OECD Investment Policy Reviews: Thailand
Thailand has had a remarkable economic development trajectory over the past 60 years and foreign direct investment (FDI) has been pivotal in this success. Thailand was one of the first movers in opening up to manufacturing FDI and in establishing proactive investment promotion and facilitation policies. While challenges remain in some areas of responsible business conduct, there is strong political will to address them. Thailand aspires to become a high income economy by 2037 by upgrading to a value based green economy. Inward FDI will play a prominent role in achieving this goal but this requires a concerted effort to reform the investment climate to remain an attractive host to foreign investment and to benefit to the full extent from that investment. While the COVID-19 crisis might temporarily delay progress, the policy recommendations in this review draw attention to potential reform priorities to help Thailand fulfil its development ambitions aligned with the Sustainable Development Goals and to contribute to a more inclusive and sustainable recovery from the pandemic.
Foreword
This OECD Investment Policy Review of Thailand uses the OECD Policy Framework for Investment to present an assessment of the investment climate in Thailand and to discuss reform opportunities that support Thailand’s development ambitions and contribute to the Sustainable Development Goals (SDGs). After describing Thailand’s development path and future development strategies, the Review provides a snapshot on Thailand’s competitive edge to identify where challenges may lie and policy efforts are needed. It further studies trends and qualities of FDI and discusses how investment contributes to Thailand’s inclusive and sustainable development. The Review examines a broad range of policy areas including investment promotion and facilitation, the domestic and international legal framework for investment, policies to promote and enable responsible business conduct and green growth, and efforts to promote outward foreign direct investment. While the global COVID-19 crisis could slow the speed of progress towards Thailand’s ambitions, policy recommendations provided in this Review should be considered as possible investment climate reform priorities for an inclusive and sustainable recovery.
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