Thailand gears up for Level 4 upgrade

By Edu Punay (The Philippine Star) Updated February 21, 2017 – 12:00am http://www.philstar.com/business/2017/02/21/1674204/thailand-gears-level-4-upgrade BANGKOK – Thailand has geared up for another economic upgrade – a fourth one designed to put it at the center of the Southeast Asian region. Prime Minister Gen. Prayut Chan-o-cha said Thailand 4.0, an economic model focusing on innovation-driven economy especially in advanced and digital technologies, aims to boost both foreign and domestic investments and strengthen human capital. “Thailand has the potential to be the core economic hub of Southeast Asia. Thailand attracts high number of tourists and it has the potential to also attract many foreign investors,” he said at the launch of the economic platform at the Impact Muang Thong Thani. For this purpose, the Thai government has developed its Eastern Economic Corridor and is offering maximum incentives for foreign investors, including exemption to corporate income tax for up to 15 years, exemption of import duties, five-year work visa issuance and a low 15-percent personal income tax rate. Chan-o-cha has assured prospective foreign investors of mutual growth, stressing the importance of unity, solidarity and public-private-people partnership. The economic program covers five strong sectors – agriculture, food, tourism, automotive and electronic – as well as gearing the country toward five new engines of growth – aviation and logistics, biotechnology, robotics, digital industry and medical hub or the so-called “New S-Curve.” The Thai leader also revealed under the 4.0 platform, local entrepreneurship will be encouraged in other cities and areas outside the capital as a solution to bridging the gap between the rich and the poor in the country. “We have to strengthen local communities. Growth must come from inside to outside,” he explained, citing government’s program to boost small-medium enterprises and start-ups. Chan-o-cha also stressed on the need to develop human resources of the Thai people through enhanced education that would put them on competitive advantage. He said among the areas for improvement would be their foreign language proficiency to make it at par with neighbors in the region. The Thai official said the 4.0 platform targets long-term benefits and carries the legacy of the late King Bhumibol Adulyadej. “We have to follow His Majesty’s footsteps on how to sustain and further development while balancing happiness and prosperity,” he pointed out.