Economic forum a chance for Thailand to prove itself

Meanwhile, the participation of Aung San Suu Kyi, who has made her first overseas trip in 24 years by visiting Thailand, has made headlines around the world.

This is considered a good opportunity for Thailand and Asia, since the event is as important as the main World Economic Forum (WEF) held in Davos, Switzerland. The Bangkok forum could help shape the future of East Asian nations, including Thailand.

It is well known that the WEF, despite being an independent organisation, plays an important role in world economics as it can suggest economic, social and international development policies via the business sector and social leaders. In simple words, if the WEF stage suggests something, it will be considered important by leaders of many countries.

The main topic of this forum is designating the future of the region through various means of connection. This is expected to lead to sustainable growth and more equality, as well as joint efforts in dealing with challenges such as natural disasters.

Along with the WEF, there is also a “Thai Economic Forum” that will present investment trends, focusing on outstanding Thai industries. Surely, the automotive industry is one of the country’s strategic industries that will be discussed at the forum.

The Office of National Economic and Social Development Board secretary-general Arkom Termpittayapaisit said the purpose of the WEF in Bangkok is to bring together business leaders from around the globe to discuss the potential or future trends that would affect businesses.

Arkom is confident that the event will benefit Thailand especially, as it involves heads of state and CEOs from various fields who will also discuss investment policies.

It also helps the private sector to access information, in-depth business analysis and important global trends, build a network of business allies and raise the confidence of the global community towards Thailand. In addition, it gives Thai leaders the chance to exchange ideas with chiefs of leading global corporations, and helps raise Thailand’s competitiveness ranking.

Investors select countries with potential, whether in terms of workforce, raw materials, logistics, infrastructure or good environment. If Thailand and Asean is able to show the international community that this region is “ready”, it will become a major region for investment, especially at a time when focus is shifting towards the East.

Asean is one of the world’s bases for food and agricultural products. Thailand aims to become the “kitchen of the world” and serve as a gateway to member countries such as Vietnam and Myanmar. The latter, especially, is quickly attracting foreign investment after the opening up of the country to the global community.

Investors are planning to use Thailand as a bridge to Myanmar, and with demand for automobiles expected to rise sharply in the future, this is an area in which both countries can collaborate. Delegates from Myanmar have already visited the Kingdom and met with Thai officials as well as the private sector.

Thailand has been involved in creating a transport hub with neighbouring countries by expanding road and rail networks.

Meanwhile, the Kingdom is considered an auto manufacturing hub with a strong auto-parts industry. According to the Federation of Thai Industries’ Automotive Industry Group, Thailand will this year produce 2 million vehicles for the first time, and with its motorcycle market being the fifth-largest in the world, the total value generated by the whole industry amounts to more than Bt2 trillion per year. 

The next target is to produce 3 million vehicles per year in five years as Thailand moves towards becoming a production base for a third champion product, namely electric vehicles. This will put the nation among the top 10 auto producers in the world.

The auto industry is already helping to attract investment in other industries as well, such as electronics, energy, steel and petrochemicals.

Indeed, the WEF on East Asia is an important opportunity for Thailand, but it is up to the Thai government whether it will be able to achieve success both in terms of policy and implementation. With Bt2.7 trillion in investments being planned by the government to build the country’s future, this is a chance to prove its capability.