Thailand needs to sharpen its economic strategy, speed up government procedures and maintain policy and financial stability if it wants to capture a larger share of global investment, Citi says.
Speaking at the Bangkok Post's 80th anniversary event on Friday, Narumon Chivangkur, Citi Country Officer and Banking Head for Thailand, said the changes were needed as international companies relocate production bases amid the rewiring of global supply chains.
Citi sees the coming decade as a period of major economic and technological change, driven by artificial intelligence (AI), supply-chain diversification and growing concerns over climate, energy and food security.
For Thailand, its neutrality and ability to make independent economic decisions could become increasingly important advantages as geopolitical tensions and global fragmentation encourage companies to diversify production and reduce their reliance on individual markets.
"Neutrality should not be viewed merely as a political position, but as the ability and right to make independent decisions and implement them without being forced by external powers," Ms Narumon said.
A Citi survey of 710 large multinational corporations in late 2025 found that 65% were actively diversifying or restructuring their supply chains. Thailand was the second-most preferred destination in the region, chosen by 17% of respondents, behind Vietnam at 25%.
The gap highlights the need for Thailand to move faster as competition for foreign direct investment intensifies across Asia, she said.
Citi recommends that Thailand pursue greater "precision" in three areas: scale, speed and stability.
On scale, Thailand should focus on selected industries where it can develop deep expertise rather than pursuing a broad-based strategy. Taiwan's concentration on semiconductors and Estonia's focus on digital governance are examples of countries building strong positions in specific areas.
For Thailand, this means moving beyond its traditional role as the "Detroit of Asia", based largely on vehicle assembly, towards autonomous software and other higher-value industries.
The country should also move from exporting agricultural commodities such as rice, sugar and cassava towards higher-value bio-green products.
Healthcare and medical tourism offer further opportunities, Ms Narumon said. Thailand already ranks among the world's leading medical tourism destinations and has about 60 internationally accredited hospitals.
On speed, Thailand should aim to complete investment-related procedures at least one day faster than regional competitors. The government's fast-track initiative is a step in the right direction, helping streamline the investment process, she said.
Stability is the third pillar. Global investors typically consider political stability, the risk of mass protests, policy continuity and financial stability when deciding where to invest.
Thailand's economic stability, particularly its sizeable international reserves, remains an advantage.
At the same time, the transformation of the global economy will bring major changes to the labour market. Citi expects about 22% of jobs to be "rewritten" over the next five years as AI adoption accelerates.
Thailand's rapidly growing digital economy is another advantage, Ms Narumon said. It is expanding by about 5-7% annually, faster than the broader economy, while e-commerce and related digital activities are growing even more quickly.
The key challenge is no longer simply building digital infrastructure, she said, but ensuring that government, financial institutions and businesses undergo an end-to-end shift in mindset to compete effectively in a rapidly changing global economy.
