After the preliminary election results became clear, Mr. Somsak Leeswadtrakul, Executive Director of the Iron and Steel Institute of Thailand, shared his thoughts in an interview with the Bangkok Post, urging Thailand’s new administration to prioritize tackling the rising cost of living and electricity prices, as well as supporting the country’s steel industry.
The high cost of living, which has hit low-income earners the hardest, should be a key focus for the new government. Mr. Somsak emphasized that “everyone is pinning their hopes on the new government to address this issue.”
Thai steel manufacturers are also struggling with increasing electricity costs, which are reflected in their soaring monthly bills. Mr. Somsak warned that without sufficient government support, power costs in Thailand could rise even faster than in other ASEAN countries, weakening the competitiveness of the domestic steel industry.
He urged the new administration to take electricity costs seriously, stressing that managing this issue effectively would not only benefit businesses but also prevent financial burdens from being passed on to consumers.
Thailand’s steel industry has significant untapped production capacity, and Mr. Somsak believes that the right government policies could help revitalize the sector. He proposed strict enforcement of anti-dumping policies to prevent low-quality steel imports from flooding the market. He also called for greater protection for steel businesses that have invested billions of baht and employ over 200,000 workers, as well as stronger promotion of locally made products to further boost domestic industry growth.
Ultimately, Mr. Somsak stated that Thailand has the potential to become a leading industrial hub in ASEAN—provided that the new government effectively addresses the cost of living, electricity prices, and challenges facing the steel and other key industries.
