Mr. Ekniti Nitithanprapas, Thailand’s Deputy Prime Minister and Minister of Finance, disclosed that on July 31, 2026, the Subcommittee on the Development of New National Investments under the Joint Public and Private Sector Consultative Committee (JPPSCC) convened to advance Thailand’s economic development.
The goal is to enhance Thailand’s economic growth to surpass 3% annually and to improve the country’s global competitiveness, aiming to reach the top 20 worldwide. Simultaneously, the committee targets raising the combined investment by both public and private sectors to 30% of the country’s gross domestic product, aiming to achieve these targets within four years.
The long-term ambition, in line with the World Bank’s recommendations, is to elevate Thailand to the status of a high-income country within twelve years. This is consistent with the committee’s desire to stimulate investment and bolster the nation’s competitiveness.
The JPPSCC outlined a strategic framework led by five key strategies as follows:
- Investment and Industry Transformation Hub: The focus is on promoting the ‘Made in Thailand’ policy and increasing local content to support Thai entrepreneurs entering the supply chain. This will be realized through state financial mechanisms such as the PromptBiz and e-GP systems. There will also be measures to upgrade existing industries, expedite investment approvals through the Thailand Fast Pass policy, develop vital infrastructure, and upgrade the workforce’s skills via the Skill Bridge initiative.
- AI and Digital Hub: Efforts will accelerate investment in future-oriented industries, including artificial intelligence, semiconductor, and chip design sectors, aimed at establishing Thailand as a new manufacturing base. There is a comprehensive plan to develop an AI ecosystem, from foundational infrastructure to intellectual property, driving widespread adoption of AI technologies across all sectors to concretely reduce costs and increase productivity.
- Green Economy: The strategy emphasizes advancing smart grid development to improve private sector access to clean energy, supporting infrastructure for electric vehicles and green transport systems, and developing carbon market mechanisms such as Carbon Accounting and Emissions Trading Systems (ETS). Green financial instruments will be implemented to help businesses reduce greenhouse gas emissions and enhance Thailand’s standing on the global stage.
- Financial Hub: Plans are in place to transform Thailand into a comprehensive financial center, encompassing banking, capital markets, insurance, and wealth management. The objective is to elevate the capital market’s role in funding technology businesses and infrastructure, supported by IPO Facilitation measures to nurture startups into national champions.
- Medical Hub: The government is advancing an integrated medical ecosystem, covering healthcare services, pharmaceutical research, and advanced medical devices. This strategy aims to integrate domestic industries into the global medical supply chain, promote the use of local content, and foster sustainable medical innovation.
Furthermore, the government has instructed all committees to develop a three-phase operational roadmap. The first phase, the short-term, focuses on achieving rapid and high-impact ‘Quick Big Wins’ within the next six months to quickly boost national competitiveness. The medium-term plan seeks to accomplish ‘Big Wins’ with larger projects over two years.
The long-term phase, within four years, involves laying the foundation for structural changes and deploying all available tools in a fully integrated manner. For example, if tax measures are needed, the Board of Investment (BOI) and the Ministry of Finance will employ available tax incentives to support investments.
Regarding the budget, preliminary plans call for more targeted allocation for investments within the constraints of a limited budget. Public-private partnership (PPP) schemes will be leveraged more extensively, alongside mechanisms from capital markets, such as the Thailand ESG Fund, which offers high liquidity.
Notably, some policies, such as establishing medical innovation hubs for the procurement of quality modern medicines, may even be facilitated without direct financial outlays.
