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.
A snapshot of Thailand’s competitiveness
This chapter provides a snapshot of Thailand’s competitive edge, with a focus on the four pillars targeted under the Thailand 4.0 vision: productivity, innovation, human resources and area-based development. It focuses particularly on competitiveness in targeted manufacturing activities and services, and related regional disparities. It further examines Thailand’s innovation readiness and skills development. The assessment helps identify where development challenges may lie and policy efforts are needed.
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