Three months after the government announced its "Ignite Thailand" vision to establish the country as a hub for aviation and tourism, the outline of the scheme has been slow to take shape, while the post of tourism and sports minister was recently reshuffled.
While Thailand was confirmed as the host of some new international events over the past few months, the two largest exhibition venue operators in the country believe the government should think bigger, adopting a careful approach to propel the exhibition sector.
Paul Kanjanapas, chief executive of Bangkok Land Plc, the operator of Impact Exhibition Management, said bringing international events to Thailand would definitely stimulate the local economy, but not all big-ticket events can provide sustainable growth.
WORLD CUP
Southeast Asian nations including Thailand previously considered a joint bid for the 2034 Fifa World Cup, but the plan floundered as the Thai government failed to provide a budget for football stadium renovation, while most Southeast Asian countries supported Saudi Arabia instead, which eventually won the bid.
Mr Paul said Thailand should reconsider taking the lead role in trying to host the World Cup in the region for the first time, if the opportunity presents itself.
Paul: Incubate local events
He said all large events require enormous investment, but only a few of them benefit the country in the long run, as many incur high debt from investment.
If the government wants to attract a global event to Thailand, Mr Paul said the World Cup is a worthwhile challenge as football is the most popular sport with a massive global fan base, not a niche market such as Formula One.
In terms of investment, it usually costs less than hosting the Olympic Games or World Expo, while the government could provide a budget to overhaul existing provincial stadiums, he said.
After the tournament ends, local athletes and residents can use the upgraded facilities, unlike other events that require temporary structures for the short term that do not offer much public benefit, such as the World Expo, said Mr Paul.
Provinces other than Bangkok could host some World Cup matches with fewer spectators to match their stadium capacity, helping to stimulate the local economy, he said.
With an extensive network of low-cost airlines in the region, it is possible to co-host this event with other nations in Southeast Asia because travel is convenient, said Mr Paul.
In parallel, he said the government should incubate local events to grow internationally, instead of investing in expensive licensed international events.
"The Songkran festival was a successful initiative this year. It demonstrated the potential of traditional events to lure foreign travellers here, as it can only be experienced in Thailand," said Mr Paul.
"The government should develop other unique, homegrown events and help them grow their reputation internationally, instead of buying licences for famous events."
COMPETITION WITH SINGAPORE
Surapol Utintu, chief executive of N.C.C. Management & Development, the operator of Queen Sirikit National Convention Center, said attracting large events and festivals would help bring high-spending tourists to the country.
He said Thailand already has a lot of high-end accommodation, a vibrant food culture and a wide range of tourism attractions.
The centre hosted the fintech conference "Money 20/20 Asia 2024" during April 22-24 as part of a three-year contract, attracting business travellers who paid a 100,000-baht registration fee per person.
Mr Surapol said Thailand hosting this money expo made neighbouring destinations such as Singapore and Hong Kong feel anxious as they are known as Asian financial hubs.
Surapol: Consider waiving VAT
"Thailand already beats Singapore in terms of trade shows and exhibition fairs, but we still lag them in terms of hosting entertainment events, partly because Singapore has better transport connections and offers deals for organisers to bring in concerts," he said.
With more exhibition and entertainment venues opening in Bangkok, Mr Surapol said he is not worried about them competing with each other, as the combination of players should elevate Thailand's competitiveness.
He said the government should consider waiving taxes in certain areas such as value-added tax on renting venues to help facilitate event organisers.