Thailand’s public and private sectors have joined forces to launch a bold roadmap that repositions the country as a prime destination for foreign investment and business growth.
The “Reinvent Thailand” initiative began last year as an effort to establish strategic priorities for future development. The initiative is a collaboration involving the private sector’s Joint Standing Committee on Commerce, Industry and Banking and public agencies including the Fiscal Policy Office, the Bank of Thailand and the National Economic and Social Development Council.
The goal is to develop a blueprint to address structural economic bottlenecks, overhaul workforce capabilities, accelerate decarbonisation, and ease barriers for businesses and investors.
Poj Aramwattananont, chairman of the Thai Chamber of Commerce and the Thai Board of Trade, said the country is well-positioned to benefit from the restructuring of global supply chains given current geopolitical fragmentation and the rise of new technologies.
“The chamber believes Thailand is in a very important position for global trade and investment,” said Mr Poj.
“Based on geopolitics, geography and geoeconomics, we are the centre. We have very good friendships with every country in the world. We never take sides in politics”.
He said Thailand’s key strength is its position as a safe haven for investors and manufacturers.
“One word — safe haven. Safe area, safe and good people … with the infrastructure to support investment, imports and exports. Thailand is the best for investment and trade,” said Mr Poj.
Pimjai Leeissaranukul, chairwoman of the Federation of Thai Industries, said Thai businesses are shifting away from competing on cost, focusing instead on technical capacity and trust.
“The long supply chains of Thailand … have been growing for more than 60 years,” Mrs Pimjai said, noting deep competencies across advanced automotive, integrated circuit design, printed circuit boards and semiconductors.
This experience, coupled with ongoing projects to reskill and upskill the industrial workforce, bode well for the country as it transitions to focus more on high-tech industries.
“Thailand produces at least 30,000 engineering graduates and 100,000 STEM [science, technology, engineering and mathematics] graduates each year,” she said.
“Thailand is neutral. We have perfect infrastructure and confident supply chains waiting for foreign investors.”
Phacharaphot Nuntramas, chief economist at Krungthai Bank, said seven key industries were identified for future development under the Reinvent Thailand initiative: agriculture and food processing, automotive, smart electronics and digital services, medical and wellness, tourism, retail and trading, and the creative economy.
A second component of the initiative dubbed “Resilient Asean” reflects Southeast Asia’s position as a “resilient, flexible and dynamic star on the global stage”, he said.
“Resilient Asean reflects our conviction that Thailand plays a pivotal role in the bloc. Asean is currently the world’s rising star — a safe geopolitical haven insulated from global conflicts, advanced in technology adoption offering business efficiency, and primed for the low-carbon economy,” said Mr Phacharaphot.
“Reinvent Thailand, Resilient Asean” is the theme for the upcoming Bangkok Business Summit, scheduled for Queen Sirikit National Convention Center on Sept 3, with hundreds of local and international business leaders expected to participate. The keynote addresses are by Prime Minister Anutin Charnvirakul, Finance Minister Ekniti Nitithanprapas, and Bank of Thailand governor Vitai Ratanakorn.
The World Bank is slated to launch its report on Thailand’s path to high-income status, “Building Thailand’s Future Today”, at the summit, while later sessions with business leaders cover actionable deliverables on topics such as energy transition, climate-resilient infrastructure, future industries, human capital, agribusiness and wellness sectors.
“The summit will help establish a clear, unified national direction [for growth],” Mr Phacharaphot said.
“It will provide confidence that the government, the private sector, and development agencies are aligned on a single roadmap, helping the public and small businesses understand where new economic opportunities and jobs will emerge.”
The summit should help business leaders and investors see three clear messages, he noted.
The first is investors should come away with greater understanding about how Thailand is moving from “dialogue to action”. Second, the summit is building a strategic direction for the next two years leading to 2028, when Thailand chairs Asean. Lastly, the summit serves as a public-private catalyst for the IMF-World Bank Annual Meetings in Bangkok this October, said Mr Phacharaphot.
“Globally, supply chains are actively relocating away from geopolitical conflict zones towards destinations that are safe, efficient and low-carbon — attributes Thailand offers,” he said.