The BOI revealed progress on the Reinvent Thailand plan, joining seven industry groups to prepare a proposal for the Joint Public-Private Sector Committee (กรอ.) aiming to create 5.4 trillion baht in new revenue by 2030, hoping to boost Thailand's economy by 3% and rank it among the world's top 20 economies.
Mr. Narut Therdsteerasak, Secretary-General of the Board of Investment (BOI) In his role as subcommittee secretary of the National New Investment Development Subcommittee, one of four subcommittees under the Joint Public-Private Sector Committee (กรอ.), he disclosed that Deputy Prime Minister and Finance Minister Mr. Akniti Nitithanprapas chaired discussions with representatives from the Joint Private Sector Committee (กกร.) and seven industry groups to prepare for the full กรอ. meeting chaired by the Prime Minister. The meeting monitored progress on advancing the seven industry groups under the Reinvent Thailand concept for drafting a national action plan.
The discussion included representatives from all four กรอ. subcommittees and private sector delegates.
This discussion connected private sector efforts with the four กรอ. subcommittees to create a new growth phase (Second Take-off) for Thailand's economy. The combined new revenue target proposed by the seven private sector groups totals 5.4 trillion baht by 2030, including 1.1 trillion baht from medical and health, 970 billion baht from the creative economy, 860 billion baht from agriculture and food, 800 billion baht from retail and trade, 640 billion baht from automotive, and 500 billion baht each from smart electronics and tourism. This is alongside developing Thai human capital, opening new markets, and upgrading Thai businesses to drive 3% economic growth, increase investment share to 30% of GDP growth, and elevate competitiveness to the world's top 20 by 2030, ensuring SMEs, startups, farmers, and workers grow together.
The seven industries propose a combined new revenue target of 5.4 trillion baht under Reinvent Thailand, comprising:
1. Reinvent Agri & Food Process: enhancing agriculture and food productivity and promoting premium products to export markets.
The private sector in agriculture and processed food aims to generate an additional 860 billion baht by 2030 through three strategies: 1. New Productivity – improving productivity and reducing production costs in key agricultural and food products; 2. New Premium – upgrading agricultural and food products to premium markets to increase value and expand high-value export markets; 3. New Horizons – creating new industries and high-value products, unlocking land constraints, and developing infrastructure to attract investment and stimulate new economic growth.
2. Reinvent Automotive: advancing the automotive industry to support all technologies and increase use of Thai-made parts.
The automotive private sector targets an additional 640 billion baht by 2030, aiming to produce 1.95 million vehicles in 2030 and 2.5 million by 2038. The focus is on value over volume through three strategies: 1. Supporting diverse automotive technologies including Multi-Powertrain (xEV) for pickups and passenger cars, localizing New OEM (BEV), attracting new EV model production, and increasing local content to shift from import markets to production and export bases; 2. Promoting investment and production of parts to add value and position the Thai industry as a key player in the global supply chain; 3. Circular Economy – managing waste from vehicles, batteries, and electronics to transform 'waste' into 'economic resources.'
3. Reinvent Smart Electronics: accelerating Thailand’s electronics industry to embrace AI and Data Centers, creating new markets.
The smart electronics private sector aims for an additional 500 billion baht by 2030 through four strategies: 1. Leveraging AI and Data Center demand to drive domestic production, targeting 50% local production of key components and extending HDD and Data Storage; 2. Developing Grid Modernization by producing 70% of target Power Distribution Equipment domestically, starting with the three main electricity authorities; 3. Elevating Thailand as a test base and co-development hub to produce at least three jointly developed and tested products domestically; 4. Using Green Economy principles to build a 30 billion baht per year green industry market.
4. Reinvent Tourism: connecting major cities with secondary cities and developing five pilot areas.
The tourism private sector aims to generate an additional 500 billion baht annually by 2030 by transforming Thai tourism through three strategies: 1. Tourism Intelligence Platform – developing smart tourism data and communication systems to boost confidence and support investment; 2. Cluster Tourism Strategy – linking major and secondary cities through festivals, travel routes, and transport systems to support SMEs and communities; 3. Global Citizen Destination – developing five pilot areas including Bangkok, Phuket, and Chiang Mai into attractive, livable, and investable cities with one-stop visa services.
5. Reinvent Health & Wellness: expanding services to global markets and enhancing Thai medicine and herbal products.
The medical and health private sector targets an additional 1.1 trillion baht by 2030 to establish Thailand as a global health hub through three strategies, including Export Service aiming for 100 billion baht in revenue from foreign patients.
6. Reinvent Retail & Trading: building Thai brands, expanding new markets, and linking Thai products to global markets.
The private sector aims to increase revenue from Thai product sales by 200 billion baht annually, totaling 800 billion baht by 2030 through three strategies: 1. Defensive (Fair Game) – ensuring product quality and enforcing uniform industrial (TIS) and FDA standards across Thai-made and imported goods in all sales channels to enable SME competitiveness; 2. Offensive (Thai Brand) – creating Thai brands and introducing them to new international markets; 3. Spread – developing distribution centers and cold storage systems to distribute products and prosperity to regions, border areas, and export markets. The retail sector will collaborate with the other six industry groups in a "passing the ball to score" approach under the principle of "private-led, government-supported, stepped implementation."
7. Reinvent Creative Economy: building on Thai gems and content to create value from intellectual property.
The creative economy private sector aims for an additional 980 billion baht by 2030 by driving two strategies: 1. Tangible Asset – such as gems and jewelry by becoming a global raw material hub, owning design, and upgrading production to build brands and expand global market presence; 2. Intangible Asset – targeting an average 9% annual growth in creative economy value added (GVA) by 2030 by developing personnel, utilizing technology and AI in collaboration with international partners, and generating multiple revenue streams from series, dramas, games, performances, tourism, and fostering a business-friendly environment.
"The proposed combined new revenue target of 5.4 trillion baht by the seven private sector groups reflects their potential as new engines for Thailand's economy. The BOI and กรอ. mechanism's mission is to transform these proposals into actual investments and results, including increasing agricultural and food productivity, building domestic automotive and electronics parts production bases, connecting major and secondary cities, expanding health services and Thai products globally, and creating value from Thai brands and intellectual property. As secretary to the National New Investment Development Subcommittee, the BOI will proactively work with the กรอ. secretariat and its four subcommittees to prepare a national action plan proposal for submission to the full กรอ. meeting."
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