รัฐบาลไทย-ข่าวทำเนียบรัฐบาล-Opening Remarks for H.E. Srettha Thavisin, Prime Minister of Thailand at ​Bangkok Post Forum, 3rd October 2023
วันอังคารที่ 3 ตุลาคม 2566
03/10/2566
Opening Remarks for H.E. Srettha Thavisin, Prime Minister of Thailand at ​Bangkok Post Forum, 3rd October 2023
Opening Remarks for H.E. Srettha Thavisin, Prime Minister of Thailand at ​Bangkok Post Forum, 3rd October 2023
Sawasdee Krub and hello to everyone,
First, allow me to thank The Bangkok Post for hosting this event and for inviting me here today.
I have always valued the relationship between government and the press. Apart from providing accountability and transparency for the people, the press like The Bangkok Post, which is a major English-language media outlet, fulfils a critical role as a global window into our nation. Accurate and transparent reporting helps foster confidence among investors, businesses, and tourists.
I am also glad to see so many friends, distinguished diplomats, prominent business leaders, and investors here today. I hope that today’s event will serve as a platform for exchange of ideas, networking, and forging new partnerships.
Today, 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, which even now, we have not made a full recovery from.
I intend to meet these challenges head-on. My mandate from the people is not only to get us through this difficult time, but also to ensure that Thailand emerges as the center of business and commerce in the region.
On the economy side, we plan to enact policies to stimulate job creation, and provide financial support for low-income families, and other vulnerable groups. This will help level the playing field and aid in the creation of a more just society. The government aims to alleviate all households living with generational poverty by 2027. We will leave no one behind.
An example of this is the plan to stimulate the economy from the grass-roots level. We plan to issue a progressive stimulus package that will include the 10,000-baht Digital Wallet Scheme. This will inject around 16 billion dollars cash flow into the economy. This 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 my government is focusing on is jumpstarting foreign investment. It is undeniable that the world is shifting around us. 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.
Let me assure you that the government is working hard on this. Two weeks ago when I attended UNGA in New York, I met with several business leaders from these industries. This includes Tesla and Estee Lauder who are considering expanding to Thailand. Google and Microsoft are considering opening data centers. I also talked to financial institutions such as Blackrock, Citi, Goldman Sachs, and JPMorgan who have also shown strong interests in Thailand. These are not just conversations. We have set up joint working teams to work closely with the companies to ensure that these opportunities are realized.
In addition to stimulating domestic demand and foreign investment, the government is pushing forward to expand the export market. We 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. We plan to play a proactive and more prominent role on the global stage.
I intend for my 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 I assumed office, our cabinet has already approved several of the polices to stimulate the economy.
This 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.
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, including Indonesia, Vietnam, and the Philippines. This highlights several key strengths, including robust fiscal position, external stability, and the resilience of the economic structure, capable of mitigating risks.
Furthermore, Thailand’s external stability is also robust with the level of international reserves about 10 times the value of monthly imports. This is much above the standard criteria. This will ensure the solid growth prospect for the Thai economy.
Let me reassure you that the government is carefully planning out every dollar we are spending, working with all parties involved to ensure that there is a balance between spending and revenue in both short and long term.
Another topic that is at the top of mind for the government, and also featured prominently at all UNGA discussions is sustainability. I had the opportunity to discuss and exchange ideas with world leaders at several summits including SDG Summit, Financing for Development, and Climate Ambition Summit.
My message to the global community was clear; Thailand is committed to delivering our SDG pledges. To accelerate the achievement of these goals, we plan 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, we recently established the Department of Climate Change and Environment to respond to the impacts arising from climate change, and to implement our enhanced policies. At the same time, we are pushing ahead with the Clean Air Act, which we just submitted to Parliament last week. This will ensure that access to clean air is a basic human right for all.
The second topic related to sustainability that is very important for Thailand is water management. This does not only impact the agricultural sector, but also the manufacturing sector, which in turn affects our attractiveness as a manufacturing hub. 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.
Finally, we cannot have sustainable growth without first taking care of our people. Since 2002, we have been one of only a handful of nations that provides Universal Health Coverage. It was my absolute pleasure to be able to share our experience in operating our Universal Health Coverage program to the world. I also made a further pledge to invest and upgrade the program. It is our goal to ensure that the number of households facing health impoverishment is below 0.25% by 2027.
Ladies and gentlemen,
Let me leave you with one simple message. The future of Thailand is bright. Despite the global challenges and shifting landscape, Thailand is well equipped with the right mix of resources and skills to thrive in the new world. The government will do everything we can to ensure that we succeed as a nation, but we need to work side-by-side with the private sector and everyone else to drive this growth.
There has never been a better time to invest and engage with Thailand. I hope everyone has a great time at this event.