The government's policy to offer substantial tax breaks to lure talented Thais living overseas to return home and contribute is the right move towards addressing the country's brain drain problem.
It promises to reduce the income tax ceiling from 35% to 17% for qualified individuals, including top-tier Thai professionals working in other countries.
Yet the tax perk alone is not sufficient to reverse the phenomenon.
Thailand's challenge extends far beyond fiscal incentives. The real causes behind the problem are deeply rooted and tax breaks alone cannot solve the issue.
As highlighted by former prime minister Anand Panyarachun, "the broader societal and institutional dysfunctions must be addressed to create a conducive environment for talent to thrive, first and foremost".
For many highly skilled professionals, whether or not to return home or stay in a foreign country depends on multiple factors, not just financial incentives.
Indeed, barriers such as corruption, political interference and the absence of a fair merit system prevent talented Thais from returning from overseas.
These problems are creating a challenging environment, undermining the potential benefits of their return to the country.
Thailand's infrastructure, particularly in the digital sector, lags behind many nations, including those in the Southeast Asia region.
Shaping the digital infrastructure and enhancing the overall business ecosystem is crucial for the nation's success.
Without a robust infrastructure system to support innovation and growth, even the most skilled individuals will find making a significant contribution difficult.
If the government hopes for the return of the nation's top talent, it must foster a culture of innovation through policy and the funding of opportunities.
Mr Anand previously called for urgent education reform, and this must be heeded.
The persistent inequality in educational opportunities perpetuates a cycle of disadvantage that stifles people's potential from an early age.
Quality education should not be a privilege for the upper class but a fundamental right for all.
Ensuring that every child has access to decent education is a stepping stone towards an equitable society, and this will help retain the nation's brightest minds.
Investments in vocational training and lifelong learning are also essential to prepare the country's workforce for future challenges.
To truly attract and retain top talent, Thailand must also ensure fairness and integrity within its institutions.
Strengthening the rule of law and ensuring a level playing field for all can enhance trust in the system and encourage talented individuals to contribute their skills and expertise.
While tax incentives represent a positive step, they must be a part of a broader strategy. By tackling corruption, shaping infrastructure and ensuring equal access to education, Thailand can create a real environment where talented individuals, whether returning from abroad or homegrown, can thrive and contribute meaningfully to the nation's progress.
Only through comprehensive reform can Thailand hope to harness the full potential of its people and build a future that can inspire all.
By doing so, the kingdom can transform its economic landscape and renew its promise of a land of opportunity and fairness.