JSCCIB Advocates “Reinvent Thailand” to Propel Thailand Toward a New Era of Growth Amid Multifaceted Challenges at ABAC Thailand 2026

In his remarks, he shared a vision for reinventing economic growth at a time when economies across APEC, including Thailand, are facing slowing growth. He noted that this trend could undermine the region’s ability to create prosperity, expand opportunities, improve quality of life, and generate meaningful jobs in the years ahead. He also highlighted “Reinvent Thailand” as a collaborative model that brings together the private sector, government, and technical agencies to jointly co-create new engines of growth for Thailand.

Payong noted that the economic slowdown across APEC and ASEAN is not merely cyclical but stems from structural challenges, including large informal economies, aging populations, low productivity, and the concentration of economic activity. In Thailand, for example, just 1% of companies account for 65% of GDP. He also highlighted shortcomings in governance and the rule of law, which he described as the “operating system” of a modern economy. Many economies in the region continue to lag behind OECD members in these areas. Addressing these challenges requires an integrated approach. The goal, therefore, is not to return to yesterday’s economy, but to build the economy of tomorrow—one that is more competitive and prepared for a rapidly changing world.

For Thailand, one of the key mechanisms for economic transformation is the Reinvent Thailand platform, which seeks to improve how key stakeholders work together. It marks a shift from a fragmented approach—where the private sector, government, and technical agencies often worked in silos and pursued different priorities—to a collaborative model built on a shared problem statement, data-driven policymaking, and clear ownership. Under this framework, the private sector identifies business challenges and growth opportunities; the government drives regulatory reform; technical agencies provide comprehensive insights; while the financial sector allocates capital to high-potential sectors of the economy. Together, these efforts aim to advance structural reform, enhance Thailand’s competitiveness, and create sustainable long-term growth.

Reinvent Thailand is focused on advancing seven priority sectors vital to Thailand’s future growth, namely agri & food processing, automotive, smart electronics & digital services, medical & wellness, tourism, retail & trading, and the creative economy. These sectors are aligned with the strategic priorities of the Board of Investment (BOI) and the World Bank’s recommendations in its flagship report on Thailand. The initiative aims to strengthen industries where Thailand already has competitive advantages and strong growth potential, while accelerating efforts to reposition Thailand as a high-value manufacturing and services hub, enhance integration with regional and global supply chains, attract new investment, create quality jobs, and unlock new growth opportunities. According to the World Bank’s preliminary assessment, if reforms are implemented consistently and effectively, Thailand will have an opportunity to accelerate the rate of economic growth to be above 5% per year and achieve high-income status by 2037.

The Chairman of the JSCCIB noted that the private sector places strong emphasis on using internationally recognized standards and frameworks as guiding principles for Thailand’s economic transformation. These include the OECD accession process, the United Nations Sustainable Development Goals (SDGs), the World Bank’s B-READY framework, and the Rule of Law framework developed by the World Justice Project (WJP). He also added that Thailand will use the Bangkok Business Summit 2026: Resilient ASEAN, to be held on 3 September 2026, as a platform to present progress under the Reinvent Thailand initiative and facilitate dialogue among business leaders, investors, and policymakers from around the world. This momentum will continue with Thailand’s hosting of the IMF–World Bank Group Annual Meetings 2026 in October, further reinforcing the country’s role as a hub for economic dialogue, investment, and international cooperation.

“We firmly believe that structural problems demand structural solutions. Only through genuine collaboration—combining the strengths of the private sector, government, and technical agencies—can we unlock the next era of sustainable and inclusive growth,” Payong concluded.