Bangkok: The Thai government, in collaboration with the private sector, has announced an ambitious plan to transform Thailand into a high-income country within the next 12 years. This roadmap, revealed in the first meeting of the Economic and Social Development Council (ESSC), aims to boost the country's economic potential by at least 3% by 2030 through advancements in seven key industries, digital economy upgrades, human capital development, and overcoming legal challenges.
According to Thai News Agency, Prime Minister and Minister of Interior Anutin Charnvirakul chaired the initial meeting of the Joint Public-Private Sector Committee (JPPCC). Following this, Deputy Prime Minister and Minister of Finance Ekniti Nitithanprapas, along with other key ministers, held a press conference to outline the strategic goals designed to elevate Thailand to high-income status. The plan, developed in collaboration with the World Bank, focuses on seven key economic sectors: high-quality agriculture and food, future vehicles, smart electronics and digital, pharmaceuticals and healthcare, quality tourism, trade, and the creative economy.
The government has set a target for Thailand to rank among the top 20 most competitive countries globally, according to IMD rankings, and aims to increase economic growth potential to more than 3% by 2030. Mr. Ekniti emphasized the need for a coordinated approach, likening the effort to a World Cup, with strategic roles across economic sectors, infrastructure development, and fiscal discipline to build confidence in Thailand's financial markets.
The implementation plan includes four pillars to drive economic growth over the next four years. The first pillar focuses on attracting new investment, targeting a future investment hub and promoting the green economy. The second pillar aims to enhance tourism and services, with an emphasis on quality and high-value tourism. The third pillar, human capital development, seeks to upgrade workforce skills through a national agenda centered on science, technology, engineering, and mathematics education. The fourth pillar aims to improve government efficiency by reforming laws and regulations to support economic growth.
Ms. Supajee Suthamphan highlighted the importance of developing Thailand into a free trade hub, with plans to negotiate key Free Trade Agreements with the EU, US, Canada, and the UK. She also aims to support over 22,000 SMEs in integrating into the export system. Mr. Pakorn Nilapraphan stressed the need for legal reforms to increase government efficiency and transparency, while Mr. Yosanan Wongsawat focused on enhancing STEM skills and creating a startup ecosystem to attract investment.
Mr. Danucha Pichayanant, Secretary-General of the NESDC, noted that Thailand's current average per capita income is between 8,000 to 9,000 dollars. To reach high-income status, the economy needs to grow by approximately 5-5.5% annually. The joint government and private sector meeting is a step towards setting goals and driving economic growth to achieve this target.