Thailand plans economic restructuring to attract foreign investment
The Government of Thailand looks to restructure the economy next year to attract foreign investors to new industries and establish a central e-commerce platform to boost online sales nationwide, local media reported.
A view of Bangkok capital city of Thailand (Photo: AFP)
Bangkok (VNA) –The Government of Thailand looks to restructure the economy next year toattract foreign investors to new industries and establish a central e-commerceplatform to boost online sales nationwide, local media reported.
Speaking at the 38th annual meeting of the ThaiChamber of Commerce on November 27, Deputy Prime Minister SupattanapongPunmeechaow said 2021 will be a transitional year for Thailand to take seriousaction in restructuring its economy.
Though the Thai economy is expected to recoverto growth of 3-4 percent in 2021 from contraction this year, it will still relyon domestic consumption, he said, noting that reforms are essential to facilitateeconomic recovery.
He said a restructuring plan is expected by thefirst quarter of 2021, focusing on building up the local economy and attractingforeign direct investment, notably in new industries related to medicalservices, food, the circular economy, biofuel or clean energy, smartelectronics and electric vehicles.
To lure foreign investment and foreign workers,the Thai Government is considering amending and improving various conditions,such as tax benefits offered to foreigners working in the state's flagshipEastern Economic Corridor, said Supattanapong.
The Deputy PM added that over the next threemonths, the Government wants to develop a new e-commerce platform through apartnership with Krungthai Bank, allowing operators to sell their products.
The new platform would function like Lazada andShopee, but products would be niche and unique, with members of the Thaichamber nationwide encouraged to sell through this new platform, according tothe official./.
Thailand is setting its sights on boosting its digital infrastructure and creating an ecosystem that will position it as the digital hub of ASEAN, heard a local seminar on November 11.
To add a channel for generating income for the community and to preserve local wisdom, the Stock Exchange of Thailand (SET) has cooperated with MBK Centre to organise the SET Social Impact Fair 2020, to deliver quality products directly to consumers.
Thailand’s government is speeding up the process to get parliament’s approval of the signing of the Regional Comprehensive Economic Partnership (RCEP) by February 2021 to pave the way for full ratification within 2021, according to Thai Commerce Minister Jurin Laksanawisit.
Thailand is promoting the concept of bioeconomy, which encourages the use of renewable resources and waste products to make value-added products, to support the country’s ambitious plan to make Thailand the biochemical industry hub of ASEAN by 2027.
Thailand welcomed first 1,201 foreign tourists in October since a ban in April aimed at averting coronavirus outbreaks, as the country gradually opens up to a select number of visitors.
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
A view of Bangkok capital city of Thailand (Photo: AFP) 
