Bangkok: In a recent assembly of ambassadors and consuls-general, Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, delivered a pivotal address emphasizing investment in the economic structure of target industries to enhance Thailand’s long-term economic driving force.

According to Thai News Agency, Mr. Pichai’s speech highlighted key principles of the Thai economy and guidelines for potential enhancement through structural reform. He noted that Thailand’s income relies heavily on exports, constituting 73% of the economy, and private consumption, which makes up 60%. The government, he stated, aims to balance this by investing in infrastructure and supporting new industries, coupled with systematic regulatory reform.

Mr. Pichai further stressed the need for accelerated investment in critical infrastructure areas such as transportation, education, healthcare, and energy. He advocated for the promotion of target industries like electric vehicles, electronics, biotechnology, and the data industry. Additionally, he called for improvements in laws and regulations to facilitate business and trade, along with efficient budget spending to stimulate public and private sector investments.

The Deputy Prime Minister underscored the government’s commitment to inclusive growth, emphasizing increased employment, higher incomes, and domestic consumption as crucial long-term economic drivers.

Following the speech, the diplomatic corps received strategic missions to bolster Thailand’s international economic policies. These missions include attracting foreign investment in key industries, exploring new trade and investment opportunities, and proposing international cooperation to develop Thailand’s education system.

This meeting marks a significant step in aligning foreign policy with Thailand’s economic development goals, aiming to boost international confidence and enhance the country’s sustainable competitiveness.