InfoQuest (September 18, 2019) – Having been fully aware of the profound changes brought by the new economy, Thailand's Ministry of Commerce (MOC) organized the event entitled "Brainstorming to Promote Trade Development and Meet Global Economic Challenges: Remain Receptive in Formulating New Economic Development Strategies", said Mr. Songsak Songsermudomchai, assistant secretary to the minister of Commerce. Through this event, the ministry aims to collect opinions of all parties concerned as references for relevant trade development policy framework under the background of new economy. It includes enhancing business development potential, improving business environment, promoting business growth, adjusting various support measures, linking industrial value chain with regional and even global ones, and developing new business models, namely, Thailand's four types of new businesses with potential (Bio Economy, Circular Economy, Digital Contents and Trade Logistics), as MOC seeks to increase the trade value and competitiveness of enterprises in the era of new economy by using technology, knowledge and innovation in the above four new business areas.
In the wake of the era of new economy, enterprises need to face the following challenges: 1. International political and geopolitical issues. 2. Impact of technology. 3. Social change. 4. Environment problems. Enterprises should speed up self-adjustment to deal with these challenges and changes brought by the new economy era. By nature, the new economy is Value Economy which emphasizes Less for More. In terms of Thailand 4.0 concept, the new economy should be demand driven and create value, i.e. making production driven by market demand and using technology, digitalization, innovation and creativity to increase value; should consolidate resources across sectors to promote the formation of clusters and value chains. The new economy can promote business development, help solve the problem of unbalanced social and environmental development, bridge the gap between the rich and the poor, and promote inclusivity and sustainability.
According to Ms. Pimchanok Vonkorpon, director-general of Trade Policy and Strategy Office (TPSO), MOC, as a government body, should be active in providing support as facilitator, forming ecosystem, promoting trade facilitation and advancing EoDB (Ease of Doing Business), such as providing E-Service, etc.; supporting the use of technology and innovation to improve services; encouraging the private sector to play a leading role in jointly developing markets and businesses.
To gear up for the era of new economy, attention should also be paid to obtaining appropriate, correct and modern information for decision-making reference and utilization. Therefore, this event rolled out a big-data system to promote the development of new economy by using information and technology. Based on Dashboard, this system is designed for five major crops, namely rice, oil palm, rubber, cassava and fodder corn, and the first three will be the pilot targets of the initial stage.
Meanwhile, it will be used to monitor domestic and international supply and demand situations, forecast trends, warn risks, and formulate price stabilization policies based on these data. In addition, public opinions and suggestions (Policy Dashboard: Social Analytics) can also be monitored and tracked through it, thus providing reference for relevant policies and better meeting public needs; enabling managers to work out solutions in an efficient, timely and comprehensive manner; promoting the progress of MOC in various aspects, especially in creating added value for agricultural products and steadily and sustainably raising the income of farmers.
Source: InfoQuest, by Phana/ Kasamarporn / Rachada, translated by Xinhua Silk Road
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