Kingdom eyes new economic growth

Foreign Affairs Minister Parnpree Bahiddha-Nukara will call on Thai ambassadors worldwide to invite foreign businessmen to invest in the country's projects, especially its land bridge project, to boost economic prosperity at home.

Speaking during an event called "Thailand Next Move 2024: The Next Wealth and Sustainability", Mr Parnpree said on Friday that the government is using "economic diplomacy" to drive new growth and boost the confidence of investors around the world.

Therefore, the Ministry of Foreign Affairs will invite all Thai ambassadors stationed around the world to attend a meeting in Bangkok to brainstorm on how to use economic diplomacy to attract foreign investors, he said.

According to a Foreign Affairs Ministry source, the meeting is scheduled for Nov 20–24.

Mr Parnpree said Prime Minister Srettha Thavisin has stressed the importance of this meeting with representatives of major international companies to encourage them to invest in the country.

He said Thailand's new growth will depend on the global context, where many powerful countries compete for political, economic and technological influence.

This presents Thailand with an opportunity to show its stance amid global economic conflict, he said.

Thailand's plan for new economic growth starting next year is divided into three parts, with one being "Green Growth" to allow access to funding sources and financial services for those reducing greenhouse gas emission production processes.

The other two are "Innovation-driven Growth" to add product and service value via the use of technology and "Community-based Growth" to allow small- and medium- enterprises access to sources of funds.

"To accomplish these goals, Thailand will carry out economic diplomacy to connect with allies all over the world," Mr Parnpree, who also serves as a deputy prime minister, noted.

"Financial institutions and banks will play a key role in supporting these plans and boosting economic growth in Thailand's neighbouring countries."

The government will also utilise economic diplomacy to seek digital economy opportunities and develop new-gen business operators and international investment.

Mr Parnpree said the government will expedite free trade agreement negotiations to boost Thailand's exports.

It will also work with partners under the Indo-Pacific Economic Framework to increase trade and investment opportunities, Mr Parnpree added.

Mr Parnpree said Thailand's land bridge project, which aims to link the Gulf of Thailand with the Andaman Sea, will make Chumphon and Ranong provinces the country's key magnet in encouraging other countries to trade in fairness.

The project will make Thailand a key logistical connection with other countries, he said.

Source:

by Bangkok Post

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