Thailand should not face severe economic uncertainties this year, but entrepreneurs need to start adjusting their businesses based on global lifestyle and environment trends, say business leaders.
Despite concerns over the impact of Washington DC's proposed tariff policy on Thai exports as well as the US-China trade war, investment in Thailand will continue to grow, helping drive the economy, say marketers.
"The BoI [Board of Investment] reported last year investment in the country has had positive prospects," Kriengkrai Thiennukul, chairman of the Federation of Thai Industries, told the "How to Conquer the Mega Businesses Battlefield" forum held by the Marketing Association of Thailand (MAT) on Wednesday.
He was referring to the BoI's report on investment projects, which soared last year.
Applications for investment promotion during the first nine months of 2024 increased 42% year-on-year in value to a combined 723 billion baht, the highest level since 2015, according to the BoI.
The investments included electrical appliances and electronics (E&E) as well as data centre development projects.
During the first nine months of 2024, the E&E sector led with 291 projects worth a combined 183 billion baht.
However, Thailand cannot be complacent with regard to the investment trend, said Mr Kriengkrai. He said the FTI is encouraging its members to increase their competitiveness, which has been affected by higher energy costs in the country.
Many entrepreneurs, who are original equipment manufacturers (OEMs), should start thinking how they can become original design manufacturers (ODMs) in order to better compete in the global market, said Mr Kriengkrai.
Unlike OEMs, which focus on making products ordered by firms in various sectors, ODMs are involved in designing new product models for various brands.
This would strengthen their business performance, but to ensure further growth, manufacturers need to base their business direction on global trends, including a shift toward clean energy, said Mr Kriengkrai.
Buranin Rattanasombat, chairman of the MAT, said another important trend is the change in the way consumers view content.
Over recent years, a trend called cord-cutting has taken place as people have tended to discontinue their cable TV subscriptions in order to purchase content via other platforms such as streaming.