รัฐบาลไทย-ข่าวทำเนียบรัฐบาล-PM commits to promote economic advancement, fiscal responsibility, and sustainable growth
วันอังคารที่ 3 ตุลาคม 2566
03/10/2566
PM commits to promote economic advancement, fiscal responsibility, and sustainable growth
PM commits to promote economic advancement, fiscal responsibility, and sustainable growth
October 3, 2023, at 1340hrs, at the World Ballroom, Centara Grand Hyatt Central World Hotel, Bangkok, Prime Minister and Minister of Finance Srettha Thavisin presided over the opening of “Bangkok Post Forum 2023”, and delivered keynote address on “Thailand: The Era of Change”. Government Spokesperson Chai Wacharonke disclosed gist of the Prime Minister’s keynote address as follows:
The Prime Minister expressed pleasure to deliver keynote address in front of distinguished diplomats, prominent business leaders, and investors at the Bangkok Post Forum 2023, which is a platform for exchange of ideas, networking, and forging new partnerships, and emphasized that he had always valued the relationship between government and the press, as accurate and transparent reporting helps foster confidence among investors, businesses, and tourists.
At present, Thailand and the world are experiencing major shifts and challenges in all aspects from the economy, social injustice, and the environment, exacerbated by the effect of COVID-19. The Prime Minister intends to meet these challenges head-on, and get the nation and its people through this difficult time. He also committed to ensure that Thailand emerges as the center of business and commerce in the region.
On economy, the Government plans to enact policies to stimulate job creation, and provide financial support for low-income families, and other vulnerable groups with an aim to alleviate all households living with generational poverty by 2027. An example of this is the plan to stimulate the economy from the grass-roots level. A progressive stimulus package is planned that will include the 10,000-baht Digital Wallet Scheme. This will inject around 16 billion dollars cash flow into the economy, and is projected to create a ripple effect of 57 billion dollars, which is an equivalent of 5% GDP growth next year. In the long-run, the policy will lay the foundation for a nationwide blockchain-based financial payment system, with rigorous financial discipline and streamlined foreign investment processes.
Another priority that the Government is focusing on is jumpstarting foreign investment. The industries of the future are clearly going in the direction of high-skilled and high-tech industries, and to be at the forefront of this shift, Thailand must adapt. Therefore, investments from companies within these future industries will not only contribute directly to the growth of the economy, but also prepare Thailand to thrive in the new global economy.
The Prime Minister mentioned his attendance at the UNGA in New York where he met with several business leaders from these industries, i.e., Tesla and Estee Lauder who are considering expanding to Thailand. Google and Microsoft are considering opening data centers. He also talked to financial institutions such as Blackrock, Citi, Goldman Sachs, and JPMorgan who have also shown strong interests in Thailand. Joint working teams have been set up to work closely with the companies to ensure that these opportunities are realized.
In addition to stimulating domestic demand and foreign investment, expansion of export market will be pushed forward. The Government will be aggressively pursuing trade relations with all members of the international community, including an EU-Thailand FTA, seek suitable benefits from the Integrated IPEF negotiation, and leverage the existing cooperation frameworks, such as RCEP and APEC. Thailand plans to play a proactive and more prominent role on the global stage.
The Prime Minister expressed his intent for the Government to be action-oriented, focusing on delivering high-impact “quick wins” while also planning for long-term improvements. In fact, in the
past few weeks since he assumed office, the cabinet has already approved several of the polices to stimulate the economy, which includes lowering the cost of energy, pausing debt and interest repayment for Thai farmers, exempting visas for tourists from China and Kazakhstan during this holiday season, which has already increased hotel booking by 6,220% compared to the same period last year.
On fiscal responsibility, The Government is well aware that all policies must be balanced with fiscal responsibility, as this impacts investor confidence, national credit rating, and reputation of the country. Prominent credit rating agencies consistently place Thailand in a favorable position. In its latest report issued on September 7, 2023, Moody’s affirmed Thailand’s credit rating with a stable outlook, surpassing several other countries in the region. This highlights several key strengths, including robust fiscal position, external stability, and the resilience of the economic structure, capable of mitigating risks. Thailand’s external stability is also robust with the level of international reserves about 10 times the value of monthly imports, much above the standard criteria. This will ensure the solid growth prospect for the Thai economy. The Prime Minister reaffirmed that the Government is carefully planning out every dollar it is spending, working with all parties involved to ensure that there is a balance between spending and revenue in both short and long term.
On sustainable growth, the Prime Minister had the opportunity to discuss and exchange ideas with world leaders at several summits on the issue of sustainability. He affirmed Thailand’s commitment to delivering its SDG pledges. To accelerate the achievement of these goals, the Government plans to increase the share of renewable energy, implement Utility Green Tariff program, support the usage of solar rooftop and net-metering, and promote green finance mechanisms by issuing sustainability linked bonds as soon as next year.
Furthermore, the Department of Climate Change and Environment has recently been established to respond to the impacts arising from climate change, and to implement our enhanced policies. At the same time, the Government is pushing ahead with the Clean Air Act, which was just submitted to Parliament last week. This will ensure that access to clean air is a basic human right for all.
Water management, which does not only impact the agricultural sector, but also the manufacturing sector, is very important for Thailand. The government is tackling this problem in a holistic and integrated way, combining surface irrigation, subsurface irrigation, and groundwater banking technique. This will reduce flooding as well as ensure that we have sufficient water for agricultural and industrial use.
In closing, the Prime Minister emphasized that a country could not have sustainable growth without first taking care of its people. Since 2002, Thailand has been one of only a handful of nations that provides Universal Health Coverage. He expressed pleasure to be able to share the country’s experience in operating the Universal Health Coverage program to the world, and made a further pledge to invest and upgrade the program. It is the Government’s goal to ensure that the number of households facing health impoverishment is below 0.25% by 2027.
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The Bangkok Post Forum 2023 was held to commemorate the 77th anniversary of the Bangkok Post. Attending the event were diplomats, high-level government officials, business leaders, and investors. Bangkok Post Forum 2023 was held under the theme ''Future Thailand: The New Era of Change.'' This forum served as a platform to discuss the policy frameworks set by the new government, with a spotlight on economic recovery and holistic development across all sectors.