In recent times, a buzz of thriving industries has emerged, four are standing out from the crowd; construction, automobile, iron/steel, and energy generation. Gernot Ringling, the accomplished managing director of Messe Dusseldorf Asia, shed light on this topic at a recent press ceremony. Messe Dusseldorf Asia, a flourishing branch of a respected German trade show organizer, has always had its finger on the pulse of global industry trends.
In Ringling’s expert opinion, the significant growth of these key sectors can largely be credited to proactive government initiatives and a surge in investments from the private sector. This stimulating environment has created a healthy appetite for raw materials, production technology, and innovative methods.
Supporting Ringling’s assessment, the Bank of Thailand has unveiled data indicating a robust economic upswing of 3.6% for this year’s second quarter. Interestingly, they have also noticed a resurgence in large-scale investment projects, predominantly originating from the private sector. This upward trend is projected to continue its rise into the coming year.
Not to be outdone, the Thai government has been channeling resources into mega-infrastructure projects and burgeoning sectors, such as the eco-friendly electric vehicles (EVs) and the bio-circular-green economy. This ambitious approach is exemplified by initiatives from The Board of Investment, which has introduced attractive measures to draw in investment and spur growth in specific industrial areas.
Drilling down into the specifics, Ringling highlighted that among the four industries propelling Thailand’s economy, construction is poised for expansion. This outlook is largely attributed to ongoing and upcoming mega-projects, particularly in the Eastern Economic Corridor.
Meanwhile, the iron/steel industry, another significant contributor to growth, has experienced minor contraction compared to the previous year, possibly a ripple effect from fluctuating energy costs. Nonetheless, progress in mega-construction projects is providing a solid foundation for the industry. This is further strengthened by the deployment of underground power cables and communication pipelines.
Thailand’s automotive sector is also projected to experience a surge, sparked by a rebound in consumer demand, an uptick in microchip production across several nations, and bolstered support for EV batteries. Ringling believes this growth in the EV industry is a key driver behind the increase in electricity consumption.
Furthermore, the Thai government’s commitment to a net-zero carbon policy is fuelling investment into facilities dedicated to renewable energy production, serving as a powerful stimulus to the energy generation sector, as per Ringling’s analysis.