Bangkok: The Federation of Thai Industries (FTI) and the Thai Sang Thai Party have engaged in discussions focused on strategies to enhance the growth of the Thai industry amid ongoing economic challenges. The discussions underscored the need for significant policy initiatives to overcome the current economic stagnation and drive future growth.
According to Thai News Agency, Mr. Kriengsak Thianukul, President of FTI, emphasized that the Thai economy is akin to a “vehicle stuck in the mud,” necessitating substantial efforts to move forward. In response, the government has introduced the “Quick Big Win” policy aimed at economic revival. This policy seeks to increase income, reduce expenses, address debt issues, improve liquidity, and reinvigorate the tourism sector to once again become a key driver of economic growth.
The Thai industrial sector continues to grapple with several challenges, including US tariffs, geopolitical tensions, household and business debt, and structural issues such as an aging society and outdated laws. To address these, FTI outlined a strategic 4GO approach: Go Digital and AI, Go Innovation, Go Global, and Go Green, aiming for international competitiveness and sustainability by 2050.
The main objectives for advancing the Thai industry include enhancing the country’s competitiveness, promoting a 5% economic growth rate, and achieving Sustainable Development Goals by accelerating the Net Zero target to 2050. The proposals are divided into eight areas, including regulatory improvements, human resource development, energy management, export promotion, industrial upgrades, sustainable industry development, SME support, and logistics infrastructure enhancement.
Mr. Phokin Pholkul, Chairman of the Thai Sang Thai Party’s Strategy Committee, noted the alignment between FTI’s proposals and the party’s national development policies. Key challenges addressed include political corruption, weak economic structures, outdated education, global uncertainties, and climate change. The party aims to establish a welfare state, reform education, support small businesses, and combat corruption through a National Anti-Corruption Commission.
As the country prepares for elections following the dissolution of parliament, Mr. Phokin emphasized the party’s opposition to corrupt politics and its commitment to principled leadership focused on building a better society for future generations.