AFC Asian Cup India start their campaign tomorrow against Thailand, with Sunil Chhetri and company carrying the hopes of over a billion people on their shoulders. Who have the edge tomorrow? Will India kickstart their fourth Asian Cup campaign with a victory?
A recent report noted that Thailand is in the process of gradually shifting from a manufacturing to a high-value, hi-tech manufacturing economy. This was seen after the country has put all its efforts into promoting the use of advanced technology, science, and innovation in parallel with the development of infrastructure and the right business ecosystem to drive economic development with the targeted industries as the main catalysts.
The Thai government has identified targeted industries that will support the national transformation into an advanced economy driven by science, technology, and innovation.
Some of these targeted industries are automation and robotics, aviation and logistics, biofuel and biochemicals, digital technology and medical hub. Moreover, the fact that local businesses are taking this opportunity to turn themselves from ordinary local manufacturers into suppliers of high-value advanced-technology products is perhaps even more encouraging.
For example, one BOI-promoted company first started an automotive part production before it decided to adopt advanced technologies and explore new markets. Currently, it is on its way to becoming a fast-growing manufacturer of dental equipment and medical instruments.
Another example is the first Thai aerospace and aviation part supplier. Starting out as a local lathe shop, producing moulds and automotive parts, the company has improved its skills and capabilities to become a producer of semiconductors, hard disk drives and lately aerospace parts.
The company has been continually improving its knowledge, skills and expertise in aerospace and aircraft part manufacturing. It produces and supplies sensing, landing lights, lights, seats, etc. The CEO of the company noted said that through its transformation from a lathe shop to an aerospace part manufacturer, the company has enjoyed a percent revenue growth in the past four years and expected to achieve revenues of million baht by It is important for Thailand to continue to support local companies to enhance their capability through advanced technology adoption.
Once these companies upgraded their capability and become advanced manufacturers, you will surely enjoy a strong economy and enhanced national competitiveness. The success of these innovative companies will inspire more businesses to explore investment opportunities and follow in their footsteps.
When change comes on a larger scale, an economic transformation will follow, thus enhancing national competitiveness. This success is also indicative of the progress Thailand is making on its Thailand 4.Follow the latest coverage of Asian markets, politics, global economy, business & finance.
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Thailand witnessed its largest human Report in and again in for not complying with the US. their business and developing a transition plan. The third article, authored by Abhay Bangi, Transaction Advisory Services Partner from Close on the heels of this news, the country’s Medical Device Authority revised conformity declaration requirements for registration of medical devices.
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