Page 35 - Introduction to Investment Laws in Thailand

CHAPTER 2

FOREIGN INVESTMENT

2.1 Investment Policy
With a population of 69 million and at the centre of ASEAN peninsular,
Thailand is considered as a strategic connection for trade and investment
in ASEAN. Thailand is the 2nd largest economy in ASEAN. The Thai
government established a policy to support free trade for business and
investment to facilitate economic development over the last four decades.
According to the World Bank, Thailand has achieved remarkable social
and economic development from being a low-income country to an upper-
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middle-income country in less than a half-century. Thus, Thailand is a
successful example of sustained strong growth and impressive poverty
35
reduction. Thailand's economy progressed at an average annual rate of
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5-6% from 1960-2005 following the Asian Financial Crisis. While facing
political uncertainty during 2006-2015, trade and business development
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in Thailand kept on track with sustainable progress. The government has
adopted the first 20 years National Strategy to turn Thailand into a
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developed country by 2037. The set strategy is the country's first
national long-term strategy established by the Thai Constitution BE 2560
(2017). The long-term strategy ensures that Thailand has a set plan toward
" a developed country” with security, prosperity and sustainability

34 World Bank, 2021, The World Bank In Thailand,
<https://www.worldbank.org/en/country/thailand/overview>
35 Ibid
36 Ibid
37 Nidhiprabha, B. (2018). Macroeconomic Policy for Emerging Markets:
Lessons from Thailand (1st ed.). Routledge.
https://doi.org/10.4324/9781315627472, Chapter 3
38 ประกาศ เรื่อง ยุทธศาสตร์ชาติ (พ.ศ. ๒๕๖๑ - ๒๕๘๐) <
http://www.ratchakitcha.soc.go.th/DATA/PDF/2561/A/082/T_0001.PDF>

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