InfoQuest (July 10, 2019) -- The Seminar on "Promoting Robust Development of Smart SMEs" aims to put Thai enterprises on track towards smart SMEs with strong competitiveness and sustainability, pointed out Mr. Seksan Ruangwohan, investment adviser with the Board Of Investment (BOI) in his opening speech at the Seminar. Focusing on businesses that can create high added value like technology development and innovationand independent brand development is conducive to building a solid economic foundation for the country in the long run.
BOI invited more than 200 participants to attend this Seminar, includingits partner organizations like National Science and Technology Development Agency (NSTDA), Export–Import Bank of Thailand (EXIM BANK), and Faculty of Commerce and Accountancy of Chulalongkorn University, as well as successful entrepreneur representatives.
"If we want to walk out of the middle-income bracket, our annual per capita income must reach 13,000 U.S. dollars or about 400,000 Thai baht. To accomplish this goal, we must encourage investment in science, technology and basic innovation, thus improving our ability in offering products and services with high added value," said Mr. Seksan.
As one of the key organizations competent to help Thailand move up the income ladder and achieve sustainable development, BOI will encourage valuable investment, especially in production chains that can create high added value for Thailand, rather than production bases that merely rely on cheap labor as it used to do.
Mr. Seksan added that BOI attaches great importance to and also gives the most preferential treatments to investment projects for target industries in the research and development of technology and innovation and the application of advanced technology and innovation. In the long run, these industries will help strengthen Thailand's economic strength and enhance its national competitiveness.
Moreover, brand development is also an important part of creating high added value. Currently, all successful players in the world market are focusing on developing high value-added businesses. For example, Apple never ceases its efforts in developing technology and innovation and enhancing brand strength, thus creating maximum added value for its products and services.
According to the Seven-Year Investment Promotion Strategy (2015 – 2021), BOI will focus on promoting valuable investment that can make economic sense. To that end, this agency has made a lot of efforts.
First, itformulated investment promotion policies for targeted new technology and innovation development industries, especially those specializing in biotechnology, nanotechnology, materials technology and digital technology.
Second, itworked to advance cooperation between the private sector and the educational institutions through bilateral cooperative education system, and to attract foreign experts through the SMART Visa system.
Third, itoffered support to SMEs by, for example, introducing more preferential treatments and properly reducing certain requirements, promoting mutual assistance and cooperation between large enterprises and SMEs, improving production efficiency, phasing in modern machines, supporting the use of renewable energy and reducing production costs.
Source: InfoQuest, by Kasamarporn Kittisamphan / Rachada, translated by Xinhua Silk Road
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