Thailand is open to foreign investments, and the government is ready to work with the private sector to steer the country towards an inclusive and sustainable future, according to Prime Minister and Finance Minister Srettha Thavisin.
The PM on Wednesday delivered a keynote speech on "Reformation of Thai Economy Amidst Polycrisis" during the Foreign Industrial Club Gala Dinner hosted by the Federation of Thai Industries. Government spokesperson Chai Wacharonke summarised the key points of the address.
During the past decade, Thailand's GDP grew by only 1.8% per year on average, and household debt also increased from 76% in 2012 to 91.6% this year, an issue made worse by the Covid-19 pandemic, he said, quoting the PM.
For the past three quarters, the country's exports shrank due to high inflation, high interest, high cost of raw materials and energy, as well as high international competition, especially for commodity and agricultural products, he said.
Thailand needs to be future-proofed to thrive in an increasingly competitive global economy amid international conflicts and a climate crisis, he said.
The government's priority is to get the economy back on track and prepare the nation for future success by reducing the cost of living, encouraging domestic spending and expanding investment and businesses, he said.
The PM affirmed the government's commitment to work hard to achieve this through "quick wins" by reducing the cost of energy and introducing a debt repayment suspension for farmers, the digital wallet policy as well as implementing medium- and long-term measures, such as using diplomacy to open doors to new markets for Thai products and services, he said.
The government also aims to transform Thailand, a manufacturer of low-profit commodities and agriculture products, into a high-value, innovation-driven economy, he said.
To achieve this, it needs to integrate technology to improve overall productivity for high-value products and services, he said, adding the government is planning for the S-curve industry to support this move. This includes the electric vehicle industry, of which the government plans to establish a comprehensive EV supply chain for electric cars, bikes, buses and their parts and components, he said.
"Thailand is now open to investments and is ready to work fully with all sides," he said.