Despite more challenges from both international and domestic factors, in particular the increase of the minimum wage to 300 baht, Thai small and medium enterprises should not only prepare to handle the challenges, but they also need to look beyond their current horizons.
Specifically, they need to take advantage of liberalisation as the formation of the Asean Economic Community (AEC) in late 2015 draws near. By expanding trade and investment in nearby countries with abundant resources and lower manufacturing costs, Thai businesses can help increase their competitiveness.
The best trade and investment opportunities for Thai SMEs are Indonesia and the CLMV (Cambodia, Laos, Vietnam and Myanmar) group. However, to determine which markets they should target for investment, SMEs need to determine which advantages their business want to build on.
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