HOME

TheInfoList



OR:

Somkid Jatusripitak ( th, สมคิด จาตุศรีพิทักษ์, , ; born 15 July 1953) is a Thai economist, business theorist, and politician. A mentee of Philip Kotler, he has (co-)authored books on competitiveness and taught marketing at Thai universities. He was a co-founder and leader of the Thai Rak Thai Party (TRT) and was mainly responsible for developing the party's progressive and reformist economic and social platform. After the party's electoral victory, he served as Deputy Prime Minister, Minister of Finance, and Minister of Commerce in Thaksin Shinawatra's government. Following the coup d'état in 2006, the junta chose him as an economic envoy, advocating the royally-endorsed " self-sufficiency" economic agenda. As one of 111 executive members of the TRT, he was banned from political activities for five years after the 2006 coup d'état. After another military coup in 2014, he served as the junta's advisor on foreign economic relations. Since September 2014 he has been a full member of the so-called
National Council for Peace and Order The National Council for Peace and Order (NCPO; th, คณะรักษาความสงบแห่งชาติ; ; abbreviated ( th, คสช.; )) was the military junta that ruled Thailand between its 2014 Thai coup d'état on 22 ...
.


Early life

Somkid was born in Bangkok and grew up in a large, but modest Thai Chinese ( Teochew) family, one of 10 children.Somkid promises he'll do it his way
/ref> His great-great-grandfather immigrated from China during the reign of the Jiaqing Emperor (early 19th century). Despite being born and raised in Thailand, Somkid still speaks Thai with a strong Chinese accent. One of his older brothers, Som Jatusripitak later became president of
Siam City Bank Siam City Bank ( th, ธนาคารนครหลวงไทย, ) was a Thai bank that operated from 1941 to 2010. The bank was founded by the Nirandorn family, but changed hands many times, and by the 1990s its largest shareholders were the ...
and Commerce Minister in
Chavalit Yongchaiyudh Chavalit Yongchaiyudh ( th, ชวลิต ยงใจยุทธ, , ; born 15 May 1932), also known as "Big Jiew" (, , ), is a Thai politician and retired army officer. From 1986 to 1990 he was the Commander-in-chief of the Royal Thai Army ...
's government.05182000
His wife, Anurachanee Jatusripitak, teaches at
Chulalongkorn University Chulalongkorn University (CU, th, จุฬาลงกรณ์มหาวิทยาลัย, ), nicknamed Chula ( th, จุฬาฯ), is a public and autonomous research university in Bangkok, Thailand. The university was originally fo ...
. They have three children.


Education and academic career

Somkid went to Triam Udom Suksa School and graduated with a bachelor's degree from the Faculty of Economics, Thammasat University in 1972. Later, he completed an MBA in Finance from the Graduate School of Business Administration (NIDA Business School),
National Institute of Development Administration The National Institute of Development Administration (NIDA) th, สถาบันบัณฑิตพัฒนบริหารศาสตร์) is a public graduate university in Thailand under the Commission on Higher Education, the Mini ...
(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 the Graduate School of Business Administration (NIDA Business School). 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 Nation branding aims to measure, build and manage the reputation of countries (closely related to place branding). In the book ''Diplomacy in a Globalizing World: Theories and Practices'', the authors define nation branding as “the application of ...
. 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, ''Borisat Prathet Thai'' ("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 Limthongkul. 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 The Stock Exchange of Thailand ( th, ตลาดหลักทรัพย์แห่งประเทศไทย), or SET, is the only stock exchange in Thailand. Founded on 30 April 1975, it is ASEAN’s 2nd largest after Singapore and the ...
, Director of PTTEP, and Director of the Petroleum Authority of Thailand.


Political career


Advisor to Foreign Minister Thaksin Shinawatra

Somkid became secretary to Foreign Minister Thaksin Shinawatra under Banharn Silpa-Archa's government (1995–96).


Advisor to Finance Minister Thanong Bidaya

Somkid became secretary to Finance Minister Thanong Bidaya under
Chavalit Yongchaiyudh Chavalit Yongchaiyudh ( th, ชวลิต ยงใจยุทธ, , ; born 15 May 1932), also known as "Big Jiew" (, , ), is a Thai politician and retired army officer. From 1986 to 1990 he was the Commander-in-chief of the Royal Thai Army ...
's government (1996–97).


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 (OTOP) is a local entrepreneurship stimulus program designed by Thailand's former Prime Minister Thaksin Shinawatra during his 2001-2006 Thai Rak Thai government. The program aimed to support locally made and marketed produ ...
(OTOP) program. At the time, ''The Nation'' newspaper exclaimed that these policies "amount to a revolution in Thai public policy".


Minister in Thaksin's 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 (February 2001 to February 2003), Somkid *oversaw a management reshuffle at state-owned
Thai Airways International Thai Airways International Public Company Limited, trading as THAI (, th, บริษัท การบินไทย จำกัด (มหาชน)) is the flag carrier airline of Thailand. Formed in 1961, the airline has its corporate h ...
*led the establishment of the national asset management corporation (AMC) *supported the controversial restructuring of
Prachai Leophai-ratana TPI Polene Public Company Limited is Thailand's Second largest cement manufacturer. It also manufactures petrochemicals, including low-density polyethylene (LDPE) and ethylene-vinyl acetate Ethylene-vinyl acetate (EVA), also known as poly (ethy ...
'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. US$25,000), to be used for grassroots social and economic investments.


