Category: The Bangkok Post

The State Audit Office (SAO) is continuing to pay rent for the site of its collapsed new headquarters, as its lease with the State Railway of Thailand (SRT) remains in force until Sept 30, 2033.

The issue resurfaced during the first reading of the fiscal 2027 Budget Bill after People’s Party MP Panida Mongkolsawat said the SAO had six years remaining on the lease and would pay a total of 764 million baht under the agreement.

In a statement issued on Monday, the SAO said the figure represented the total budget commitment over the 15-year lease period from 2017 to 2033, not a lump-sum payment. It said actual rental payments from fiscal 2019 to 2026 had averaged about 38 million baht a year.

The agency said rent funding must continue in fiscal 2027 because the lease has not been formally terminated. Although the construction contract was cancelled after the building collapsed on March 28, 2025, the contractor has yet to vacate the site and hand it back to the SAO despite repeated requests, leaving the SAO legally bound by the agreement.

The SAO said it terminated the construction contract and sought penalties and damages from the contractor on Feb 13. It is also coordinating with the SRT, the Treasury Department and the contractor on the return of the land and the management of assets remaining on the site.

A Transport Ministry source said the lease remains valid and that no talks have been held to terminate it, adding that the SAO has continued to make rent payments on schedule and has no arrears.

The SAO has yet to decide whether to rebuild its headquarters at the same location because legal proceedings related to the collapse are still ongoing.

However, the office reportedly no longer wishes to use the land, while the Royal Thai Police has expressed interest in leasing the site. The lease allows lease rights to be transferred or the property to be subleased with prior written approval from the SRT. Any transfer to the police would require agreement between the two agencies and the railway authority’s consent.

The original lease, signed in 2017, covered 17,217.23 sqm. Following cabinet approval in 2022, the leased area was expanded to 24,311.10 sqm for access roads and landscaping, extending the lease to 2033 and increasing the total commitment to 764 million baht.

Finance Minister Ekniti Nitithanprapas said the government would need to work more closely with the private sector on energy transition measures if the Constitutional Court decides to reject its 400-billion-baht emergency borrowing decree, stressing that energy reform is vital to economic security.

He was commenting ahead of Thursday’s Constitutional Court ruling on the decree, which authorises the Ministry of Finance to borrow up to 400 billion baht to address energy-related pressures and support the country’s energy transition.

Under the plan approved by cabinet on May 5, 200 billion baht would be used to ease cost-of-living pressures linked to the Middle East conflict, while the remainder would support renewable energy development.

The decree has been challenged by the People’s Party, which argues the situation does not meet the constitutional requirement of “urgent and unavoidable necessity” for issuing an emergency decree instead of normal legislation.

The party also raised concerns over the lack of detail on energy transition spending, saying it should be subject to fuller parliamentary scrutiny.

Mr Ekniti said it was ultimately for the Constitutional Court to decide the matter, adding that the government’s role was to provide complete and accurate information on the necessity of the measure.

He said Thailand remained heavily dependent on imported energy, particularly oil, with rising global prices contributing to pressure on the current account.

Geopolitical uncertainty, he added, meant risks of supply disruption and price volatility could persist.

If the ruling goes against the government, he said all sectors would need to be involved in preparing responses, particularly through public-private cooperation under the Joint Public and Private Sector Committee, which is already being used to advance energy transition initiatives.

He added that faster progress on the transition would require budget support, warning that delays would leave Thailand more exposed given its structural reliance on imported oil and fragile economic base.

He said discussions were already under way on projects including renewable energy expansion such as solar power, as well as transport-sector efforts to reduce dependence on diesel.

He also highlighted plans to expand biofuels derived from palm oil and sugarcane, which he said could also help boost farmer incomes.

Separately, the Senate debated a 10.328-billion-baht budget transfer bill for fiscal year 2026, which had already been approved by the House of Representatives and must be decided within 20 days.

Prime Minister Anutin Charnvirakul told the session the bill reallocates unspent and non-committed funds, including travel, training and overseas missions, as well as investment projects that could not proceed or were no longer necessary.

He said the funds would be moved into a central emergency reserve to support urgent responses, public services, welfare obligations and local economic activity in the final two quarters of the fiscal year.

Senate budget committee chairman Supachok Sarakit raised concerns that shifting funds away from investment budgets could weaken infrastructure development and long-term competitiveness.

He also warned that accelerated disbursement ahead of deadlines could affect project quality and value for money.

The Senate approved the bill, with abstentions, and it will now proceed to formal enactment.

