Srettha outlines Thailand’s vision in keynote speech in Hong Kong

Prime Minister Srettha Thavisin is attending the UBS Asian Investment Conference (AIC) 2024, an event bringing together more than 2,000 business representatives, investors from financial institutions worldwide, and notable figures in the business sector. 

Some 300 companies from the Asia-Pacific region participated to discuss the global economic situation, trade, and investment. 
The event was being held Wednesday at the Four Seasons Hotel in Hong Kong.

At the event, the prime minister delivered a keynote speech on the topic “Wisdom: An Eye on the Past, a View to the Future”. He presented the government's economic policies and his vision for Thailand's future, emphasising the creation of robust economic policies through the promotion of innovation alongside a focus on sustainability.

He highlighted the importance of strengthening fiscal stability, regulatory reform, and strategic investment in key sectors. The primary aim, he said, is to boost business confidence and enhance Thailand's competitiveness on the global stage.

A key fiscal policy he highlighted is the digital wallet scheme. In the first quarter of 2024, Thailand's GDP growth was 1.5%, with a full-year forecast of 2-3%. The government aims to boost economic growth by distributing 10,000 baht to 50 million Thai citizens, injecting more than 500 billion baht into the economy, which is expected to stimulate GDP growth by 1.2-1.8 percentage points.

"This digital wallet initiative will channel funds directly to local communities and small businesses, thereby amplifying economic stimulation,” Srettha said. “In the long term, this policy will lay the foundation for a nationwide blockchain-based payment system, while maintaining strict fiscal discipline and attracting increased foreign investment." 

On trade policy, he said the government aims to position Thailand as a key partner in the global supply chain by reducing import-export restrictions and accelerating free-trade negotiations with major economic regions. 

For business operations, the government is developing new economic growth mechanisms driven by innovation and creativity, as well as future industries. 

This includes promoting businesses aligned with climate change initiatives, improving the ease of doing business, digitising government services, and investing in large-scale infrastructure projects such as airports and the land bridge project.

In human development, the government is committed to preparing the workforce for the future by promoting education, skills development, and lifelong learning. Additionally, there are programs to reskill the existing workforce. The government also plans to attract international talent by improving work-permit and visa processes.

To promote sustainability, the government is doubling its efforts to achieve carbon neutrality by 2050 and net-zero emissions by 2065. By 2040, Thailand aims to become a leading clean energy producer in the region.

Srettha also mentioned the Ignite Thailand vision, comprising eight pillars that will propel Thailand as a central hub covering various aspects: aviation, tourism, health care and wellness, agriculture and food, logistics, future automotive industry, digital economy and financial hub.

Srettha declared the ambition to make Thailand a "nice place to live," a prime location for the regional headquarters of financial companies. Thailand possesses potential in this area, and with government support for investment, coupled with the country's capabilities, there is confidence that this vision is within reach.