PM underlines plans to expand GDP at FTI event
Speaking at the Foreign Industrial Club Gala Dinner event hosted by the Federation of Thai Industries at the Athenee Hotel in Bangkok on Wednesday (November 1), Prime Minister and Finance Minister Srettha Thavisin told foreign business leaders that the country is ready for future investments and pledged full support to the private sector in target industries to boost the economy and improve people’s quality of life.
The PM, whose presentation was titled “Reformation of Thai Economy Amidst Polycrisis”, underlined the government’s economic stimulus measures to expand GDP in the post Covid era and prepare Thailand for long-term economic success. These “quick win” measures focus on cost-of-living reduction, domestic spending stimulation, improving people’s quality of life and promoting investment and business expansion.
Srettha went on to say that key measures to achieve the above goals included providing a debt moratorium for SMEs and farmers to boost their competitiveness, and the digital wallet scheme, which would revitalise the economy by increasing people’s purchasing power and raising production, leading to employment and job creation, as well as the circulation and multiplication of economic activities.
The PM said another quick win would be kickstarting tourism through the visa-exempt scheme for tourists from China including Taiwan, Kazakhstan and India, as well as several other countries currently under consideration.
In the future, through collaboration with the business sector, the MICE industry will be promoted, placing Thailand at the hub for regional conferences and exhibitions, he added.
The Prime Minister then stressed the key part of his government’s strategy, which is to transform Thailand from a manufacturer of low-profit commodities and primary agriculture products, into a high-value technology and innovation-driven economy. This will be done through investment promotion and the issuing of supporting policies for target industries, namely electric vehicles (EV), smart electronics, robotics and automation, medical and wellness, and processed foods.
Srettha also underscored the importance of environmental policies, noting that Thailand is committed to achieving carbon neutrality by 2050 and net-zero by 2065. The country is reducing its reliance on fossil energy, increasing forest areas and investing in renewable energy to achieve this goal, he said, adding that Thailand was able to reduce greenhouse gas emissions by 15% in the energy and transportation sectors in the past year.
“This would be an opportunity for Thailand and its private sector to move towards sustainability and make this a competitive advantage for the country,” said Srettha.
