Apisak, also a governor of the ADB, is participating in the annual meeting of ADB governors in Frankfurt at a time when uncertainties and volatility remain risks to the health of the global economy and financial markets.

Thanks to greater political stability and supportive fiscal and monetary policies, the Thai economy is rebounding and, like most economies hit hard by the global turmoil, will rely more on the domestic front to support growth, he said.

Apart from tourism and public spending, private consumption appears to be improving, he said. Both fiscal and monetary policies will continue to accommodate the economic recovery.

Thailand is working to promote its attractiveness as an investment destination, the minister said. Its business climate will be improved through tax and non-tax measures for investment this year. Incentives will also be granted to investment in industries such as next-generation automobiles, smart electronics, tourism, agriculture and biotechnology, food robotics, aviation and logistics, biofuels and biochemicals, digital and medical, which will be Thailand’s new growth engines.

“Not only are we seeking to strengthen growth, but we would also like to achieve growth with quality. For this reason, we also try to put in place policies to encourage green consumption and green investment in line with the widely recognised Sustainable Development Goals,” he said.

“In 2016, Thailand modified its excise-tax structure and, among many improvements, excise tax on automobiles is now collected based on carbon-dioxide emissions rather than engine power.

“As for public infrastructure investment, the government has been pushing forward essential investments in both hard and soft infrastructure.”

Apisak told his ADB counterparts that the Thai government had a Bt1.8-trillion investment plan for rail, road, air and waterway projects as well as intra- and inter-city transport systems.

There will be several channels for investors to take part in public investment, including the Thailand Future Fund and Public Private Partnership Fast Track. These investments will not only create jobs and boost demand, but will also help improve Thailand’s competitiveness in the long run, he said. Apisak also touched on Thailand’s new financial infrastructure, which will feature a national e-payment system and lead the country towards a fully developed electronic payment platform.

“This is a crucial step for Thailand as we aspire to progress towards a more modern economic development in which the digital economy is intertwined with the traditional economy.

“People and business will be encouraged to use electronic payments rather than cash through a reduction of the cost of paying electronically and also the expansion of access to electronic payment.