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Arunrat Chumroentaweesup
On September 11, 2023, newly elected Prime Minister Srettha Thavisin presented his government’s new policy initiatives for promoting economic growth. Apart from the short-term policies for immediate implementation, the new policies are focused on medium and long-term initiatives to promote economic growth, improve infrastructure, and strengthen the competitiveness of Thailand’s industrial base as well as enhance the attractiveness of Thailand as an investment destination.
The announcement covers a wide variety of issues that will impact Thailand’s economic development but did not elaborate on the details of how the various policies will be implemented. Important stakeholders in the relevant industry sectors are encouraged to provide their inputs as to the implementation of the policies to ensure Thailand can be competitive in the current challenging business and economic environment. These policies, if executed properly, are expected to expand international trade, attract more foreign investment and improve agricultural productivity, resulting in higher levels of economic growth.
As the first economic policy pronouncement of the new government, we can expect to see more details being announced in the next several months. Contact Tractus if you require any further information on Thailand’s investment and business environment or how to grow your business in Thailand.
Authored by
Arunrat Chumroentaweesup is a Consulting Manager based in Thailand.
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