The public and private sectors agree that Thailand has high potential to attract investment and trade.

The public and private sectors agree that Thailand still has high potential to attract investment and trade that will turn the Thai economy around. Moving forward sustainably But we must adapt and reduce social inequality. Develop a quality workforce by bringing in modern technology. At the same time, the problem of the informal economy must be reduced in order for Thailand to be truly sustainable. Mr. Narit Theodsatheerasak Secretary-General of the Board of Investment or BOI spoke at the business RESHAP ING THAILAND FOR A SUSTAINABLE FUTURE seminar, transforming the Thai economy. Moving forward sustainably at the Queen Sirikit National Convention Center BOI views the next 3 years as a good opportunity for Thailand. There will be more changes to digital technology, such as EV cars. If you look at investment promotion numbers in the past year 2023, there were as many as 848,318 million baht or more than 2,300 projects. China is number 1 and is followed by Japan as well. All other things However, the BOI has prepared a plan within the next four years to promote clean energy. EV development digital development agricultural industry development and promoting investment in all forms, which the BOI still views as Thailand has potential in many areas and is ready. There are still many foreign companies coming to invest or expand investment. Especially in the automotive industry And there are many groups in many countries. Interested in coming to invest in Thailand, it can be seen that in the past 2-3 years, many EV car manufacturers are looking to invest in Thailand. Therefore, it is believed that Thailand will definitely be a center for producing EV cars. Mr. Payong Sriwanich, President of the Thai Bankers Association and the President of Krung Thai Bank said that as far as he had followed Thailand has too much of an informal economy. This keeps people's incomes low. until there was a group of people in extreme poverty and there is high inequality in various areas and low governance. Corruption in the bureaucracy is high. Production is too low. This causes Thailand's GDP to be at a level lower than many other countries. However, Thailand's informal economy has a relatively high proportion of more than 50 percent, with 10 -11 million people in the entire country being in the tax paying system. Although only a few million people actually pay taxes, more than 66 million people still need government assistance in various forms, while more than half of the workforce is in the informal sector. There are still many debt problems surrounding the system. Therefore, it is necessary to reduce hidden costs from the formal economy by using data systems. To reduce hidden costs, corruption will be reduced. and there must be no duplicate investments. But accelerate the promotion of SMEs into formal business. To increase bargaining power with large players In this regard, it is also considered that solving debt outside the system Most people in debt still do not have full access to financial resources from various financial institution s. As a result, there is still quite a lot of debt outside the system. Therefore, in the next 5-10 years, the financial sector will have to make changes in providing services by introducing modern technology to increase the number of people accessing financial resources from financial institutions. climb Dr. Nilsuwan Leelarasamee, Vice President of the Federation of Thai Industries, said that this year there are many risk factors which are challenging. that affect the Thai economy and industry Especially regarding laws that will benefit the industrial sector. Labor shortage problem Improving knowledge for Thai workers Including enhancing knowledge for the Thai agricultural sector. Problems with logistics readiness Problems with exchange rate fluctuations In addition, there must be a drive for the country's GDP to have a growth rate of at least 100% per year, not less than 500%. Thailand must strive to develop clean, sustainable energy. along with taking care of the environment To reduce long-term risks Even though Thailand is moving slowly, long-term results and supporting mechanisms for reducing greenhouse gases must be seen. concretely The development of Thai industry must reach 4.0 and must use modern technology. In order to produce products that are accepted by the world market, especially by bringing AI into development. Dr. Kongkrapan Intarajang, Chief Executive Officer and President of PTT Global Chemical Public Company Limited, said that business and sustainable development A balance must be created, where ESG reduces risk and creates additional value for the business while taking care of the environment. Thai industry must reduce carbon. It can be seen that many Thai companies are aware of reducing carbon problems and limiting plastic waste . GC has a plan to drive the organization under a balance between economy, society and the environment. It has a clear plan to reduce carbon that will see results in the next few years. Mr. Worachat Lakkhanaroj, Managing Director of Grab Thailand, said: Gap has be en in Thailand for 11 years, even though it is a small company. But the platform has been used to help enhance tourism very well. Both food delivery and travel, last year there were more than 27 million tourists visiting Thailand. Grab has worked together on a project with the Tourism Authority of Thailand and has brought technology and platforms to enhance tourism. In particular, AI has been introduced Let's translate the language to help facilitate tourists getting to know various places in Thailand. It can be seen that most tourists have turned to visit secondary cities more. It also helped support the food product group. which is considered another side of Thai soft power In addition, Gap is also accelerating studies to bring the platform to strengthen the SME business sector. Kae Jae also went to help solve the problem of informal debt in the restaurant sector to promote the small-scale industry. By charging a relatively low interest rate as well.-514-Thai News Agency Source: Thai News Agency