Recovery for factories under preparation

Recovery for factories under preparation

The Department of Industrial Works (DIW) is drafting an economic recovery plan to help factories by implementing exemptions around operating costs. It plans to propose the measure to the cabinet for approval this week.

Prakob Vivitjinda, director-general of the DIW, said the plan to exempt annual operating fees should save factory owners 231 million baht.

DIW expects the relief package to boost local economies and help workers remain employed during a time when millions are out of work.

Deputy Prime Minister Somkid Jatusripitak recently ordered all state agencies and related bureaus to map out their own economic recovery plans to boost rural economies and repair the devastated economy from the bottom up.

The state expects to roll out a recovery plan in June, or whenever the lockdown is lifted.

Mr Prakob said the department is in talks with domestic financial institutions to cooperate with the Industry Ministry under a scheme to securitise machinery leases.

"The government wants to support factories' access to soft loans with low interest rates," he said.

Factory operators can propose their own solutions for relief measures to the DIW. The government will register the machinery and evaluate the machinery for guaranteed assets to submit to financial institutions.

The relief plan will cover factories affected by the pandemic and drought.

The DIW expects both projects to be introduced in May or June this year.

The department is surveying the number of factories that had to reduce production because of the pandemic and those planning to permanently shut down.

The DIW said 1,743 factories shut down in Thailand last year, costing 43,987 jobs.

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