IEAT chief eyes strategic reboot

The next government is urged to reform investment strategy and streamline working processes to lift economic growth, including attracting high-value sectors such as wellness tourism, high-tech industry and green infrastructure.

- MOLPASORN SHOOWONG

Yuthasak Supasorn, chairman of the Industrial Estate Authority of Thailand and former governor of the Tourism Authority of Thailand, said the nation needs an investment reboot as the traditional economic engine is insufficient for the current context.

Tourism recorded a decline in arrivals, while domestic consumption remained fragile and the export sector was pressured by global economic uncertainty.

Over the past 30 years, Thailand’s foreign direct investment (FDI) growth slowed, lagging behind regional competitors such as Vietnam, Indonesia and Malaysia, which impacted its long-term competitiveness.

The industrial sector registered sluggish expansion, resulting in downsizing and closures of factories, particularly those in traditional sectors such as automotive, electronic and electrical appliances.