Thailand's Finance Minister Pichai Chunhavajira has introduced a comprehensive strategic plan focused on shifting the country's economic framework towards less reliance on exports.

This initiative aims to bolster domestic growth and resilience in the face of global economic challenges.

During a special address to Thai ambassadors and consuls-general at The Athenee Hotel in Bangkok, Minister Pichai emphasized the current state of the Thai economy, where more than 73% of national income is derived from exports of goods and services.

Additionally, he noted that private consumption contributes to about 60% of the economy.

Acknowledging the vulnerabilities linked to this heavy dependence on exports, the finance minister outlined a clear objective: to establish a more balanced economic system.

This approach seeks to alleviate risks associated with external economic fluctuations and enhance the nation's capacity for sustainable and resilient growth.

Central to this new economic strategy is a commitment to significant investments across key infrastructure sectors.

Minister Pichai highlighted the prioritization of transportation, education, public health, and energy as focal areas for development.

These investments are intended to stimulate the domestic economy and create a foundation for long-term economic stability.

The proposed changes reflect a broader recognition among policymakers of the need for economic diversification and a strengthened internal market.

By focusing on domestic growth, the Thai government aims to cultivate a more robust economic environment capable of weathering global uncertainties.