Bangkok: The government is advancing with parallel investments to maintain economic momentum, revealing positive signs across all sectors supporting the 'Thai Helps Thai Plus' initiative aimed at reducing the cost of living and sustaining purchasing power. The Thailand FastPass program, consisting of 25 projects valued at 223 billion baht, is set for immediate investment.
According to Thai News Agency, Ms. Ratchada Thanadirek, spokesperson for the Prime Minister's Office, indicated that feedback from both public and private sectors regarding the government's economic measures, particularly the "Thai Helps Thai Plus" project, has been favorable. This consensus supports the approach of controlling living costs and maintaining purchasing power amid pressures from energy costs, inflation, and global economic volatility.
The Federation of Thai Industries (FTI) estimates that the "Thai Helps Thai Plus" project, which subsidizes 60% of costs with the public contributing 40%, will more effectively reduce living costs than the previous "Half-Half" project, invigorating purchasing power during economic instability. The initiative is projected to enhance GDP by approximately 0.2-0.3%, potentially reaching 0.5% with effective implementation.
Ms. Rachada stated that this measure is not merely a short-term spending stimulus but also aids in circulating money among small retailers, fresh markets, the service sector, delivery businesses, and SMEs in manufacturing, particularly consumer goods companies, which stand to gain from increased orders due to heightened consumer purchasing power.
The Prime Minister stressed the importance of sustaining economic momentum through existing measures, noting that increased purchasing power will positively influence production, trade, employment, and incomes throughout the economy.
The government concurs with the private sector's view that the Thai economy requires additional drivers, particularly private sector investment, foreign direct investment, quality tourism, and industrial restructuring towards high value-added industries.
Ms. Rachada noted that the Prime Minister has directed the government to persist with investment support measures, including facilitating approval processes, attracting investments in target industries, promoting new investments through the Board of Investment (BOI), and expediting disbursement of government investment projects to ensure rapid economic infusion. The BOI's Thailand FastPass program has approved 25 projects totaling 223,216 million baht. A recent Memorandum of Understanding was signed between the Eastern Economic Corridor Office (EEC) and Vietjet Group to cooperate on developing an aircraft maintenance, repair, and overhaul (MRO) center at U-Tapao International Airport.
Ms. Rachada concluded, 'The 'Thai Helps Thai Plus' measures will help maintain purchasing power, while investment measures will create jobs, income, and new capabilities for the country. The government will pursue both aspects simultaneously to ensure the Thai economy has sustained momentum, people have jobs, purchasing power, and a good quality of life in the face of challenging global economic conditions.'