InfoQuest (January 5, 2022) -- According to Mr. Thongchai Chawalitpichaet, Director of the Office of Industrial Economics (OIE), Thailand saw a recovering market as the result of expanding exports, relaxing restrictions on pandemic prevention and various stimulus measures. It is predicted that Thailand's industrial GDP will grow by 2.5-3.5 percent this year and the manufacturing production index (MPI) by 4.0-5.0 percent, slightly lower than last year's projection of 5.2 percent.
The spread of Omicron strain, energy prices and labor shortage in key labor-intensive sectors are also worthy of attention.
The Ministry, while committed to improving industrial development, plans to put forward several policies to the National Industrial Development Commission to optimize and upgrade the supply chain, strengthen cooperation among departments and achieve effective integration, said Mr. Suriya Juangroongruangkit, Minister of Industry. The specific policies are as follows:
1. Formulate production processes in the "Free Zone" to enhance the production of electric vehicles and drive domestic investment.
2. The Small and Medium-sized Enterprise Development Fund provides a low-interest loan with an annual interest rate of 2 percent for the development of robot and automation industries under the guidance of the government and develops a one-stop service platform based on the development vision of "Thailand Industry 4.0".
3. Revise the regulations on the management of sugar cane and granulated sugar, remove investment barriers, and create a good atmosphere conducive to the investment and development of the bio-industry. In April this year, a research and production center facilitating the development of bio-industry will be set up to strengthen the utilization of renewable energy in the sugar cane and sugar industry, and further promote the development of bio-industry.
4. Accelerate the development of other cash crop industries, such as palm and cassava starch, and increase the income of agricultural and industrial practitioners.
5. Pool resources from various departments to formulate a basic development framework conducive to the development of new product champions, step up the cultivation of new food business entities, and develop future foods; encourage business investment and develop flagship products in the fiscal year 2023. Besides, the Ministry of Industry will submit the Phase I implementation plan (2020-2027) for promoting the development of the intelligent electronics industry to the National Industrial Development Commission. The Commission will review the plan in the first quarter of this year before submitting it to the Cabinet for approval.
Source: InfoQuest, by Papatson Ongphichetmetha/Rachada Kongkhunthian, translated by Xinhua Silk Road
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