BERLIN/BANGKOK – Since assuming office in August 2023, Prime Minister Srettha Thavisin has wasted no time in charting a new course for Thailand’s economy. A former property mogul and successful businessman, Srettha brings a fresh perspective to governance, emphasizing bold reforms and progressive policies. At the annual meeting of the German SME association, BVMW, in Berlin, Srettha indicated, on how he plans to get Thailand back into business:
1. Economic Stimulus Plan: A Structural Shift
Srettha’s administration has hinted at a structural shift away from Thailand’s traditional export-led economic model. Concerned about the country’s flagging economy, the government plans to stimulate demand by disbursing up to 560 billion baht (approximately $15.8 billion) to 55 million people over a six-month period. These direct cash transfers, coupled with energy price reductions and debt moratoriums, constitute significant reforms. It’s a departure from Thailand’s historical economic policies and signals the government’s commitment to revitalizing growth.
2. Foreign Direct Investment (FDI) Surge
Thailand’s FDI landscape has undergone a remarkable transformation under Srettha’s leadership. In the fourth quarter of last year, FDI doubled year over year, a testament to his efforts. Notably, in November, Srettha unveiled substantial investments by tech giants: Amazon Web Services, Google, and Microsoft, collectively injecting $8.3 billion into the Thai economy. His avuncular charm and tireless global outreach have sent a clear message: “Thailand is open for business again”.
3. Empowering Young Entrepreneurs and Startups
PM Srettha recognizes that the future lies in innovation and entrepreneurship. His commitment to nurturing young talent and fostering a vibrant startup ecosystem is commendable. Here’s how he’s helping:
a. Thailand Vision 2030: Igniting Progress
In February 2024, Thavisin unveiled “Thailand Vision 2030” at the Government House. This ambitious roadmap aims to position Thailand as a global industrial hub, drive sustainable economic growth, and boost key sectors like tourism, wellness, medical services, food, and aviation. By encouraging innovation and supporting startups, Srettha Thavisin is laying the groundwork for a thriving entrepreneurial landscape .
b. Export Excellence and Entrepreneurial Competencies
Srettha’s commitment extends to recognizing excellence. At the PM’s Export Award 2023, he honored 40 recipients, emphasizing quality markets, innovation, creativity, and entrepreneurial competencies. By celebrating achievements, he inspires young entrepreneurs to dream big and contribute to Thailand’s economic resurgence .
c. Making Thailand a Business Hub
PM Srettha’s family business, Sansiri, specializes in luxury residential projects and is one of Thailand’s largest property developers. His background as a successful businessman has endeared him to private sector leaders. He envisions Thailand as a regional hub for electric vehicles, aviation, finance, and the digital economy. His commitment to making Thailand a food, wellness, and tourism hub bodes well for startups seeking a supportive environment.
Conclusion: A Nation on the Rise
Prime Minister Srettha Thavisin’s dynamic leadership is transforming Thailand’s economic landscape. With bold policies, international partnerships, and a focus on empowering entrepreneurs, he’s steering the nation toward prosperity. As the sun rises over Bangkok, it illuminates a Thailand that is open, innovative, and ready for business. (hz)
Photo: AT/hz