“Thailand 4.0” – A New Era for Thailand’s Economy
August 3, 2017
Before Thailand jumped into the 4.0 era, there was Thailand 1.0 which was based on the agriculture sector, Thailand 2.0 focused on light industry and then came the heavy industry of Thailand 3.0 which caught the nation in a medium income trap, with growing income inequality and imbalanced development. Now, the government is planning a 20-year National Strategic Plan to strengthen the local economy through “Sufficiency Economy” and to connect better with world markets.
The government intends to transform three main areas:
1. From producing “consumer goods” to creating “innovative” value-added products
2. From an emphasis on physical capital to shift the focus on human capital, technology, innovation, and creativity
3. From a production based to service-based economy
Under the “Thailand 4.0” model, the nation’s economy will be innovation driven by upgrading technology, improving creativity, innovation, and research and development capacity of five target industries to create “New Startups” as demonstrated in the table below:
The Thai government’s vision represents a starting point to transform the country towards stability, prosperity, and sustainability, which aims to drive Thailand to a more prosperous future.
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