Bangkok: The Bank of Thailand (BOT) and the National Economic and Social Development Board (NESDB) are jointly advancing the Reinvent Thailand – A Platform for Policy Co-Creation and Execution project. This initiative aims to sustainably address structural issues within the Thai economy by collaborating with the private sector.
According to Thai News Agency, the BOT and NESDB, alongside the Fiscal Policy Office (FPO), Thai Bankers’ Association, Federation of Thai Industries, and Thai Chamber of Commerce, are spearheading the Reinvent Thailand project. This collaborative effort is crucial for tackling the structural challenges that have historically hindered Thailand’s economic potential. These issues have led to reduced growth, diminished competitiveness, and increased vulnerability among businesses and households, necessitating urgent and continuous action.
The Reinvent Thailand project offers a platform for participation across all sectors, from policy design to execution, with continuous monitoring and evaluation. The initiative emphasizes a data-driven approach and incentivizes adaptation under the principle of “do good, get good.” The private sector will lead the charge, while the government will facilitate an environment conducive to rapid adaptation, allowing all parties to share responsibility for comprehensive implementation. This initiative represents a significant opportunity to rejuvenate Thailand’s competitiveness and economic growth.
In its initial phase, the Reinvent Thailand project will launch pilot projects addressing key issues. Collaboration with partner organizations and feedback collection will be crucial to achieving tangible results and expanding the initiative’s scope. The project prioritizes policy effectiveness and continuity, aiming to guide future governments in formulating economic policies that boost business competitiveness, enhance skills, create jobs, increase income, and improve the quality of life for all Thai citizens.
Mr. Sethaput Suthiwatnarueput, Governor of the Bank of Thailand, emphasized that Reinvent Thailand transcends policy formulation and government aid, fostering private sector and public involvement in policy design and implementation. The government will create an environment conducive to adaptation, serving as a “compass” for long-term economic policy formulation.
Mr. Danucha Pichayanan, Secretary-General of the NESDB, highlighted the necessity of cross-sector cooperation to address Thailand’s enduring structural economic problems. The Reinvent Thailand project provides a platform for collaborative problem-solving, driving efforts across public and private sectors to create new dynamics for sustainable economic growth in Thailand.