Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
InfoQuest

Thai MOC formulates strategies to boost new economy and launches a big-data system to develop agricultural products

September 19, 2019


Abstract : 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.

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

Notice: No person, organization and / or company shall disseminate or broadcast the above article on Xinhua Silk Road website without prior permission by Xinhua Silk Road.

Scan the QR code and push it to your mobile phone

Keyword: Thai MOC

Reading:

Utilizing foreign capital over USD160 bln, Beijing breaks new ground in opening-up

Thailand, Cambodia ink MoU on connecting capital markets

FTI: TISI drops from 93.5 in July to 92.8 in August, the lowest in 10 months

TBA to review excess lending, hoping to reduce household debt

Thai PM urges government departments to work together

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial