Thailand is being encouraged to promote itself as a manufacturing hub for medical and personal protection equipment as part of its financial strategy amid the coronavirus crisis, as industries like tourism and hospitality struggle. The director of the Centre for International Trade Studies at the University of the Thai Chamber of Commerce told reporters that the latest survey of 200 foreign and Thai entrepreneurs from June 1 to July 15 shows worrisome financial results.
The poll reveals that although Chinese companies remain Thailand’s top investors, many foreign entrepreneurs are likely to relocate production base out of Thailand after Covid-19 recedes as neighbouring countries provide lower wage costs and international trade preferences.
“Countries like Vietnam and Myanmar offer more attractive investment incentives than those offered by Thailand. They have advantages over Thailand in terms of lower labour costs, while they provide almost the same natural resources and manufacturing process.”
According to the director’s statement, Thailand needs to promote its strengths in order to keep investors active in the country. Thailand is well known for electronic product-related industries, latex products like rubber gloves, food supplements, and medical equipment and supplies, as well as skilled labour, well developed infrastructure, and advanced processing industries.
By promoting the country’s strengths, the director hopes Chinese investors may be encouraged to expand investment in Thailand, especially in electronics and IT, while Japan focuses on office supplies and airconditioners and Malaysia specialises in hard-disk drives. He says Thailand should turn the crisis into an opportunity by promoting health-related industries during Covid-19 outbreak, since the country has shown an ability to cope with the pandemic.
“We predict that investments nationwide may recover in the second quarter of 2021, which might be the same time a Covid-19 vaccine is released on a global scale.”
“Meanwhile, Thailand should take this opportunity to increase the promotion of health-related industries such as rubber gloves, food supplements, cosmetics, and medical supplies like masks to boost the national economy.”
SOURCE: The Pattaya News
Thailand urged to promote itself as production hub for medical supplies, PPE The Thaiger News.
