BANGKOK, Nov 2 — Prime Minister Srettha Thavisin is committed to transforming Thailand into a high-value technology and innovation-driven economy. Currently, Thailand’s output primarily consists of low-profit commodities and primary agriculture products.
Srettha, who is also the Finance Minister, said the country needs to integrate technology to improve overall productivity, particularly for the production of high-value products and services.
He said the government intends to encourage the electric vehicle (EV), smart electronics, robots and automation, medical and wellness, and processed food industries as future S-curve industries.
“In the EV industry, the government is set to establish a comprehensive EV supply chain that includes electric cars, electric bikes, electric buses, parts, and components.
“The government will implement measures to enhance the business environment to attract investors, provide privileges in the special economic free zone, establish a centre for battery testing, design academic course syllabus for skilled labour, and expand infrastructure for charging stations,” he said.
“The goal is to turn Thailand into the comprehensive supply chain EV manufacturing hub in Asean,” he stated.
Srettha was delivering a keynote address on “Reformation of Thai Economy Amidst Polycrisis” at the Foreign Industrial Club Gala Dinner hosted by the Federation of Thai Industries (FTI) on Wednesday night.
In ensuring food security and increasing the value of our food exports, Srettha said Thailand aims to enhance the production of food and agricultural products by leveraging innovation and technology.
“This includes comprehensive soil assessment, water management, and precision farming. The government’s target is to increase income for Thai farmers by three-fold within the next four years,” he said.
Thailand, he said, has been facing rapid disruptive changes which could be called a “polycrisis”, namely a stagnant economy, global pandemic, advancing technology, international competitions, shifting global orders, and climate change.
“Thailand therefore needs to be future-proofed to thrive in an increasingly competitive global economy and international conflicts, shifting global order, and climate crisis which is one of the most urgent threats that requires immediate action to mitigate its adverse effects on humanity.
“The most urgent task of this government is to get the economy back on track and set Thailand up for success in the long run through reducing the cost of living, encouraging domestic spending, raising people’s quality of life, creating opportunities for Thai people, and expanding investments and businesses,” he said.
Meanwhile, Srettha said the government has also adopted medium- and long-term measures through plans such as using proactive economic diplomacy to open up doors to new markets for Thai products and services as well as further development of special economic zones and economic corridors in all four regions of the country.
Besides that, he said Thailand will also enhance the ease of doing business and improve incentive packages to attract foreign investments.
“Thailand is set to promote new economic developments and industries, such as digital economy, high-tech industry, green industry, and national security industry; improving infrastructure such as airports to facilitate expanding international trade and tourism.
“Another exciting project in the pipeline is the land bridge project which will connect Andaman Sea to the Gulf of Thailand, reducing the commute time going through the Strait of Malacca and enhancing Thailand’s logistic competitiveness,” he said.
— Bernama
