(ECNS) -- Thailand plans to lift combined public and private investment to 30% of its gross domestic product (GDP), up from the current 23%, to escape the middle-income trap and attain high-income economy status by 2038.
Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas disclosed the plans on Friday (July 31), the Bangkok Post reported. The government targets annual economic growth of over 3% by 2029 and aims to push Thailand's global competitiveness ranking from 26th into the world's top 20.
To boost investment, authorities will roll out tax incentives, fiscal allocations, and public-private partnership projects, while leveraging the Thailand Future Fund. Five working groups have been set up, focusing on industrial transformation, artificial intelligence (AI) and digital technology, the green economy, financial services, and medical investment.
The AI and digital technology panel seeks to draw 100 billion baht (around S$3.8 billion) in investment into AI, semiconductors, and chip design by 2027, raising AI's contribution to GDP to 5%. The industrial transformation group will upgrade traditional industries, simplify business approval procedures, and modernize power, water supply, and industrial infrastructure. Other teams will foster clean energy, regional financial services, and high-value sectors including pharmaceuticals and medical devices.
Ekniti noted that geopolitical strains, rapid AI advancement, population ageing, and the green transition are reshaping the global economy, with nations vying for investment and supply chain restructuring.
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