Boosting the economy, chasing greater economic engagement with other countries and paving the way for a sustainable future are three of the newly installed government's top priorities, Prime Minister Srettha Thavisin said today.

Mr Srettha said the world has been rattled by economic challenges, social injustices and environmental concerns, with many of these exacerbated by the Covid-19 pandemic.

''I intend to tackle these challenges head on and beat them. My mandate from the people is not only to get us through this difficult time, but also to ensure Thailand emerges as the centre of business and commerce in the region,” he said.

He was speaking at the Bangkok Post Forum 2023 titled "Thailand: The Era of Change'' at the Centara Grand at CentralWorld. The event was also held to celebrate the 77th year of the newspaper being in circulation.

The Thai government plans to enact policies to stimulate job creation, thus providing more financial support for low-income families and other vulnerable groups, he said, adding such measures would help level the playing field in Thai society.

Prime Minister Srettha Thavisin, centre, poses for a group photo with ambassadors after his opening speech at the Bangkok Post Forum 2023 titled ‘Thailand: the New Era of Change’ at Centara Grand at CentralWorld shopping complex yesterday. (Photos by Pattarapong Chatpattarasill and Wichan Charoenkiatpakul)

Mr Srettha elaborates on the new government’s policies to boost the economy.

The 10,000-baht digital wallet scheme will inject a cashflow of US$16 billion into the Thai economy, Mr Srettha said, adding the ripple effect could extend next year to $57 billion, equivalent to 5% of GDP.

Mr Srettha, who concurrently serves as the finance minister, said the policy would lay the foundation for a nationwide blockchain-based financial payment system and help streamline the processes facilitating foreign investment.

''The government aims to elevate all households in relation to poverty by 2027. We will leave no one behind,'' he said.

Foreign investment will be another priority, Mr Srettha government. The world is shifting and the industries of the future will require hi-tech skills for hi-tech industries, he said.

''To be at the forefront of this shift, Thailand must adapt. Therefore, investment from the companies within these future industries will not only contribute directly to (our) economic growth but also prepare Thailand to thrive in the new global economy."

Tapping foreign investment

During his attendance at the 78th session of the United Nations General Assembly (UNGA78) in New York last month, Mr Srettha said he had engaged in talks with several business leaders from such industries including companies like Tesla and Estee Lauder who are considering expanding the scope of their business operations in Thailand.

Suthikiati Chirathivat, Chairman of the Board of Directors of Bangkok Post Plc, third from left, poses for a photo with Prime Minister Srettha Thavisin, fourth left, yesterday. Also joining the photo session are, from left, Ek-Rit Boonpiti, Executive Director of Bangkok Post Plc; former deputy prime minister Wissanu Krea-ngam; and from right, Thirakiati Chirathivat, Executive Director of Bangkok Post Plc, Prasarn Trairatvorakul, former governor of the Bank of Thailand, Worachai Bhicharnchitr, Vice Chairman of the Bangkok Post Plc and Santi Promphat, Deputy Public Health Minister.

At UNGA78, the prime minister said he also talked with financial institutions who have shown significant interest in investing in Thailand.

''Google and Microsoft are also considering opening data centres [in our country]. These are not just conversations. We have set up joint working teams to work closely with those companies to ensure these opportunities are realised,'' he said.

Apart from stimulating domestic demand and luring more foreign investment, Mr Srettha said his government aims to expand the export market and will aggressively pursue trade relationships with blocs including the European Union (EU) while also working on free trade agreements (FTAs).

Moreover, the government will seek to profit from the Indo-Pacific Economic  Framework for Prosperity (IPEF) negotiations while leveraging existing cooperation frameworks such as the Regional Comprehensive Economic Partnership (Rcep) and the Asia Pacific Economic Cooperation (Apec), he noted.

''We plan to play a proactive and prominent role on the global stage,'' Mr Srettha said.

In the weeks since he assumed office, the cabinet has approved several policies to stimulate the economy, lowering energy costs and pausing debts and interest repayment for Thai farmers.

More recently, it introduced visa exemptions for Chinese and Kazakh tourists to capitalise on China's weeklong National Day holiday. Hotel bookings have already jumped 6,000% compared to the same period last year, data shows.

“I intend for my government to be action-oriented, focusing on high-impact quick wins while planning for long-term improvements,” Mr Srettha said.

Zeroing-in on sustainability

Improving people's livelihoods is a key concern and the government will try to focus on this while also keeping a firm eye on sustainability. 

Worachai Bhicharnchitr, Vice Chairman of the Bangkok Post Plc, poses for a group photo yesterday with Kukkong Ruckphaopunt (right), Senior Executive Vice President-Technology Division Manager, Bangkok Bank Public Co Ltd and Rachada Sermsillapakul (left), SVP, Strategic Marketing Communication and Public Relation Division at Siam Commercial Bank, at the Bangkok Post Forum 2023. (Photo: Nutthawat Wichieanbut)

Mr Srettha said Thailand is among only a handful of nations that have provided Universal Healthcare Coverage since 2002. He said he shared Thailand's experience of this with other nations at UNGA78.

''I also made a pledge to upgrade that programme. It is our goal to ensure the number of households facing health impoverishment is below 0.25% by 2027,'' he said.

For Thailand, the future is bright, he said, adding the country is well-equipped with the resources and skills to thrive in the coming years.

''The government will do everything we can to assure that we succeed as a nation, but we need to work side-by-side with the private sector and everyone else to drive this goal. There has never been the better time to invest and engage with Thailand,'' he said.

Bangkok Post Plc Chairman, Suthikiati Chirathivat, welcomes Prime Minister Srettha Thavisin to yesterday’s forum. (Photo: Pattarapong Chatpattarasill)

Prime Minister and Finance Minister Srettha Thavisin yesterday poses for a group photo with sponsors at the Post Forum 2023. From left, Chiruit Isarangkun Na Ayuthaya, Board Member and Secretary (President, Thailand Convention and Exhibition Bureau); Vasu Klomkliang,Executive Vice President - Energy Absolute Public Company Limited; Dr Pattarapong Bhannasiri, Senior Executive Assistant to the Chairman, Charoen Pokphand Group Co Ltd (CP Group); Dr Somsak Leeswadtrakul, Honorary Chairman GSteel group; Tipvarin Intratat, Business Development Division Director, MedPark Hospital; Piyawan Leelasompop, Head of Corporate Marketing of Central Retail Corporation Plc and Michael Henssler, Chief Operations Officer, Centara Hotels & Resorts. (Photo: Wichan Charoenkiatpakul)