Somkid Jatusripitak facts for kids
Quick facts for kids
Somkid Jatusripitak
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สมคิด จาตุศรีพิทักษ์
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Somkid Jatusripitak in 2006
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| Deputy Prime Minister of Thailand | |
| In office 20 August 2015 – 14 July 2020 |
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| Prime Minister | Prayut Chan-o-cha |
| In office 11 March 2005 – 19 September 2006 |
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| Prime Minister | Thaksin Shinawatra |
| In office 8 February 2003 – 10 March 2004 |
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| Prime Minister | Thaksin Shinawatra |
| In office 9 October 2001 – 3 October 2002 |
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| Prime Minister | Thaksin Shinawatra |
| Minister of Finance | |
| In office 10 March 2004 – 2 August 2005 |
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| Prime Minister | Thaksin Shinawatra |
| Preceded by | Suchart Chaovisith |
| Succeeded by | Thanong Bidaya |
| In office 17 February 2001 – 8 February 2003 |
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| Prime Minister | Thaksin Shinawatra |
| Preceded by | Tarin Nimmanahaeminda |
| Succeeded by | Suchart Chaovisith |
| Minister of Commerce | |
| In office 3 August 2005 – 19 September 2006 |
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| Prime Minister | Thaksin Shinawatra |
| Preceded by | Thanong Bidaya |
| Succeeded by | Krirk-krai Jirapaet |
| Personal details | |
| Born | 15 July 1953 Bangkok, Thailand |
| Political party | Sang Anakot Thai (2022-present) |
| Other political affiliations |
Thai Rak Thai (1998-2007) Chart Pattana (2007-2011) Palang Pracharath (2018-2020) |
| Spouse | Aruratchani Jatusripitak |
| Alma mater | |
| Profession | |
| Signature |  |
Somkid Jatusripitak (Thai: สมคิด จาตุศรีพิทักษ์; born 15 July 1953) is a well-known Thai economist, business expert, and politician. He has played an important role in Thailand's government and economy for many years.
Somkid learned a lot from famous marketing expert Philip Kotler. He wrote books about how countries and businesses can be more competitive. He also taught marketing at universities in Thailand. He helped start the Thai Rak Thai Party (TRT) and created many of its ideas for improving the economy and society. After the party won elections, he became a Deputy Prime Minister, Minister of Finance, and Minister of Commerce.
After a military group took control of the government in 2006, Somkid was chosen to help with economic plans. He supported the idea of a "self-sufficiency" economy, which means a country should rely more on its own resources. For a period, he was not allowed to be involved in politics. Later, after another military group took control in 2014, he became an advisor on economic matters.
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Early Life and Family
Somkid Jatusripitak was born in Bangkok's Chinatown. He grew up in a large family with 10 children. His family was Thai Chinese, meaning they had ancestors from China. His great-great-grandfather moved to Thailand from China a long time ago. Even though Somkid was born in Thailand, he still speaks Thai with a Chinese accent.
His older brother, Som Jatusripitak, also became an important person in finance and government. Somkid's wife, Anurachanee Jatusripitak, is a university teacher. They have three children together.
Education and Academic Career
Somkid went to Triam Udom Suksa School. He earned his first degree in Economics from Thammasat University in 1972. He then got a master's degree in Finance from the National Institute of Development Administration (NIDA). Later, he earned a Ph.D. in marketing from the Kellogg School of Management at Northwestern University in the United States.
After finishing his studies, he became a marketing professor at NIDA Business School. He was also an Associate Dean there. Somkid was very interested in how countries and businesses could become stronger and more competitive. He believed that countries could use marketing strategies to improve their wealth. In 1997, he wrote a book with Philip Kotler called "The Marketing of Nations." This book explained how countries could use marketing to become more successful.
Business Experience
Before entering politics, Somkid was involved in several businesses. He helped start the Manager Media Group. He also played a role in setting up the Phatra Research Institute. He became a director at Saha Pattanapibul Group, a large company that makes consumer goods in Thailand. He also advised the Stock Exchange of Thailand and was a director at important energy companies like PTTEP and the Petroleum Authority of Thailand.
Political Journey
Working with Thaksin Shinawatra
Somkid first became involved in government as a secretary to Foreign Minister Thaksin Shinawatra in 1995. Later, he also worked as a secretary to Finance Minister Thanong Bidaya.
Founding the Thai Rak Thai Party
In 1998, Somkid was one of the people who helped create the Thai Rak Thai Party, along with its leader Thaksin Shinawatra. He was a very important member of the party. Many people say he was the main person behind "Thaksinomics," which were economic ideas that helped the Thai Rak Thai Party win the election in 2001.
The party won by offering many popular ideas to the public. Somkid's main ideas included:
- A healthcare program for everyone.
- Giving 1 million Thai Baht to each of Thailand's villages for local projects.
- A plan to freeze loan payments for farmers for three years.
- Making it easier to privatize government-owned businesses.
- Creating a special company to help banks with bad debts.
Somkid also helped develop the party's plan for small and medium businesses in rural areas. He believed that developing agriculture and connecting it with modern businesses was key. This idea led to the popular One Tambon One Product (OTOP) program, which helps local communities create and sell unique products.
Minister in Thaksin's Government
After the Thai Rak Thai Party won the election in 2001, Somkid became a key member of Thaksin's economic team. He served as Finance Minister and later as Commerce Minister.
As Finance Minister
From February 2001 to February 2003, Somkid was the Finance Minister. During this time, he:
- Managed changes at the state-owned Thai Airways International.
- Helped set up the national asset management corporation (AMC).
- Supported the reorganization of Thai Petrochemical Industry (TPI).
- Started the village fund program in 2002. This program gave each of Thailand's 70,000 villages a fund of about US$25,000. The villages could use this money for local social and economic projects.
As Commerce Minister
From August 2005 to September 2006, Somkid served as Commerce Minister. In this role, he:
- Helped the tourism industry recover in the Andaman coast after the 2004 tsunami.
- Worked to increase trade and investment with the United Kingdom.
- Encouraged more investment in electronics, petrochemicals, and vehicle tires.
During a time of political difficulty in 2005-2006, Thaksin Shinawatra mentioned Somkid as one of the people who could become Prime Minister if he stepped down. In March 2006, Somkid had a heart procedure. After the April 2006 elections, many people thought Somkid could become the next Prime Minister.
After the 2006 Government Change
A military group took control of the government in Thailand on 19 September 2006. Somkid was in Paris at the time. When he returned to Bangkok, he was not arrested like some other government officials. He kept a low profile and later resigned from the Thai Rak Thai Party.
In February 2007, he was asked to lead a government committee. This committee was meant to promote the King's "self-sufficient economy" policy. However, this appointment caused some discussion because Somkid was known for different economic ideas. He later resigned from this committee.
In 2012, Somkid started the Thailand Future Study Institute. This is a research group supported by big Thai companies. It aims to provide research and advice to both government and private businesses.
Advisor and Member of the 2014 Government
After another military group took control of the government on 22 May 2014, Somkid was appointed as an advisor. He focused on economic relations with other countries, especially China and Japan. In September 2014, he became a full member of this military group, called the National Council for Peace and Order (NCPO).
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After Leaving the Cabinet
After leaving the government in 2020, Somkid joined a new political party called Sang Anakot Thai (Building Thailand's Future). He agreed to be the party's candidate for Prime Minister if they won enough seats in the upcoming 2023 Thai general election.
See also
In Spanish: Somkid Jatusripitak para niños
Images for kids
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Somkid Jatusripitak's signature
