Kriengkrai Thiennukul, Chairman of the Federation of Thai Industries (FTI), revealed that the current Thai economy is like “a vehicle stuck in the mud,” requiring significant energy and concrete measures for recovery. This reflects the urgent need for the government to implement tangible policies to revive the economy, increase income, reduce expenses, resolve debt issues, enhance liquidity, and push the tourism sector to once again become the main engine of the country.
Key challenges facing the Thai industrial sector have been highlighted, such as U.S. tariff measures, dumping and transshipments, geopolitical conflicts, border disputes, household and business debt, the appreciation of the baht, impacts from climate change, as well as issues with grey-market businesses and cybercrime.
Structural problems were also addressed—including an aging society, the middle-income trap, the education system, political instability, budgetary imbalances, corruption, and outdated laws.
He proposed a strategy to elevate Thai entrepreneurs to international standards under the “4GO” framework: 1. Go Digital & AI: upgrading industries with digital technology and AI; 2. Go Innovation: fostering “small but smart” entrepreneurs through innovation; 3. Go Global: developing Thai products and services to expand opportunities in global markets; 4. Go Green: driving organizations toward sustainable development and adaptation to achieve net zero greenhouse gas emissions by 2050.
Three key national development goals were also presented: 1. Increasing the country’s competitiveness, aiming for Thailand to rank in the IMD Top 20; 2. Driving economic growth with a GDP expansion target of 5%; and 3. Sustainable development to achieve net zero goal by 2050—sooner than the previous target.
The Reinvent Thailand thesis, which contains a set of recommendations for practical policy implementation, was submitted to the government to help build a sustainable future for Thailand. The private sector will act as the main driving force, with the government providing support and a conducive environment for adaptation, while the financial sector efficiently allocates resources.
The FTI supports six key sectors crucial to the Thai economy: Smart Electronics, Automotive, Retail & Trading, Medical & Wellness, Agri & Food Processing, and Tourism. Each sector has high potential in production, innovation, services, and domestic raw materials.
