Despite the country being engulfed in grief, Deputy Prime Minister Somkid Jatusripitak insists that Thailand's economic fundamentals remain sound, with foreign investment expected to flood into the country with a boost from creative and innovative industries.
Mr Somkid urged Thais to be confident in their country's growth potential and turn sorrow into power to drive Thailand's economic growth.
"Foreign communities have their eyes trained on Thailand, looking to see whether the locals are going to lose their confidence," he said at yesterday's Creative Thailand 2016 event, which runs through Sunday at Bitec.
The event was organised by the Commerce Ministry under the theme "Think Big" to create awareness about the creative economy in Thailand.
"We have to trust our country's potential. Once foreigners see our united power, they will pour their investment into Thailand," said Mr Somkid.
He insisted the government has tried its best in recent years in introducing various economic policies to drive economic growth, restore political stability and lay down solid foundations for the country's long-term economic development while tackling issues such as income disparity and competitiveness.
Over the past two years, the government has allocated 100 billion baht to reform the agricultural sector, support local businesses and develop infrastructure.
"Creative economy development is one of the government's areas of focus, as shown by the government's various policies launched over the last couple of years, including the Thailand 4.0 initiative [digital-based industrial activities and innovation], community-based enterprise development, business startup promotion, and creative and innovative industries," Mr Somkid said.
The creative economy now accounts for 13% of the country's GDP. The concept encompasses various activities such as Thai boxing, food, tourism, films, games and festivals, he said.
Deputy Commerce Minister Suvit Maesincee said recently Thailand's creative industries could be expected to flourish over the next five years, with strong growth of 20-25% annually, if the government continues to give its full support.
Thailand is now in dire need of more innovative products and becoming a creative economy, as it can no longer depend on exporting agricultural and industrial goods, he said.