Thailand Encourages Foreign Investment for High-Value Economy Transformation

BANGKOK — Thailand is actively seeking foreign investments as part of its strategy to transition to an inclusive and sustainable high-value economy, stated Prime Minister and Finance Minister Srettha Thavisin.

According to Vietnam News Agency, In a keynote address titled "Reformation of Thai Economy Amidst Polycrisis" at the Foreign Industrial Club Gala Dinner, organized by the Federation of Thai Industries, Thavisin laid out the government’s economic direction.

The Prime Minister pointed out that Thailand’s average annual GDP growth was a mere 1.8% recently, with household debt rising from 76% in 2012 to 91.6% in the current year. Additionally, the country has been grappling with shrinking exports for three consecutive quarters, attributed to factors like inflation, high interest rates, and increased raw material and energy costs, amidst stiff international competition in commodity and agricultural products.

According to Srettha, to position Thailand competitively in the face of global economic challenges, the country must be "future-proofed." The government’s focus is on economic recovery and laying the groundwork for long-term prosperity by addressing cost of living, boosting domestic spending, and expanding investment and business opportunities.