Elevating Industries Post-Covid
Momentum is building towards transitioning to a Bio-Circular Green (BCG) economy, with the country seeing an important shift with an increase in smart factories involving the upscaling of technology to industrial production. The challenges of COVID, rebounding from the pandemic, and remaining competitive in the region and global economy require a strong focus on improving productivity. However, one of the key sectors benefiting from the digitalisation of factories and facilities is manufacturing, one of the main drivers of the Thai economy, which will become a more prominent contributor as the country advances further with its reopening. The transformative shift promoted by Thailand 4.0, and as part of the BCG approach, will contribute to increased economic prosperity as the country advances into a new, digital age with a focus on turning traditional, labour-intensive business models into modern, efficient, and innovative approaches. By adopting technologies like 5G to the digital transformation of smart factories, companies can raise the competitiveness of Thailand’s manufacturing industries, with an aim of attracting new investment to the country. The pandemic has led to increased investment within Thailand’s manufacturing sector, specifically the creation of smart factories through IoT, artificial intelligence (AI) and other technologies. According to the Kasikorn Research Center, the Covid-19 pandemic will accelerate the growth of the smart factory solutions (SFS) business by 10%, due in large part to the needs of large manufacturers that wish to reduce their dependence on labour.
