Arkhom TERMPITTAYAPAISITH

Councillor, the Counsil of State, Kingdom of Thailand　

Expertise

Transportation and fiscal policies in the ASEAN region including Thailand

Term
3, 2024〜

Career

Ex-government Official (Technocrat)

　His Excellency Mr. Arkhom Termpittayapaisith obtained bachelor’s degree in economics from Thammasat University, Thailand in 1978 and master’s degree in development economics from Williams College, the United States in 1983.

　Mr. Arkhom joined the Office of the National Economic and Social Development Board (NESDB), the core organization responsible for planning Thailand's development strategies in 1979. He held a series of directorship in Thailand’s economic think-tank including infrastructure planning under the five-year national plans until the 11th Plan ended in 2016.

　In 2010, Mr. Arkhom was appointed as the NESDB’s Secretary-General. He was recognized high level in his wide areas of expertise contributing to several other positions, serving as the Chairman of the Bank of Thailand’s Risk Management Committee, a member of the Monetary Policy Committee, Board of Investment, National Science and Technology Development Board, National Environment Board, Royal Police Cadet Academy’s Council and Civil Service Commission.

　After retirement from NESDB, Mr. Arkhom was appointed to be the Deputy Minister of Transport in 2014 and Minister of Transport from 2015-2019. During his terms at Ministry of Transport, he devoted himself for the significant reformation of various infrastructure projects and worked with ASEAN countries to implement physical connectivity. This involvement extended contributions to the international community. In addition, he delivered various projects and led the country’s policy to shift towards railways development including the full implementation of all urban mass transit system in Bangkok and major cities as well as launching intercity rail system and HSR projects.

　In 2020, Mr. Arkhom was appointed to be Finance Minister during the COVID pandemic crisis. He became the key driving force in implementing fiscal policy in provision of budgets to cope with COVID, budget for vaccination in particular, financial assistance to workers, maintaining expenditure leverage so that the economy was not affected as severely as expected. After COVID, he proposed a sustainable fiscal policy through the reform of government revenue generation, financing sustainability and utilization of digitalization to serve the people. In the following year at the Ministry of Finance, his significant task was to boosting Southeast Asia’s second largest economy. With Thailand’s fiscal position remaining strong, the government announced its ambitions to attract US$10 billion in investment in the country’s so-called Eastern Economic Corridor (EEC). In February 2023, Mr. Arkhom has ramped up public spending to make further investments in infrastructure and energy projects in order to support economic green growth.

　In May 2023, Mr. Arkhom received The Banker Magazine's Finance Minister of the Year 2023 Award for the Asia-Pacific Region. This award recognized the Minister’s role in implementing the necessary fiscal and economic measures to stimulate growth and revitalize Thailand’s economy after the Covid-19 pandemic, particularly in the provision of the financial support schemes for low-income households and vulnerable groups, low-interest loans, tax reductions and subsidies supporting the transport and tourism sector, and measures to boost domestic consumption. Mr. Arkhom finished his term at Ministry of Finance in August 2023.

　In October 2023, he received a royal gazette for an appointment as a Councilor of the Council of State, the highest administrative jurisdiction. As a councilor of The Council of State, he advises the Government on the preparation of bills, ordinances and certain decrees as well as inclusive of answers the Government’s queries on legal affairs and conducts studies upon the request of the Government regarding administrative or public policy issues.