Thailand has announced a revised public-private partnership (PPP) investment plan worth 1.19 trillion baht ($33 billion) for the period 2020-2027, aimed at stimulating long-term economic growth. This revised amount, slightly higher than the previously approved 1.17 trillion baht, is designed to attract increased private sector participation in government projects.
The public-private partnership committee has already given the green light to an investment of around 18.4 billion baht for developments at Laem Chabang port in the eastern province of Chonburi, according to an official statement. The government is actively seeking private companies to invest in various projects as it looks to expedite infrastructure initiatives with significant economic value.
Facing economic challenges, Thailand is focusing on fast-tracking these projects to catch up with its regional counterparts. The finance ministry has projected a modest growth rate of 2.8% for this year, following an estimated 1.8% growth in 2023, signaling a considerable downgrade from earlier forecasts. The official GDP figures for 2023 are expected to be released on Monday, with the economy having expanded by 2.6% in 2022. The revised PPP investment plan reflects the government's commitment to enhancing economic prospects through collaborative ventures with the private sector.