Thai businesses must focus more on Asean: Kosit
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The investment by large Thai companies in Asean is just the first wave of external expansion, and will be followed by that of small and medium-sized enterprises, particularly when the regional single market is created.
Kosit Panpiemras, executive chairman of Bangkok Bank, said that SMEs in the automotive, food, electrical appliance and textile industries are strong enough to venture overseas. They will follow in the wake of the huge investment made by major companies like Siam Cement Group, Banpu and PTT.
“It’s a good start. Now Asean is the most important market for Thailand, more important than the US or Europe,” he said at a seminar on “Thai-Asean Economic Linkage” hosted by the bank.
He sees particularly huge potential in Laos, Vietnam, Cambodia and Burma, reflected by the continued increase of Thai exports to these countries.
At the end of this month, BBL is scheduled to open a new branch in Surabaya, Indonesia, to further support Thai companies’ overseas business.
