Thailand set to formally apply for OECD membership
Thailand will take steps to become a member of the Organisation for Economic Cooperation and Development (OECD) to attract greater investment into the country, according to the Thai economic planning agency.
Danucha Pichayanan, the secretary-general of the National Economic and Social Development Council (NESDC), said that the Thai Cabinet would be approached soon to approve the move to join the OECD.
Danucha said that Thailand first has to submit a letter of intent, demonstrating the country's desire to become a member of the global economic association, which would be considered by OECD’s committees. Once the letter is received, the approval process is expected to take 5-7 years.
Throughout this period, Thailand and the OECD would work closely to ensure that Thailand was aligned with and met the required standards, he added.
Currently, only two countries in East Asia — Japan and South Korea — are permanent members of the organisation of developed countries.
Thailand and Indonesia have made significant strides compared to other ASEAN countries in progressing towards becoming members, Danucha said, adding that membership of the OECD would boost the confidence of foreign investors and attract more investment into the country.
Danucha, however, noted that for Thailand to achieve this objective, the country still needed to undertake reforms of its regulations and laws.
The NESDC joined hands with the OECD to create the Economic Survey of Thailand 2023. The report forecast that Thailand’s gross domestic product was expected to grow by 3.6% next year, while private consumption remained strong and the labour market was recovering.
The OECD, founded in 1961, is an intergovernmental organisation of 38 countries aimed at stimulating economic progress and world trade.
