Finance Minister Ekniti Nitithanprapas has urged business groups to help drive investment in seven strategic industries as Thailand seeks to become a high-income economy within the next four years.
He made the announcement on Monday after meeting with the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) on efforts to increase GDP under the Reinvent Thailand initiative.
“We’ve resolved to give the JSCCIB one month to come up with plans,” said Mr Ekniti.
The JSCCIB comprises the Thai Chamber of Commerce, the Federation of Thai Industries and the Thai Bankers’ Association.
“Each of these business groups will select their representatives and propose their ideas,” he said.
Mr Ekniti expects insights from the JSCCIB to increase public-private investment to 30% of GDP, up from 22-23%.
“This is vital if Thailand is to become a high-income economy and break into the world’s top 20 for competitiveness,” he said, noting that the country currently ranks 26th in the IMD index.
He believes the seven industries — agriculture and food processing, automotive, smart electronics, medicine and wellness, retail, tourism and the creative economy — will play a major role in boosting investment and increasing GDP.
“We want to see our GDP grow by more than 3% a year,” said Mr Ekniti.
GDP growth slowed from 2.9% in 2024 to 2.4% in 2025, according to the National Economic and Social Development Council. Growth remains weak this year, edging up to 2.8% in the first quarter before slowing to 1.9% in the second quarter.
Mr Ekniti also called on the Board of Investment to design a new investment strategy.
“We want investment that can add value to supply chains by creating jobs and promoting technology transfer,” he said. “We don’t want to focus only on the amount of investment.”
The Reinvent Thailand initiative began last year as an effort to establish strategic priorities for future development.
The goal is to develop a blueprint to address structural bottlenecks, overhaul workforce capabilities, accelerate decarbonisation and ease barriers for businesses and investors.