The industry minister has pledged to implement “quick-win” projects to support Thailand’s industrial sector and economy, prioritising industrial restructuring.
Many industries face declining productivity and shrinking market share, which indicates a potential loss of international competitiveness, said Industry Minister Thanakorn Wangboonkongchana.
“Thai industry is impacted by the trade war, which has altered the global trade landscape. Entrepreneurs in the supply chain must adapt or restructure industry models to align with the global changes,” he said.
Mr Thanakorn said the government will continue to promote industries such as electric vehicles, artificial intelligence, green energy and semiconductors, which are expected to contribute to the economy and attract investment.
“We will encourage industries and companies that have applied for investment promotion from the Board of Investment, but have not yet proceeded with their investments,” he said.
In addition, the ministry plans to implement more measures to combat the dumping of cheap imports and to safeguard Thai industrial products, along with strategies to mitigate the effects of US tariffs.
Mr Thanakorn said imports of cheaper Chinese products are expected to rise, affecting Thai businesses, particularly small and medium-sized enterprises (SMEs).
“The ministry has discussed with the Federation of Thai Industries about measures to help SMEs and protect Thai industries and manufacturers,” he said.
Moreover, the ministry expects to work on improving SMEs’ access to financial support, said Mr Thanakorn.
Regarding the continuation of the “Sudsoi” initiative established by former industry minister Akanat Promphan, Mr Thanakorn said it supports the industry in the long term and helps reduce illegal factories.
The ministry is committed to sustainable industrial development by promoting high-quality investments, upgrading the manufacturing base and enforcing stricter regulations to tackle environmental issues, he said.
Nattapol Rangsitpol, industry permanent secretary, said the industrial sector has slowed over the past decade, though the government has promoted new-generation sectors as part of its S-curve scheme.
“Civil servants are ready to collaborate with the minister,” he said.
Mr Nattapol said the major sectors driving the economy and industrial GDP comprise the automotive, electronics and electrical industries, as well as food and food processing, which combined account for roughly 50% of Thailand’s industrial output.