PUBLISHED: 3 November 2023 at 4:00 p.m.
According to Prime Minister and Finance Minister Srettha Thavisin, Thailand is open to foreign investment and is prepared to collaborate with the secret business to guide the nation toward a sustainable and equitable future.
At the Foreign Industrial Club Gala Dinner hosted by the Federation of Thai Industries on Wednesday, the PM gave a keynote speech on” Reformation of the Thai Economy Amidst Polycrisis.” The main points of the speech were summarized by Chai Wacharonke, a federal spokesman.
According to the PM, Thailand’s GDP has only increased by 1.8 % annually on average over the past ten years, and household debt has increased from 76 % in 2012 to 91.6 % this year.
According to him, the country’s exports have decreased over the past three quarters as a result of high inflation, high interest rates, expensive raw materials and energy, and intense foreign competition, particularly for agricultural and commodity products.
In the midst of world conflicts and a climate crisis, Thailand must be future-proofed in order to prosper in an economy that is becoming more and more economical.
By lowering the cost of living, promoting private spending, and boosting investment and business growth, the government’s top priority, according to him, is to restore the economy to health and get the country ready for future success.
The PM reaffirmed the government’s commitment to work hard to achieve this through” quick wins” by lowering the cost of energy and implementing the digital wallet policy, as well as medium – and long-term measures, such as using diplomacy to open doors to new markets for Thai goods and services, he said.
According to him, the state also wants to turn Thailand, a country that produces low-profit goods and agricultural products, into one that is high-value and innovation-driven.
He added that the government is preparing for the S-curve market to support this move and that it must connect technology to increase overall productivity for high-value products and services. The government intends to set up a complete EV supply string for electric cars, scooters, cars, and all of their parts and components in the electric car sector, he said.
Thailand is presently willing to work with all parties and is open to opportunities, he declared.