NationThailand-Feb 11
Thailand has significant untapped potential to develop advanced green manufacturing as a new engine of growth, with electric vehicles, solar photovoltaic components, and energy-efficient cooling technologies offering opportunities to raise GDP by an additional 2.9 percent by 2035, according to the World Bank’s latest Thailand Economic Monitor released on Wednesday. The report, titled “Advanced Green Manufacturing for Growth,” examines how Thailand can reposition its well-established manufacturing base toward higher value-added green products, leveraging existing strengths in automotive, electronics, and electrical appliances to capture expanding global markets. Green products already account for close to 10 percent of Thailand’s total exports, valued at approximately USD 10 billion in 2024. The country ranks as the world’s third-largest exporter of energy-efficient air conditioners with around 10 percent of global market share and is rapidly expanding solar PV manufacturing. Thailand’s Green Complexity Index of 0.7 remains well below its Green Complexity Potential of 1.4, suggesting strong latent capabilities to expand into more complex green value chains. The automotive sector, accounting for 3.1 percent of GDP and employing more than 570,000 workers, offers significant opportunities for building competitiveness in electric vehicles. Under an ambitious scenario, EV exports could reach USD 14.9 billion by 2035, equivalent to 678,116 vehicles, compared to negligible export volumes today. Read more at: https://www.nationthailand.com/business/economy/40062408
