The Bank of Thailand has urged the government and the private sector to transform their economic and business strategies to open up new opportunities in the post-pandemic era.
The Bank of Thailand (BOT) has urged the public and private sectors to make changes to their economic policies and strategies to encourage digital transformation and adapt to the changing landscape.
Speaking at the “Thailand’s Next Move: Looking Beyond Covid-19” event held by Money and Banking magazine, BOT Governor Sethaput Suthiwartnarueput said Thailand’s economic structure has not changed much over the past 40 years with heavy reliance on exports and tourism.
He said Thailand needs to add economic value to its key strengths, from cuisine, tourism attractions, and handicraft, in order to increase its competitiveness.
The BOT chief asked the government to make decisive policies to support digital infrastructure projects across all industries, invest in transportation projects to improve connectivity between large and smaller cities, and upgrade tourism platforms to better facilitate tourism.
In the business sector, Mr. Sethaput said companies will need to change their operational or investment strategies to focus more on technology and innovations, in order to meet the increasing influence of digital technology in businesses and daily lives.
Mr. Sethaput said the BOT, as the country’s financial regulator, also needs to make changes to improve its leadership role and streamline certain regulations, in order to help support the business sector’s transformation and help every sector gain the most benefits from digitalization. (NNT)