A week-long search has failed to find a disabled cat that vanished from its owner’s bag at night in the luggage van of a Yala-Bangkok rapid train.

A frantic search along 100 kilometres of track by railway staff and volunteers has found no trace of “Som” the missing feline.

Meethaphat Soonthornwarapas, of state railway public relations, said on Tuesday that searchers were using light rail vehicles in combing the area along the southern track between Lamae and Chumphon stations.

They also checked CCTV installed between the two stations, sought help from all communities and posted notices about the missing cat at all the stops.

“Som”, a six-year-old female cat, went missing from rapid train No.170, which departed Yala for Bangkok at 4.30pm on June 28. She was travelling with her owner, Wan Maryani Hajee Mahmood, who had put her pet in a bag.

The cat, whose two hind legs are disabled, should have stayed with her during the journey. Ms Wan had planned to buy a non-airconditioned, second-class sleeping car ticket, but the non-airconditioned carriage was out of order that day and she instead bought a ticket for an air-conditioned sleeping berth.

As pets are not allowed in air-conditioned cars of any class, she had to leave “Som” in the baggage car.

She said she made frequent visits to see her cat, caring for and feeding her until night fell. She even considered sleeping with her in the luggage car, but the only other person in the carriage would have been a male railway employee and she worried for her safety. (continues below)

According to the SRT, the staffer on duty in the luggage van noticed the cat was missing as the train approached Lamae station in Lamae district in Chumphon and “the passenger was promptly informed”.

Train No. 170 was due at Lamae at 12.41am on June 29, according to the timetable.

But Ms Wan said on her Facebook post that she was not informed her cat was missing until around 6.30am.

The Hope Thailand Foundation, an animal welfare advocacy group that provided her with assistance, on Monday asked why staff on the train did not inform her immediately. “If your organisation places importance on the lives of all animals, you should not have handled it that way,” the foundation said.

It also asked why the bag holding “Som” was found unzipped. The luggage car had no security cameras installed and the doors could not be locked shut, it said.

On Tuesday, foundation members talked to train staff in Chumphon and narrowed the area where “Som” could have gone missing to between Lamae and Lang Suan stations, a reduced search distance of about 30 kilometres.

The question remains, how could disabled “Som” have left the moving train that night.

“Som” means orange in Thai. It is the colour of the missing cat.

Anyone spotting her is asked to call any of the following numbers:

The owner: 092-609-8833

The Lamae station master: 061-598-3174

The Hope Thailand Foundation: 096-865-9895 and 092-605-8833

Thailand and the European Union have concluded eight more negotiating items in their latest free trade agreement (FTA) talks, a key step toward finalising the long-awaited pact, Commerce Minister Suphajee Suthumpun said.

The 9th round of the negotiations took place from June 22-30 in Brussels.

Ms Suphajee said four more chapters covering competition and subsidies, state-owned enterprises, dispute settlement and institutional provisions governing implementation of the agreement have been concluded.

She said three annexes and one protocol covering export-related duties, import and export monopolies, automotive standards under technical barriers to trade and mutual customs assistance were also finalised.

In total, 15 of the agreement’s 24 chapters, and related annexes, representing about two-thirds of the FTA, have been concluded, she noted.

Ms Suphajee said several remaining issues, including anti-fraud measures, are close to conclusion, and negotiations on market access for goods, services, investment, and government procurement are also advancing.

She said the talks are entering their final stretch with the remaining issues including agriculture, industrial goods, government procurement, energy and raw materials, digital trade, services and investment and legal and regulatory matters, including intellectual property.

Citing information from the chief of the Thai negotiation team, she said the progress was driven by political support following high-level meetings in Brussels on June 24 between Thai and European officials who reaffirmed their commitment to concluding the Thai-EU FTA as soon as possible.

Ms Suphajee said the ministry’s working committee would convene a meeting to address remaining issues with relevant agencies before the 10th round of negotiation scheduled to take place in late September in Thailand.

The EU was Thailand’s fourth-largest trading partner in 2025, after China, the United States and Japan. Bilateral trade totalled US$45.03 billion (1.57 trillion baht), up 3.44% from the previous year.

Thailand recorded a trade surplus of $7.86 billion with the bloc.

A Chinese man who lost about 10 million baht to a transnational call-centre scam was later forced to demand a ransom from his own parents before being rescued by the Anti-Cyber Scam Centre (ACSC).

The case was among 18 interventions carried out by the ACSC between June 28 and July 4 in coordination with banks and local police.

