Thailand plans economic restructuring to attract foreign investment
The Government of Thailand looks to restructure the economy next year to attract foreign investors to new industries and establish a central e-commerce platform to boost online sales nationwide, local media reported.
A view of Bangkok capital city of Thailand (Photo: AFP)
Bangkok (VNA) –The Government of Thailand looks to restructure the economy next year toattract foreign investors to new industries and establish a central e-commerceplatform to boost online sales nationwide, local media reported.
Speaking at the 38th annual meeting of the ThaiChamber of Commerce on November 27, Deputy Prime Minister SupattanapongPunmeechaow said 2021 will be a transitional year for Thailand to take seriousaction in restructuring its economy.
Though the Thai economy is expected to recoverto growth of 3-4 percent in 2021 from contraction this year, it will still relyon domestic consumption, he said, noting that reforms are essential to facilitateeconomic recovery.
He said a restructuring plan is expected by thefirst quarter of 2021, focusing on building up the local economy and attractingforeign direct investment, notably in new industries related to medicalservices, food, the circular economy, biofuel or clean energy, smartelectronics and electric vehicles.
To lure foreign investment and foreign workers,the Thai Government is considering amending and improving various conditions,such as tax benefits offered to foreigners working in the state's flagshipEastern Economic Corridor, said Supattanapong.
The Deputy PM added that over the next threemonths, the Government wants to develop a new e-commerce platform through apartnership with Krungthai Bank, allowing operators to sell their products.
The new platform would function like Lazada andShopee, but products would be niche and unique, with members of the Thaichamber nationwide encouraged to sell through this new platform, according tothe official./.
Thailand is setting its sights on boosting its digital infrastructure and creating an ecosystem that will position it as the digital hub of ASEAN, heard a local seminar on November 11.
To add a channel for generating income for the community and to preserve local wisdom, the Stock Exchange of Thailand (SET) has cooperated with MBK Centre to organise the SET Social Impact Fair 2020, to deliver quality products directly to consumers.
Thailand’s government is speeding up the process to get parliament’s approval of the signing of the Regional Comprehensive Economic Partnership (RCEP) by February 2021 to pave the way for full ratification within 2021, according to Thai Commerce Minister Jurin Laksanawisit.
Thailand is promoting the concept of bioeconomy, which encourages the use of renewable resources and waste products to make value-added products, to support the country’s ambitious plan to make Thailand the biochemical industry hub of ASEAN by 2027.
Thailand welcomed first 1,201 foreign tourists in October since a ban in April aimed at averting coronavirus outbreaks, as the country gradually opens up to a select number of visitors.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
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.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
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.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
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.
A view of Bangkok capital city of Thailand (Photo: AFP) 
