Finance Minister Arkhom Termpittayapaisith has outlined eight areas Thailand needs to work on over the next decade to raise the country's competitiveness.

During a keynote speech delivered at a virtual conference titled "Future of Growth: Thailand Vision 2030" marking the 20th anniversary of Post Today, Mr Arkhom said the country must adapt now to avoid economic regression.

Thailand has a 20-year strategic plan divided into five-year action plans prepared by the National Economic and Social Development Council (NESDC), the government's planning unit, he said.

The minister discussed eight areas that Thailand must address to improve its overall competitiveness in the next decade.

The first was climate change, he said.

With the global community setting the goal of carbon neutrality and a net-zero balance, Thailand must join the drive.

One government policy designed to support a reduction of carbon emissions was its comprehensive electric vehicle (EV) promotion plan.

Another area was the promotion of digital technology, which is one of 12 targeted industries. Digital technologies have played a key role in the past two years especially in payment systems, peer-to-peer lending and cloud funding, Mr Arkhom told the gathering.

He said the government will promote these innovations, but the Bank of Thailand and the Securities and Exchange Commission will provide oversight to make sure they do not affect the country's financial stability.

The third area was promoting the health and wellness industry, which has strong potential, he said.

The private sector has taken the initiative and incorporated health and wellness and living trends among elderly people in their business model. Property developers, for example, have built accommodation to cater to older foreigners seeking long stays in Thailand.

Mr Arkhom said the country needs to do more to promote SMEs, adding the Finance Ministry is considering how to support those interested in investing and launching start-ups.

Although the tourism industry usually accounts for 12% of GDP, with up to 40 million international travellers visiting the country annually prior to the pandemic, Thailand must shift from quantity to quality when it comes to tourism, said the minister.

He said the country must pay more attention to attracting travellers with high spending power as opposed to relying on mass tourism, which is known to have a negative impact on the environment and natural resources.

Mr Arkhom said the country must also create a social safety net, especially for grassroots people, and promote savings among the workforce to help them meet their future living needs.

He said the transition to an ageing society remains a challenge for the country and demands careful planning.

Last but not least, Mr Arkhom said policymakers must also ensure fiscal sustainability by increasing efficiency in revenue collection and expanding tax bases.

He described this as a global issue due to the massive public spending needed over the last two years to alleviate the economic impact of the Covid-19 pandemic.

Source:
courtesy of BANGKOK POST

by WICHIT CHANTANUSORNSIRI

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