The private sector is calling for a zero corruption policy, regulatory reform and structural modernisation to drive national competitiveness.
During a panel discussion at the Economic Reporters Association’s annual seminar, Poj Aramwattananont, chairman of the Thai Chamber of Commerce, urged all political parties to commit to a zero corruption policy, which should gain strong public support and serve as a foundation for sustainable economic reform.
He also emphasised the need to remove outdated regulations, unlock consumer purchasing power, and empower the small and medium-sized enterprise (SME), trade and farming sectors, while promoting transparency and trust in the economic system.
“We must create a transparent economy that works for everyone,” said Mr Poj.
He reaffirmed his commitment to accelerating free trade agreements in order to strengthen Thailand’s export competitiveness.
The private sector’s plan to revitalise the economy is built on four pillars.
“First, we must build business confidence and strengthen global trade links through regulatory reform and strategic partnerships. Second, we will advance smart agriculture and the net-zero economy by using artificial intelligence and robotics to boost productivity and sustainability,” said Mr Poj.
“Third, we must drive a digital and innovation-led transformation to make the digital economy the foundation of future prosperity. Finally, we will empower Thai entrepreneurs and SMEs with better access to finance, technology and mentorship so they can thrive in a rapidly changing world.”
PROPER INCENTIVES
Despite current challenges, Kriengkrai Thiennukul, chairman of the Federation of Thai Industries (FTI), expressed optimism about next year’s prospects, noting a resolution to ongoing global trade tensions could help stabilise markets and support export growth.
“We are beginning to see clearer signs in the global trade environment,” he said. “If the trade war reaches a settlement, Thailand’s export and investment outlook will improve significantly.”
The FTI plans to collaborate with the Board of Investment (BoI) to advance new S-curve industries that can transition the country from traditional manufacturing towards innovation-led and technology-driven sectors. These include next-generation automotive, smart electronics, biotechnology and green energy industries.
“Our focus is to create the right incentives under the BoI framework to attract high-value investment and support structural transformation,” Mr Kriengkrai said. “We must train people who are ready to adapt, innovate and compete globally.”
Consistent and coordinated policy execution is crucial for Thailand’s economic recovery, he said.
“The most important factor is turning policy into concrete, continuous action. If the government can deliver on this, it will strengthen investor confidence and reinforce the foundation of Thailand’s economy,” said Mr Kriengkrai.
STRUCTURAL REFORM
Payong Srivanich, chairman of the Thai Bankers’ Association, called for swift reforms on productivity, public efficiency and structural modernisation to rebuild investor trust and strengthen long-term growth.
Mr Payong also highlighted the country’s weakening credit rating outlook, urging greater transparency and accountability through data reform.
“We must ensure transparency in every aspect, from off-book economic data and informal debt to the corruption index, all under the rule of law,” he said.
The key to escaping the current economic trap lies in embracing technology, sustainability and decarbonisation, said Mr Payong, as they will help transform Thailand into a resilient and future-ready economy.