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Thailand’s Investment Policy for Sustainable Development |
| Source: |
thailand.prd.go.th |
| Source Date: |
Monday, June 20, 2011 |
| Focus: |
Electronic and Mobile Government, Citizen Engagement, Internet Governance
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| Country: |
Thailand |
| Created: |
Jun 28, 2011 |
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Thailand is working toward a true transformation to a greener and cleaner economy. This direction is reflected in the country’s investment policy for sustainable development.
As part of the policy, Thailand is pressing ahead for "eco-friendly" industries to protect the environment and to conserve energy.
Prime Minister Abhisit Vejjajiva spoke about the investment policy in his statement at the World Economic Forum on East Asia, held recently in Jakarta, Indonesia. He said that Thailand offers maximum incentives for investment in energy conservation, alternative energy-related activities, and the manufacturing of eco-friendly materials and products. The country also aims to use renewable energy as 20 percent of its total energy use by the year 2022.
According to the Prime Minister, Thailand recognizes the global environmental challenges and has played an important role in addressing the issue of climate change. It is focused on green growth and being an environmentally-friendly country.
He explained that Thailand has a good investment environment. The Multinational Cooperation Report, prepared by the United Nations Conference on Trade and Development, rated Thailand as the 11th most attractive foreign direct investment destination, and the World Bank raked it 19th in its “Ease of Doing Business” ranking. The latest World Economic Forum’s Global Competitiveness Report also ranked Thailand as the world’s 12th for Investor Protection, 23rd for Market Size, and 24th for Labor Market Efficiency. From January to April 2011, 3.6 billion US dollars worth of new applications were received by the Board of Investment.
The Prime Minister also outlined Thailand’s accomplishments, saying that despite many challenges, economic development remains Thailand’s shared goal. The country’s export value in 2010 increased almost 29 percent year-on-year, and in the first four months it has increased over 27 percent, compared with the same period the previous year.
Thailand’s unemployment currently remains at the very low rate of 0.7 per cent. Its public debt to GDP ratio is around 41 percent, with foreign currency reserves of 187.5 billion dollars -- among the world’s top 13. The private banking system is sound and healthy with a manageable inflation rate that was also reflected in the recent World Economic Forum’s Global Competitiveness Report, which ranked Thailand 8th out of 139 economies for low inflation.
The Prime Minister said that Thailand has also implemented many measures to increase income for the majority of the people, reduce the cost of living, and provide social security benefits, which have substantially increased the people’s purchasing power.
He added that while successfully catalyzing its growth engines towards sustained economic recovery, Thailand has attached high importance to a human-centered development strategy that enhances the people’s productivity. It also aims to enable all segments of the society to have equal opportunities and maximize the benefits from the accumulated wealth of the country.
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Thailand’s Investment Policy for Sustainable Development Thailand is working toward a true transformation to a greener and cleaner economy This direction is reflected in the country’s investment policy for sustainable development
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