Ekniti links 1tn baht FastPass goal to tech transfer and skills upgrade

Thailand is targeting up to 1 trillion baht in actual investment under the Thailand FastPass scheme, as the government seeks to keep investment at the centre of its economic agenda despite tighter budget constraints.

Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas said the government remained committed to making this year a “year of investment”, even though the share of investment spending in the 2027 budget had declined.

Speaking at the 29th anniversary event of the National Press Council of Thailand at the Royal River Hotel on July 4, Ekniti said the government could still raise overall investment by mobilising funding outside the normal budget process.

He said the investment drive would rely on several channels, including:

• Public-private partnerships, or PPPs.
• The Thailand Future Fund.
• Foreign direct investment, or FDI.
• Investment by state enterprises.
• Private-sector investment supported by government policy.

Ekniti said these tools would help reduce the need for direct government borrowing while keeping investment flowing into the economy.

As chairman of the Board of Investment, or BOI, Ekniti said he had set a target for Thailand FastPass to generate around 900 billion to 1 trillion baht in actual FDI. The goal is to make the scheme a key force in supporting Thailand’s economy and strengthening the country’s long-term competitiveness.

Thailand FastPass was launched in June to speed up approval procedures for high-impact investment projects, with the government presenting it as a mechanism to move projects more quickly from approval to real operations. The scheme involves multiple agencies and is designed to cut regulatory approval times for strategic investment projects.

Ekniti said the next step was to ensure that approved projects translated into real spending, not only paper approvals. Under the FastPass conditions, promoted investors will be required to put in at least 20% of their actual investment within this year.

The government will also push the Skill Bridge project as part of the wider investment strategy. The project is intended to support technology transfer and upgrade the skills of Thai workers so they can meet demand from new industries.

Ekniti said the lower investment ratio in the budget reflected the limited fiscal space currently available to the government. However, he said the figures also reflected improved transparency in how the budget was presented.

According to Ekniti, some recurring expenditure that had previously not been clearly separated has now been disclosed more transparently. This has pushed up the visible share of regular expenditure and made the investment budget appear lower in numerical terms.

He said the government would compensate for the tighter budget position by driving more private-sector and state-enterprise investment, while using off-budget mechanisms to maintain economic momentum.

The broader policy direction is in line with Thailand’s push to lift its long-term growth potential. Ekniti has said separately that Thailand aims to raise its annual economic growth potential to 3% by 2030, supported by investment and structural reforms.

5T model to reshape Thai growth

Ekniti said driving the economy with limited resources required a clearer framework. He proposed a “5T” model to help Thailand use public resources more effectively while preparing the economy for long-term change.

The 5T approach includes:

Target: Budget spending and policy measures must be directed to the right groups, including cost-of-living support, investment and assistance for SMEs, to ensure limited resources are used efficiently.

Transition: Thailand must accelerate its shift towards a green economy through a Green Energy Transition, while supporting investment in clean-energy infrastructure.

Transform: The country must be transformed through three core investment areas:

1. Infrastructure investment.
2. Investment in people and AI-related skills.
3. Regulatory reform to make investment easier.

Ekniti said this would include pushing the FastPass system for BOI investors and supporting investment in data centres, chips and AI-related industries.

Transparency: The government must improve transparency by disclosing budget data in formats that can be further analysed by AI, making public scrutiny more efficient.

Teamwork: Economic policy must be driven through cooperation between the state, the private sector and economic agencies, including the Joint Public and Private Sector Consultative Committee, or JSCC. The aim is to jointly push investment, regulatory reform, workforce development and fiscal stability.

AI tool to help small traders

Ekniti also pointed to the use of AI under the Nok Krasip project, which helps small traders analyse sales, costs and profits while preparing financial information.

He said the tool could help small business operators gain easier access to formal loans by giving them better financial records and clearer business data.

Ekniti stressed that AI should not be a technology reserved only for large businesses or major organisations. Instead, it should become a practical tool to lift small entrepreneurs and strengthen their ability to compete.

He said the project would serve as a model to be presented at the World Bank and IMF meetings that Thailand will host later this year.

Thailand urged to adjust before it is too late

Ekniti said the world was changing rapidly in security, energy and AI, while Thailand was facing pressure from the cost-of-living crisis, low growth and inequality.

He warned that if Thailand failed to accelerate its transition in energy, investment, infrastructure and human-capital development, the country would lose more of its competitiveness.

He said Thailand’s economic drive would require cooperation from all sectors so the country could withstand global crises and achieve sustainable long-term growth.