Bangkok: The Federation of Thai Industries (FTI) and the National Economic and Social Development Board (NESDB) have called on the Thai government to implement 'Unlocking and Transforming' strategies to significantly boost the country's competitiveness and address corruption, aiming to attract more investment.
According to Thai News Agency, during a seminar titled "Changing the Game to Fight the Turbulent Global Economy," organized by the Joint Standing Committee on Commerce, Industry, and Banking, key industry leaders emphasized the urgent need for Thailand to undergo major changes. Mr. Poj Aramwattananon, Chairman of the Thai Chamber of Commerce, highlighted the necessity for Thailand to accelerate advancements in AI technology, trade, and energy strategies to enhance the country's potential and competitiveness. He noted that outdated laws have been a barrier, and measures are needed to unlock purchasing power, provide low-interest loans, and strengthen the grassroots economy.
Furthermore, free trade agreements with regions such as Europe, ASEAN, and Canada must be prioritized. Transparency and corruption are critical issues that need to be addressed, as they hinder investment. The private sector, along with agencies like the Anti-Corruption Organization and the National Anti-Corruption Commission (NACC), is set to collaborate on initiatives to combat corruption. The call for a zero-corruption policy is expected to gain public support.
The Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) projects Thailand's economy to grow between 1.8-2.2% this year, with exports increasing by 2-2.5% and inflation remaining low. Revised economic projections are anticipated in November. The seminar also discussed the importance of concluding free trade agreements with the EU and the US, which could impact exports and the economy in 2026. Tourism has underperformed this year, and efforts are needed to restore confidence, especially among Chinese tourists.
Mr. Kriangkrai Thienukul, President of the FTI, emphasized the need for restructuring the Thai economy through four key areas: digital and AI advancements, innovation, global market exploration, and environmental focus. The goal is to achieve the Net Zero 2050 target and transition to industries of the future, reducing reliance on traditional export and tourism sectors.
Thailand's economic growth in the first half of the year was 3%, but the third quarter slowed to 1.7%. The NESDB forecasts full-year growth between 1.8-2.2%. The World Bank and IMF project a 2% GDP growth for 2026, partly due to an anticipated conclusion of the trade war with the United States.
The Federation of Thai Industries (FTI) raises concerns over the impact of a strong baht on exports and tourism, emphasizing the need for currency stability. The FTI is advocating for national reform through the "Reinvent Thailand" initiative, collaborating with agencies like the NESDB and the Bank of Thailand (BOT) to focus on transparency, data-driven policies, and economic reforms.
Mr. Payong Srivanich, President of the Thai Bankers' Association, pointed out structural challenges facing Thailand's economy, including low investment levels and liquidity issues for SMEs. The focus is on technology and sustainability as key drivers for economic recovery and growth.
The FTI and other economic agencies are pushing for public discussions on the informal economy, debt, and corruption. The aim is to implement policies that incentivize taxpayers and drive legal reforms to improve Thai skills and promote sustainable economic development.