Thai SMEs urged to expand overseas investment

BANGKOK, September 17 (TNA) - Thailand's small and medium-sized enterprises (SMEs) have been urged to expand their investment overseas, especially to other member countries of the Association of Southeast Asian Nations (ASEAN). Former ASEAN Secretary-General Surin Pitsuwan, who is also a former Thai foreign minister, told a two-day meeting on "Insights ASEAN Summit 2014", held in Bangkok on Wednesday that a challenge for Thailand in order to gain from the establishment of the ASEAN Community (AC) by 2015 is from local SMEs, the number of which has increased to over two million. Surin pointed out that only a small number of Thai SMEs have courage to have invested overseas so far. Surin acknowledged that most Thai SMEs have potential, calling on them to, therefore, expand their investment projects overseas, especially to other ASEAN member countries. The former ASEAN chief said Thailand has comparative advantage in the geological location favourable for the country to be able to become an ASEAN centre, but the Kingdom still faces a challenge on further developing facilities in all areas to attract more international investment projects, including expanded infrastructure, technologies, innovations and research and development (R&D) programmes, as well as improved relevant laws and regulations. Besides, Thailand needs to speed up increasing the Kingdom's per capita income to exceed 10,000 US dollars on average, from only 7,000 US dollars on average now. The two-day meeting, set from September 17-18, was attended by some 300 leading business operators from ASEAN member countries, including Thailand. (TNA)