The Thai government has acknowledged a draft resolution by ASEAN leaders on regional electric vehicle (EV) development that supports EVs making up 30% of Thailand auto manufacturing by 2030.
It was discussed during the 22nd ASEAN Economic Community Council meeting that the ASEAN region is expecting moderate economic growth of 5.6% in 2022, 4.7% in 2023, and 5% in 2024. Meanwhile, the inflation rate is projected to decrease from 5% in 2022 to 4.4% in 2023, and further down to 3.3% in 2024.
The draft ASEAN leaders’ resolution on developing an ecosystem for EVs in the region was set to be endorsed at the 42nd ASEAN Summit. Several member countries, such as the Philippines, Indonesia, Malaysia and Vietnam, have serious policies to encourage the usage and production of EVs. Thailand aims for EVs to make up 30% of its total vehicle production by 2030.
The previous Thai government placed importance on developing infrastructure and policies to boost the electric vehicle industry. This is expected to elevate the knowledge of Thai manufacturers and workforce and enhance Thailand’s competitiveness in the ASEAN supply chain.
ASEAN leaders are pushing for several accomplishments in 2023, such as the signing of the second document to revise the ASEAN-Australia-New Zealand Free Trade Agreement. They are also working on an ASEAN Digital Economic Framework.
The goal is to study the benefits and impacts of creating an ASEAN digital economic agreement by the end of this year, with negotiations set to begin at the 23rd AEC Council meeting next month. (NNT)
