BANGKOK (NNT) - The economic fundamentals in Thailand remain strong, after an international credit rating agency recently raised the country’s outlook to positive. Many foreign countries have expressed interest in investing in Thailand’s automotive industry, as they are confident that the country is ready to support them in every way. The government has launched short-term measures to stimulate the domestic economy amid the global economic slowdown.
In response to the former director-general of the World Trade Organization (WTO), Supachai Panitchpakdi, who commented that the government’s latest stimulus measures will only boost the economy in the short term and will not increase the number of economic activities, the Finance Minister, Uttama Savanaya, said it is still necessary to ensure economic growth in the short term. Mr. Uttama said the government wants to increase the amount of money circulating in the economy while stimulating domestic consumption. Without these efforts, the economy would be less active. The government has a clear investment plan. In the next five years, at least 20% of the state budget will be invested in many areas, such as industry, human resources, production and information technology (IT).
The Finance Minister said the government is expediting investment projects in different industries, including those in the Eastern Economic Corridor (EEC). Both domestic and foreign investors are still keen to do business in Thailand. They are particularly interested in the country’s electric vehicle (EV) sector, and the government has been promoting this industry. Some manufacturers are now setting up EV battery plants in Thailand, with a number of foreign car companies planning to expand their investments in the country because they are confident that the country is ready to support them. If the government is able to adhere to its roadmap, the private sector is willing to invest in the country.