PM’s policy to lure investment for sustainable development outlined

The UN Sustainable Development Goals (SDGs) comprise 17 global development objectives recognised by all 193 member states of the United Nations. Under each goal, there are 169 sub-goals and 232 indicators to track their progress. 

The 17 SDGs reflect five dimensions of sustainability: social, economic, environmental, peace and institutions, and partnerships.

The sustainable-development objectives are not solely the responsibility of the government but require collaborative efforts of the state, the private sector, and civil society. The government sets sustainable development goals as part of the coordinated missions across various governmental agencies.

Prime Minister Srettha Thavisin announced his support for the SDGs before the opening of the 78th session of the UN General Assembly last year. He tasked Thai trade representatives with considering these goals when inviting foreign investors.

The mission of Thai trade representatives, which is tied to the economic dimension, involves collaborating with the private sector, including both Thai and foreign investors, to ensure that investments in Thailand align with the sustainable development goals outlined by the prime minister's policy framework.

Last year, approved international projects generated export revenues to Thailand of about 2.183  trillion baht. Within this figure, the agricultural, food, and biotechnology industries contributed around 788 billion baht, accounting for 36% of the total export revenues from all approved international promotion projects.

In addition, approved international projects utilised domestic raw materials worth about 1.2 trillion baht per year. 

Among these projects, those in the agricultural, food, and biotechnology industries were the top users of domestic raw materials, with a value of about 797 billion baht, accounting for 62% of the total value of domestic raw materials used within the country for all approved international promotion projects.

"These numbers not only contribute positively to export outcomes but also signify the social impact, encompassing the first five goals of the SDGs, such as promoting sustainable agriculture," Narumol said.

Moreover, foreign investments do not solely target already prosperous areas. Last year, there were international projects in 20 provinces with low per capita income, where 14 projects were approved for promotion, amounting to an investment value of 7 billion baht.

Investments from foreign countries in these projects address the economic dimensions covered by SDG Goals 7 to 11. They contribute to fostering sustained, inclusive, and sustainable economic growth.

"The mission to support trade and investment is not just about increasing export revenues and foreign investment figures,” Narumol said. 

“The benefits derived from these numbers will lead to increased incomes for the general public, whether through increased employment opportunities or expanded business prospects for Thai entrepreneurs, in line with the prime minister's policies and goals as the leader of the Thailand team."