On January 8, Mr. Ekanat Promphan, Minister of Industry, delivered a keynote speech at the 16th OIE Forum under the theme “Industrial Reform: Transforming Thai Industry for a New Economy.” The event, organized by the Office of Industrial Economics (OIE), highlighted strategies to modernize Thailand's industrial sector without additional government spending. The Minister expressed confidence in the sector’s potential to contribute at least 1% to GDP growth.
Acknowledging economic challenges such as a public debt nearing 70% of GDP, persistent household debt, and limited bank lending, Mr. Ekanat emphasized the importance of the industrial sector in driving economic recovery. He viewed global shifts—rapid technological advancements, geopolitical tensions, and trade wars—as opportunities for Thailand to strengthen its position if it adapts swiftly.
To tackle key challenges like energy and resource costs, the Ministry has eased regulations to allow rooftop solar panel installations without permits, reducing reliance on costly energy imports. Referring to recent commitments by the government to lower electricity prices to 3.70 THB per unit, Mr. Ekanat noted the possibility of achieving rates below 3.00 THB with collective effort, enhancing the industrial sector’s competitiveness.
The Minister also advocated for cleaner energy and smarter energy management. He urged the Electricity Generating Authority of Thailand (EGAT) to invest in technologies such as smart grids and battery storage systems to utilize surplus daytime energy at night, aiming for electricity costs as low as 2.00 THB per unit.
By promoting green energy, streamlining investment policies, and leveraging Thailand's robust supply chains, the Minister expressed optimism that the industrial sector would attract substantial investments and drive long-term economic growth.