Thailand to Launch 'Fast Pass' Scheme to Unlock 300 Billion Baht in Stalled Investments

 

Deputy PM Ekaniti to present measures to Economic Cabinet on Monday aimed at accelerating foreign investment approvals.

 

Thailand's government is set to introduce a "Fast Pass" initiative designed to cut through bureaucratic red tape and unlock at least 300 billion baht in stalled investment projects, Deputy Prime Minister and Finance Minister Ekaniti Nitithanprapas has announced.

 

The measures will be presented to the Economic Cabinet on Monday, 24 November, targeting more than 70 large-scale projects worth over 1 billion baht each that have been held up in the approval process.

 

The investments, part of 470 billion baht in projects currently stuck in the system, are expected to begin flowing into the economy in early 2025.

 

The announcement came during Ekaniti's keynote address at a Federation of Thai Industries event on Wednesday, where he outlined Thailand's economic transformation strategy amidst challenging conditions.

 

GDP growth has declined sharply from 3.2 per cent in the first quarter to 1.2 per cent in the third quarter, with projections suggesting a potential fall to 0.3 per cent without intervention.

 

"The Fast Pass will function like an easy pass for investment," Ekaniti explained. "Once investors receive approval, relevant government agencies must expedite their considerations and approvals rapidly, reducing duplicative procedures."

 

The scheme will streamline processes including skilled labour visas, immigration clearances, and various permits that currently require applications to multiple agencies separately.

 

Key bottlenecks include obtaining basic utilities such as water and electricity, which can involve engagement with up to 15 different agencies.

 

Despite global foreign direct investment (FDI) being negative, Thailand continues to attract investor interest, with the Board of Investment (BOI) recording applications worth approximately 1.3 trillion baht over the past nine months—a nearly 90 per cent increase year-on-year.

 

However, many projects remain stalled due to administrative hurdles, insufficient clean energy capacity, and skilled labour shortages—with foreign investors ranking the skills gap as their primary concern.

 

 

Addressing the Labour Crisis

To tackle Thailand's critical labour shortage, the government is implementing a two-pronged reskilling strategy as part of its economic transformation agenda.

 

The "Kon La Krueng" (Half-Half co-payment scheme) programme targets approximately one million micro-SME vendors, including street food sellers and market traders, teaching them digital skills, online sales, cost accounting, and basic artificial intelligence applications.

 

Using existing budget funds rather than new debt, the initiative has already demonstrated results, with some vendors reporting sales increases of three to four times their previous levels.

 

The "Skill Bridge" programme, launched by the BOI, aims to train 100,000 individuals within four months by connecting specific industry demands from modern sectors—such as food processing and automation—directly with training institutions and universities.

 

This ensures skills taught are immediately relevant to employers, offering workers a pathway to transition from traditional to modern industries.

 

Alongside the Fast Pass, the government is pursuing a "Regulatory Guillotine" programme to permanently dismantle outdated laws and streamline the investment environment for the long term.

 

The Finance Ministry is also developing the Thailand Individual Savings Account to encourage public investment in capital markets, aiming to boost liquidity and confidence in the subdued market.