Family-owned enterprises will remain a major pillar of Thailand's economy in years to come despite a substantially altered business environment, says the University of the Thai Chamber of Commerce (UTCC).
Prof Akachai Apisakkul, the dean of UTCC's business school, said family businesses will continue to make up 70-80% of the country's businesses in the long term provided that Thai culture remains the same.
"It's natural for Thais to set up family businesses. Eastern countries have a culture of living together and taking care of the family. This is different from the West," he said. "You can see that most successful Thai companies are family businesses."
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