Thailand unveils five-strategy plan to rebuild economic engine

BANGKOK, July 31 (Xinhua) -- Thailand unveiled a five-pillar strategic framework on Friday to restructure its economy around technology, clean energy, and financial services, with an economic growth target of more than 3 percent year on year and total investment close to 30 percent of gross domestic product (GDP).

The framework, endorsed by a subcommittee on national new investment development, chaired by Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas, aims to place Thailand among the 20 world's most competitive economies to achieve high-income status by 2037.

According to the Thai Board of Investment, the five strategies cover industrial transformation, artificial intelligence (AI) and digital, green energy, financial services, as well as medical investment.

The industrial pillar includes new electricity, water, and land infrastructure, as well as a "Thailand FastPass" mechanism to cut business licensing times, along with a workforce upskilling through the "Skill Bridge" program.

The AI pillar positions Thailand as a regional digital hub by attracting the investment of 100 billion baht (about 2.99 billion U.S. dollars) in AI, semiconductors and chip design by 2027 and an AI economy contributing 5 percent of GDP in added value.

The green strategy covers clean energy investment, smart grids, electric vehicle infrastructure, a carbon market, and an emissions trading system.

The financial strategy aims to develop Thailand into a regional center for banking, capital markets, insurance, and wealth management, with measures to help startups and larger Thai firms raise capital.

The medical strategy focuses on domestic manufacturing of pharmaceuticals, medical devices, and high-value health products.

In a statement, Ekniti said the five strategies would be put into action through detailed work plans, with short-term measures to address pressing issues and structural measures to improve regulations, infrastructure, and the investment ecosystem.

"Our goal is not just a higher investment figure but changing Thailand's economic engine into a new one powered by technology, clean energy, and capital, creating quality jobs for Thai people," he said.

The framework would lead the way for Thai entrepreneurs to enter global supply chains and raise the Southeast Asian country's competitiveness in the new global economy, the deputy prime minister added. ■