June 28, 2024: Thailand has demonstrated its outstanding economic potential and global competitiveness. In the latest IMD World Competitiveness Ranking 2024, Thailand has climbed five positions to rank 25th among countries worldwide. This achievement is a source of great pride and signals robust economic development. The Digital Council of Thailand (DCT), as an organization driving the country’s digital economy, is pleased to see this positive change, especially with Thailand surpassing major economies like Japan, the UK, France, and Malaysia.

Mr. Suphachai Chearavanont, CEO of Charoen Pokphand Group and Senior Chairman and Co-Founder of the Digital Council of Thailand, expressed his congratulations on the IMD World Competitiveness Ranking 2024 during a workshop on strategies to advance Thailand’s digital industry toward becoming a digital economy hub. The workshop was attended by M.R. Nongkhran Chompoonut, Chairman of the Digital Council, along with other board members, council members, and students from the DCT Future Leaders 2024 program, held at the Digital Council’s main conference room.

Mr. Suphachai Chearavanont, Senior Chairman and Co-Founder of the Digital Council of Thailand, stated that Thailand’s ability to improve its global competitiveness ranking to 25th in the world is the result of collaboration between the public and private sectors, including the Digital Council. This achievement reflects the development and promotion of digital technology across all economic sectors. The Digital Council is committed to being a key force in driving Thailand’s digital industry towards a sustainable Thailand 5.0 era, aiming to build a strong and globally competitive economy. He expressed gratitude to all involved parties.

The Digital Council has been instrumental in advancing six key policy areas: 1) International investment, 2) Employment, 3) Technology infrastructure, 4) Education, 5) Management practices, and 6) Labor market.

In the 2024 World Competitiveness Ranking by the International Institute for Management Development (IMD) in Switzerland, Thailand improved by five positions, securing the 25th spot globally and the 2nd in ASEAN, surpassing Malaysia. Thailand also moved ahead of leading nations such as Japan, the United Kingdom, and France, with Indonesia emerging as a key competitor, now ranked 3rd in ASEAN.

The key factors that contributed to Thailand's improved global competitiveness ranking stem from four areas in which the Digital Council of Thailand (DCT) has played a crucial role in development:

1. Economic Performance: The DCT has been instrumental in promoting international investment by advocating for tax measures to encourage startup funding, such as Capital Gains Tax, public-private co-investment initiatives like the Matching Fund, and activities aimed at attracting foreign investors, such as Investor Road Shows.
2. Business Efficiency: The DCT has supported management practices through initiatives like the DCT Startup Connect program and the Startup Clinic, which provide assistance to startups.
3. Government Efficiency: The DCT has contributed to enhancing the effectiveness of government operations.
4. Infrastructure: The DCT has been actively involved in advancing technological infrastructure, including digital skills development (Digital Upskill/Reskill), co-developing digital infrastructure such as Data Centers, Digital ID systems, 5G applications (5G Use Case), Centers of Excellence, public-private co-investment (Matching Fund), and Cybersecurity. In the field of education, the DCT has supported initiatives like the Thailand Plus Package and the Cabinet's resolution to procure 1.6 million laptops for students.

These contributions have been significant in improving Thailand’s ranking, demonstrating the country's commitment to strengthening its economy and competitiveness on the global stage.

M.R. Nongkhran Chompoonut, Chairman of the Digital Council for Economy and Society of Thailand, stated that the Digital Council is committed to collaborating with the private sector, government, and civil society to develop the digital business landscape and elevate Thailand's economy and society to an international level. She emphasized that promoting government policies and developing digital skills among the workforce are crucial to enhancing Thailand's competitiveness, a mission that the Digital Council has consistently pursued.

"This workshop is being held to brainstorm strategies for transforming Thailand into a digital economy hub. The goal is to present actionable plans to relevant government agencies, set shared objectives, and drive the third committee of the Digital Council's mission forward in a concrete manner," said M.R. Nongkhran Chompoonut, Chairman of the Digital Council.

During the workshop held under the mission and working groups of the Digital Council, entrepreneurs, investors, and startups collaboratively exchanged ideas on five key strategies to propel Thailand’s digital industry towards becoming a digital economy hub. These five strategies are:

1. Digital Workforce: Developing and enhancing the digital skills of the workforce.
2. Digital Economy: Promoting the growth and integration of digital technologies within the economy.
3. Regional Innovation Hub: Positioning Thailand as a center for regional innovation.
4. Digital Sustainability: Leveraging digital technologies to support sustainable development.
5. Digital Culture: Fostering a culture that embraces digital transformation and innovation.

Achieving the goal of becoming a digital economy hub in all aspects requires a clear national drive towards establishing digital standards and indices (Digital Index and Standard). This effort must be complemented by public policies and the creation of Public-Private-People Partnerships (PPPP) to promote digital industry initiatives, enhance competitiveness, and advance the country's digital economy. The future of Thailand on the global digital economy stage is filled with both opportunities and challenges. The collaboration of all sectors will be the key driving force that enables Thailand to successfully reach its goal of becoming a digital economy hub.