Srettha unveils plans for Thailand’s economy at UBS conference

At the UBS Asian Investment Conference 2024 in Hong Kong, Prime Minister Srettha Thavisin showcased a visionary blueprint for Thailand’s economic revolution.

Addressing over 2,000 participants and 300 companies from the Asia-Pacific region, he laid out a series of strategic initiatives designed to attract global investment and drive innovation and sustainability.

The 62 year old PM emphasised the nation’s readiness to embrace international collaborations. Central to his plan is the ambitious digital wallet scheme, set to inject 10,000 baht into the pockets of 50 million citizens. This initiative, the Thai prime minister predicted, will catalyse a significant GDP growth of 1.2 to 1.8% within a year.

On the trade front, PM Srettha offered promising updates, particularly on Free Trade Agreement negotiations.

“A deal with the European Union is on the horizon.”

This would mark a significant milestone in Thailand’s trade relations, opening new avenues for economic growth.

Sustainability was a cornerstone of the prime minister’s speech. He reiterated Thailand’s commitment to achieving carbon neutrality by 2050 and boosting renewable energy use to 50% by 2040. To underline these commitments, the government has already issued nearly US$1 billion (approximately 37 billion baht) in sustainability bonds this year.

“We are balancing environmental goals with fiscal responsibility.”

Concluding his address, the Bangkok-born prime minister invited the global community to join Thailand on its transformative journey, reported Pattaya Mail.

“Our innovative and open environment makes Thailand the perfect destination for investors and partners eager to partake in our economic evolution.”

In related news, during the Council of Economic Ministers’ meeting on Tuesday, PM Srettha showered praise on Central Bank Governor Sethaput Suthiwartnarueput for his constructive opinions on economic measures.

In other news, Chinese investors eagerly engaged with Thailand’s business landscape at a recent matchmaking event held under the Regional Comprehensive Economic Partnership (RCEP) agreement. Marking its debut in Thailand, the event seeks to draw interest towards emerging S-curve industries and facilitate the transfer of technology from China.