Robust and Recovered
Experts are lined up in their praise of Thailand’s vibrancy, with investor confidence quickly invigorated after setbacks from the historic flood of 2011. “The supply chain disruption caused by the flood last year has been largely resolved and I am pleased to say that manufacturing is now mostly back to pre-flood levels,” the BOI’s Atchaka told the book launch audience of more than 200 VIPs and journalists.
In an interview printed in the 2012 report, Prime Minister Yingluck emphasized that the government has given high priority to measures that will prevent such flooding in the future
As the UK’s Blair put it in his OBG interview, “Thailand is open for business and can be confident of its future, and the world should be confident as well.”
Besides insight and analysis, the report is also loaded with a wealth of statistics for a deep portrayal of each sector. It shows that manufacturing accounts for 40% of Thailand’s gross domestic product (GDP) with the services sector, including tourism, finance, education and health care, making up 33%. Exports represent about 65% of the country’s GDP. The largest contributors to the vigorous exports sector are electronics and electrical appliances (23% of total shipments in 2011), automotive (10%) and chemicals (9%). Machinery and computer parts are also top exports.
In his keynote address at the launch, Industry Minister Pongsvas noted that Thailand is “blessed” as an investment site. The country is an excellent business location with its highly skilled but affordable workforce, state-of-the-art industrial estates, vast network of component suppliers, lively domestic economy, pro- investment government policies, and strategic location at the heart of Asia, as well as the rich land and beautiful nature.
But the country cannot rest on its proven successes, Pongsvas stressed. He said Thailand is at an important juncture in making the transformation to a value-added economy.
Progress in this direction is already being achieved, as the report cited advancement in areas such as alternative energy, capital markets, the insurance sector and the digital, telecom and information technology industries. “Reforms are laying a stronger foundation for expansion,” it concluded