Thai Finance Minister Charts New Course: Less Export Reliance, More Domestic Growth

Pichai Chunhavajira outlines an ambitious economic reform agenda to shift Thailand's focus from external trade to balanced, sustainable domestic development, tasking diplomats with attracting crucial foreign investment

 

Thailand's Finance Minister Pichai Chunhavajira has unveiled a strategic blueprint for economic reform, emphasising a move away from heavy export dependence towards fostering robust domestic balance and sustainable growth.

 

The announcement came on Monday during a special address to Thai ambassadors and consuls-general gathered at The Athenee Hotel in Bangkok.

 

In his keynote speech, titled "Direction of Thai Economic Policy," Minister Pichai highlighted the current structural reliance of the Thai economy, where over 73% of national income stems from exports of goods and services, alongside a significant 60% from private consumption.

 

However, he stressed the government's firm objective to build a more balanced economic system, mitigating vulnerability to external factors and enhancing the nation's capacity for resilient growth.

 

This ambitious agenda will be driven by substantial investment in key infrastructure sectors, including transportation, education, public health, and energy.
  

Concurrently, the government is committed to actively promoting investment in strategic target industries, such as electric vehicles (EVs), advanced electronics, biotechnology, and data centres.

 

The reform drive also encompasses a comprehensive overhaul of relevant laws and regulations to streamline business and trade operations, alongside a commitment to efficient budget allocation aimed at stimulating both public and private sector investment.

 


"The government is also prioritising inclusive growth," Minister Pichai stated, "with increased employment, higher incomes, and stronger domestic consumption serving as the vital long-term engines of the economy.


 

Following the address, the assembled diplomats were assigned strategic mandates to champion Thailand's international economic policies.
  



 

These responsibilities include actively inviting foreign investors into the identified target industries, diligently seeking new trade and investment opportunities in emerging markets, and proposing innovative approaches and collaborations to enhance Thailand's education system through international best practices.

 

This high-level meeting marks a pivotal moment, aiming to seamlessly integrate Thailand's foreign policy objectives with its domestic economic development trajectory.

 

The initiative seeks to bolster international confidence in the Thai economy and sustainably enhance the nation's global competitiveness.

(2025/06/09-00:00)