Former prime minister Abhisit Vejjajiva and secret-general of the Eastern Economic Corridor (EEC) Kanit Sangsubhan delivered presentations yesterday during the opening session on the first day of the Global Summit of Women (GSW) 2022 in Bangkok entitled "Doing Business with Thailand".
Mr Abhisit pointed out the pivotal role Thai women play in the economy and in the progress of the kingdom. He said women were among the first to get the vote in Asia and that 40% of the leadership positions in Thailand's major enterprises are women.
The former premier listed five reasons, using a "smile" acronym, to illustrate to the summit's participants that Thailand should be the destination for all to do business. The acronym refers to strong fundamentals, multipotential, investment friendly, leaders in many fields, and emerging opportunities.
"Thailand has a medium-sized economy with an upper-middle-income population. It is located in a very strategic location because you are not looking at just Thailand as a single market. We have our neighbouring countries, too. The CLMVT area of Cambodia, Laos, Myanmar, Vietnam [and Thailand] are all within a radius of 1,000 kilometres. This market has 300 million consumers," Mr Abhisit said.
He said Thailand has a large manufacturing output and trades with powerful economies such as the US and China. It is ranked the 5th most popular destination for tourists around the world, and possesses large international reserves to cushion any economic impacts.
Thailand's Board of Investment has always been there to assist firms looking to do business. It is set to launch a long-term resident visa in the near future, while it provides legal and attractive tax incentives to the skilled workforce development platform.
Kanit Sangsubhan, secretary-general of the EEC, explained that the area is meant to spur the economy and decentralise income to the regions.
"Thailand is the centre of the mainland of Southeast Asia. We work with our neighbouring countries to develop a strong logistics system, especially through the use of high-speed trains," Mr Kanit said.
He said 5G connectivity in the EEC, which covers parts of Rayong, Chon Buri and Chachoengsao provinces, will help the country build on its five S-curve industries: robotics, aviation and logistics, biofuels and biochemical, digital industry, and medical. The government also wants to enhance its bio-, circular and green economic model.
Mr Abhisit acknowledged there is still work to do to get more women into leadership positions. And despite no longer being active in the political area, he was pleased to see that progress has been made in the country, especially by means of a major conference such as the GSW.
"I recognised the one area that we should be doing better on corporate boards and in politics. My belief is that if you allow the natural evolution to take its course, it's going to take too long. This is why positive measures should be adopted and promoted," said Mr Abhisit.
Thailand's is hosting this prestigious international event for the first time in the summit's 32-year history. It also highlights two other significant outcomes, including the event being the first carbon-neutral gathering ever in the summit's 32-year history. The event has also provided clearer language regarding gender diversity on corporate boards as a necessary component of good corporate governance to Thailand's Corporate Governance Code.
