42
OF POWER CORRIDOR
WOR D S T AM SI N C O CK S
Robots, railways and reform are all part of the economic revolution set to turn Thailand into a high-value economy
D SEP T E M B ER 2 0 18
espite being one of the strongest ASEAN members – it boasts the second-highest GDP aſter Indonesia according to the International Monetary Fund – Thailand has found itself stuck in the “middle-income trap”. The kingdom has watched its economic growth rates slow in comparison to emerging rivals, especially the CLMV countries (Cambodia, Laos, Myanmar and Vietnam), who’ve stepped up competition for traditional industrial and manufacturing areas. According to the Nikkei Asian Review, Thailand has grown just 2.7 per cent over the past five years, placing it an uncomfortable ninth out of the ten ASEAN members. In 2016, the government responded with “Thailand 4.0” – the tagline for a wave of investment and initiatives set to dominate the economic landscape for the next 20 years and drive the country into a high-value and innovation-driven economy.
Underpinning this plan, the country has pinpointed ten “S-curve” industries on which to focus that include new and emerging sectors as well as upgraded versions of Thailand’s strongest performers. Naturally, tourism, food and health feature high on the list of golden industries, while investment is planned in cutting-edge fields from bioenergy to robotics and aviation. Major infrastructure projects are also in the works, encompassing air, land and sea, along with financial reforms that will deliver tax breaks, smart visas and a foreigner-friendly business environment. Nichapa Yoswee, senior vice president of business at Thailand’s Convention and Exhibition Bureau (TCEB) welcomes the plan, saying, “[Thailand 4.0] clearly defines the direction of growth and focuses all relevant governmental effort towards an uncompromising goal to drive the nation in one streamlined direction. Such clarity ultimately provides confidence in foreign direct investment.”
bus ine s s tr a v el ler .c om
ISTOCK
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