The Deputy Prime Minister of Thailand: The economy should reduce its reliance on exports and promote domestic growth

Thailand's Deputy Prime Minister and Finance Minister Pakhai proposed in Bangkok that the Thai economy should reduce its reliance on exports and promote domestic growth.

Pakhai said in a keynote speech titled "The Direction of Thailand's Economic Policy" on Monday (June 9th) that this move aims to shift Thailand's economic focus from foreign trade to balanced and sustainable domestic development.

In his speech, Pakhai expressed concerns about the current export-oriented structure of the Thai economy. He said that more than 73% of the national income comes from foreign trade.

China News Service quoted him as saying that the government's firm goal is to establish a more balanced economic system, reduce dependence on external factors and enhance the country's economic resilience. This policy will be promoted through significant investment in key infrastructure areas such as transportation, education, public health and energy. Meanwhile, Thailand will be committed to actively promoting investment in strategic target industries such as electric vehicles, advanced electronics, biotechnology and data centers.

The relevant reform measures also include a comprehensive reform of relevant laws and regulations to simplify business and trade operations and stimulate investment from both the public and private sectors.

Pichai said that the Thai government attaches great importance to sustainable growth. Increasing employment, raising income and enhancing domestic consumption are important long-term engines of the economy.