The government of Thailand has announced a new economic strategy intended to expand its role in international trade and strengthen the national economy.
Prime Minister General Prayut Chan-o-cha said the new economic scheme will focus on three key areas: extending cooperation with members of the ASEAN Economic Community (AEC), maintaining existing world markets, and penetrating new ones.
On fortifying ties with Southeast Asian neighbors, he said Thailand and Cambodia have recently agreed to triple bilateral investments to US$5 billion in value over the next five years by boosting cooperation in tourism, energy, labor, agriculture, and health care, among others, said a report by state-run National News Bureau of Thailand.
As for maintaining current world markets, this will include promotion of trade and investment with China, while initiatives for entering new world markets will involve enhancing ties with countries in the Pacific region, Middle East and Africa, as well as with India.
The premier also stressed the importance of new measures to improve the country’s economic fundamentals in the face of a volatile world economy.
Action plan for AEC
In connection with this, Prayut also revealed the administration’s strategies to enable Thailand to achieve its economic goals in view of the formation of the AEC.
Prayut said the government will seek to forge several agreements with member states as well as with China, Japan, South Korea, India, Australia, and New Zealand.
He also urged the Ministry of Education to improve the English language skills of Thai students, educators, and workers.
Specifically, he highlighted the six strategies to be adopted to help Thailand prosper in the new regional grouping. These are to create greater public understanding of the impact of the ASEAN integration, improve living standards and educational levels, produce workers with skills needed in the ASEAN labor market, develop information technology and communication systems, enhance online mechanisms for exchanges and transfers, and strengthen regional connectivity.
Photo: Sodacan
