Thai SMEs urged to prepare for world changing situation

BANKGOK, October 29 (TNA) - Thai small and medium-sized enterprises (SMEs) have been urged to prepare for global changes, covering the formation of the ASEAN Economic Community (AEC) by 2015. Suwat Liptapanlop, Thai former deputy prime minister and industry minister, gave the advice on Tuesday while delivering his speech on “A New Face of Thailand Future” in the Future Foresight Forum 2020: Unveil SMEs in Mega Trends, organized by the Institute for Small and Medium Enterprises Development. Suwat emphasized that Thai SMEs need to adjust themselves to six mega trends amid the changing global economy, caused mainly by free trade agreements (FTAs) and the formation of the AEC, under which there will be up to 540 million consumers. Suwat mentioned that the six mega trends include firstly, businesses need to respond to changing lifestyles of urban people, namely their increasing use of smart phones for transactions in addition to communications. Secondly, businesses need to become environment-friendly. Thirdly, businesses need to support the emergence of the aging society in the foreseeable future. Fourthly, businesses need to respond to the new purchasing power of women. Fifthly, businesses need to enter the digital world. Sixthly, businesses need to relate to high-speed transport systems and logistics. Suwat suggested that the strength of Thai SMEs and their capacities as product manufacturers in the supply chains of industries are also key factors to attract more foreign investment into Thailand. According to the ex-Thai deputy premier, Thai SMEs should develop their unique products as well, as they could be the bases for Thailand's economic development in the future. (TNA)