According to the ACSC, the man was contacted by fraudsters posing as police officers in China, who accused him of involvement in criminal activities.

While he was in Malaysia, the gang allegedly persuaded him to transfer about 2 million yuan (around 10 million baht) in four transactions, claiming the money was needed to clear the charges.

The scammers later instructed him to travel to Thailand, telling him he would be taken back to China. Instead, they kept him at a hotel in Bangkok’s Pathumwan district, where they forced him to demand a ransom from his parents.

After receiving a complaint, the ACSC coordinated with Pathumwan police, immigration police and tourist police to rescue the man before the scammers could obtain any further payments.

In another case, the ACSC coordinated with Samrong Nuea police to assist a 44-year-old woman who had been duped into investing in what she believed was a gold-trading platform on a bank’s website.

The woman said she had already invested more than 2 million baht but became suspicious after she was unable to withdraw her funds. Officers intervened before she made any further transfers.

The ACSC said 5,588 online fraud cases were reported through the ThaiPoliceOnline system during the week, with losses totalling 207.7 million baht, up by 496 cases and 47.5 million baht from the previous week.

Online shopping and service scams remained the most common category, accounting for 4,400 cases, or 78.7% of all complaints. Impersonation scams caused the greatest financial losses, totalling 71.75 million baht.

Statistics from the past week show that women are more frequently victimised than men.

People aged 21-30 remain the most affected group, consistently recording the highest number of victims over the past several weeks.

The ACSC urged the public to be wary of scammers posing as police officers or officials from the Department of Special Investigation or the Anti-Money Laundering Office.

The centre stressed that authorities do not notify suspects by phone, send arrest warrants via Line, or ask people to transfer money to prove their innocence.

Prices for jade are falling in the market in Mandalay, central Myanmar, a trend traders attribute to China’s economic slowdown and a decline in purchases by Chinese-linked international criminal organisations following a crackdown on fraud rings.

“The bubble has burst,” one trader said, expressing mixed feelings about the downturn in a market long shaped by strong overseas demand.

Kachin state in the country’s north is home to some of the world’s largest and most lucrative jade mines, and Mandalay is a major hub for jade processing and trading.

The market serves as a key centre linking production areas with buyers, particularly from China and Taiwan, as well as overseas Chinese communities around the world, who view jade as both a lucky and precious commodity.

Unlike gold, jade does not have an international benchmark price. Instead, value is determined individually based on the clarity and color of each stone, making trading highly dependent on visual inspection and negotiation between buyers and sellers.

During a visit to the market in mid-May, rough jade stones were lined up in rows across trading areas as intermediaries moved between them inspecting quality.

Brokers shone lights onto translucent green cross-sections of the stones, examining them closely to assess clarity before negotiating prices.

In another section of the market, Chinese buyers had set up booths where they appraised and purchased jade brought in by Myanmar sellers. Transactions took place after individual inspections and discussions over quality and value.

Prices for mid-grade jade surged between 2021 and 2023 before beginning a steady decline from 2024, according to one intermediary.

“The system of relying on China and criminal proceeds was unbalanced,” he said, describing the structure of the market.

The expansion of fraudulent operations in Southeast Asia, triggered by the Covid-19 pandemic, coincided with the rise in jade prices during that period.

From 2023 onward, crackdowns on fraud networks by Myanmar authorities continued, and jade prices subsequently fell, another dealer said. He said everyone in the trade was aware that money laundering had been driving up the market, and enforcement action had changed the tide.

Traders also point to broader instability in Myanmar as a factor affecting the sector. They cite intensified fighting between ethnic armed groups and the military following the 2021 coup, which has reduced supply from mining areas in Kachin state.

Trading continues in Mandalay’s jade market, although prices have fallen since 2024, according to traders and intermediaries.

Fuel prices in Thailand are being reduced in line with the decline in global oil prices, with diesel falling by 2.56 baht per litre and all grades of gasoline by 2.51 baht, effective from 5am on Wednesday.

The reductions were announced on Tuesday evening after a meeting of the Oil Fuel Fund Management Committee. The new retail prices are as follows:

Diesel B7: 34.94 baht

Gasohol 95: 34.94 baht

Gasohol 91: 34.57 baht

Gasohol E20: 29.99 baht.

The price cuts came after Prime Minister Anutin Charnvirakul raised the matter at Tuesday’s cabinet meeting, saying domestic retail fuel prices should be reduced as soon as possible in line with recent developments in the world market.

