Thailand New Premier to Woo Investment from Google, Microsoft, and Tesla

Thailand’s Newly elected Prime Minister Srettha Thavisin has said he will try to entice investment from some of the world’s largest corporations during his travel to the United States for the UN General Assembly next week.

Prime Minister Srettha stated that he intends to negotiate investing with the CEOs or deputy CEOs of Google, Microsoft, and Tesla. According to him, the discussions would centre on Thailand’s competitiveness, investment prospects, and legal issues.

He believes that investment from such significant firms will boost Thailand’s industry and create more jobs.

The United Nations General Assembly will meet this year from September 18 to September 24 at the United Nations Headquarters in New York City.

Mr Srettha will lead the Thai delegation and participate in a variety of activities, including UN meetings, meetings with private sector organisations such as the US Chamber of Commerce and the US-Asean Business Council, meetings with key US business leaders, and engagements with Thai communities and businesses in the US.

He will also make a national statement during the General Assembly’s general discussion and attend the Sustainable Development Goals (SDG) Summit, as achieving the 17 SDGs is one of the country’s top goals. In addition, the Prime Minister will attend the Climate Action Summit.

Among his other engagements are high-level bilateral discussions and a meeting with UN Secretary General António Guterres.

Foreign Minister Parnpree Bahiddha-Nukara, who is also the Deputy Prime Minister, will accompany Mr Srettha.

Mr. Parnpree stated during a media reception at the Ministry of Foreign Affairs on Thursday that the new foreign policy direction would focus on three areas: security, the economy, and technology in order to address current global concerns.

He stated that he intends to use public diplomacy to involve Thais so that foreign policy under this government can be used to benefit the general populace’s livelihoods.

When he returns to Thailand from the United States, he plans to visit residents in Prachin Buri province, where security along the border with Cambodia is a worry. He plans to discuss how trade and immigration issues affect people and seek answers, he says.

“I believe that under the prime minister’s administration, we will be able to restore Thailand’s role on the international stage,” he stated.

Thailand’s economic growth

Now Thailand’s new government, led by Prime Minister Srettha Thavisin of the Pheu Thai Party, is officially in place, Thai business leaders are hoping for a quick economic rebound.

In a recent interview with Thai PBS, Chairman of the Thai Chamber of Commerce Sanan Angubolkul stated that tourism is critical to the Thai economy. He asked the government to ease visa requirements for tourists, particularly those from China, who now face a lengthy visa application process.

“The new government must encourage more tourists to visit Thailand.” We have established a target of 28 to 30 million tourists this year, including 5 million from China. Only 1.8 million Chinese visitors have arrived so far.

Because the existing approach is inconvenient for Chinese tourists and takes too long, the incoming government should make it easier to obtain electronic visas. Another difficulty is that there aren’t enough aircraft for Chinese tourists to arrive,” he explained.

Beyond visa issues, he claims that misconceptions and misinformation regarding safety in Thailand have deterred potential visitors.

Some Chinese people’s social media posts on the popular video-sharing app TikTok portray Thailand as a dangerous location. The videos depict a variety of illicit operations, including online fraud and human trafficking aimed at Chinese tourists.

Sanan stressed that the incoming government should reassure tourists about their safety in Thailand and take steps to combat misconceptions about the country on social media.

The Thai economy expanded 1.8% in the April to June quarter from a year earlier, according to data released by the National Economic and Social Development Council.

Thailand’s gross domestic product grew at a slower pace than the 2.6% expansion in January to March and fell short of the median forecast for 3.1% growth in the second quarter in a Reuters poll of economists.

“The economy was mainly driven by the acceleration of private consumption despite the slowdown of private investment and export of services,” the NESDC said in a statement. Private consumption rose 7.8% in the April to June quarter, up from 5.8% in the previous quarter.

However, exports, which account for around 60% of the GDP, continued to suffer from weak global demand, particularly from China, Thailand’s biggest trading partner. Exports of goods contracted 5.7% in the April to June quarter, extending a 6.4% fall in the previous quarter due to anemic global demand.