Thais advised to prepare for economic integration

Asia has become a peaceful region after emerging from the Cold War, the Korean War and the Vietnam War in the past 40-50 years, he said.
As the region has become more stable and has succeeded in economic development, Thailand stands to gain thanks to its advantageous location, he told a seminar hosted by the Thailand-China Business Council.
However, Thais must learn how to listen to other people’s views and to analyse what is going on.
The turning point in the Sino-Thai relationship was in 1975 when the Thai government established diplomatic ties with the country. Thais then wanted to make a new friend while still maintaining cordial relations with old friends.
Thailand has to solve its internal conflict in order to play a greater role in Asean and Asean-China. Thais have to tell the truth to one another.
Sompop Manarungsan, president of Panyapiwat Institute of Technology, said Thai business leaders should closely monitor social changes in China.
China is facing rapid urbanisation as people in rural areas migrate to big cities. Last year, residents of cities accounted for 51 per cent of the total population of 1.3 billion and it is estimated that in five years they would increase to 55 per cent, he said.
As more small families in China live in condos or apartments in town, they will need products to renovate and redecorate their rooms. This opens a market for Thai furniture.
The second change is that the nouveau riche in China spend a lot of their wealth on brand-name products.
As the services sector in China is 40 per cent of gross domestic product, there is room to expand. Developed countries usually have service sectors accounting for 60-70 per cent of their economies.
So Thai firms with an edge in tourism, healthcare and other services can seize the opportunity to invest in these businesses in China, Sompop said.