Somkid Jatusripitak

Somkid Jatusripitak
Series: Digital Photographs Relating to Agency Officials, Events and Activities, · Public domain · source
Name	Somkid Jatusripitak
Native name	สมคิด จาตุศรีพิทักษ์
Birth date	1953-08-15
Birth place	Bangkok, Thailand
Nationality	Thai
Occupation	Economist, Politician, Businessman
Alma mater	Thammasat University, University of Missouri
Title	Deputy Prime Minister

Somkid Jatusripitak is a Thai economist, businessman, and politician who has held senior posts in multiple cabinets and private firms. He served as Deputy Prime Minister and Minister responsible for economic affairs, shaping policy during administrations led by Thaksin Shinawatra, Yingluck Shinawatra, and the National Council for Peace and Order. Somkid's career spans corporate management at the CentrePoint and SET-listed firms, academic affiliations with Thammasat University and Chulalongkorn University, and international engagement with organizations such as the Asian Development Bank and World Bank.

Early life and education

Somkid was born in Bangkok and raised in a family with roots in Nakhon Sawan and Uthai Thani, attending Suankularb Wittayalai School before enrolling at Thammasat University for a bachelor's degree in economics. He pursued graduate studies at the University of Missouri where he earned a master's degree in development economics and completed postgraduate work involving research collaborations with scholars from Harvard University, University of Chicago, London School of Economics, and Stanford University. During his student years he was contemporaneous with figures who later served in cabinets of Chuan Leekpai, Banharn Silpa-archa, and Chavalit Yongchaiyudh, and he maintained links with policy networks associated with Stockholm School of Economics visitors and consultants from the International Monetary Fund.

Business career

Somkid built a prominent corporate profile as CEO and director in firms listed on the Stock Exchange of Thailand, including leadership roles at Centre Point Hotel Public Company Limited and advisory positions with conglomerates connected to families such as Charoen Pokphand Group and Siam Cement Group. He worked with private equity investors and financial institutions including Kasikornbank, Siam Commercial Bank, Krung Thai Bank, and consulted for multinational corporations like Unilever, Procter & Gamble, and General Electric on strategic planning. His tenure involved corporate restructuring, mergers and acquisitions engaging with legal firms and auditors from PricewaterhouseCoopers, Deloitte, and Ernst & Young, and he participated in regional forums alongside executives from Temasek Holdings, PTT Public Company Limited, and Bank of China.

Political career

Somkid entered politics as an economic advisor to the Thai Rak Thai Party leadership under Thaksin Shinawatra and later took ministerial office in cabinets of Thaksin Shinawatra and Surayud Chulanont. He served as Deputy Prime Minister and Minister of Commerce in administrations of Yingluck Shinawatra and was appointed to senior policymaking roles during the military-led National Council for Peace and Order following the 2014 coup. He has been affiliated with parties including Palang Pracharath Party and advised leaders such as Srettha Thavisin, interacting with legislators from Pheu Thai Party, Democrat Party (Thailand), and Future Forward Party members on economic legislation. Internationally he engaged with delegations to the Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, and met counterparts from People's Republic of China, United States, Japan, European Union, and International Monetary Fund missions.

Economic policies and reforms

Somkid advocated for policies blending industrial promotion with targeted social programs, promoting initiatives like the "Thai-style" industrial clusters, supply-chain upgrading, and small and medium enterprise (SME) support tied to boards such as Board of Investment (Thailand). He promoted models drawing from experiences in South Korea, Singapore, and Taiwan development strategies, while supporting infrastructure projects financed by institutions like the Asian Development Bank and Japan International Cooperation Agency. His policy toolkit included credit guarantees coordinated with Bank for International Settlements norms, digital economy promotion aligned with Microsoft and Alibaba partnerships, and workforce upskilling initiatives in coordination with universities such as Chulalongkorn University and Mahidol University. Somkid's work intersected with trade agreements negotiated under frameworks like the Regional Comprehensive Economic Partnership and bilateral talks with Australia, China, and United States trade officials.

Controversies and legal issues

Somkid's career has been marked by political controversy tied to the polarizing tenure of Thaksin Shinawatra and later crackdowns after the 2014 coup by the Royal Thai Army. He faced scrutiny over roles in economic programs debated in the Constitutional Court of Thailand and investigations by agencies including the National Anti-Corruption Commission (Thailand), Department of Special Investigation (Thailand), and prosecutors in cases involving policy implementation, contract awards, and links to private sector actors. Allegations prompted media coverage from outlets like Bangkok Post, The Nation (Thailand), and Channel 3 (Thailand), while legal reviews invoked precedents established in rulings concerning former officials such as Yingluck Shinawatra and Abhisit Vejjajiva. Some investigations were resolved without conviction, others resulted in protracted appeals referencing procedures under the Constitution of Thailand (2017).

Personal life and honors

Somkid is married and has family ties to Bangkok business and academic circles, maintaining memberships in professional associations including the Economics Society of Thailand and advisory boards at Thammasat University and Chulalongkorn University. He has received state decorations and awards such as royal honors conferred by the Monarchy of Thailand and professional recognitions from institutions like The Asia Foundation and regional think tanks including ISEAS – Yusof Ishak Institute and The Asia-Pacific Foundation of Canada. Somkid has lectured at venues such as Harvard Kennedy School guest seminars and participated in panels at World Economic Forum and Bloomberg New Economy Forum.

Category:Thai economists Category:Thai politicians Category:1953 births Category:Living people