BANGKOK – In the wake of Brexit and Donald Trump’ election as U.S. President, the global business and finance landscape is poised for a dramatic shift. More specifically, it signals a pronounced move away from globalism, while creating a more competitive climate between individual and increasingly protectionist nations.
This will not only affect commercial capitals such as London and Berlin but also developing nations across the globe, and at the same time creating numerous opportunities for traders and investors. Thailand, for example, has recently enjoyed mixed economic portents of late but remains determined to attract more business events, drive growth and encourage greater investment as it builds towards a brighter future.
How Thailand Intends to Build on Business Events Sector Growth
In this respect, Thailand appears to have adopted a proactive approach to driving growth. It has also taken steps to capitalise on the ongoing uncertainty that has been created by Brexit, which continued last week as relations between the UK and the EU became increasingly strained.
More specifically, the Thailand Convention and Exhibition Bureau (TCEB) attended the IMEX Frankfurt event last week, and unveiled new strategic initiatives aimed at attracting businesses events and travelers from Europe.
Entitled ‘Thailand CONNECT: Your Vibrant Journey to Business Success‘, the campaign will work in tandem with Thailand’s MICE United IV to target long-haul markets and attract events (along with renewed business investment) from the continent.
The timing of these campaigns could not have been better, with Thailand having already emerged as a popular commercial hub among European firms during 2016. In terms of numbers, the nation welcomed in excess of 100,000 EU business travelers last year, with earnings reaching a cumulative value of 251 million Euros. In total, Thailand’s global events sector enjoyed even more impressive growth, hosting more than one million attendees and generating impressive revenue of 3.85 million Euros.
Reasons for Optimism in Thailand’s Economy
The development of Thailand’s global business presence, and its strategic move to attract commercial travelers from Europe, offer genuine hope of a brighter future for the nation. It is by no means the only reason for optimism; however, with brokerage firms also reporting growth and renewed investment levels across various markets and asset classes.
The nation’s food and beverage sector grew by a mighty 8.46% during the final quarter of 2016 alone, for example, nearly doubling the rate of expansion showcased by the manufacturing industry. This is largely due to Thailand’s growing presence on the global stage and its natural resources, with commodities such as coconuts particularly popular overseas.
While the circumstances for rubber farmers are less positive, there is still considerable optimism that the market will pick up in the months ahead. Despite the fact that the government’s plans to increase the supply of synthetic rubber by up to 125,000 tons has lowered prices to just Rp 9,000, renewed growth in the automotive sector and the rising demand for natural materials among global giants such as GM will provide rubber farms with a boost as the year progresses.
Despite the global and regional challenges facing Thailand, there are genuine reasons for economic optimism in 2017. Not only can the country consolidate the seeds of growth that were first sewn last year, but it can also look to expand further in a rapidly changing world.
By Andre Jackson