ประธาน ส.อ.ท. ชี้กลยุทธ์ฝ่าวิกฤตเศรษฐกิจโลกในงานสัมมนา The Standard x UOB Privilege BankingChairman of FTI Discusses Strategies to Navigate Global Economic Crisis at The Standard x UOB Privilege Banking Seminar

On July 23, 2025, Mr. Kriangkrai Tiennukul, Chairman of the Federation of Thai Industries (FTI), was honored to be a keynote speaker at The Standard x UOB Privilege Banking Seminar titled The Turning Point Strategies for What’s Next organized by The Standard in collaboration with UOB Privilege Banking at the Napalai Ballroom, Level 1, Dusit Thani Hotel.

Mr. Kriangkrai delivered a special lecture on the topic Global Economic Playbook – Winning Strategies to provide insights into the global economic situation facing challenges and the adaptation necessary for the Thai industrial sector's survival and sustainable growth.

The current global trade situation remains fragile, particularly due to the trade war between the United States and China, which has affected supply chains globally.

For Thailand, the United States is set to impose import duties of up to 36% on goods from Thailand, effective August 1, 2025, which may significantly impact Thai exports. Additionally, there is the issue of “tariff evasion” through exports from Thailand, increasing the risk of a future trade response from the United States against Thailand.

Regarding Thailand's economic outlook for 2025, data from the Joint Committee of Private Sector Organizations (JCC) forecasts that if the United States' 36% reciprocal tariff measures come into full effect, Thailand's GDP growth rate may drop to only 0.7 – 1.4%, significantly below its potential. Other risk factors may further exacerbate the economy, such as the influx of Chinese products competing in the Thai market, a continuous decline in Chinese tourist arrivals, high household debt levels, risks from natural disasters, and geopolitical conflicts across various regions.

“Thai export products directly affected by United States trade measures include furniture, tires, hard disks, rubber gloves, apparel, canned and processed fruits, computers and accessories, ceramics, medical instruments, leather shoes, miscellaneous metals, plastics, air conditioning units, canned seafood, as well as machinery. This week, clarity regarding the import duty rates is expected to be finalized.

If Thailand can negotiate favorable terms, the impact on the export sector may not be too severe. For example, if the tariff rate is around 15%, equivalent to what Japan faces, it would still be competitive. However, it is essential that negotiations are conducted carefully, without exhausting all options, while the Thai industrial sector must also accelerate its adaptation, enhancing capabilities and production efficiency to maintain competitiveness in the global market to the greatest extent possible.”

For the critical strategies for the survival and advancement of the Thai industrial sector, Mr. Kriangkrai emphasized that the Thai industrial sector must urgently adapt through three key approaches:

• Risk Management: Manage risks in all dimensions, including market diversification to reduce dependence on any single market, enhancing the security of the supply chain from upstream to downstream, as well as increasing measures for cybersecurity to protect against cyber threats that may impact business operations.

• Increase Productivity: Focus on boosting productivity through the adoption of Industry 4.0 technologies and Smart Manufacturing systems in production processes, as well as applying artificial intelligence (AI) and robotics to reduce costs, increase efficiency, and developing a skilled workforce to adapt to changes in modern industries.

• Sustainability: Promote sustainable development approaches to reduce greenhouse gas emissions in accordance with ESG (Environment, Social, Governance) principles, support BCG (Bio-Circular-Green Economy), advance climate technology, support energy transition efforts, and increase the share of renewable energy to help reduce costs and enhance competitiveness.

To support the Thai industrial sector in achieving sustainable competitiveness, the FTI has established the 4GO policy as a significant direction for upgrading Thai SMEs, which includes:

1. GO Digital & AI: Accelerate the adoption of digital technology and AI at all levels of the industrial supply chain to enhance competitiveness and create a new engine to drive the Thai economy.

2. GO Innovation: Promote research and development of products through innovation, support startups, advanced technology, and the application of new knowledge.

3. GO Global: Develop international standards, connect global supply chains, expand trade, investment, and exports to new markets worldwide, reducing dependence on high-risk major markets.

4. GO Green: Drive green industry initiatives, protect the environment, and reduce carbon emissions according to the net zero carbon dioxide emissions target.

Additionally, Mr. Kriangkrai emphasized the necessity for collaboration between the public and private sectors to implement the 4GO policy effectively, enhancing competitive capabilities on the global stage, creating new or next-gen industries that align with sustainable development goals (SDGs), and driving the Thai economy towards long-term stability and growth.