MR Pridiyathorn said that initiatives are underway to move Thailand to the next level of economic development.
“This is a period of action for the future. It is a period of building a base,” he said.
For decades, economic growth depended on exports and manufacturing. But exports have slowed and in the past four years annual GDP has not exceeded 5pc. Many Thai products face competition from neighbouring Asean countries.
“Our first strategy is to develop a new category of products, which will make us competitive,” MR Pridiyathorn said.
The Board of Investment has come up with a list of high-tech product lines which will attract promotional privileges, the deputy PM said.
For example, Thailand has advanced food supply chain capabilities. Now, promotional privileges will be given to the production of medical food with active nutrients.
It’s a similar story for the production of eco-friendly polymers and hygienic pulp and paper, the deputy PM said.
Thailand should also move from the production of eco-cars to the production of hybrid and electric cars, he said.
Production of normal spare parts will move on to production of high technology, security, and energy-conservation spare parts, which are needed for the production of hybrid and electric cars.
The government has come up with a list of new items to attract promotional privileges, which it hopes will attract more foreign investors.
The government has held roadshows in Japan to explain its promotional initiatives. Many firms showed interest and started talks on where to head next.