World oil prices last week returned to the levels not seen since before the US-Israeli war on Iran – around $70 a barrel. The Middle East conflict and subsequent closure of the Strait of Hormuz had sent prices soaring, with a peak of $112 a barrel reached on April 6.

Energy Minister Akanat Promphan on Tuesday convened meetings of the National Energy Policy Administration Committee and the oil fund to review local pump prices.

A government spokesperson said the committees moved quickly to ensure domestic retail prices reflect lower costs and that consumers benefit without delay.

Officials also said there was no need to wait for benchmark refined fuel prices in Singapore to decline if crude oil prices had already fallen. (Story continues below)

‘Meaningful’ reductions

Mr Anutin said earlier that lower fuel costs would ease the cost of living and reduce business overheads nationwide.

‘The public is aware that global oil prices have fallen and are now relatively stable. Therefore, domestic retail prices should also be adjusted downward,’ he said.

‘I simply told the energy minister … that when global prices rose, we asked the public to accept higher domestic prices. Now that global oil prices have fallen, we do not need to ask the public for anything. We should simply cut prices immediately and by a meaningful amount, rather than making gradual reductions.’

Mr Anutin also said that Commerce Minister Suphajee Suthumpun was also closely monitoring food prices in light of easing transport and operating costs for producers.

Meanwhile, the government is continuing its low-cost Blue Flag retail programme and price-control measures for essential goods. The Thai Chuay Thai Plus (Thais Help Thais Plus) co-payment scheme, which runs until Sept 30, would also help reduce household expenditure, he said.

Responding to a question about inflation, Mr Anutin said the government would continue pursuing a broad range of economic policies, stressing that it was focused not only on economic indicators alone but also on improving people’s quality of life.

Prime Minister Anutin Charnvirakul has insisted there are no immediate plans for a cabinet reshuffle, stressing that ministers will be evaluated on the effectiveness of their work rather than their media visibility.

Speaking at Government House on Tuesday, Mr Anutin dismissed suggestions that his recent call for ministers perceived as ‘low-profile’ to deliver more tangible results had sparked a sudden increase in government activity.

‘The cabinet has always been active. Everyone has been working hard,’ he said, adding that ministers are required to report their weekly achievements during cabinet meetings to encourage coordination and mutual support across ministries.

Mr Anutin said all ministries are equally important, including those that fall under the Pheu Thai Party, the second-largest coalition partner.

He also urged ministers to communicate their work more effectively to the public. Mr Anutin said the Public Relations Department and the government spokesperson’s office would coordinate with ministry spokespersons to expand public awareness of government policies and achievements.

‘There are many accomplishments that benefit the country, the people and international confidence, but they remain known only within a limited circle,’ he said. ‘We need to communicate them and create a digital footprint.’

Asked whether he planned to reshuffle the cabinet within three months, Mr Anutin replied, ‘Not yet.’

In any case, he said, any future changes would depend on ministers’ performance rather than publicity.

‘Performance is not measured solely by media exposure,’ he said. ‘It can be assessed through policy implementation and whether government initiatives actually reach the people, which is the government’s primary objective.’

Mr Anutin also said relations within the cabinet have strengthened over the past few months, describing ministers as having developed trust, familiarity and mutual respect.

Paradorn Prissananantakul, a senior Bhumjaithai Party figure, noted that the government has already faced several major challenges, including the conflict in the Middle East, rising electricity costs, and more recently the civil service recruitment exam scandal.

Communication important

Mr Paradon acknowledged that communication with the public needs improvement and said ministers should better explain government policies and achievements to strengthen public confidence.

Industry Minister Varawut Silpa-archa said he viewed the prime minister’s remarks as a motivation for ministers to work harder, rather than a signal of an impending cabinet reshuffle.

He insisted public communication is as important as policy implementation.

‘If ministers work hard but the public is unaware of those efforts, the success of government policies will not be reflected,’ he said, adding that evaluating ministers’ performance should ultimately be left to the public and the media.

Deputy Prime Minister Phiphat Ratchakitprakarn, another senior Bhumjaithai figure, said the party remains united and denied speculation about internal divisions.

The ministers’ remarks followed the release of a quarterly survey by the National Institute of Development Administration (Nida Poll), which showed declining public support for both Mr Anutin and his coalition-leading Bhumjaithai Party.

The poll, conducted among 2,500 respondents nationwide between June 29 and July 2, found that opposition leader Natthaphong Ruengpanyawut of the People’s Party remained the preferred candidate for prime minister with 26.1% support, followed by Mr Anutin at 21.7%.

