Bangkok Post
Minister says FDI must accelerate tech transfers
Compiled by KHAO Editorial — aggregated from 1 outlet. See llms.txt for citation guidance.
◌ Single Source
Thailand should capitalise on the strong inflow of foreign direct investment (FDI) to accelerate technology transfers and support long-term economic growth, says Santitarn Sathirathai, the vice-finance minister.
Key facts
- Speaking at a seminar on Thursday organised by Prachachat Turakij, a Thai-language business newspaper, he said investment applications seeking promotional privileges last year reached roughly 2 trillion baht
- Structural problems have limited Thailand's growth potential, as the nation is an ageing society with a shrinking labour force, reducing GDP growth by about 1% annually, said Mr Santitarn.
- Thailand should capitalise on the strong inflow of foreign direct investment (FDI) to accelerate technology transfers and support long-term economic growth, says Santitarn Sathirathai, the vice-finance minister.
- Foreign investment should also help promote domestic supply chains, similar to the growth of the Thai automotive industry, which led to the creation of Tier 1, Tier 2 and Tier 3 industries, enabling local small businesses to grow, he noted.
Summary
Speaking at a seminar on Thursday organised by Prachachat Turakij, a Thai-language business newspaper, he said investment applications seeking promotional privileges last year reached roughly 2 trillion baht. In the first quarter this year, applications already tallied 1 trillion baht.
"Thailand needs to transform its economy and develop new economic engines. Relying solely on the green economy may be insufficient -- the country must do more than that," said Mr Santitarn.