Business
Thailand could Grow Faster with Better migration policies
World Bank report urges Thailand to revisit migrant worker policies to pursue to boost economic growth
Thailand can strengthen its migration policies and systems to support sustained, innovation-driven growth, under its Thailand 4.0 strategy, experts concluded at a presentation of the recent World Bank report.
Thailand, Malaysia and Singapore combined are home to 6.5 million ASEAN migrants, or 96 percent of all migrants in ASEAN, and Thailand alone accounts for more than half of all ASEAN migrants. About half of Thailand’s migrants are from Myanmar and most of the rest hail from Lao PDR and Cambodia.
Strong, streamlined labor policies and systems to facilitate migration commensurate with labor needs, the increased use of data by decision makers, and lower costs for would-be migrant workers will be key to realizing the vision of Thailand 4.0.” said Ulrich Zachau, World Bank Director for Thailand
Jointly organized by the Ministry of Labor and the World Bank, and bringing together representatives from government, the private sector, development partners, think tanks, and civil society, the conference focused on the report’s lessons for Thailand.
“Labor mobility in ASEAN brings benefits to the citizens of both receiving and sending countries. However, a migration system requires collaboration between not only sending and receiving countries but also stakeholders in order to bring about the greatest gains from labor migration,” said H.E. Police General Adul Sangsingkeo, Minister of Labor.
Migrants contribute significantly to Thailand’s economic development, according to the report. They fill critical skills gaps in sectors and occupations where local Thai workers are not always available.
Conference participants noted that effective migration systems can play a critical role in knowledge-based economies, by attracting highly productive, formally employed workers. They can also help improve transparency and predictability, incorporate feedback from employers and other stakeholders, and adjust policies rapidly according to changes in the labor market.
Source : Migrating to Opportunity: Overcoming Barriers to Labor Mobility in Southeast Asia
Business
Thailand aims to push its games and content industry
After almost a year under the pandemic, the number of game players in Thailand rose to 32 million and helped the market generate over a billion dollars in 2020, according to NewZoo, an international analytics and market research group.
Currently, key digital organizations involved in the economy are joining forces to push the Thai gaming industry, so as to attain the level of a regional hub.
(more…)Investment
Thailand’s H1 Investment Applications rise 158% in combined value, BOI says
Japanese firms ranked first with 87 projects worth 42.8 billion baht, followed by investments from the U.S. with 18 projects worth 24.1 billion baht, and China with 63 projects worth 18.6 billion baht.
In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.
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