Experts say Thailand needs better policies and more investment in science and innovation to keep pace with technology-intensive globalisation driven by the United States and China.
A seminar titled "Trump 2.0: Crisis or Opportunity for Thailand's Science, Research and Innovation sectors?" was held recently to discuss how Donald Trump's administration may affect Thailand's advancement in these highly specialised industries and discuss how the kingdom can prepare.
Bank: US tariffswill hurt Thailand
Bank Ngamarunchot, director of the Science Technology and Innovation Policy Institute, King Mongkut's University of Technology Thonburi, said the return of US President Donald Trump has altered the course of globalisation.
The United States is now emphasising self-reliance and market segregation, urging US companies to move their production bases back to the homeland and enacting protectionist trade policies.
The Trump government has pledged to invest seven hundred billion dollars in artificial intelligence by 2028 to strengthen its power in the global supply chain of technology and innovation.
Mr Trump's action on AI and protectionist trade policies will affect Thailand's economic perspective, Mr Bank said. This may lead to difficulties for products from Thailand entering the US market and also difficulties for Thailand accessing foreign technology.
Meanwhile, Thai manufacturers will face intense price competition from an influx of Chinese products that cannot enter the US market and will flood into the Thai and Asean markets instead.
Arm: Calls forpolicy review
Arm Tungnirun, a member of the National Commission on Science, Research and Innovation Promotion (CSRP), said such a situation could also mean opportunities for Thailand to welcome foreign investors who move their production bases from China to Thailand.
To benefit from the situation and be able to compete sustainably, Mr Arm said Thailand needs to strategically increase investment in R&D, focusing on areas where Thailand has most potential as it competes on the world stage.
They include precision agriculture technology, smart tourism platforms, health tourism and biotechnology.
The government should create mechanisms that promote integrated cooperation between the public, private and educational sectors to ensure that the research and development truly meet the needs of the industrial sector, he said.
"The country also needs an investment-friendly environment, with outdated regulations amended, young entrepreneurs supported and assistance for companies that gamble on new technologies," continued Mr Arm.
The government should also boost education and training in science, technology, engineering and mathematics (STEM), which are key skills needed in the digital age.
