SynopsisThe Iron and Steel Institute of Thailand seeks support from the government to bolster the local steel sector, vital for national security and economic self-reliance. With an emphasis on cost reduction and economic growth, the institute aims to stimulate domestic steel consumption, reduce imports, and improve competitiveness. Thailand's steel industry, considered the backbone of infrastructure, employs over 200,000 workers and boasts a production capacity of 22 million metric tons annually. However, challenges like high steel imports require attention to strengthen the nation's economic resilience, reports Bangkok Post.ArticleIn the bustling realm of Thailand's industrial landscape, the Iron and Steel Institute of Thailand has sounded a clarion call. They beseech the government, led by the dynamic Mr. Srettha Thavisin, to bolster the indigenous steel industry, a linchpin for both national security and economic independence. This appeal finds resonance in the institute's senior director, Mr. Somsak Leeswadtrakul, a luminary in the steel domain and a notable figure in various industries.Mr. Somsak voiced his delight at Mr. Srettha's recent commitment to alleviate the cost of living for the people and reduce operating expenses for businesses. He believes this stance, particularly the planned reductions in diesel and electricity prices, bodes well for both the citizens and the steel sector. As the honorary chairman of G and GJ Steel Pic, Thailand's largest integrated steel mills, Mr. Somsak envisions a future where GDP growth is kindled through domestic consumption and exports alike.Within the fabric of Thailand's economic tapestry, domestic steel consumption and imports hold threads of paramount importance. These aspects, when nurtured, serve as fortifications for the nation's economic vitality. Mr. Somsak underscores the steel business as the veritable backbone of Thailand's infrastructure, employing a staggering 200,000 individuals and boasting a colossal annual production capacity of 22 million metric tons, with investments totaling around 500 billion baht.However, a sobering reality check reveals that steel consumption within the nation stands at 17 million tonnes annually, valued at 450 billion baht. Thailand, once a regional champion, now trails behind Vietnam in Asean, with the latter consuming over 20 million mtric tons of steel yearly. Moreover, Thailand bears the burden of the highest steel import ratio in Asean, a towering 63%, while neighboring countries average at 22%. This trade imbalance manifests as a considerable deficit, with imported steel products exceeding 200 billion baht annually.Mr. Somsak pinpoints an influx of steel product imports amid the capricious currents of the global market, shaken by China's real estate sector's slowdown. He issues a fervent plea to the new government: enforce the Anti-Dumping and Anti-Circumvention Act rigorously to thwart any attempts to circumvent regulations.Drawing inspiration from the United States' "Made in the USA" campaign, Mr. Somsak calls for support of local steel manufacturers employing eco-friendly technologies from Japan and South Korea. This transition promises lower carbon dioxide emissions and aligns with the impending era of electric vehicles, securing a sustainable steel industry's foothold in Thailand.As the European Union prepares to implement the Carbon Border Adjustment Mechanism to combat carbon-intensive imports, Thailand's steel sector braces for transformative change, guided by resilience and environmental responsibility.ConclusionIn the quest for economic resilience and self-sufficiency, the call to fortify Thailand's steel industry reverberates. With an industry that underpins infrastructure and employs hundreds of thousands, it is vital to stimulate domestic consumption, curtail imports, and enhance competitiveness. As Thailand charts its course into an era dominated by electric vehicles and environmental awareness, a sustainable steel industry stands as a beacon of preparedness. The government's support, as well as vigilance against irregular trade practices, will be the keystones of this endeavor.