Thailand and its quest for a sustainable and digital economy

Digital technology in Thailand has been more widely applied in the services sector

Thailand has made great progress towards a digital economy. 

Its e-commerce market is one of Southeast Asia’s fastest-growing, with gross online product value increasing by 68 percent last year and is projected to go up 14 percent between 2021 and 2025, as noted by East Asia Forum.

Thailand prioritises digital economy through efforts such as its industrial transformation policy and the digital park in the Eastern Economic Corridor (EEC). The government also announced new investment incentives to attract investors into tech-oriented activities and the 20-year National Master Plan for Digital Development (2018–2037).

PYMNTS reported that the Bank of Thailand (BOT) outlined initiatives that prepare the financial sector for a sustainable digital economy. These open and virtual banking provisions would be implemented at the end of the year. 

Key policy directions consist of leveraging technology and data to drive innovation; managing the transition to a sustainable and digital economy; and shifting from stability to resiliency in terms of supervisory framework and safeguarding the financial system.

MOre: Thailand to experience post-Covid boom in real estate and tourism sectors

Meanwhile, Mr. Abel Deng, CEO of Huawei Technologies (Thailand) Co., Ltd., gave a speech at the Go Green 2022 event about the importance of sustainable development and digital technology, according to the Bangkok Post.

He emphasised how Thailand (and the rest of the world) can benefit from digitalisation. The key drivers of economic growth will be digital technologies, such as 5G, cloud, and AI. It also plays a huge role in green development.

Huawei has made efforts to manage carbon emissions in Thailand and internationally by committing to making products 2.7 times more energy-efficient. The tech giant also noted four important digital power solutions for Thailand: 4th generation solar power technology; Smart String Energy Storage systems (ESS); green data centres and 5G base stations; and economical EV and super-fast charging technology.

Digital technology in Thailand has been more widely applied in the services sector, especially in financial services, mobile phone and internet services, and online wholesale and retail trade.

The Property Report editors wrote this article. For more information, email: [email protected].