Thailand plans economic restructuring to attract foreign investment

A view of Bangkok capital city of Thailand (Photo: AFP)

Speaking at the 38th annual meeting of the Thai Chamber of Commerce on November 27, Deputy Prime Minister Supattanapong Punmeechaow said 2021 will be a transitional year for Thailand to take serious action in restructuring its economy.

Though the Thai economy is expected to recover to growth of 3-4 percent in 2021 from contraction this year, it will still rely on domestic consumption, he said, noting that reforms are essential to facilitate economic recovery.

He said a restructuring plan is expected by the first quarter of 2021, focusing on building up the local economy and attracting foreign direct investment, notably in new industries related to medical services, food, the circular economy, biofuel or clean energy, smart electronics and electric vehicles.

To lure foreign investment and foreign workers, the Thai Government is considering amending and improving various conditions, such as tax benefits offered to foreigners working in the state's flagship Eastern Economic Corridor, said Supattanapong.

The Deputy PM added that over the next three months, the Government wants to develop a new e-commerce platform through a partnership with Krungthai Bank, allowing operators to sell their products.

The new platform would function like Lazada and Shopee, but products would be niche and unique, with members of the Thai chamber nationwide encouraged to sell through this new platform, according to the official./.

VNA