Thailand stands at a crossroads on journey to future growth: PM

Speaking at the Bangkok Post Forum 2024 on Thursday, she said Thailand's growth had relied on strategies focused on mass production and heavy industries in the past four decades, which were now posing challenges in keeping up with rapid globalisation.

"Thailand stands at a crossroads. We must pursue bold, innovative solutions that reflect our unique strengths and set us apart,” she said.

“Our potential lies not in following the paths of others but in leveraging what makes us truly exceptional -- our strategic location, abundant natural resources, and the creativity of our people.”

Paetongtarn stressed that Thailand has two unique strengths that should be utilised to achieve shared prosperity - geographical location and abundance of natural resources.

Thailand’s geographical location at the heart of Southeast Asia allows the country to become a  hub for logistics, trade and exchange.

“With plans for high-speed rail, an aviation hub and improved cold-chain logistics networks, we can enhance the movement of goods, people and ideas across borders,” she said.

She added that Thailand could also serve as a bridge between the East and the West to foster global partnerships amid geopolitical conflicts.

Abundance of natural resources and cultural richness gives Thailand unparalleled opportunities, Paetongtarn said.

“Thailand has long been known as the ‘Kitchen of the World’, but now it is time to elevate this legacy even further,” she said, adding that technologies can be applied to agriculture practices to boost quality and sustainability.

She confirmed that Thailand has the potential to be more than just a destination for sightseeing, saying that there is an urgent need to help the industry evolve.

“With our renowned hospitality and cultural heritage, we are uniquely positioned to offer wellness tourism, from spa therapies to meditation retreats, and become a top destination for digital nomads and retirees,” she said.

Paetongtarn also stressed the importance of technology in transforming the country, urging the country to prepare for a tech-driven future driven by data centres, cloud computing, artificial intelligence and cybersecurity.

She also outlined strategies to drive Thailand towards a better future, including amendment of regulations to support business, human resources development, financial support for startups and innovators, and promote international standards for Thai products and services.

“This is Thailand's next chapter," she said, “We invite our friends and partners to join us on this journey.”