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AEC to adversely impact Thailand textile manufacturing
Sep '12
The textile manufacturing sector in Thailand will be adversely affected once the Asean Economic Community (AEC) becomes a reality in 2015.
Indonesia and Malaysia are rich in natural gas, compared to Thailand and hence, the Thai petrochemical sector may lose out on the introduction of the AEC, Thai Industry Minister MR Pongsvas Svasti said, while speaking at a Federation of Accounting Profession meeting.
The Minister added that the upstream textile manufacturing in the country would also be affected due to the country’s petrochemical sector losing out to other countries after the formation of the AEC.
As a result, there could be a major shift in production of textiles from Thailand to other countries in the region, once free movement of goods is allowed under the AEC.
Thailand Development Research Institute’s Somkiat Tangkitvanich stressed on the need for the Thai textile industry to develop its own technology and reduce reliance on imports of raw materials.

Fibre2fashion News Desk - India

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