Thailand Government is endeavouring hard to promote “Thailand 4.0.” It is an economic model that intends to pull out the nation from various economic difficulties raised from past economic development models- Thailand 1.0 (which emphasized agriculture), Thailand 2.0 (light industry), and Thailand 3.0 (advanced industry). These difficulties incorporate “a middle-income trap,” “an inequality trap,” and “an imbalanced trap.”
Thailand 4.0 includes four objectives that mark an essential change in the country’s economy and production:
1) Economic Prosperity: The model plans to expand Research and Development (“R&D”) expenditure to 4% of GDP, the increment of economic growth rate to the full capacity rate of 5-6% in 5 years, and increment of national per capita from 5,470 USD in 2014 to 15,000 USD by 2032.
2) Social Well-being: The objectives are to diminish social differences from 0.465 in 2013 to 0.36 in 2032, totally transforming into social welfare system in 20 years, and create around 20,000 families into “Smart Farmers” within 5 years.
3) Raising Human Values: It aims at transforming the Thai people into “Competent human beings in the 21sth Century” and “Thais 4.0 in the first world. Measures under Thailand 4.0 will raise Thailand’s HDI from 0.722 to 0.8 or the top 50 nations in 10 years, ensuring around 5 Thai universities to be positioned among the world’s top100 higher education institutions in 20 years.
4) Environmental Protection: The model intends to become an inhabitable society with an economic framework capable of acclimating to climate change and low carbon society. It also aims to develop about 10 cities into the world’s most inhabitable cities, with low terrorism risk and increased proportion.
There are five agendas of Thailand 4.0.
Agenda 1 is to prepare Thais 4.0 for Thailand becoming a first-world nation through the following measures: Reforming educational framework by transforming learning ecosystems to focused learning, generative learning, heedful learning, and result-based learning; Setup skills development program that supports Non-Routine/Non-Repetitive/Task explicit/Project-based jobs. The government would set up a framework to integrate education, training, and occupation improvement for Thais to acclimate to changes and permit them to set their future pathways and adopting various measures to support the Refill and Reform system to improve the status of Thais 1.0-2.0.
Agenda 2 is the development of Technology Cluster and Future Industries the Thai government has set up a long-term target to create 10 Future Industries to transform Thailand’s relative advantage into a competitive advantage through knowledge, innovation, and technology.
Agenda 3 is to incubate Entrepreneurs and Develop Networks of Innovation-Driven Enterprise The 5 technology cluster and newly arising industries will uphold entrepreneurs, a network of innovation and driven enterprises through the subsequent developments: A shift from customary farmers to” Smart Farmer,” a conversion of conventional SMEs into “Smart SMEs,” a swap from traditional services to “High-Value Services” plans to ensure that Thailand is globally perceived and Startup advancement. Additionally, 3 measures have been set to create an ecosystem for incubating startups: (1) budgetary support and risk management measures, (2) Capacity-Building Measures for Thai startups, and (3) Building connectivity with the local and worldwide community.
Agenda 4 is strengthening the internal Economy through the Mechanisms of 18 Provincial Clusters and 76 Provinces. The model would assure that economic growth benefits spread to all areas, developing regional employment and regional investment and bolstering equal division of economic benefits to boost competition and diminish social inequality.
Agenda 5 is integrating with ASEAN and connecting Thailand to the global community: Thailand can’t be dependent entirely on its geological advantage in the Southeast. It must place itself on key policy to become a trading country and one of Asia’s business places by accomplishing four interrelated objectives: Urging multinational partnerships to build up international headquarters (IHQ) and international trading centers (ITC) in Thailand, building up the Eastern Economic Corridor (EEC): The government is creating new growth centers by beginning with the Eastern Economic Corridor (EEC), which covers Rayong, Chonburi, and Chachoengsao areas, with a total area of 13,000 square kilometers. The government is additionally set to speed up the region’s willingness to support all aspects of investment and economic growth and completely expects that the EEC will be a significant hub of trade, investment, regional transportation, and a pivotal door to Asia.
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