler
Philip Kotler
Philip Kotler is the S.C. Johnson & Son Distinguished Professor of International Marketing at the Kellogg School of Management at Northwestern University.-Early life:He received his master's degree at the University of Chicago...
. The book outlined how countries could improve their competitiveness through marketing and appropriate policies to support it. Somkid's book, "Thailand Inc: Concepts and Strategy", stressed how Thailand should use marketing to improve its competitiveness.
Business career
Somkid was a co-founder of the Manager Media Group, along with Sondhi LimthongkulSondhi Limthongkul
Sondhi Limthongkul is a Thai media mogul and leader of the right-wing People's Alliance for Democracy . He was elected for leader of the New Politics Party ....
. He played a role in the establishment of the Phatra Research Institute. He became a Director of the Saha Pattanapibul Group, a major Thai consumer goods conglomerate. He was appointed to become Advisor of the Stock Exchange of Thailand
Stock Exchange of Thailand
The Stock Exchange of Thailand is the national stock exchange of Thailand. It is located in Bangkok. As of 31 December 2007, the Stock Exchange of Thailand had 541 listed companies with a combined market capitalization of $280 billion. The indices of the stock exchange are SET Index, SET50 Index...
, Director of PTTEP, and Director of the Petroleum Authority of Thailand.
Advisor to Foreign Minister Thaksin Shinawatra
Somkid became secretary to Foreign Minister Thaksin Shinawatra under Banharn Silpa-ArchaBanharn Silpa-Archa
Banharn Silpa-archa was the 21st Prime Minister of Thailand, from 13 July 1995 to 24 November 1996. He has been a veteran Sino-Thai Member of Parliament since 1976 as the elected representative of Suphanburi province...
's government.
Advisor to Finance Minister Thanong Bidaya
Somkid became secretary to Finance Minister Thanong Bidaya under Chavalit YongchaiyudhChavalit Yongchaiyudh
General Chavalit Yongchaiyudh is a Thai politician and retired general. He was Thailand's 22nd Prime Minister from 1996 to 1997. He is of Sino-Thai and ethnic Lao descent....
's government.
Founding of the Thai Rak Thai Party
Somkid was one of the co-founders of the Thai Rak Thai party in 1998, along with party leader Thaksin Shinawatra. His senior stature in the party was apparent from his no. 3 position in the TRT's 2001 election party list, behind Thaksin Shinawatra and Purachai Piemsomboon.Somkid has been called "the man behind Thaksinomics", and was the mastermind of the populist policies that helped propel the Thai Rak Thai party to a landslide election victory in 2001. The TRT "won by embracing
populism on a grand scale," said the Far Eastern Economic Review. Somkid's chief policy innovations included the universal healthcare program, 1 million THB development funds for each of Thailand's 70,000 villages, a 3-year loan freeze for farmers, fast-track privatization of state enterprises, and a national asset management corporation (AMC) to buy up the $20 billion in bad debt carried by Thai banks.
Somkid also pioneered the TRT party's rural small and medium enterprise (SME) policy. Noting that agriculture remains the most important economic sector, employing 60-70% of the Thai population, the economic challenge was to develop the agricultural sector and link it with the modern sector. This became one of the founding principles of the Thaksin government's popular One Tambon One Product
One Tambon One Product
One Tambon One Product is a local entrepreneurship stimulus program designed by Thai Prime Minister Thaksin Shinawatra during the 2001-2006 Thai Rak Thai government. The program aims to support the unique locally made and marketed products of each Thai tambon...
(OTOP) program.
At the time, The Nation newspaper exclaimed that these policies "amount to a revolution in Thai public policy".
Finance and Commerce Minister Under the Thaksin Government
From the TRT's landslide election win of 2001, Somkid was a core member of Thakin's economic inner cabinet - starting off as Finance Minister and then becoming Commerce Minister.Finance Minister
In his term as Finance Minister, Somkid- Oversaw a management reshuffle at state-owned Thai Airways InternationalThai Airways InternationalThai Airways International Public Company Limited is the national flag carrier and largest airline of Thailand. Formed in 1988, the airline's headquarters are located in Chatuchak District, Bangkok, and operates out of Suvarnabhumi Airport. Thai is a founding member of the Star Alliance. Thai is a...
- Led the establishment of the national asset management corporation (AMC)
- Supported the controversial restructuring of Prachai Leophai-ratanaPrachai Leophai-ratanaPrachai Leophairatana is a former Senator and a Thai businessman who founded Thai Petrochemical Industry .Prachai founded Thai Petrochemical Industry in 1978, based on companies his grandfather founded during World War II. Thai Petrochemical Industry group begun in rice milling, and had extended...
