Thailand Redefines Its Future Economy
The global digital transformation has reshaped today's businesses. Collapsing chunky models into streamlined processes using digitalisation has given industries maximum impact with optimal efficiency. Thailand exceeded market expectations with its 2012 digitalisation-heavy model and is now reaping the reward, with significant growth in its economy and at an enviable pace in the APAC region, if not globally.
Thailand has applied multiple initiatives to cater to a globally-changing demographic. The public has shown great support for improved food safety regulations, and budding entrepreneurs contribute savvy tech responses to boost and produce the crops of tomorrow.
Excellent medical science has extended global life expectancy, but adds to a growing aging community. Thailand will meet the burgeoning demands with increased investments, new government policies, and the adoption of disruptive technologies to drive its role as the medical hub of Asia.
With Southeast Asia’s largest hospital and the first country to receive the prestigious Joint Commission International (JCI) accreditation, Thailand is growing respect to its role as Asia’s medical hub. Key market players are seeing great rewards for sales, investment, and R&D opportunities, and producing nearly US$1 billion worth of medicinal products each year, it holds great potential as a key medical hub.
Aviation and Logistics have become important cornerstones for global trade, thriving from the ease of communication and travel in this era of globalisation. Thailand plans multiple catalysts to spur the growth in Maintenance, Repair and Overhaul segments.
Sustainability has changed from topic to theme, and as world leaders guide economies to a more renewable future, the biofuels and biochemical industries are experiencing rapid growth. Thailand holds complete supply chains of both within its borders, with a slight advantage to biofuels. Looking to boost these segments, the country seeks to encourage collaborations between local primary processors of crops to consumers, to foster industry knowledge.
Some companies have adopted a business model, Electronics Manufacturing Services (EMS), to augur the spirit of reinvention that Thailand is championing for electronics manufacturing. It is an extensive through-the- line journey, to bridge the gap and make Thailand the next MRO and Logistics hub.
Other trends come and go, but food trends have a lasting impact on the people. The extensive supply chain means agility in coping with these behaviours are crucial to a sustainable model, and the produce of tomorrow needs to not only meet expectations, but be sustainable. Innovation and research are key to the future of food, and Thailand has both the natural resources and research facilities to augur the right approach.
They are here. Intelligent Robots have now become a major part of manufacturing processes, and taken over repetitive, hazardous and difficult tasks that challenge human capabilities. Recent research has investigated into the six key applications of robots, and industrial robotics is the most prominent of the lot. This drive for automation has spurred Thailand to launch collaborative networks with agencies, as well as to enhance then boost the System Integrators (SI) to fulfil the country’s potential.
Facilitating ease of business in Asia as a prime base location, Thailand ships vehicles to 130 countries worldwide as all of the world’s major automakers and parts manufacturers have a presence in the country. Its large vehicle-assembling capacity and low tariff encourage exports, while the sourcing of foreign parts welcome incoming trade and planners enjoy the country’s accessibility.
