OECD Investment Policy Reviews: Thailand
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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.
Thailand’s development trajectory: Past and future strategies
The chapter provides an historical background of Thailand’s development path and related strategies over the past decades. It makes special reference to the role of foreign direct investment (FDI), the integration in the global trading system and rising social and environmental pressures. The chapter describes Thailand’s ambitious strategy for the future and how investment promotion and related policies are contributing to its implementation. The chapter also describes how the emerging global economic crisis related to the COVID-19 pandemic could affect Thailand’s development trajectory and what support measures the government has introduced.
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