's Thai Petrochemical Industry (TPI) - In 2002, Somkid established the village fund program. This program gave each of Thailand's 70,000 villages a self-managed fund of 1 million THB (approx. 25,000 USD), to be used for grassroots social and economic investments.
Commerce Minister
In his term as Commerce Minister, Somkid- Oversaw the recovery of tourism industry in the Andaman coast after the tsunami of 2004
- Agreed to draw up a comprehensive road map for increasing trade, investment and cooperation with the UK
- Boosted Board of Investment incentives in three target sectors - electronics, petrochemicals and vehicle tyres
During the anti-Thaksin demonstrations of 2005-2006, Thaksin noted that Somkid was one of four individuals who might become Prime Minister if Thaksin stepped down.
In March 2006, during the height of the anti-Thaksin protests, Somkid underwent balloon angioplasty surgery to relieve a blood clot in an artery near his heart.
After Thaksin Shinawatra
Thaksin Shinawatra
Thaksin Shinawatra is a Thai businessman and politician, who was Prime Minister of Thailand from 2001 to 2006, when he was overthrown in a military coup....
's announcement that he would not accept the Premiership from Parliament after the April 2006 elections, Somkid was widely seen as a potential replacement. In a poll of businessmen, 57% said Somkid was the most suitable candidate for new premier. The next highest TRT politician was Bhokin Bhalakula, who received only 12%. Soon later, a broad coalition of TRT factions, including Wang Nam Yom (130 MPs), Rim Nam (15 MPs), Lamtakong (7 MPs), Wang Phya Nag (10 MPs), Chon Buri (7 MPs) and the Central provinces (10 MPs) decided to push for Somkid Jatusripitak as the next prime minister.
Aftermath of the 2006 coup
The Thai military staged a successful coup against the Thaksin government on 19 September 2006. At the time, Somkid was in ParisParis
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
, attending the Thai-France Cultural Exhibition with Princess Sirindhorn and Foreign Minister Kantathi Supamongkhon. On 21 September 2006 arrived back to Bangkok. Unlike several other senior members of Thaksin's Cabinet, he was not arrested by the junta. Somkid kept a low profile, until on 2 October 2006 he resigned from the Thai Rak Thai Party, along with Thaksin Shinawatra.
He continued to lead a low profile, until in February 2007, he was appointed head of a government committee charged with "preaching" King Bhumibol's self-sufficient economy policy. The appointment provoked great controversy, as critics claimed that the populist economics czar had no role promoting self-sufficiency. Somkid appointment was supported by General Saprang Kalyanamitr, a powerful member of the junta, and Sondhi Limthongkul
Sondhi Limthongkul
Sondhi Limthongkul is a Thai media mogul and leader of the right-wing People's Alliance for Democracy . He was elected for leader of the New Politics Party ....
of the People's Alliance for Democracy
People's Alliance for Democracy
The People's Alliance for Democracy also called the National Liberation Alliance - กลุ่มพันธมิตรกู้ชาติ, Thai Patriots Network or the Yellow Shirts - เสื้อเหลือง - was originally a coalition of protesters against Thaksin Shinawatra, the former Prime Minister of Thailand. Its leaders include...
, a long-time colleague of Somkid's. Somkid later decided to resign from the committee, which was then dissolved. Somkid's long-time rival, Finance Minister Pridiyathorn Devakula
Pridiyathorn Devakula
Mom Rajawongse Pridiyathorn Devakula served as Minister of Finance in Thailand's interim civilian government. Before being named to the Cabinet of Prime Minister Surayud Chulanont, Pridiyathorn had served as Governor of the Bank of Thailand since 2001...
volunteered to help perform the committee's role, and denied any role in Somkid's resignation.
In early May 2007, a group of former senators-elect said they were ready to support Somkid in forming a new political party, the so-called Dharma Thippatai group. Among those included Suraporn Danaitangtrakoon, Anek Laothamatas (former leader of the Mahachon Party
Mahachon Party
The Mahachon Party is a political party in Thailand.It was founded in 1998 under the name of Phak Ratsadon or Citizen's Party. In its first years, it was dominated by a circle of former Thai Nation Party members around Air Marshal Somboon Rahong...
), and former Thai Rak Thai members Suranand Vejjajiva and Pimol Srivikorn. On 26 June 2007, they founded Ruam Jai Thai.