Thailand’s New Prime Minister Revitalizes the Economy

Thailand’s new Prime Minister, Srettha Thavisin, is wasting no time getting down to business. Despite the strict protocol that restricts access to the second floor of Bangkok’s Government House, Srettha welcomes me into his inner sanctum for a one-hour chat without notes, showcasing his outgoing and approachable nature.

Before entering politics, Srettha was a successful property mogul. Since taking office in September, he has been on a mission to court foreign investors and bring prosperity back to Thailand. His efforts have already paid off, with foreign direct investment doubling year over year in the fourth quarter of last year. In November alone, he announced investments from tech giants Amazon Web Services, Google, and Microsoft, totaling $8.3 billion. Srettha proudly declares, “I want to tell the world that Thailand is open for business again.”

For the past two decades, Thailand has been plagued by political divisions and military rule, leading to a stagnant economy and increasing inequality. Srettha aims to change this trajectory by implementing various reforms. He has already reduced fuel duties, offered debt relief to struggling farmers, and plans to introduce a digital-wallet scheme to stimulate consumption. Additionally, Srettha wants to position Thailand as a logistics, healthcare, and financial hub, while also raising its international profile through diplomatic engagements.

Despite his ambitious agenda, Srettha faces significant challenges. His party, Pheu Thai, did not win the majority in the general election, resulting in a coalition government. Critics argue that he is beholden to powerful forces behind the scenes. However, Srettha asserts that he is in control and focused on improving the well-being of all Thais.

As Thailand’s economy has lagged behind its neighbors, Srettha is under pressure to deliver tangible results quickly. However, he faces obstacles such as post-election wrangling and resistance from powerful conglomerates. Critics accuse him of prioritizing foreign investment over local issues such as human rights and decentralization. Srettha’s close ties with global leaders like China’s President Xi Jinping and Russia’s President Vladimir Putin have also drawn criticism. Nevertheless, Srettha remains committed to attracting more tourists and business deals while acknowledging that tough choices must be made to uplift society as a whole.

Srettha’s journey from CEO to Prime Minister has exposed him to the complexities of governing a country. He recognizes the need to navigate various stakeholders and is determined to bring about bold reforms for the betterment of Thailand’s economy.

To read more about Thailand’s new Prime Minister and his vision for the country, visit Business Today.

Photograph by Cedric Arnold for TIME