Thai private sector says 5 urgent economic issues face incoming govt
Five pressing issues with the largest impact on the country and the economy’s development must be tackled as soon as the next government forms, the Thai Chamber of Commerce (TCC) warned on Sunday.
The five urgent issues are:
1. Economic recovery in the post-Covid era. For this, the government must quickly set a GDP target of at least 5%, upgrade agriculture with modern technology, continue the digital government project, link logistics and transport infrastructure to boost trade and investment, and manage energy costs to minimise impact on costs for the public and businesses.
2. Tourism industry upgrade. TCC said tourism in the next era must focus on quality as well as quantity. Thailand must concentrate on attracting high-spending tourists as well as preserving the environment to ensure sustainability.
3. Digital upgrade for the country’s education system to produce high-skilled workers for new industries and services, especially in areas where Thailand is still lacking.
4. Attract foreign direct investment by rolling out more investment promotion measures and organising roadshows in high-potential markets such as China and Saudi Arabia.
5. Finalise all pending free trade agreements and negotiate more FTAs with new markets. Trade agreements will help reduce tariffs for exports and help Thai manufacturers penetrate new markets such as the European Union, Canada, and Turkey, said the TCC.
“Besides these five pressing issues, we also want the new government to continue megaprojects and policies, such as the BCG (bio, circular, green) economy model, Eastern Economic Corridor, and other key national agenda,” said chamber chairman Sanan Angubolkul.
“The new government’s economic team must not overlook small and medium enterprises [SMEs], who are the most vulnerable during economic fluctuations. SMEs need measures that support their business and increase their competitive advantage in both domestic and overseas markets,” he said.
Sanan pointed out that Thai SMEs are suffering competition from low-price, low-cost products from neighbouring countries and China that are flooding the Thai market. He said this problem must be addressed urgently.
