PM wants to increase domestic rubber consumption

BANGKOK, April 22 (TNA) -- Prime Minister Gen Prayut Chan-o-cha wanted domestic consumption of rubber to increase by double, said Titus Suksaard, governor of Rubber Authority of Thailand. Mr Titus said a meeting of the Natural Rubber Policy Committee, held Friday and chaired by Gen Prayut, found that annual rubber production in Thailand stands at 4 million tonnes but utilisation is only 600,000 tonnes. Gen Prayut wanted local rubber consumption to increase to 1.2 million tonnes per year and needed cooperation between the public and private, said Mr Titus. He said the meeting also agreed to extend loans offered by the government to rubber growers to assist them. The idea will be forwarded to the cabinet for its approval later. Rubber prices have risen sharply. The price of smoked sheet rubber third grade in January this year soared to about 70 baht per kilogramme, up about double from last year. However, rubber prices in Thailand became volatile last week due to speculation in rubber futures market, Mr Titus added. (TNA)