The automotive story in Thailand began in the 1960s, with Japanese giants like Toyota and Mitsubishi paving the way, followed by American and German counterparts. This trajectory earned Thailand the moniker “Detroit of Asia,” a testament to its automotive prowess echoing the Motor City legend.
In a tale of resilience amid adversity, while many sectors experienced setbacks during the pandemic, the automotive industry accelerated its growth pace. By 2024, car production in the country is predicted to exceed two million units annually, with the vision of electric vehicles (EVs) marking half of local production by 2030.
“Thailand’s appeal to automotive manufacturers and automotive component suppliers is expected to soar, driven by an expanding market reach and steadfast government support,” said Mrs. Hataichanok Sivara, Director of the Thai Trade Center Jakarta.
In the dynamic global trade landscape, creativity, collaboration, and adaptability play crucial roles. Thailand’s automotive narrative reflects this ethos, solidifying its status not only as a strong regional player but also as a formidable global player in the automotive arena.
Thailand’s Economy and Construction Industry. In Thailand’s economic fabric, the construction sector emerges as a cornerstone, encompassing both public and private sectors. With over 80% of public projects dedicated to infrastructure, the sector’s scope extends to creating housing for government personnel and other vital public facilities.
Projected during the period 2024-2029, Thailand’s construction landscape is planned to rise significantly, with a compound annual growth rate (CAGR) exceeding 5%, increasing from an estimated USD 26.68 billion in 2024 to USD 34.05 billion in 2029.
Driving this growth trajectory is the increasing demand for housing, as expressed by Mrs. Hataichanok Sivara, Director of the Thai Trade Center Jakarta. Additionally, the appetite for dining and shopping experiences fuels construction spikes, with restaurant and shopping center expansions proliferating nationwide. Condominium construction reflects this trend, especially in and around the metropolitan city of Bangkok.
As Thailand moves towards transforming designated regions into special economic zones, with a sharp focus on industrial development, the construction sector is poised for rapid growth under these strategic government initiatives.
Thailand’s industrial prowess remains unshaken, brimming with opportunities for innovation, market expansion, and sustainable progress, particularly in collaboration with entrepreneurs from Indonesia. The stage is set for these endeavors to gain momentum during the “Thailand Industrial Business Matching” event at the Kempinski Hotel in Jakarta on May 02, 2024.
According to Mrs. Hataichanok Sivara, Director of the Thai Trade Center Jakarta, this event can unearth potentials, and, it is hoped, will forge strategic and mutually beneficial partnership alliances between Thailand and Indonesia, fostering industrial excellence and paving the way for shared prosperity.