Compared with the previous quarterly survey released in late March, support for both Mr Natthaphong and Mr Anutin declined, from 30.6% and 29.4% respectively.

The People’s Party topped the party preference table at 34.8%, down slightly from 35.8% in March. Bhumjaithai slid to 17% from 26.6%, while Pheu Thai rose to 16.8% from 12%, and the Democrat Party to 12.7% from 11.6%.

Thailand’s data centre industry is seeking to recast concerns over resource strain as an economic opportunity, arguing that Thailand’s unused power capacity can be converted into investment, tax revenue and a new industrial growth engine if the government moves quickly and ensures more benefits stay in the country.

According to the Thailand Data Centre Association, the sector’s direct GDP contribution could rise from about 0.93% to 2.47% over five years, supported by roughly 2 trillion baht in capital inflows, significant fiscal revenue and wider private sector spillovers.

It estimates Thailand’s actual gross data centre capacity will rise from about 1,400 megawatts in 2026 to around 3,700MW by 2030, implying a 27.2% compound annual growth rate, Supparat Singhara na Ayutthaya, general manager of DAMAC Digital and vice-chairman of the association, told the Bangkok Post.

That projected 2030 figure is about one-eighth of the power reservation number according to news reports. On that basis, policy should be built around realistic committed demand, not the larger volume of preliminary requests.

The public debate has been shaped by a misleading news headline figure: nearly 30,000MW of power reservation requests from data centre operators.

This number does not represent committed electricity demand. Rather, it reflects accumulated reservation requests across the market, including speculative, duplicated and early stage enquiries that may never become operational projects, Mr Supparat said.

This is why the association supports the government’s move towards firmer reservation commitments and deposits, which would force serious investors to stand behind the capacity they request and filter out speculative applications, said Mr Supparat.

Thailand does not currently face a shortage of generating capacity. The country has roughly 53 gigawatts of installed generation capacity, compared with peak demand of about 35.9GW, leaving a reserve margin of about 27%.

Even if data centre load reaches 3,700MW by 2030, demand would still sit within existing national headroom.

That surplus is the basis for its broader economic case. Rather than viewing data centres as a drain on national resources, it is a way to monetise idle capacity.

Unused generation is a national asset that earns little while sitting idle; data centres can convert that surplus into revenue, foreign exchange and fiscal receipts, said Mr Supparat.

However, the association also sees two practical constraints: location and fuel mix. National surplus does not automatically mean electricity is available in every corridor where data centres want to cluster, including areas such as the Eastern Economic Corridor.

The association therefore supports investment in a smarter, more dynamic grid that can direct power to areas of real demand and better balance distribution across the network.

The second issue is Thailand’s reliance on natural gas. Large, creditworthy data centre users could help accelerate the shift towards renewable power by anchoring long-term power purchase agreements.

The firm demand from data centres can make utility-scale solar, wind and storage projects more bankable. Larger projects, in turn, could lower the per-unit cost of clean energy.

Data centre demand should not be treated as a threat to Thailand’s power system, but as a tool to use existing surplus, justify renewable investment at scale and potentially reduce electricity costs for households and businesses if power sector gains are recycled back into the economy.

The association also points to stronger regional competition in wooing foreign investment, including Vietnam’s record foreign investment in 2025, led by its manufacturing sector.

Against that backdrop, data centres are one of the few high-value sectors in which Thailand is still gaining momentum.

In 2025, the digital sector was the largest destination for Board of Investment (BoI) applications, at around 746 billion baht, with most of that linked to data centres.

Dedicated data centre applications rose more than sevenfold, from roughly 99 billion baht in 2024 to 728 billion baht in 2025.

In the first quarter of 2026, data centres accounted for the overwhelming majority of a record level of applications exceeding 1 trillion baht.

Malaysia attracted more than US$23 billion from North American hyperscalers in the first 10 months of 2024, while its data centre market is projected to exceed $13.5 billion by 2030.

Indonesia’s hyperscale market is projected to roughly double to nearly $8 billion by 2030.

Thailand is currently benefiting from spillover as operators face power, land and cost constraints in Singapore and Malaysia. But that advantage depends heavily on power readiness.

LOCALISATION MODELS

Mr Supparat said Thailand should focus more on capturing the data centre supply chain.

Data centres require substantial mechanical and electrical equipment, most of which is currently imported.

The question policymakers should ask is why Thai companies are not supplying more of these components, especially when data operators are open to local sourcing. The constraint is domestic supply, not demand.

