Thai Prime Minister Yingluck Shinawatra on Tuesday announced a three-stage strategy -- rescue, restore and rebuild -- to fight against the ongoing floods.

The premier said the rescue operation will last for two to three months until the water recedes; the restoration stage is basically aimed at healing the disaster-hit country within one year; and the government will set up two committees -- Strategic Committee for Reconstruction and Future (SCRF) and Strategic Committee for Water Resources Management (SCWRM) -- for the long- term rebuilding stage.

Veerapong Ramangkul, a renowned economist and former finance minister, was assigned to oversee SCRF and work together with Interior Minister Yongyuth Wichaidit and Commerce Minister Kittirat Na-Ranong as to comprehensive plan for social and economic recovery, city plan improvement and amendment of related laws.

Veerapong said at the press conference that "The committee's duty is to regain confidence from foreign investors as soon as possible." The first task is to convince those investors that the incident would not repeat again next year.

"I would travel to other countries to meet with foreign investors, assuring them about investment in the country," said the former finance minister.

He also pointed out that the country needs massive capital for its long-term strategy but transparency and financial discipline must be put before anything else.

Tens of thousands of factories including Toyota and Honda were submerged by heavy floods in central Ayutthaya and Pathum Thani provinces last month, causing damage of at least 3.3 billion U.S. dollars and leaving over 600,000 employees at the risk of losing their jobs. Global supply chains have been also disrupted as major production hubs for electronic supplies and automotive parts were inundated.

Besides, SCWRM which will be mainly responsible for water management techniques will be under guidance of Dr. Sumet Tantivejkul, who has been overseeing several royal initiative projects concerning water management. The prime minister herself will be head of the committee.

The two committees will work hand in hand to set up system that is capable of preventing severe inundation from reoccurring in the future.

"The government promises that we will try at any cost to restore confidence in our country as quickly as possible. We will get the country out of flood crisis together," the prime minister said at the end of her speech.

The newly installed government has to cope with the worst floods in half a century which have so far left over 500 dead and over 9 million affected since late July. Although floods which once covered four-fifths of the country have receded in 40 provinces, the situation still prevails in 24 provinces and put the entire capital city at risk of being inundated.