TOKYO - Deputy Prime Minister Somkid Jatusripitak has assured Japanese investors that the country will persevere with economic and social reforms, regardless of future changes in government.
Speaking to an audience of about 1,000, mostly investors, at the Nikkei Forum entitled "Globalism at Crossroad -- Asia's Next Move", held in Tokyo Tuesday, Mr Somkid, who is leading an economic roadshow in Japan, played down Japanese investors' concerns about the dependability of Thailand's economic and social reforms.
He said the government's ongoing social and economic reforms will be written into the 20-year national strategy and reform plan, which will be protected by law.
For decades, Thailand has seen government policies scrapped or changed after changes in government.
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The country is expected to hold a general election late next year, after which the military-led government claims it will step down.
The National Legislative Assembly in April passed the first reading of a bill outlining drafting and implementation of the national strategy and reform plan, expected to direct the country's economic and social development over the next 20 years.
This includes setting long-term goals for the country's social and economic development, containing strategies for every economic, social and political facet, be it security, quality of life or the role of the government relative to the public.
The plan will feature priorities, and medium- and long-term developments.
The bill requires successive governments and state agencies to comply with the plan or face possible disciplinary penalties from the National Anti-Corruption Commission.
Steps necessary to make amendments are included in the bill, but a proposed amendment needs public hearings and parliamentary approval.
According to Mr Somkid, the present government successfully restored economic growth to 3.2% in 2016 from 2.9% in 2015 and only 0.7% in 2014.
This year economic growth is expected to be higher than 3.5%, said Mr Somkid, who supervises Thailand's economic affairs.
"Under the proposed law, the government's ongoing developments, such as infrastructure, law reform, and competitiveness upgrades will endure, regardless of changes in government," he assured.
Mr Somkid said Thailand is ready to support Japan and other Asian countries to bolster prosperity, stability and peace in the region and support Japan's efforts to implement the Trans-Pacific Partnership (TPP), despite the United States' withdrawal.
According to Mr Somkid, there are four factors crucial to increasing Asia's economic potential: connectivity in transportation, telecommunications, supply chain and logistics; integrated development strategy; human capital development; and peace and trust among regional members.
"In one short year, tension on the Korean Peninsula has escalated substantially, an area through which more than half of the world's trade in goods needs to navigate.
"The tension raises questions and concerns about the possible impact on economies in East Asia and the Asia-Pacific if the situation deteriorates, and on whether East Asia will be able to sustain growth in Asia," he said.
Mr Somkid said without suitable connectivity, Asian countries will find it difficult to realise the region's great manufacturing potential and build up a strong middle class that will be both the manufacturers as well as valued consumers of products.
He noted that Asia is a region of variety. Each Asian country is at different stages of development and production capability, technological advancement and human resources.
As a result, cross-country strategic links for development in various areas such as economic activity, human resources, disparity reduction, technology and manufacturing capability will be key in driving the region to become a global economic powerhouse.
According to Mr Somkid, human capital is the most important foundation for all other development.
However, if poverty and underdevelopment levels are too high, the void in human capital can become an untenable burden and impede all possible progress.
"In the near future," he said, "the digital age will make the weak even more vulnerable and the level of disparity and inequality will rise even further."
Asia needs to cooperate to enhance the level of education, develop skilled labour and prepare human resources in the digital age to create opportunities for the vast number of underprivileged individuals, and transform them from burdens to assets, he said.