Weerayut participated in a panel discussion addressing major challenges in Thailand's economy, voicing concern over the shift towards import replacement production. He called for a complete overhaul of the innovation registry system and viewed the Thai Chua Thai Plus policy as lacking comprehensive consideration.
4 July 2026 GMT+7 Mr. Weerayut Kanchuchat, Deputy Leader of the Prachachon Party, joined the forum titled “Major Challenges of Thailand’s Economy Amid Global Crises” on the occasion of the 29th anniversary of the National Mass Communication Council. The event involved exchanging views on driving Thailand’s economy amid global volatility, featuring representatives from the business sector, academia, and politics, including Mr. Phot Aramwattananon, Chairman of the Thai Chamber of Commerce and the Council of Thai Chambers of Commerce; Mr. Burin Adulwatana, an expert in international investment; and Associate Professor Kiatanan Luangkaew, Faculty of Economics, Thammasat University.
As a political representative, Mr. Weerayut commented on whether political stability from the current majority government would directly lead to stability in policy implementation and thus stronger economic growth. He said political stability is certainly important for economic policy but must be at an appropriate level. He emphasized considering the factors leading to Thailand’s political stability, such as the constitution, social consensus, and bureaucratic mechanisms.
. At the same time, Mr. Weerayut expressed concern about Thailand’s manufacturing sector entering a state of “import replacement” rather than the previous strategy of “production replacing imports.” This means focusing on promoting investment to produce goods both for domestic consumption and export of competitive products. Thus, when the government implements policies to stimulate consumption, it also helps manufacturing recover. However, since 2022, after the COVID-19 crisis, Thailand has been affected by a flood of imports, reflected in a soaring trade deficit. Domestic consumption and industrial production have moved in opposite directions, so even policies that stimulate consumption recovery have not revived manufacturing.
Regarding attracting foreign direct investment (FDI), Mr. Weerayut said that beyond focusing on investment volume numbers, the government should have a strategy to attract investments that genuinely build domestic industries. He stressed the need for the government to set industrial policies strategically and consistently, considering concurrent transitions and not abandoning current industries—such as internal combustion engine vehicles, which employ hundreds of thousands.
He also proposed that the government could use public procurement to develop domestic industries—a mechanism successfully used by many countries to create new income sources. Thailand has tried to apply this by encouraging government agencies to purchase products registered in the “innovation registry.” However, results have fallen short because current processes for product verification and standards in the innovation registry do not effectively stimulate new innovation production. Instead, they allow businesses to register products with only minor production changes, such as light poles and lighting fixtures, to benefit from procurement rules tied to the registry. This has led to some Thai innovations not being utilized or supported as they should.
At the end of the event, participants were asked what they would like to see from the government in the second half of the year. Mr. Weerayut reflected that he wants to see policy design with clear goals and detailed, comprehensive thinking. He cited the Thai Chua Thai Plus project, which excludes registered companies with annual income over 1.8 million baht from participation. This means small businesses affected by the energy crisis have not received proportionate support, reflecting policy design that lacks comprehensive coverage in both objectives and details. .
