Bangkok: Ekniti Nitithanprapas, the Deputy Prime Minister and Minister of Finance, announced that the government and the business sector are gearing up for significant investments to capitalize on opportunities arising from the Middle East conflict. These investments aim to enhance industrial infrastructure, energy, water, and human resources, with the additional goal of elevating small and medium-sized enterprises (SMEs) to become leaders in the ASEAN region. He also noted that the Prime Minister is planning to establish a National Economic and Social Council (NESC) to implement the outcomes of a recent meeting.
According to Thai News Agency, Ekniti provided a summary of a joint meeting held between the government and the private sector. The meeting, initiated by the Prime Minister, focused on national economic development and the invaluable input from the private sector. Participants agreed that Thailand should seize the opportunities presented by the energy crisis linked to the Middle East situation. The private sector highlighted Thailand's potential as an investment destination, anticipating a shift in production bases and supply chains to the country. This shift is seen as an opportunity for Thailand to capitalize on the global energy crisis.
Ekniti outlined five key proposals that emerged from the meeting. The first is the urgent need to invest in water resources, crucial for the agricultural sector, as Thailand is a major food production base facing potential water shortages by the end of the year. The second proposal calls for accelerated investment in clean energy, such as solar cells and modern power transmission systems, to address the ongoing energy crisis.
The third proposal emphasizes the need to invest in human resources, leveraging AI technology to develop skills and capabilities through reskilling and upskilling. The fourth proposal suggests identifying new sources of economic growth, focusing on health tourism and emerging industries, to position Thailand as a regional production base in the financial sector. Lastly, the fifth proposal calls for the removal of obstacles related to land management and permit applications, alongside establishing an anti-corruption center.
Ekniti also mentioned the business sector's support for the government's economic policy, which aims to shift from oil and natural gas reliance to clean energy, while emphasizing human resource reform and collaboration. To implement these discussions, the Prime Minister has suggested forming a Joint Public-Private Sector Committee (JPP).
The meeting also addressed concerns about inflation and its impact on the cost of living, particularly for lower-income individuals and SMEs. The SME Federation proposed that the government prioritize assistance for SMEs, as they are disproportionately affected by inflation. The goal is to ensure that investment benefits reach Thai SMEs and the wider population, spreading prosperity across regions.
Ekniti stressed the urgency of expediting investment, economic restructuring, clean energy initiatives, and tackling the cost of living. The private sector agreed on the importance of joint investment with the public sector to develop the economy, with the government simplifying regulations to facilitate business investments.