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TUESDAY, September 27, 2022
Govt aims to attract more FDI with focus on innovations, says deputy PM

Govt aims to attract more FDI with focus on innovations, says deputy PM

FRIDAY, August 20, 2021

Deputy Prime Minister and Energy Minister Supattanapong Punmeechaow on Thursday said that the government would focus on developing new innovations to attract foreign direct investment (FDI), especially in continuous, digital and low-carbon industries to boost the economy after the Covid-19 crisis passes.

He was speaking at a virtual seminar “Thailand Next: Innovation Beyond Business” organised by Nation Multimedia Group on Thursday.

“Currently Thailand has relatively low FDI at only 1-2 per cent of GDP,” he said. “We aim to increase this ratio by promoting investments in telecommunications infrastructure and other digital technologies to attract foreign investors.

“It is evident that innovation is a key to sustainable economic growth and faster recovery in time of crisis,” added Supattanapong. “This can be seen from many western countries who have accumulated medical and scientific innovation for decades, which has enabled them to develop Covid-19 vaccines within one year versus the traditional period of vaccine development at over eight years.”

Supattanapong added that the government has been preparing an innovation zone in the Eastern Economic Corridor or 'EECi', as well as the Digital Park Thailand in EEC areas for foreign investors after the Covid-19 situation improves.

“We believe innovations that will help boost the country’s economic recovery are low-carbon emissions technology, electric vehicle manufacturing and smart electronics,” he said.

“As for the tourism industry in the post-Covid era, Thailand will focus on quality of tourists and not on quantity,” said the deputy PM. “We will promote eco- and health-related tourism and use improved public health system to attract foreign visitors.”