Dr. Ekniti Nitithanprapas, Thailand’s Deputy Prime Minister and Minister of Finance, delivered a keynote address during the session “Transforming Thailand for Resilient Growth” at The Battle Strategy 2026: Winning the New World Order seminar, organized by Kaohoon and SCB X. In his address, Dr. Ekniti emphasized the need for Thailand to implement adaptive strategies to overcome the current crisis of high global oil prices—a challenge exacerbated by ongoing conflicts in the Middle East that continue to destabilize energy infrastructure.
Reflecting on Thailand’s longstanding ability to transform and adapt, particularly since the Covid-19 pandemic, Dr. Ekniti stressed the importance of “long and careful thinking” to devise winning strategies in a rapidly changing global landscape. He outlined three core pillars—summarized as “the three Ts”—to steer the country toward a sustainable and resilient future.
Target
Dr. Ekniti highlighted the need to focus support not on price subsidies, but rather on individuals and groups most affected by high oil prices. He also urged Thailand to concentrate on sectors where it can take advantage from the global stage, such as wellness tourism, pet food production, automotive manufacturing, and electric vehicles (EVs).
Transition
Addressing the necessity for change, Dr. Ekniti pointed out that while other nations have opted to float oil prices and subsidize affected populations, Thailand must expedite its shift to green energy. As the Middle Eastern energy infrastructure faces disruptions, he argues that sustainable green energy is crucial for the country’s future energy security.
The Deputy Prime Minister called for accelerated power purchase agreements (PPAs) in the solar sector, advancements in floating solar projects, and policies to attract private investment. He noted the importance of addressing cost burdens for both individuals and businesses, asserting that countries quickest to embrace green energy will emerge as the winners in the new global order.
Transform
Lastly, Dr. Ekniti referenced the transformative potential of technology, stating that deploying artificial intelligence (AI) can elevate Thai society, aid in managing demographic challenges associated with an aging population, and support the growth of small and medium-sized enterprises (SMEs).
In this regard, it is considered that Thailand must accelerate its transition by utilizing the capital market as a primary funding source. This includes pushing for new instruments, such as Thailand Individual Savings Account (TISA), to support capital market growth and accommodate future shifts in the global economy.
Ekniti emphasized that the world is changing rapidly, and it is necessary to accept reality. If Thailand remains anchored to old models and continue providing subsidies in the same traditional manner, the country may not only lose its competitiveness but also risk facing overlapping crises.
