World

Thailand promotes use of locally-made products under new scheme

The Government of Thailand has launched a new scheme to promote the use of locally-made products in state projects in the hope of creating domestic economic value of 1.77 trillion baht (57.5 billion USD).
Thailand promotes use of locally-made products under new scheme ảnh 1Thailand's Industry Minister Suriya Jungrungreangkit. (Photo: Nation Thailand)
Bangkok (VNA) – The Government of Thailand haslaunched a new scheme to promote the use of locally-made products in stateprojects in the hope of creating domestic economic value of 1.77 trillion baht(57.5 billion USD).

The scheme, called Made-in-Thailand, is meant to helplocal businesses, including small and medium-sized enterprises (SMEs), throughstate procurement projects.

Factory operators and workers should also benefit fromthe scheme, said Thailand’s Ministry of Industry.

Up to 60,000 factories have registered with the ministryand there are around 5 million workers employed in factories and SMEs, saidIndustry Minister Suriya Jungrungreangkit.

He expects the scheme will reduce the country'sdependence on imported products. It is not a trade barrier but supports localproducts, he said.

Finance Minister Arkhom Termpittayapaisith said the schemesets the proportion of local products at no less than 60 percent of the totalused for state projects. If the items used are steel and iron, the proportionrises to 90 percent, he said.

Authorities expect the plan will be another tool to helpThailand cope with the impact of the COVID-19, while also improving the efficiencyof local industries.

The Finance Ministry said the government allocated abudget worth 1.77 trillion baht in fiscal 2021 for state procurement projects.The ministry has asked state agencies to draft terms of reference for projectsunder the scheme.

Supant Mongkolsuthree, chairman of the Federation of ThaiIndustries (FTI), said he believes the Made-in-Thailand scheme can be anotherchannel to help local companies and SMEs expand their product sales to thestate sector./.
VNA
#Thailand#Made-in-Thailand#state projects#locally-made products#new scheme#Vietnam news agency#Vietnamplus
Follow VietnamPlus

Related News

Thai economy expected to recover in Q4: Finance Minister

Thai economy expected to recover in Q4: Finance Minister

Thailand’s Minister of Finance Arkhom Termpittayapaisith feels upbeat about the country's economic prospects because of the COVID-19 vaccine roll-out, predicting the economy will start picking up in the fourth quarter.

See more

At Pulau Seraya power station (Photo: Straitimes)

Singapore begins construction on hydrogen-fueled power plant

Singapore on October 23 began the construction of an 800 million USD power plant that has the capability to use hydrogen to generate electricity, as part of a push to utilise the fuel to reach Singapore’s net-zero carbon emissions target by 2050.

Delegates at the event (Photo: VNA)

125th anniversary of Permanent Court of Arbitration celebrated

The Permanent Mission of Vietnam to the United Nations and missions of the Philippines, Australia, Egypt, Guatemala, Hungary, Thailand, France, Eritrea and Austria, organised a ceremony on October 22 to celebrate the 125th anniversary of the Permanent Court of Arbitration (PCA), as part of the International Law Week at the UN General Assembly's Legal Committee (Sixth Committee).

CEO of the Malaysia Digital Economy Corporation Anuar Fariz Fadzil (Photo: focusmalaysia.my)

Malaysia continues placing emphasis on digitalisation

The Budget 2025 provides significant support to further accelerate Malaysia’s digitalisation, encourage adoption of artificial intelligence (AI) and drive inclusive growth, further positioning Malaysia as a leading digital hub within the ASEAN region, according to CEO of the Malaysia Digital Economy Corporation (MDEC) Anuar Fariz Fadzil.

Malaysia's economic reforms boost investment inflow (Photo: thestar.com.my)

Malaysia's economic reforms boost investment inflow

Malaysia has attracted substantial foreign investments, reaching 22.2 billion MYR (5.16 billion USD) in the third quarter of 2024, the highest level for the same period since 2012, according to UOB's Global Markets and Economics report.

Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN speaks at the debate (Photo: VNA)

Maintaining peace, stability a must for progress on human rights: Ambassador

Progress in human rights can only be achieved by maintaining peace and stability, respecting the rule of law at both the international and national levels, and ensuring respect for the principles of national sovereignty and non-interference in internal affairs, said Ambassador Dang Hoang Giang, Permanent Representative of Vietnam to the UN.

A visitor browses travel promotions at a travel fair in Nonthaburi province. (Photo: Bangkok Post)

Thailand plans enhanced support for domestic tourism

Thailand’s Ministry of Tourism and Sports is aiming to increase subsidy to local tourists in the upcoming stimulus scheme to 50% and would like to change the criteria for online travel agents, mandating them to register in Thailand to avoid losing income to foreign companies.

Oil field offshore Indonesia. (Photo: thejakartapost.com)

Indonesia begins major oil, gas exploration in Sulawesi

Indonesia's state-owned oil company Pertamina, along with foreign partners Sinopec from China and Kuwait’s Kufpec, has signed a contract to explore the Melati oil and gas block, located off the coast of Sulawesi. The block is estimated to contain trillions of cubic feet of gas reserves.