The government is committed to driving investment in seven target industries under its Reinvent Thailand initiative, aiming to generate an additional 5.4 trillion baht in revenue by 2030.
Finance Minister Ekniti Nitithanprapas said the initiative aims to lift Thailand’s GDP growth above 3% by 2030, raise its global competitiveness ranking to the top 20 from 26th currently and increase the investment-to-GDP ratio to 30% from 23%.
Speaking after a meeting with the Joint Standing Committee on Commerce, Industry and Banking and representatives of the seven target industries, Mr Ekniti said their development plans would be submitted to a joint government-private sector meeting, chaired by the prime minister, on Dec 2.
Each of the seven industries would be required to propose three Quick Big Win initiatives for its respective sector.
He added that the Reinvent Thailand initiative must ensure that the country achieves stronger and more inclusive economic growth, rather than growth concentrated in certain sectors or areas.
This would involve upgrading the skills of Thai workers and integrating small and medium-sized enterprises into the supply chains of emerging industries, he said.
“Today, the world is looking for new investment destinations that offer security, and Thailand is in the spotlight. We must seize this opportunity,” he said.
Narit Therdsteerasukdi, secretary-general of the Board of Investment, said the agriculture and food processing sector, one of the seven target industries, aims to generate 860 billion baht in additional revenue through higher productivity, premium products, and the development of new industries and high-value products.
The automotive sector targets 640 billion baht in additional revenue by supporting multiple vehicle technologies and increasing the use of locally made components. Production targets are 1.95 million vehicles by 2030 and 2.5 million by 2038.
The smart electronics sector aims to generate 500 billion baht by capitalising on demand for AI and data centres, including encouraging operators to source at least 50% of their components domestically.
Tourism targets an additional 500 billion baht by transforming Thailand into a global living destination, supported by a smart tourism data platform and coordinated international communications.
The health and wellness sector aims to generate 1.1 trillion baht by expanding medical and wellness services into international markets and developing Thai herbal products.
Revenue from foreign patients is targeted at a minimum of 100 billion baht annually.
Retail and trading targets 800 billion baht in cumulative additional revenue by 2030, based on annual sales growth of 200 billion baht. Plans include requiring imported and locally manufactured products to meet Thai Industrial Standards to ensure fair competition.
The creative economy aims to generate 970 billion baht by developing Thailand’s jewellery and content industries, increasing intellectual property value, positioning the country as a global hub for raw gemstones, and promoting Thai brands internationally.