Bangkok: Finance Minister Pichai Chunhavajira is set to propose a series of economic recovery measures to the Economic Stimulus Policy Committee, chaired by the Prime Minister, with a focus on bolstering the tourism sector and enhancing investment opportunities in Thailand.
According to Thai News Agency, Pichai's proposal includes the introduction of a 10-year tourist visa and a 99-year land lease for foreigners on government property, aiming to make Thailand a more attractive destination for long-term visitors and investors. He also plans to increase the number of negotiation points in the Thai-US tariff discussions from five to seven, reflecting the need for comprehensive negotiations amid global economic challenges.
The measures, which will be discussed at tomorrow's economic stimulus meeting, are part of a broader strategy to stimulate the economy by attracting multinational companies to invest in Thailand. Pichai emphasized the importance of positioning Thailand as a hub for the digital economy, logistics, and innovative industries such as electric vehicles and data centers.
The Thai stock market has shown signs of stabilization, according to Pichai, who noted that the SET Index has adjusted from 1,700 to 1,200 points over the past two years. Despite this, the government sees no immediate need for new capital market recovery measures, as existing strategies remain effective.
Pichai underscored the need for foreign companies to engage more fully with the Thai economy, encouraging them to establish research and development facilities and production bases within the country. This approach aims to foster collaboration with Thai businesses and enhance the integration of foreign enterprises into the local market.
The proposal also highlights the development of infrastructure, including the expansion of dual-track railways and the establishment of a land bridge from Bangkok to Ranong. These initiatives are designed to increase transportation efficiency and solidify Thailand's position as a regional logistics hub.
Additionally, the government is focusing on advancing the semiconductor industry by importing upstream research and production capabilities from the United States. This is part of a broader effort to enhance Thailand's industrial sector, particularly in automobile manufacturing, by transitioning towards hybrid vehicles while supporting existing manufacturing companies.
Overall, Pichai's proposals aim to transform Thailand's economic landscape by leveraging its geographical advantages and promoting sustainable, innovative growth across various sectors.