As the global economic situation has changed over years, the service trade continues to grow and Thailand must push for more development of service trade. To this, the country is heading towards an innovation-driven economy under the 4.0 policy through public-private-people partnership mechanism. Mr. Suvit, the Deputy Commerce Minister has given a briefing to 58 directors on Thailand 4.0, stating that this policy will restructure the Thai economy. Also, he briefed in a press meeting the objective of this policy.
The government is taking some serious steps to push the country towards its 4.0 policy, which is a new economic model is aiming to pull Thailand out of the middle-income trap and therefore developing it into a high-income country.
Prior to this new strategy Thailand has pass through three economic development policies, namely Thailand 1.0, 2.0, and 3.0. Where Thailand 1.0 emphasis was put on the agriculture, Thailand 2.0 was designed for light industries that eventually helped the country to scale up to middle-income from low-income status. And next is the Thailand 3.0 on which the country’s current economic development model is based, focuses on heavy industries for continuous growth. However, unfortunately, it is during this period, the country is stuck in the economic mediocrity and faces imbalanced development. Therefore, Thailand 4.0!
The new strategy emphasizes on a value-based economy as the country requires to deal with disparities and the imbalances between the society and the environment. Further, Prime Minister, General Prayut Cha-o-cha briefed that Thailand 4.0 comes with three elements, marking an important change in the country’s economy and production.
Let’s get down to those elements; the first element focuses to enhance the country’s standing to become a high-income nation while developing it as a knowledge-based economy by giving an emphasis on the research and development, creative thinking, innovation, and science and technology. The second element is that the country will move toward an inclusive society with equitable access to prosperity and development. And the third element focuses on the “sustainable growth and development”, to achieve economic growth and development.
Besides, it is to change the country’s traditional farming method to new and smart farming, traditional services to high-value services, and traditional SMEs to smart enterprises.
