Thailand is the country that comes in the list of those countries with middle-income level. Since 2011, the country has shown a remarkable evolution in the economic sector of the nation and thereby shifted the economic level of the country from less income nation to upper-income nation. The figure can be traced to 40%.
The government has initiated many development programs so that the country can develop its economic infrastructure. Basically, Thailand’s economy depends on export, and the plastic industry of the country is said to be the most budding industry of the nation. Over the period of the past ten years, the plastic industry of Thailand has increased by almost 25%.
A lot of industrial resources are available in this country due to which Thailand has turned into a great hub of plastic goods and materials. The government has also implemented many new plans and methods in order to make this plastic industry an emerging and booming sector of the country. The well-stand agricultural sector and the government stand have made this country a tranquil hub for plastic investment.
Impact and forecasts on GDP
The government of Thailand has provided tremendous support to this industrial sector, and due to this, the percentage plastic products export has increased from 2% to 3.8 percent during just 10 years gap. In comparison to other manufactured goods export, this is the highest development.
Considering the database chart of 1988, Thailand secured the rank of eighth-highest plastic goods exporter in the entire world. In fact, this country has become the leading exporter of plastic goods in Asia. The productivity level of plastic goods has immensely increased at a higher rate, which is counted as 8.1%.
As per the reports of the year 2015, the value of plastic export items has increased almost three times than the previous years. This shows that the growing development of the plastics sector, which is truly commendable in all respects.
The plastic items which are mostly export are various types of packaging items, plastics for floor covering, monofilament, and so on. With the increase in export, the production level of these goods has also increased, and it is from 6.5 percent to 19.3 percent, which is truly remarkable comparing to other sectors of the nation.
In 2016, the Thai economy has experienced an inflate as the government has taken certain measures and make an investment in the plastic sector, considering the growing trends in the market. When their partner countries started doing better in improving their economic structures, the Thai currency automatically started to fall. Along with this, the crude oil price also started to decline. All these factors created a positive impact on the plastic industry sector and its production.
A seminar had been conducted by Thailand’s plastic institute, which is named as “Thailand Plastic industry development scheme.” The most important aspect of this seminar is to advertise industrial intelligence in this sector and how people can make new investments.
Considering the country’s development policies, the Plastic institute of Thailand has also highlighted some tactics which gradually improve the plastic industry of the country and decrease the dependency on other countries to import various types of plastic goods and materials.
What are the steps taken by the government of Thailand?
The Thai government has taken serious steps towards developing the plastic industry of the country. The government has also provided dynamic support to the bio-plastic industry sector, which aims at making the nation a hub of bio-plastic goods in the entire Southeast region.
Not only this, but the government has also created the National Innovation Agency, which will build a roadmap increasing the bio-plastic industrial sector of the country. The government has also made a lot of inducements to enhance the number of investments in the plastic industry.
The government of Thailand has a well-organized setup in both the industrial and technical sectors. The National innovation committee of Thailand has made an alliance with the universities and big enterprises in order to promote methodological improvement in the plastic sector. The government has developed a wide set of connections that consists of some big institutions like the Thai Bioplastic industry association, which has really created a mark in the plastic industrial sector.
The Thai Bio-plastic association has signed an agreement with the international institutions which is named as MOU with an aim to provide synchronized programs, courses as well as technical based disclaimers and exams for various types of bio-plastic items. This communication of understanding also provides support to the teamwork in the fields of capacity building, technology development, and development of markets which will ultimately bring a worldwide growth in this sector.
The government has also started working with various organizations in order to frame plans which will encourage the venture in this sector.
The future prospect of the plastic industry of Thailand
With the government initiatives and growing public investment in the plastic sector, more and more plastic companies and enterprises have started to come up in the market, which brings a steady growth in this industrial sector.
As the country is tried to become the biggest plastic manufacturing center across the world, Thailand is constantly preparing itself to become the main hub for various types of plastic products. The country is bringing new and advanced technology in order to bring a big change in the infrastructure of the plastic industry.
If you consider the statistics of the last few years, you can see that the country has attained tremendous growth in the export of plastic goods all over the world. Along with the government, public investments are also coming in huge numbers, which led to the establishment of small and large scale business houses across the country.
The lifestyle of the people has also changed a lot over the years, and thus, the country is constantly preparing to fulfill the requirements of the customers so that the economy of Thailand gains maximum growth and stability.
Therefore, it can rightly be said that the plastic industry of Thailand is one of the booming sectors of the nation.