Thailand is implementing stimulus measures to enhance infrastructure, support tourism, and promote local businesses. It seeks deeper regional cooperation, especially with ASEAN and China, while emphasizing access to larger markets like BRICS Plus.
Key Points
- The Thai government is implementing stimulus measures, including faster disbursement of public investment in infrastructure, tax incentives for consumption, and support for tourism and services. A 10 billion baht Competitiveness Enhancement Fund aims to assist vulnerable industries and local businesses adapt to changing trade conditions.
- Experts advocate for Thailand to collaborate with Southeast Asian nations to enhance market facilitation and improve trade regulations. Upgrading existing agreements, like the ASEAN Trade in Goods Agreement and exploring partnerships with BRICS Plus, can strengthen cooperation and expand market access.
- The US tariff policy presents an opportunity for Thailand to reshape its economy and industry. The ongoing trade war may also strengthen ties between ASEAN countries and China, potentially benefiting regional cooperation.
Thai Experts Urge Innovation Push to Combat Rising Tariffs
In response to increasing global tariffs, Thai economic experts are calling for a surge in innovation to safeguard the nation’s trade competitiveness. This emphasis on innovation was highlighted in a recent forum held in Bangkok, where participants assessed the implications of escalating tariffs amidst a shifting international trade landscape.
The forum, attended by government officials, business leaders, and academic experts, focused on the urgent need for Thailand to diversify its economic strategies. With recent tariffs imposed by major trading partners like the United States and China, local industries face significant challenges. “Innovation is not just an option; it is essential for our survival in the global market,” said Dr. Nattawut Chokchaichana, a leading economic analyst from Chulalongkorn University. He emphasized that fostering a culture of ideation and technological advancements could help mitigate the adverse effects of rising tariffs.
In 2022, Thailand recorded a 3% decline in exports, a stark contrast to previous years of growth. Key sectors, including agriculture and electronics, have been particularly hard hit. Experts suggest that focusing on research and development could lead to the creation of higher-value products, ultimately reducing dependency on export markets vulnerable to tariffs.
As the global economy continues to evolve, experts warn that Thailand must not only adapt but also lead in innovation. “We have the talent and resources; we just need the right policies to unlock potential,” added Dr. Chokchaichana.
In conclusion, the call for a robust innovation strategy comes at a critical time for Thailand, with many believing it could determine the trajectory of the nation’s economic future amidst a challenging global trade environment.
Citations: The Bangkok Post; Chulalongkorn University’s Economic Research Department.
Source : Thai experts urge innovation push to counter tariffs
