sector should a downturn hit. in addition to government policies, investors and firms can play their parts in helping to improve labour skill and quality development. this can be achieved through building more experience in the workplace by investing in the best technology and capacity to use that technology efficiently. importantly, we also need to focus on the quality of investment that will help build skills and enhance production techniques that adds higher values and saves costs. ladies and gentlemen, to close, let me highlight another important underlying strength of the thai economy. in view of our unique location as the gateway to indochina, with a population of about 160 million, we have the strength of a potentially much bigger market. within asean, there is greater progress on the asean blueprint, which lays out the strategic plan to achieve further trade and financial integration within 2015. in fact, with the aec blueprint, we and the entire region stand to gain more from further trade and financial integration. soon, thailand will also be an integral part of the asean community under the new asean charter. indeed, while we continue to wait for the resolution of wto negotiations, thailand and asean have made progress on a number of free trade arrangements with japan, china, korea, australia, and new zealand. ladies and gentlemen, i hope that i have left you with some food for thought for the two days that you will hear directly from eminent experts of various fields. as a veteran central banker, i believe that over - optimism is just as dangerous as complacency in policy - making. therefore, in today ’ s world of uncertainties and volatilities, vigilance and caution are crucial elements because the road ahead is likely to be a rocky one. but this should not prevent us from having a pleasant journey toward the more prosperous future for the thai economy. the central bank is the only institution that has the legal responsibilities to preserve monetary and financial institution stability. while the expectation is high, i can assure you that we will strive to fulfill our responsibilities the best we can to ensure that the economy overcomes any difficult challenges that may lie ahead. thank you.

at the risks from potential concentration of market power and financial instability stemming from disorderly competition and exits. last but not least is better governance to bring about better risk management. for the central bank, there will be more checks and balance with a separate chairman from the governor under the new bot act. in the private sector, the roles of boards of directors in providing oversights and setting guidelines for business decisions, and having in place the proper risk management systems are essential to deal with market excesses. the ultimate aim is to enable the economy to adjust flexibly in keeping with changes in the financial environment. to facilitate this, key policies and regulations should focus on promoting market efficiency, as well as reducing distortions and unproductive risk - taking behaviours in the economy. ladies and gentlemen, the risks on growth and inflation make 2008 a very challenging year but we will be able to weather it because there is room for the right policy mix and we can capitalize on the economy ’ s resiliency. but we cannot be complacent about the medium - term challenges of improving and maintaining our competitiveness. fortunately, the government has already committed to a number of important investment projects to address infrastructure deficiencies. its investment plans for 2008 - 2012 focus on the entire spectrum of infrastructure, including the modernization of public transportation, housing and water resource management, as well as health and education spending. let me share my thought, in particular, on thailand ’ s education system which has immense implications on labor productivity and labour market efficiency, hence competitiveness. today, more than half of the thai labour force is in the non - agricultural sector ( including services ), which is more averse to changes in global competition for trade and investment. moreover, to maintain competitiveness, our economy needs the labour force that possesses higher and more flexible skill sets to move up the valued added chain of production and trade. in reality, thailand, just like other countries, has weakness in the mismatch of skills produced through formal schooling from those which firms find useful. government policies need to address this weakness quickly, by finding ways to align formal education with training through vocational schools and apprenticeship programs organized by private businesses. key questions will be on designing appropriate incentive structures for players in the education and business sectors, while being mindful of social safety net considerations when businesses close. this is especially important because the agricultural sector now accounts for about 10 percent of the overall economy and cannot provide social - safety support for the non - agricultural