The Thai government should focus on developing high-value supply chains, instead of implementing the 10,000-baht “digital wallet” scheme, as Thailand faces economic uncertainties, according to Vikrom Kromadit, chairman of AMATA Corporation, a major Thai industrial estate provider.
“Increasing production and implementing strategies to develop high technologies and clean energy can help stimulate Thailand’s economy. The growth will not be sustainable if the government simply distributes 10,000 baht to citizens,” he opined.
With more foreign investment moving to other countries in the region, Vikrom suggested that a one-stop service centre, where investors can process their investments and provide feedback to the government, is crucial to attracting new foreign investment.
Amid escalating tariffs, being imposed by the United States on Thailand and most of the rest of the world, he warned that Thailand will face a significant impact on its solar panel and auto parts exports to the US market, but he remains optimistic about US-Thailand trade relations.
“I believe that the trade tariffs on Thai-made products will be resolved at a reasonable rate, as Thailand and the US have long-standing diplomatic ties. Moreover, Thailand is only the 11th largest holder of trade surpluses with the US,” he noted.
US President Donald Trump, however, announced tariffs on solar panels produced in Southeast Asia earlier this week, as Chinese companies manufacturing them in Thailand now face tariffs of up to 972.23%, according to Solar Power World.
To strike a balance in relations between China and the US, Vikrom underscored Thailand’s long-standing neutrality, adding that, “Thailand should continue this strategy to maintain strong ties with both sides.”
He praised China’s ongoing cooperation with Thailand, citing massive investments in the Eastern Economic Corridor and a willingness to align with Thailand’s development goals.
With over 1,600 factories and 400,000 employees in his industrial parks, Vikrom envisioned Thailand as a regional production hub, which balances global competition with cooperation.
“We’re in the middle, between East and West, and this is Thailand’s strength,” he emphasised.
By Franc Han Shih, Thai PBS World
Full interview with Vikrom Kromadit