Commerce Minister

In his term as Commerce Minister (August 2005 to September 2006), Somkid * oversaw the recovery of tourism industry in the Andaman coast after the
tsunami of 2004 An earthquake and a tsunami, known as the Boxing Day Tsunami and, by the scientific community, the Sumatra–Andaman earthquake, occurred at 07:58:53 local time (UTC+7) on 26 December 2004, with an epicentre off the west coast of northern Suma ...
* agreed to draw up a comprehensive road map for increasing trade, investment and cooperation with the United Kingdom * 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 succeed him as Prime Minister if he stepped down. In March 2006, during the height of the anti-Thaksin protests, Somkid underwent
balloon angioplasty Angioplasty, is also known as balloon angioplasty and percutaneous transluminal angioplasty (PTA), is a minimally invasive endovascular procedure used to widen narrowed or obstructed arteries or veins, typically to treat arterial atheroscleros ...
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.


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 Paris, 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 Junta may refer to: Government and military * Junta (governing body) (from Spanish), the name of various historical and current governments and governing institutions, including civil ones ** Military junta, one form of junta, government led by a ...
. 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 Bhumibol Adulyadej ( th, ภูมิพลอดุลยเดช; ; ; (Sanskrit: ''bhūmi·bala atulya·teja'' - "might of the land, unparalleled brilliance"); 5 December 192713 October 2016), conferred with the title King Bhumibol the Great ...
's
self-sufficient economy Autarky is the characteristic of self-sufficiency, usually applied to societies, communities, states, and their economic systems. Autarky as an ideal or method has been embraced by a wide range of political ideologies and movements, especially ...
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 General Saprang Kalayanamitr ( th, สพรั่ง กัลยาณมิตร; , also known as Poei ( th, เปย) or Big Poei ( th, บิ๊กเปย), born 8 July 1948 in Lampang, Thailand) is a retired officer of the Royal Thai Ar ...
, a powerful member of the junta, and Sondhi Limthongkul of the
People's Alliance for Democracy The People's Alliance for Democracy (PAD; th, พันธมิตรประชาชนเพื่อประชาธิปไตย, Phanthamit Prachachon Pheu Prachathipatai; commonly known as "Yellow Shirts") is a Thai reactionary, m ...
, 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 Mom Rajawongse Pridiyathorn Devakula ( th, ม.ร.ว.ปรีดิยาธร เทวกุล; ; ; born 15 July 1947) is a Thai economist. He was the Governor of the Bank of Thailand from 2001 to 2006. Following the 2006 Thai coup d'état ...
volunteered to help perform the committee's role, and denied any role in Somkid's resignation. In early May 2007, a group of former elected senators 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. However, on 30 May 2007 the Constitutional Tribunal had produced a verdict, barring all 111 former executive members of Thai Rak Thai Party, including Somkid, from holding political office for five years. In 2012, Somkid founded the ''Thailand Future Study Institute'', a think tank which is sponsored by major Thai business corporations and seeks to provide research and consulting to public bodies and private sector.


Advisor and member of the 2014 junta

After the 22 May 2014 coup d'état, the junta—which calls itself
National Council for Peace and Order The National Council for Peace and Order (NCPO; th, คณะรักษาความสงบแห่งชาติ; ; abbreviated ( th, คสช.; )) was the military junta that ruled Thailand between its 2014 Thai coup d'état on 22 ...
(NCPO)—appointed Somkid member of its "advisory board" in charge of foreign economic relations, especially with Asian countries China and Japan. On 16 September Somkid—as one of two civilians— was appointed as a member of the NCPO.


After leaving the cabinet

Following his departure from the junta cabinet in 2020, Jatusripitak joined the recently formed Sang Anganot Thai (Building Thailand's Future) party founded by former fellow ministers Sontirat Sontijirawong and
Uttama Savanayana Uttama Savanayana ( th, อุตตม สาวนายน, born 19 May 1960) is a Thai politician. He served as Minister of Finance in the second cabinet of Prime Minister Prayut Chan-o-cha. He resigned in July 2020. On 19 January 2022, Sava ...
, and agreed to be its prime ministerial nominee should the party win no less than 25 seats in the upcoming
general election A general election is a political voting election where generally all or most members of a given political body are chosen. These are usually held for a nation, state, or territory's primary legislative body, and are different from by-elections ( ...
.


Selected works

* (co-authored with Philip Kotler and Liam Fahey). * * (co-authored with Philip Kotler and Suvit Maesincee).


Notes

{{DEFAULTSORT:Jatusripitak, Somkid 1953 births Living people Somkid Jatusripitak Somkid Jatusripitak Business theorists Business writers Business educators Somkid Jatusripitak Kellogg School of Management alumni Somkid Jatusripitak Somkid Jatusripitak Somkid Jatusripitak Somkid Jatusripitak Somkid Jatusripitak Institute directors Somkid Jatusripitak Somkid Jatusripitak