The Apec Business Advisory Council (Abac) Thailand looks set to deliver a number of proposals to Asia-Pacific Economic Cooperation (Apec) ministers at a Bangkok summit next month, which will be developed into a policy with five strategies.
The strategies are: regional economic integration; digital; micro, small and medium-sized enterprises (SMEs) and inclusiveness; sustainability; and finance and economics.
According to Abac Thailand's statement, the regional economic policy will aim to create a digital foundation and use digital tools to aid in trade, while enhancing entrepreneurs' sustainable practices to allow all levels of business to drive the economy.
The other goals include a sustainable economic structure, economic recovery of the green economy and sustainable food systems.
For finance and economics, the regional policy aims to accelerate the financial recovery and create an ecosystem that boosts the use of digital money.
"For these five strategies to be used effectively and successfully, collaboration from the private sector is vital, which is considered the heart of driving the economy," according to the statement.
Abac Thailand, which is part of the wider regional Abac, has representatives from three sector groups: the Federation of Thai Industries (FTI), the Thai Chamber of Commerce and the Thai Bankers' Association. They form the Joint Standing Committee on Commerce, Industry and Banking, which functions as the private sector representative tasked with delivering recommendations on the Apec stage.
Kriengkrai Thiennukul, chairman of the FTI, said the Thai economy has faced rising inflation driven by high energy prices, food shortages, geopolitical factors and climate change, and businesses desperately needed cooperation amongst the public and private sectors as well as individuals.
"The pandemic has affected entire businesses, especially SMEs that have been suffering from a harsh financial hardship," said Mr Kriengkrai.
"The important solutions are therefore wealth distribution and income distribution, as well as easier access to loans."
Sanan Angubolkul, chairman of the Thai Chamber of Commerce, said Thai businesses and individuals should seek opportunities from next month's Apec summit meeting, upgrade their competitiveness, and try to attract foreign direct investment by showcasing the success of Thai businesses and Thainess in general.