The government’s Thailand 4.0 initiative includes a 20-year roadmap that focuses on Eastern Economic Corridor Act, digital infrastructure and an investment-led transformation.
“I see India as a great partner for the future and we really want to work with the Indian government,” said Deputy Prime Minister of Thailand Somkid Jatusripitak, on Wednesday, on the sidelines of Opportunity Thailand Innovation-driven Economy, a day-long seminar at the Impact Exhibition and Convention Centre in Bangkok.
The government’s Thailand 4.0 initiative includes a 20-year roadmap that focuses on Eastern Economic Corridor Act, digital infrastructure and an investment-led transformation. Currently, though India’s Free Trade Act with Thailand is yet to be inked, both countries are bound by the Early Harvest Scheme.
Earlier in the day, Thai Prime Minister General Prayut Chan-o-Cha set the tone of the event by urging the international community to come to Thailand in the spirit of solidarity and participate in the country’s turnaround process. “It will not only be beneficial to Thailand but also for South-eastern economies,” said Chan-o-Cha.
“Our country has revised its Investment Promotion Act to further improve the ease of doing business. We are also ensuring transparency and good governance to boost investors’ confidence,” he said, adding that the country is now stable and ready for the next leap forward.
At a time when the US President is harping on building a wall and deporting immigrants, the Thai PM struck a refreshingly different note by welcoming professionals from foreign countries to come to Thailand to impart their skills and help in building the country’s labour force.
In its bid to woo investors, the government is planning to give up to 13 years of corporate tax exemption to a select few high-end industries. Thailand 4.0 endeavour targets ten key sectors, including bio-fuels and biochemical, aerospace, smart electronics, next generation automotive, automation-robotics, and agricultural and biotechnology, to name a few. For improving infrastructure, Thailand has a three-pronged approach that includes: provisions in national budget, public-private partnerships, and establishment of an Infrastructure fund.
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