The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) outlines four pillars for "Reinvent Thailand" to elevate the Thai economy.

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) joins forces with the government and the World Bank to drive the "Reinvent Thailand" initiative. Ekniti highlights the JSCCIB's four pillars for transforming proposals into tangible results, and plans to produce a White Paper to further its reach on the global stage.

September 3, 2026 – The Joint Committee of the Three Private Sector Institutions (JCC), together with the government, the Ministry of Finance, the Bank of Thailand, and the World Bank Group, organized The Bangkok Business Summit 2026 under the theme 'Reinvent Thailand, Resilient ASEAN' at the Queen Sirikit National Convention Center. The event brought together leaders from the public sector, private sector, financial institutions, and international experts to determine the direction for upgrading Thailand and connecting its growth with ASEAN.

Dr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, explained that the meeting yielded reassurance on three key issues. Firstly, the public and private sectors share a common goal: not only to prepare Thailand for change, but also to make Thailand a key driver of new growth in ASEAN and to connect the region with the global economy. Secondly, all parties agreed on the approach to achieving this goal. The public and private sectors must collaborate from identifying problems and designing solutions to implementation and monitoring results, rather than the government drafting policies and then inviting the business sector to participate. Thirdly, Thailand possesses both the intellectual capacity and the determination. What needs to be done is to create a platform that allows all parties to work together continuously.

The transformation of a proposal into action occurs at three levels :

• world class Building upon the outcomes of the meeting, Thailand will host the IMF–World Bank Group Annual Meetings 2026 from October 12–18, connecting Thailand and ASEAN's challenges with knowledge, capital, and partners from around the world.
• Regional level Collaboration is needed between governments to bridge regulations, standards, and infrastructure; between businesses to connect producers and suppliers, fostering joint investment, technology transfer, and human resource development; and between the government and the private sector to collaboratively solve problems and push proposals into tangible results.
• National level The Joint Public-Private Sector Committee (JPPCC) will be the main mechanism for driving this initiative, dividing the work into four interconnected pillars: investment and new economic engines, trade and community economy, human development, and improving public sector efficiency.

The World Bank–IFC is ready to be a strategic partner of Thailand.

Mr. Carlos Felipe Jaramillo, Vice President of the World Bank for East Asia and the Pacific, stated that the most important issue is not just what Thailand should do, but how to make it happen. Today, we see the public and private sectors working together under a clear vision and goals, with mechanisms in place to drive results. The World Bank and IFC are pleased to be strategic partners with Thailand in this second transition. With the IMF–World Bank Group Annual Meetings approaching in a few weeks, he thanked the Thai government and people for their hospitality.

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) highlights Thailand's comprehensive strengths in finance, trade, and industry.

Mr. Payong Srivanich, President of the Thai Bankers Association and Chairman of the Joint Committee of Three Private Sector Institutions (JCC), stated that Reinventing Thailand is not about starting from scratch, but rather upgrading the existing economic foundation and opening up space for new growth engines. This requires three key components: world-class knowledge and standards, unified private sector initiatives, and clear, credible, and consistent government policies. Thailand must accelerate the development of a ready ecosystem, including energy infrastructure encompassing a low-carbon economy, digital infrastructure, data, and a financial system, to transform new investment into new growth engines and lead Thailand towards high-value, resilient, and inclusive growth.

This momentum, which began with the Bangkok Business Summit, can be further developed into regional business collaboration, and in the future, may evolve into a Regional Business Summit where ASEAN businesses can collectively define and drive key agendas for the region.

Dr. Poj Aramwattananon, Chairman of the Thai Chamber of Commerce and the Federation of Thai Chambers of Commerce, stated that global trade is facing geopolitical conflicts, trade measures, environmental conditions, and new standards. Therefore, all industries must be prepared throughout the entire supply chain.

While Thailand needs to accelerate trade negotiations across goods, services, digital technologies, standards, and trade facilitation, ASEAN governments must work together to build regional value chains, connecting customs systems, logistics, and standards, rather than simply competing by lowering standards or offering preferential treatment. Upgrading such regulations also links to Thailand's goal of joining the OECD by 2571, which will enhance transparency, reduce costs for businesses, and build investor confidence. The Ministry of Commerce's mechanisms can be used to drive practical implementation.

Ms. Pimjai Leeissaranukul, President of the Federation of Thai Industries, stated that Thailand has an industrial base and supply chain with over 60 years of experience and is trusted for its quality and standards. Therefore, it is well-prepared to develop into Intelligent Industry and increase its role in the Global Supply Chain.

This transition requires stable and cost-effective energy, a PDP 2026 plan supporting the Net Zero goal by 2050, a logistics system connecting ASEAN, regulatory reform, and human capital development, coupled with the promotion of Made in Thailand and local content. This will ensure that investment leads to technology transfer, the development of Thai suppliers, the creation of high-skilled jobs, and increased domestic value.

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) will compile proposals and lessons learned from the meeting into a White Paper to serve as a framework for collaboration between the public and private sectors. This paper will then be presented and discussed at the IMF–World Bank Group Annual Meetings 2026 under the theme "Thailand's New Horizons: Empowering People, Building Resilience."

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