The tourism recovery and continued growth of the electronics market driven by the artificial intelligence (AI) boom are anticipated to support trade and the economy in the final quarter of this year, says a commerce official.
Visit Limlurcha, vice-chairman of the Thai Chamber of Commerce, said the electronics industry is benefiting from the AI boom and is expected to propel exports.
The Joint Standing Committee on Commerce, Industry and Banking projected export growth of 12-16% this year, up from its previous prediction of 8-10%.
While Thailand’s tourism sector is shifting its focus to attracting high-spending visitors and away from volume, Mr Visit believes tourism will continue to support economic growth in the final months of this year and into the first quarter of next year.
In the longer term, Thailand’s meetings, incentives, conferences and exhibitions industry offers a competitive advantage with a comprehensive value chain ready to welcome travellers covering accommodation, restaurants and tourist attractions.
He identified several policy priorities to support the future development of Thai industries.
For example, the country needs to ensure its electronics development benefits the broader population, Mr Visit said. Thailand also needs to develop human resources with stronger technological knowledge and skills.
Regarding agriculture and food processing, he suggested the country explore new opportunities in future food to build on existing products, expand into new markets and develop new marketing opportunities. This includes specialised food for athletes, older consumers, babies and others.
As the e-commerce market grows, Mr Visit said authorities need to ensure small retailers have access to digital market channels.
Meanwhile, Thai products should receive support to gain greater access to overseas e-commerce platforms. This needs stronger connections at both the government-to-government and business-to-business levels.
He also highlighted the need to address Thailand’s high household and corporate debt levels.
With businesses facing difficulties in obtaining loan approvals, he urged policymakers to ease debt burdens and improve access to financing so businesses can keep growing.