Thailand’s government and private sector have agreed on a 12-year plan to lift the Thai economy to high-income country status, following the first meeting of the Joint Public-Private Consultative Committee on June 22.
Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas announced the outcomes at Government House in Bangkok. The meeting was chaired by Prime Minister Anutin Charnvirakul.
Ekniti said the committee’s first task was to establish clear goals across three timeframes for the Thai economy. The long-term target is for Thailand to become a high-income country within 12 years. The medium-term goal, set for 2030, is for Thailand to rank in the global top 20 for competitiveness and raise its economic potential from the current 2.7% to 3% or above.
Ekniti clarified that the 3% figure refers to economic potential and competitiveness capacity, not GDP growth.
He described the committee’s working structure using a football analogy. Defence covers fiscal discipline and economic stability. Midfield covers infrastructure, including electricity, water, clean energy, digital and AI systems, clear regulations and a skilled workforce. Attack covers the revenue-generating sectors.
He said fiscal discipline maintained over the past seven to eight months had kept the Thai economy stable and preserved the confidence of international credit rating agencies.
The private sector identified seven areas where Thailand holds existing strengths:
- Quality agriculture and food
- Food security
- Future mobility and automotive
- Digital electronics
- Pharmaceuticals and healthcare
- Trade and commerce
- Creative economy
Four engines of growth
To drive progress, the committee outlined four working groups.
New investment, chaired by Ekniti, will focus on positioning Thailand as a future investment hub, covering AI and digital infrastructure, data centres, financial services, the green economy and the smart automotive industry. The group will also work to ensure SMEs and Thai businesses benefit from incoming investment.
Trade and services, chaired by Deputy Prime Minister and Commerce Minister Suphajee Suthumpun, will prioritise tourism and wellness, agriculture, the creative economy, retail commerce and international trade, including accelerating free trade agreements.
Human capital, chaired by Deputy Prime Minister and Higher Education Minister Yotchanun Wongsawat, will cover research, innovation, science, technology, engineering and mathematics education, workforce upskilling and reskilling, startups and AI literacy.
Government efficiency, chaired by Deputy Prime Minister Pakorn Nilprapan, will focus on removing regulatory obstacles, digital government, ease of doing business, anti-corruption measures, public sector restructuring and public asset management.
The four groups will operate under the banner “Reinvent Thailand” and must submit plans to the committee within one month, with progress reports required every two months. Each group will pursue quick wins within six to 12 months alongside structural goals to be completed within four years.
Investment targets
Ekniti said Thailand’s investment-to-GDP ratio currently stands at 22%, with a target to bring it to around 30%, which he described as a key indicator of sustainable economic growth.
He said fiscal constraints would not obstruct large-scale investment, as the government plans to expand public-private partnership mechanisms. Private capital and capital markets will be mobilised through the Thailand Future Fund to co-invest in public infrastructure.
He noted that the 2027 budget draft, due before Parliament this week, may show a reduced public investment share, reflecting the shift toward PPP mechanisms and the Thailand Future Fund.
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