Thaksin unveils bold digital vision for Thailand at investment forum

 

Former prime minister Thaksin Shinawatra outlined an ambitious technological roadmap for Thailand at a high-profile investment forum on Friday evening, promising the imminent launch of a comprehensive digital wallet system and plans to establish the country as a regional blockchain and cryptocurrency hub.

 

Speaking at MFC's 50th Anniversary event titled, "The World's Next Opportunities and Beyond" at Bangkok's Centara Grand hotel, Thaksin shared his vision for transforming Thailand's digital landscape, drawing enthusiastic interest from government ministers, politicians and business leaders in attendance.

 

 

Digital currency plans taking shape

"The Pheu Thai party is committed to establishing Thailand as a centre for blockchain and cryptocurrency," Thaksin told the audience. "We believe we have the necessary infrastructure and capabilities to achieve this goal."

 

The former premier revealed that the government is finalising plans for a "stablecoin" backed by government bonds, which he expects to be completed within three months. 

 

This initiative will complement the digital wallet system currently being developed, with Thaksin confidently stating, "Everyone will see these developments materialise within this year."

 

 

Energy costs at the heart of digital transformation

Thailand's energy costs took centre stage in Thaksin's address, as he identified them as a critical barrier to attracting investment in key sectors like data centres, AI development, and cloud systems, vital for the nation's economic future. 

 

He argued that to become a competitive hub, Thailand must drastically reduce its electricity rates.
 

 

"We must make Thailand's energy prices more competitive to attract investment," he emphasised. "The current rate of 4.12 baht per unit [around 11-12 cents] needs to be reduced to around 2.50 baht [8 cents]." 

 

While acknowledging the challenges posed by Thailand's reliance on coal and imported natural gas, Thaksin maintained that achieving an 8-cent rate is essential. 

 

"This presents a challenge and is difficult to achieve because Thailand still relies on coal-fired power generation, while natural gas is insufficient and needs to be imported, resulting in high costs. However, targeting 8 cents per unit, or controlling it to not exceed 2.5 baht per unit, remains a reasonable and achievable goal," he said.

 

Thaksin outlined potential solutions, advocating for the expanded adoption of renewable energy sources, particularly solar power, to drive down costs. He envisioned a scenario where solar energy could help reduce electricity rates from the current 11-12 cents to approximately 8 cents per unit. 

 

"We must develop a solid plan to reduce energy production costs; otherwise, we simply cannot compete," he warned, highlighting the urgency of the situation.

 

Addressing the viability of nuclear power, Thaksin noted its high investment costs and limited current use. He suggested that focusing on alternative clean energy sources, such as solar, could potentially yield even lower electricity rates, possibly below 1 baht per unit.

 

 

AI healthcare solutions on the horizon

Thaksin also outlined plans to harness artificial intelligence in the healthcare sector, particularly in areas facing staff shortages. 
 

 

Thaksin Shinawatra

 

"In the future, we may see AI functioning as doctors, helping with diagnostics and assessments in certain areas," he explained. "This is something that could become reality in Thailand, and we needn't wait—we must begin today."

 

He expressed his desire for Thais to become proficient in AI technologies within the next decade, emphasising that "AI has tremendous influence and can enhance our capabilities if we know how to use it properly."

 

 

Digital embassy vision

When asked what he would like to see accomplished in Thailand within the next 12 months, Thaksin shared his dream of establishing a "Digital Embassy" zone in Bangkok.

 

"I want to find a location in Bangkok to create a data-safe zone—a digital embassy where multiple countries can establish a presence," he stated. "This will help transform Thailand into an AI hub. It's challenging but achievable, provided we can lower our energy costs."

 

The investment forum, which saw attendance from Finance Minister Pichai Chunhavajira, Bank of Thailand board chairman Somchai Sujjapongse, and CP Group executive chairman Suphachai Chearavanont, among others, underscored the high-level interest in Thailand's digital transformation agenda.