Thai Chamber of Commerce urges regulatory reforms

The proposal, which has been presented to the government, aims to address structural issues and accelerate economic growth

Key points include:

• Accelerate FTA negotiations: Expedite the completion of ongoing Free Trade Agreements (FTAs) to expand market access and boost exports.
• Reform outdated laws: Streamline bureaucratic processes and reduce regulatory burdens to create a more business-friendly environment.
• Upskill workforce: Invest in training and development to equip Thai workers with the skills needed for emerging technologies and industries.
• Support SMEs: Provide financial support and access to capital to help small and medium-sized enterprises (SMEs) grow and innovate.
• Embrace the green economy: Promote sustainable practices and invest in green technologies to address climate change and environmental challenges.
• Bio-Economy: Leverage Thailand’s natural resources to develop a bio-based economy and create new economic opportunities.

Wisit Limluecha, TCC’s vice chairman and president of the Thai Future Food Trade Association, emphasised the importance of showcasing Thailand's strengths, including its robust infrastructure and key industries such as automotive, food, and tourism, as well as its appeal to investors in emerging sectors like electronics.

The chamber’s recommendations coincide with Thailand’s rise to 25th place out of 67 economies in the 2024 World Competitiveness Ranking by the International Institute for Management Development (IMD). While this represents a five-place improvement from the previous year, the country still faces challenges in areas such as government efficiency and infrastructure.

Wisit also noted that while the economy remains attractive for investment, the government should implement supplementary stimulus measures to enhance economic growth and tackle structural issues. The recent approval of the Ease of Doing Business Bill and a notable increase in foreign direct investment applications reflect growing confidence in Thailand’s economic prospects.

Investment and economic outlook

The Thai economy has shown resilience, with strong foreign direct investment (FDI) inflows. The Board of Investment (BOI) reported a significant increase in investment applications, particularly in sectors such as electronics, digital technology, and automotive.

However, the TCC warns that the country’s growth potential may be limited without further reforms and government support. The private sector has called for additional stimulus measures and a focus on long-term structural reforms to sustain economic growth.