Thailand’s Constructions Sector is Booming
Thailand is currently one of the most exciting hubs for contractors in Southeast Asia today, with a construction market value estimated at USD41.4 billion.
Thailand’s construction industry is expected to boom within the forecast period. The main factors responsible for this growth are economic expansion; the country’s housing demand and the government investments in public infrastructure and to reduce the logistics costs.
The growth is driven by the country’s development program over 2016 to 2022, under which the government aims for the development in Thai rail, road and transport infrastructure. The government is planning to invest THB1.8 trillion (US$50.8 billion) in 20 key priority infrastructure projects.
At present, Thailand praises itself as the Asian investment hub and the construction sector poses a great impact to its future growth with Thailand having a yearly output of roughly 50 million tons of cement.
The government has also approved the development of the Eastern Economic Corridor, which concentrates on construction of transport infrastructure, sea, and rail. This move will further support Thailand’s position as a major economic zone in ASEAN.
(Source: EPRESSRELEASE, Thailand Business News)