Thailand calls for foreign investment in building a high-value economy
Thailand is open to foreign investments, and the government is ready to work with the private sector to steer the country towards an inclusive and sustainable future, according to Prime Minister and Finance Minister Srettha Thavisin.
Thai Prime Minister Srettha Thavisin (Photo: AFP/VNA)
Bangkok (VNA) - Thailand is open to foreign investments, and the government is ready to work with the private sector to steer the country towards an inclusive and sustainable future, according to Prime Minister and Finance Minister Srettha Thavisin.
The above message was given in Srettha’s keynote speech on "Reformation of Thai Economy Amidst Polycrisis" delivered during the Foreign Industrial Club Gala Dinner hosted by the Federation of Thai Industries.
According to the speech, Thailand's GDP grew by only 1.8% per year on average, and household debt also increased from 76% in 2012 to 91.6% this year.
For the past three quarters, the country's exports shrank due to high inflation, high interest, high cost of raw materials and energy, as well as high international competition, especially for commodity and agricultural products.
Thailand needs to be future-proofed to thrive in an increasingly competitive global economy amid international conflicts and a climate crisis, Srettha said.
The government's priority is to get the economy back on track and prepare the nation for future success by reducing the cost of living, encouraging domestic spending and expanding investment and businesses, he added./
Thailand's Ministry of Labour has issued a ministerial order setting new fees for inspections and work permits for foreign workers from Cambodia, Laos, Myanmar, and Vietnam.
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The value of deposits under the Deposit Protection Agency (DPA) of Thailand fell by 1.32% year-on-year, the first decline in a decade, attributed to a fragile economy and war in the Middle East.
Automobiles and auto parts, electronics and agricultural products will drive Thai exports in the final quarter of this year, though shipments overall will remain sluggish for 2023, according to the Federation of Thai Industries (FTI).
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
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The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Thai Prime Minister Srettha Thavisin (Photo: AFP/VNA) 
