Prime Minister Srettha Thavisin stated that the Thai government’s main objective is to create robust economic policies that drive growth, foster innovation, and ensure sustainability.

The Prime Minister on 29 May 2024 attended the UBS Asian Investment Conference (AIC) 2024 in Hong Kong and delivered a keynote address on the topic “Wisdom: An eye on the past, a view to the future.” The conference brought together more than 2,000 global institutional investors and individuals, as well as top executives and entrepreneurs from 300 of the most dynamic private and public companies in the Asia Pacific region, to share and exchange visions and ideas on investments and future innovations.

In his address, Prime Minister Srettha cited the Government’s stimulus package through the Digital Wallet scheme as an important fiscal policy. Thailand has reported a GDP growth of 1.5% year-over-year for the first quarter of 2024. The full-year forecast for 2024 is expected to be between 2 and 3%. To enhance this growth, the economy must be shifted into high gear. 

He said that the Thai government’s progressive stimulus package will put 10,000 baht ($275) into the hands of 50 million people. This initiative will inject approximately 500 billion baht into the Thai economy. The Digital Wallet project is expected to boost the economy by 1.2%-1.8%, owing to positive spillover effects extending into the following year. 

With this program, the money will go direct into local communities throughout the country. In the long-run, the policy will lay the foundation for a nationwide blockchain-based financial payment system, with rigorous financial discipline and streamlined foreign investment processes.

In terms of trade policy, he said that the Government will position Thailand as an integral partner for the global supply chains. Apart from reducing import-export restrictions, FTA negotiations with key economies will be accelerated. 

For businesses, the Government seeks to build new engines of growth, driven by innovation and creativity. Future-proof industries, such as the digital economy, smart electronics (particularly upstream semiconductors for aerospace, defense, and advanced agriculture), and biotechnology, as well as climate-resilient solutions, will be fully promoted and supported.

The Government is also streamlining business processes to improve ease of doing business through a "regulatory guillotine" (removing obstructive regulations) and digitization of government services, offering attractive packages for foreign investments, establishing new special economic zones nationwide, and investing in large-scale infrastructure projects, such as new airports and the Landbridge.

On the subject of human development, the Government will ensure that the Thai workforce is ready for the future, and will provide them with education, skills, and lifelong learning.

The Thai government is fully committed to pursuing a sustainable and inclusive path for growth through reviving up the green economy and energy transition, while doubling the efforts to achieve carbon neutrality by 2050 and net-zero by 2065. This year, the Government also plans to issue 30 billion baht in sovereign sustainability-linked bonds, and welcomes investors to participate, as part of its efforts to realize the country’s sustainability and climate commitments.