Mr Supparat points to localisation models used by Japanese and Chinese investors, as well as a November 2025 rule in Selangor, Malaysia, which requires new data centres to use at least 30% local content across all areas.

Thailand could adopt and improve on this approach through a formal local content framework and targeted incentives for Thai-owned manufacturers of critical data centre and AI infrastructure equipment.

Moreover, the BoI has already begun tying data centre incentives to Thai employment, SME development, energy efficiency and domestic ecosystem building; hence, Thailand can build a local technology tier within the global AI infrastructure supply chain.

Thailand must act quickly to stem its mounting current account deficit before it spirals into a current account crisis, says Finance Minister Ekniti Nitithanprapas.

In a post on his official Facebook page, Mr Ekniti said that while the government’s emergency borrowing decree would increase public debt, the loans are necessary to accelerate Thailand’s transition from fossil fuels to clean and renewable energy.

“If we fail to act now, we risk facing one crisis on top of another,” he wrote, citing the fact that, after Thailand was hit by soaring oil prices in April and May, the country’s current account, which had traditionally remained in surplus, swung into a deficit of nearly 500 billion baht over the past two months.

A major contributing factor was the sharp rise in the cost of crude oil and natural gas imports. If the situation persists and the geopolitical conflicts driving volatility in global oil prices continue, Thailand could face prolonged current account deficits, potentially leading to a current account crisis similar to those experienced in the past, he added.

Mr Ekniti said the government is therefore accelerating the country’s energy transition by promoting the use of clean energy vehicles and biodiesel, particularly in public transport, while encouraging households to install rooftop solar systems through a comprehensive net-metering scheme that allows excess electricity to be sold back to the grid.

The government also plans to invest in upgrading the country’s electricity transmission network, a key component of a nationwide smart grid. He noted that expansion of the transmission system has been limited by annual budget constraints, making it essential to accelerate investment.

“The 200-billion-baht loan may not be sufficient to finance Thailand’s entire clean energy transition, but I intend for projects funded under this borrowing programme to serve as a catalyst, shortening the timeline for the urgent transition needed to strengthen the country’s energy and economic security,” he said.

Beyond the energy transition, Mr Ekniti said the government must also address long-standing structural weaknesses in the economy. One of the country’s chronic problems, he said, is the lack of sufficient investment by both the public and private sectors over many years.

The government has designated this year as the “Year of Investment”, focusing on infrastructure development, technological advancement and investment in human capital to enhance Thailand’s long-term growth potential.

It also plans to remove regulatory obstacles to make investment easier, with the goal of restoring investment-led growth.

The government aims to gradually raise total investment to around 30% of GDP to strengthen Thailand’s long-term economic capacity.

In recent years, Thailand has lacked the investment needed to strengthen its competitiveness. Prior to the 1997 economic crisis, total investment in Thailand accounted for as much as 40% of GDP, but the figure has declined to only 20%.

However, Mr Ekniti stressed that this new wave of investment must go beyond traditional projects and instead help restructure the economy while preparing the country for future industries.

In addition to government budget spending, he said, investment will also come from state enterprises, public-private partnership (PPP) projects and other financing mechanisms such as the Thailand Future Fund.

A key priority is attracting foreign direct investment (FDI) through the Thailand FastPass mechanism, which is expected to generate around 900 billion baht in actual investment this year.

However, he said the government’s objective is not merely to increase investment figures or FDI inflows.

“The more important question is how these investments will benefit Thailand, connect Thai businesses — especially SMEs — to global modern manufacturing supply chains, create jobs, and improve the quality of Thailand’s workforce. These objectives will shape the Board of Investment’s new investment incentive strategy,” he said.

Mr Ekniti said these challenges stem from deep-rooted structural weaknesses, including economic growth below potential, declining competitiveness, chronic fiscal deficits caused by revenue growth lagging behind expenditure, and years of inadequate infrastructure investment — particularly in clean energy, which has become critical infrastructure for the modern global economy.

“If we compare the economy to a patient, it is suffering from chronic cancer, and before it has recovered, additional complications have emerged,” he said.

Mr Ekniti said the government’s long-term objective is to lay the foundation for a stronger and more resilient economy based on what he called the “5T” framework: Target, Transition, Transform, Transparency and Together.

The framework aims to stabilise the economy in the short term (“Stabilise Today”), turn crises into opportunities through an accelerated transition (“Transition Now”), and invest in Thailand’s long-term future (“Transform for Tomorrow”), while maintaining fiscal discipline throughout.