Deputy Prime Minister Prajin Juntong has assured a group of American businessmen that the "Thailand 4.0" policy and reform efforts will prepare the country for coming economic challenges.
He said Thailand continues to move towards democracy and is implementing reforms which, along with the regime's economic vision, allow the country to tackle economic challenges.
ACM Prajin was addressing the US Apec Business Coalition during his visit to the Asia-Pacific Economic Cooperation forum in Lima, Peru. The group included executives from 20 leading US companies in various fields such as energy, finance and health.
The deputy prime minister said the Thailand 4.0 initiative and set of reforms will also provide US investors with business opportunities that will bring mutual benefits to the private and public sectors.
He said the government has also considered big outlays on physical and digital infrastructure.
In terms of the physical infrastructure, the government plans to spend US$5 billion (177 billion baht) on road, rail, water and air transport improvements over the next five years to improve logistics and services.
On the digital side, the government is set to develop the internet gateway to turn the country into Asean's digital connectivity hub and invest in developing digital infrastructure and a national e-payment platform to promote e-commerce.
ACM Prajin said Thailand 4.0 is an economic road-map designed to increase the country's competitiveness and elevate it from middle-income country status. Ten "S-curve" industries have been identified and will be promoted. The "S-curve" industries are divided into existing industries (first S-curve) and future industries (new S-curve).
The first S-curve comprises five industrial clusters: next-generation automotive, smart electronics, quality tourism, agriculture/biotechnology and food processing. The new S-curve consists of robotics, aviation/logistics, biofuels/biochemicals, digital economy and medical services.