Bangkok: Deputy Prime Minister Bowornsak Uwanno has announced Thailand’s ambition to join the Organization for Economic Cooperation and Development (OECD) by 2030. This strategic move is expected to elevate national standards, enhance investor confidence, attract more investment, and potentially increase the country’s GDP by 1.6 percent.

According to Thai News Agency, Deputy Prime Minister Bowornsak Uwanno highlighted the government’s ongoing cooperation with the OECD, which is set to continue until 2024. The government has expressed its intention to join the ranks of OECD members, following the examples of Japan and South Korea. On December 8th, OECD Secretary-General Mathias Cormann is scheduled to visit Thailand to sign the Initial Memorandum, marking the official commencement of the membership process.

The process to align with the OECD’s 250 standards involves 34 Thai government agencies and requires over 10,000 process improvements. The government has outlined a five-step plan to achieve membership by 2030. While this timeline is ambitious compared to other countries, the government believes that achieving this goal will benefit Thailand by enhancing investor confidence and aligning the country with developed nations, thereby attracting global investments.

Furthermore, research by TDRI indicates that becoming the third Asian country to join the OECD could boost Thailand’s GDP by approximately 1.6 percent, equating to over 300 billion baht. This growth, spurred by economic expansion, would also drive employment and help Thailand escape the middle-income trap. Additionally, OECD membership requires countries to actively combat corruption and uphold the rule of law. Meeting these criteria would enable Thailand to address corruption on an internationally recognized level, reducing challenges such as bribery and outdated regulations for Thai businesses.