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Erschienen in:
Southeast Asia: Beyond Crises and Traps Kapitel lesen Erstes Kapitel lesen

2017 | OriginalPaper | Buchkapitel

2. New Growth Strategies of Thailand’s Big Firms in the ASEAN Economic Community Era

verfasst von : Akira Suehiro

Erschienen in: Southeast Asia beyond Crises and Traps

Verlag: Springer International Publishing

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Abstract

Thailand is going to experience the slowdown of growth due to the rise of wage level, decline of labour productivity, and poor expenditure of R&D activities. To overcome the traditional pattern of growth based on the low-cost advantage, Thailand is required to promote upgrading of technology in core manufacturing industries such as IT and automobiles. However, these industries have been under the control of foreign firms or MNCs after the 1997 Asian crisis, and the progress of innovation is now depending on the strategy of MNCs. On the other hand, if looking at movements of big local firms (leading family businesses), Thailand seems to suggest another ways to realise continuous growth. They include: shifting main business areas from core manufacturing industries to agro-industry and service sectors; development of niche products and markets rather than new products and technology; targeting regional markets including domestic market rather than 3G markets (USA, EU, and Japan); and strategic alliance with Chinese firms rather than joint ventures with Japanese and Western ones. These movements are examined in reference to the author’s original data on local firms.

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Vorheriges Kapitel Southeast Asia: Beyond Crises and Traps
Nächstes Kapitel State, Industry, and Business in Indonesia’s Transformation
Fußnoten
1
In 2010, an upper middle-income country was defined as one located in the range of per capita GNI between $3,976 and $12,276. Felipe, Abdon, and Kumar (2012) defined the middle-income trap by employing an income range and duration based on empirical studies of 124 countries (Chapter 1, this volume).
 
2
In October 2012, the NESDB estimated that actual demand for labour would reach 43.26 million persons. As a result, it predicted that the Thai labour market would face a shortage of 3.90 million persons (for which it could turn to foreign workers) in 2015 when the ASEAN Economic Community or the AEC would start (Shukan Thai Keizai, 8 October 2012: 2).
 
3
For representative arguments on the national system of innovation, see Nelson ed. (1993) and Freeman (1995). For a case study of Thailand, see Intarakumnerd et al. (2002) and Intarakumnerd (2010).
 
4
The outstanding of consumers’ credit in Thailand increased from 94 billion baht at the end of 2003 to 230 billion baht by early 2012 (Bank of Thailand website).
 
5
For changes in the official minimum wage level in each province, see the Ministry of Labour and Social Welfare (Ministry of Labour) various years.
 
6
Computed from the Labour Force Survey by the National Statistical Office in 2010.
 
7
According to an NESDB survey (quarterly) on labour productivity in all sectors, including manufacturing, its slowdown started from 2007. See Figure 4 in NESDB (2015: 3).
 
8
In 2006, the Beijing government adopted a long-term plan of promoting science and technology between 2006 and 2020 and addressed the national target of raising R&D expenditure to the level of 2 per cent of nominal GDP as well as promoting self-reliance innovation (自主創新)(Suehiro 2014: 141–42).
 
9
For government policies on promoting science and technology in Thailand (BOI’s policy of promoting ‘Skill, Technology and Innovation or STI’ since 2004), see Chapter 6, this volume.
 
10
GLCs are listed on the stock market, but government organisations such as the Ministry of Finance remain majority shareholders.
 
11
The six companies of the PTT group include PTT (a holding company; petrochemicals), PTT Global Chemical, Thai Oil (oil refining), IRPC (petrochemicals), PTT Exploration & Production, and Bangchak Petroleum (oil refining).
 
12
These company data include ‘Special Issue on the Name List of Families and Individuals According to the Market Value of Stockholdings’ in the December volume of Kan Ngoen Thanakharn (Money and Banking) in each year, and company information uploaded on the website of the SET.
 
13
For an analytical study of the development of Thai family businesses, see Suehiro (2006), Suehiro (2008: Chapter 9) and Natenapha and Suehiro (2010).
 
14
These products include canned cat food, canned shrimp for cocktails, grilled frozen chicken, and surgical gloves. Also see Chapter 7, this volume.
 
15
For information on the development of new varieties of natural rubber, see articles in Shukan Thai Keizai, February 2009 (55–6) and October 2009 (25). For details on the plan to develop an industrial estate for the rice industry, see articles in Shukan Thai Keizai, December 2012 (59–60).
 
16
For the development of convenience stores in Thailand, see Suehiro (2009: 102–108) and Endo (2013).
 
17
PIM started teaching both bachelor’s and master’s courses from 2007 and began offering a doctoral course from 2012. See the official website of PIM (http://​www.​pim.​ac.​th).
 
18
For instance, in 2013, 23 firms were newly listed on the stock market (excluding the Mai market). Of these, only 13 were for ordinary operation; of the remaining ten firms, seven were for ‘property fund’ and three were for ‘infrastructure fund’ (Shukan Thai Keizai, October 2014: 24).
 
19
Information related to the M&A was obtained from UNCTAD, World Investment Report, Appendix Thailand, various years.
 
20
Bank of Thailand (website) statistics show that outward FDI from Thailand amounted to $6,638 million in 2011, exceeding the total value of $3,861 million in inward FDI the same year. In 2012, outward FDI ($12,898 million) again exceeded inward FDI ($10,699 million). However, in 2013, outward FDI ($6,729 million) dropped to half that of inward FDI ($12,807 million).
 
21
SEZs include five provinces: Trat and Sakaeo in the east, Songkhla in the south, Tak in the north, and Mukdaharn in the northeast.
 
22
Similar ideas are manifested in the new investment promotion strategy (2015–21) announced in January 2015. The fifth pillar of the new strategy is to ‘promote special economic zones, especially in border areas, both inside and outside industrial estates, to create economic connectivity with neighbouring countries and to prepare for entry into the AEC’ (BOI 2015).
 
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Metadaten
Titel
New Growth Strategies of Thailand’s Big Firms in the ASEAN Economic Community Era
verfasst von
Akira Suehiro
Copyright-Jahr
2017
Buch
Southeast Asia beyond Crises and Traps

Print ISBN: 978-3-319-55037-4

Electronic ISBN: 978-3-319-55038-1

Copyright-Jahr: 2017

DOI
https://doi.org/10.1007/978-3-319-55038-1_2