Crisis seen as opportunity for Thailand

The crises arising from geopolitics and geoeconomics may represent Thailand's last chance to adapt and seize new opportunities, according to caretaker finance minister Ekniti Nitithanprapas.

- WICHIT CHANTANUSORNSIRI

Mr Ekniti said the entire country must adjust in order to turn the energy crisis into an opportunity.

Delivering a keynote speech at a Siam Cement Group event on the topic of “Smart Industry”, Mr Ekniti said the energy crisis — with oil prices rising above US$100 per barrel — underscores the urgent need for adjustment, not only in the industrial sector but also in the agricultural and service sectors.

In fact, the entire country must adjust in order to turn the crisis into an opportunity, he said.

“We are today facing three major challenges that warrant close monitoring,” he said. “First is the crisis stemming from geopolitics and geoeconomics, as the world becomes increasingly fragmented. Second is rapid technological change. Transforming industries into smart industries alone is no longer sufficient; artificial intelligence must also be adopted, as technology has already moved beyond automation. Third is the environmental challenge, which is another critical issue.”