Ekniti: invest, reform laws to make Thailand “strong man of Asia”

Finance Minister Ekniti Nitithanprapas called for major investment in infrastructure and people—supported by legal reform—to strengthen Thailand’s economy and prevent the country from being seen as “the sick man of Asia”.

Speaking at the “Thailand Economic Drives 2026” seminar hosted by Post Today on Tuesday (February 24), Ekniti said Thailand has faced repeated “storms”, ranging from floods and droughts to shifting global trade dynamics. 

He noted that the economic team had implemented “quick, big-win” measures to urgently boost the economy in the short term, as the GDP forecast for Q4 2025 had been predicted to be as low as 0.3% at that time.

As a result of policies such as the Khon La Khrung Plus co-payment scheme, which focused on distributing income to local areas (with only 15% of the money circulating in Bangkok and the rest spread throughout the country), the economy in Q4 2025 bounced back to 2.5%, exceeding many expectations.

However, he warned that more headwinds lie ahead and Thailand must do more to move from being “sick” to becoming stronger. 

Three “storms” Thailand is facing

Ekniti said Thailand is confronting three major pressures.

• Geopolitics and geoeconomics: He explained that geopolitical tensions are increasingly expressed through “geoeconomics”, with tariffs being used as a tool in global trade, causing volatility in the global economy.
   
• Natural disasters and climate change: He mentioned that the global warming crisis, leading to both floods and droughts, directly impacts citizens and the government’s budget, which must be allocated for recovery.
   
• Domestic structural weakness: Ekniti pointed to household debt and the ageing population, which have resulted in reduced private consumption. Furthermore, Thailand has not made major investments since 1997, leaving its economic engines unbalanced and overly reliant on exports and tourism, making the economy vulnerable to global fluctuations.

Three “keys” to strengthen the economy

Ekniti outlined three priorities—also described as “big wins”—to lift Thailand’s competitiveness and resilience in the next four years to come

Invest in infrastructure and green economy

He stressed that Thailand must accelerate investment, particularly in clean energy, which he called the foundation of the modern economy. He cited steps such as enabling direct power purchase agreements, and supporting investment in floating solar projects and solar farms.

He also pointed to attracting FDI by leveraging Thailand's neutrality amid global conflicts to draw production bases in areas like smart electronics, smart agriculture, food processing (such as pet food), wellness, and electric vehicles (EVs).

Ekniti also emphasised public-private partnerships (PPP) to reduce public debt and drive forward low-carbon city projects, such as the Saraburi model, which allows communities to generate income from carbon credits.

Invest in human resources

He stressed that Thailand should invest in transforming education using digital technologies and AI to improve outcomes. He proposed projects like Skill Bridge, which connects education with the job market by having private sector companies design curricula aligned with market demands and offering immediate employment opportunities.

Ekniti also suggested introducing technology transfer requirements for foreign companies investing in Thailand, ensuring that they provide training and pass on modern technologies to the Thai workforce.

Reform laws to unlock the first two priorities

Ekniti said outdated laws slow down investment and hinder progress. He suggested unlocking daily obstacles by making it easier to obtain visas for high-skill labour, and addressing land law issues and technical barriers that hinder factory set-up.

He proposed an omnibus law that would streamline investment approval processes across multiple agencies, creating a “fast track” for businesses and reducing approval timelines from years to just a few months.

“To overcome the economic crisis in Thailand, we will not be the sick man of Asia; we will become stronger with my 'three arrows'—investing in infrastructure, investing in human development with digital technologies, and reforming laws,” he concluded.