Prime Minister Paetongtarn Shinawatra has assured foreign investors of Thailand’s readiness to serve as an investment hub, especially given its newfound political stability.
The premier made the assurance at the Forbes Global CEO Conference on Thursday at the Ritz Carlton in Bangkok.
Ms Paetongtarn outlined her short- and long-term vision for the country under her leadership during a one-on-one dialogue with Moira Forbes, executive vice-president of Forbes Media. (Forbes Thailand is published by Post International Media Co Ltd, a Bangkok Post affiliate)
The prime minister said the economy has not grown as fast as many Thais expected in recent years, so it was important to continue down the path of pursuing more foreign investment as advocated by her predecessor Srettha Thavisin.
She said Mr Srettha was able to persuade major global tech players to invest in the country, including Google and Microsoft.
“Whenever I have the opportunity to meet foreign investors, I would tell them the government is ready to throw its full support behind the private sector,” she said.
She the Board of Investment stood ready to help foreigners deal with all of the red tape required to invest in the country.
Citing the case of Google, she said its investment would create crucial jobs for Thais and ramp up skills and education related to artificial intelligence technology.
She said the government is trying to improve the education system to respond to the needs of foreign investments, especially in data centres and semiconductors.
The premier said she hopes to see the English literacy rate improve soon as a result of such measures.
She said she was aware that political stability is an important consideration for businesses as they choose countries in which to invest and settle.
“So the government needs to make sure Thailand has political stability, and this is already happening now,” she said.
Apart from political stability, Ms Forbes asked why foreign investors should choose Thailand and what opportunities lie ahead.
The prime minister replied that the kingdom has a strong advantage in terms of its strategic location in Southeast Asia as well as its proximity to China.
Thailand has managed to maintain its position as one of the top exporters of agricultural products throughout various boom and bust periods, Ms Paetongtarn said.
This means the country can support global food security as a reliable producer of high-quality food, she noted.
The premier also pointed out that the government has created a committee to take care of food security, food technology and innovation, in a bid to shore up the quality of the food that is exported around the world.
“I think right now, Thailand is ready with the technology, and ready with a stable government,” she said.
“The people who are working for the government are very strong and very well connected with other countries.
“So I think it’s a very right moment, and it’s a very good moment [for foreign businesses](#) to invest in Thailand right now.”
Ms Paetongtarn was also asked how the return of US President-elect Donald Trump would impact Thailand. She said his return could potentially hamper Thai exports slightly but that she had plans in place to do more business with American firms.
The government has come up with a policy that could offset any changes in the export market, she said.
Thailand’s exports to the United States account for about 10% of the country’s gross domestic product.