Bangkok: Chulalongkorn University's Faculty of Accountancy, in collaboration with the private sector, has put forth recommendations to "reset" the Thai economy, emphasizing that urgent adaptation is crucial to prevent Thailand from lagging behind. The initiative aims to increase the country's GDP to 3% by 2026 through the integration of high-tech innovation in product manufacturing.
According to Thai News Agency, the Faculty of Commerce and Accountancy at Chulalongkorn University hosted an academic seminar titled "Resetting the Thai Economy: The Last Chance or Just a New Cycle," focusing on the need for structural adjustments amidst global economic volatility and competitiveness challenges. Professor Dr. Vilelert Poorivachara, President of Chulalongkorn University, highlighted the importance of a comprehensive structural reset, which involves productivity improvements, human capital development, and enhancing competitiveness on a sustainable basis. The seminar emphasized the necessity for the new government to proactively drive the country forward by leveraging AI technology and empowering communities for resilience.
Dr. Poj Aramwattananon, President of the Thai Chamber of Commerce, addressed the need for policy clarity and economic stability to build investment confidence. He emphasized reducing structural costs and improving regulatory efficiency. Dr. Aramwattananon stressed cooperation in combating corruption to reintegrate money into the system, thereby restoring confidence and facilitating growth.
The seminar also discussed the global polarization influenced by the "Trump" case and the need to prioritize domestic raw materials in foreign factories. It called for reforms in the Board of Investment to support Thai businesses against foreign competition, focusing on developing human resources in engineering, technology, and AI.
Mr. Kriengkrai Thianukul, President of the Federation of Thai Industries, reiterated the importance of clear policies and economic stability. He described Thailand as facing internal challenges akin to a "leaky ship," necessitating collaborative efforts to repair and reset the country's economic trajectory. The goal is to push Thailand's GDP growth to 3 percent by addressing high production and logistics costs and shifting from OEM to a major manufacturing role.
The seminar outlined key strategies for Thai industries, including adopting AI, fostering innovation, exploring global markets, and focusing on environmental sustainability. These steps aim to transform weaknesses into strengths, especially as global trade barriers increase.
Mr. Thanakorn Kasetsuwan, President of the Thai National Shippers Council, emphasized exports as a key economic driver, urging diversification and compliance with new trade regulations to maintain competitiveness. He called for transparency and reduced corruption to support the export sector.
Lastly, Associate Professor Dr. Tharathat Mokkamarkkul, Dean of the Faculty of Commerce and Accountancy at Chulalongkorn University, urged the government to address structural problems like slowing production and household debt to achieve sustainable growth. This involves investing in human resources, technology, and innovation, and restructuring the economy to focus on value creation.