Thailand’s National Economic and Social Development Council (NESDC) has urged the government to facilitate the country’s transition to high-tech industries to attract investors as the second largest economy in the Southeast Asia is lagging behind others in the region in terms of growth rate and foreign direct investment (FDI) attraction.
An overview of Bangkok, the capital of Thailand (Photo: VNA)
Bangkok (VNA) 𒆙– Thailand’s National Economic and Social Development Council (NESDC) has urged the government to facilitate the country’s transition to high-tech industries to attract investors as the second largest economy in the Southeast Asia is lagging behind others in the region in terms of growth rate and foreign direct investment (FDI) attraction.
In the economic outlook report for the first quarter of 2024 published recently, the NESDC revealed that Thailand’s gross domestic product (GDP) grew by 1.5% in the first quarter, the lowest among members of the Association of Southeast Asian Nations (ASEAN).
It noted that Thailand was in the last place on the list of 2023 FDI flows into ASEAN, with total investment of 2.96 billion USD. Indonesia topped the list with 21.7 billion USD, followed by Malaysia 18.5 billion USD and Vietnam 8.25 billion USD.
The NESDC said that Thailand’s FDI showed a downward trend throughout 2023, with significant drops in traditional industries such as petroleum for the first time in three years.
The council held that the industries that have been driving the Thai economy in the past have started to play a diminishing role in the manufacturing and export sectors. The declining FDI affected the country’s exports, which contracted 1% in the first quarter of 2024, while the Manufacturing Production Index also went down by 3.7%, falling for six consecutive quarters, it continued.
Despite increases of 6.9% in private consumption and the service sector, 2.5% in exports and 4.6% in private investment, the NESDC has lowered its annual GDP growth projection from 2.2 - 3.2% to 2 - 3%, citing risks from the ongoing US - China trade war and geopolitical conflicts.
The council advised the government to offer incentives and promote manufacturers to upgrade production technology towards innovative and advanced technology products. Priority should be given to industries related to raw material production and intermediate goods within the country, as well as to training skilled labour to meet the needs of targeted industries./.
Thai Prime Minister Srettha Thavisin addressed Nikkei’s Future of Asia Forum in Tokyo on May 24, describing free trade as vital to boosting investment in Asia.
Thailand’s cabinet has approved a special 10-year visa for executives and experts working in the Eastern Economic Corridor (EEC) to support the development of targeted industries in the country.
The Tourism Authority of Thailand (TAT) is preparing to launch a project that promotes 72 must-do activities in Thailand in early July to stimulate tourism during the low season.
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.
