To position Thailand as a regional event hub, the government needs to elevate traditional events and invest in licensed international events while developing infrastructure and offering incentives, says Index Creative Village Plc, an event organiser and marketing company.
Kreingkrai Kanjanapokin, the company's founder and group chief executive, said depending largely on domestic attendees won't help grow and sustain the event business.
He said the profiles of traditional events originating in Thailand, including Songkran, Loy Krathong or Ubon Ratchathani's Candle Festival, should be improved to stimulate new experiences and attract more foreign tourists.
Related authorities should support the expansion of home-grown events to become large-scale festivals, as happened with some local music fairs, in addition to persuading more licensed international events to choose Thailand, said Mr Kreingkrai.
He said the government's push to become an aviation hub, which includes increasing flights and offering tourists easier criteria for value-added tax refunds, serves as an appropriate model to bolster the event and festival sector.
Regarding the bidding for popular electronic dance music festival Tomorrowland, Mr Kreingkrai said there is a good chance Thailand can secure the rights to host the event because the country is more attractive to foreign visitors than other locations in Asia such as China or India, which are dominated by the domestic market.
The event industry has grown robustly this year, in part because the first quarter was the peak season for travel in Thailand, he said.
The positive momentum should continue in the second quarter, said Mr Kreingkrai.
He said the value of Thailand's events industry should fully recover to the pre-pandemic level of 14 billion baht this year, though challenges include wars, a sluggish global economy and the delayed fiscal budget.
Index Creative Village projects 39% revenue growth this year to reach 1.43 billion baht.
In partnership with the Thai Chamber of Commerce, the company is scheduled to host international fairs in Phnom Penh in August this year, comprising Cambodia Architect and Deco 2024, Cambodia Foodplus Expo 2024 and Cambodia Health and Beauty Expo 2024.
Index Creative is also slated to organise the International Mega Fair 2024 in Riyadh, Saudi Arabia between Nov 15-17.
Sanan Angubolkul, chairman of the chamber, said the organisation sees potential in both Cambodia and Saudi Arabia as new emerging trade markets given their strong purchasing power and major development plans proposed by their governments.
Mr Kreingkrai said Index Creative plans to launch a Mega Fair in a new location next year, potentially in Africa or Southeast Asia.