Thailand: Somkid spots Thailand on advanced economy fast track

  • Thailand is in the fast lane toward becoming an advanced economy because of a number of megaprojects, digital development and the Eastern Economic Corridor (EEC), says Deputy Prime Minister Somkid Jatusripitak.
  • Speaking at a Board of Investment (BoI) seminar entitled “Thailand’s new phase: Turning Opportunities into Realities,” Mr Somkid said the government remains committed to transforming Thailand’s economy into an engine for Southeast Asian growth through three strategies: hefty investments in megaprojects, EEC development and digital technology promotion.
  • He said, “ This government has implemented socioeconomic reforms over the past two years that have resulted in significant economic expansion. Thailand has seen impressive growth over the period, recorded at 3.9% in 2017, up from 3.3% in 2016 and 2.8% in 2015. Exports also grew to USD236bn in 2017 from USD214bn in both 2016 and 2015. The government expects continued growth in 2018.”
  • The investment trend appears positive in 2018, with applications submitted for BoI approval projected to top THB700bn, compared with THB198bn in 2015.
  • A total of 640 investment applications were forwarded to BoI for approval in 2017, up 7% from 2016. Of the total, THB300bn was intended for investment in the EEC, lured by the government’s 10 targeted S-curve industries. FDI also rose to THB283bn in 2017, up from only THB96.1bn in 2015.
  • Mr Somkid on 19 Mar 18 called for co-investment in government-initiated infrastructure projects.
  • Earlier Mar 18, the State Enterprise Policy Office said nearly half of the THB966bn worth of projects under the fast-track-public-private-partnership scheme are expected to win approval from the PPP committee in 2018, including the Orange Line’s eastern and western sections (THB195bn), the Purple Line between Kanchanaphisek Outer Ring Road and Tao Poon (THB131bn), and the Nakhon Pathon to Cha-am, Phetchaburi motorway project (THB80bn).

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