Thailand plans to simplify stock-listing procedures as part of a broader drive to strengthen capital market competitiveness and attract global investors.

The “Thai Capital Market Attractiveness Initiative” aims to bolster investor confidence and position the Thai market as a regional fundraising hub, according to a statement Monday from the Taskforce for a Competitive and Attractive Market. It’s meant to address both demand- and supply-side challenges.

Thailand’s benchmark stock index has dropped more than 7 percent this year, the worst performer among Asia’s major stock markets, as international funds withdrew about $2.9 billion. Streamlining IPO and foreign listing processes, attracting high-quality companies, and scaling up listed firms’ value may help bring flows back to the country.

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The new initiative reflects a coordinated effort between government and private sectors to drive structural reform and ensure long-term competitiveness, said Pornanong Budsaratragoon, the SEC’s secretary-general. The program’s next phase will include bond markets, investment units, and a digital capital market, she said.

The initiative introduces four pillars — Quality Demand, Attractive Supply, Trusted Market, and Supportive Ecosystem. The finance ministry, Securities and Exchange Commission, Stock Exchange of Thailand, and Federation of Thai Capital Market Organizations jointly announced the project on Monday.

The collaboration is “a significant turning point,” emphasizing efforts to attract New Economy businesses, enhance transparency, and expand investment product offerings to sustain market resilience amid global volatility, according to Asadej Kongsiri, the stock exchange’s president.