3 May 2023
From left to right:
- Dr. Pimnara Hirankasi, Krungsri Head of Industry Research and Head of Analytics and Intelligence Research
- Mr. Prakob Phiencharoen, Krungsri Head of Corporate and Investment Banking Group
- Mr. Seiichiro Akita, Krungsri President and Chief Executive Officer
- Dr. Cholachit Vorawangso Virakul, Assistant Secretary General, Macroeconomic Affairs, The Eastern Economic Corridor Office (EECO) of Thailand
Bangkok (3 May 2023) –
Krungsri (Bank of Ayudhya PCL) recently held a seminar under the topic “Krungsri Business Exclusive Talk: 2023 Thailand Vision” for corporate and investment banking customers. The seminar was led by the economic expert form Krungsri Research who provided an update on Thailand’s macroeconomic condition and the business and industrial trends in 2023, and the high-level executive from the Eastern Economic Corridor Office (EECO) of Thailand who shared and exchanged perspectives on the investment direction and plans in the EEC area as well as guidelines for enhancing business competitiveness in this year.
Mr. Seiichiro Akita, Krungsri President and Chief Executive Officer
On this occasion,
Mr. Seiichiro Akita, Krungsri President and Chief Executive Officer gave an opening remark for the seminar, highlighting the business direction of Krungsri in driving the growth of business partnership for this year and insisting that Krungsri is fully committed to operate in accordance with the 2021-2023 Medium-Term Business Plan (MTBP). As this is the final year of the current MTBP, Krungsri places emphasis on creating a sustainable future for all key stakeholders by focusing on three key strategies: ASEAN-Linked Business, ESG-Linked Business and Digital & Innovation. With the aim of being a trusted partner for corporate customers, Krungsri has synergized with MUFG network and worked closely with partner banks in offering financial products and solutions and creating added value for customers in order to foster and drive their businesses towards solid and sustainable growth.
Dr. Pimnara Hirankasi, Krungsri Head of Industry Research and Head of Analytics and Intelligence Research
Dr. Pimnara Hirankasi, Krungsri Head of Industry Research and Head of Analytics and Intelligence Research provided the audience with a perspective on global trends for 2023. Amid rapid changes in the world,
major megatrends affecting countries across the globe including Thailand are:
1) Deglobalization – Many countries have begun to shift towards regionalization by strengthening intra-regional economic connectivity with a greater reliance on regionalized supply chain in manufacturing.
2) Shifting Economic Power and Polarization - The world economy is set to shift as emerging market economies like China and India have started to gain growing economic power in the world while at the same time the world is challenged by increasing geopolitical tensions which require close monitoring. Both elements will certainly lead to global shift in production bases.
3) Demographic Change – The aging population is on the rise across the world.
4) Urbanization – World populations are increasingly moving from rural to urban areas as well as living in an urban lifestyle.
5) Individualism - People tend to prioritize independence and uniqueness and consumers are increasingly demanding personalization.
6) Health and Wellness - Demand has increased for healthcare and wellness services.
7) Environment – Addressing the environmental issues has become part of our everyday life as well as the national agenda.
8) Technology - Technologies and innovations will increasingly cause disruptions in business and our daily life. All these megatrends are challenging forces that the entrepreneurs should be aware of and adapt their business strategies in conformity with the emerging trends and opportunities so as to achieve business growth in tandem with Thailand’s economic expansion.
“The aforementioned global megatrends are the main drivers for investment in
high-growth potential S-Curve industries and play a vital role in propelling the future economic mechanisms of Thailand. These industries include:
1) Intelligent Electronics such as industries using AI chip and the manufacturing of electronic system used in automotive, telecommunications equipment or smart home appliances which can be connected with the internet network;
2) Next – Generation Automotive such as electricity motor driven automotive, autonomous cars, as well as the communication and transportation ecosystems;
3) Biofuels and Biochemicals; 4) Food for the Future encompassing food processing, uplifting of standard on traceability of food safety, research and manufacturing of nutrition for health as well as alternative protein food products; and
5) Medical and Comprehensive Healthcare including remote medical treatment via internet/smart phone,”
Dr. Pimnara added.
Dr. Cholachit Vorawangso Virakul, Assistant Secretary General, Macroeconomic Affairs, Eastern Economic Corridor Office
Meanwhile,
Dr. Cholachit Vorawangso Virakul, Assistant Secretary General, Macroeconomic Affairs, The Eastern Economic Corridor Office of Thailand revealed the achievements and progress of the EEC Business Center & Livable Smart City Project. The first phase of investment in the EEC project had a combined investment value of over 1.7 trillion Baht, focusing on the development of key infrastructure projects. Four public-private partnership (PPP) infrastructure projects have been successfully initiated comprising high-speed railway links between three airports, the development of U-tapao airport and eastern aviation city, the Map Ta Phut Industrial Port Phase 3, and the Laem Chabang Port Phase 3. Currently these infrastructure projects have started construction and are scheduled to be complete by 2025 and 2026. EEC is now pushing forward its phase-2 investment plan worth a total of 2.2 trillion Baht under the EEC Vision 2570 which aims to attract investment in
12 targeted S-curve industries in 5 emerging clusters with high growth potential. These targeted industries comprise industries related to
low-carbon technology covering EV and smart mobility solutions; beauty and healthcare industry, human resources development and education, transport and logistics and digital. All of them are main engines that drive the economic growth towards full potential. In this regard, EEC has announced
7 special promoted zones to accommodate the investment of such targeted S-Curve industries, namely, t
he promoted zone for the project of high-speed rail linking 3 airports (EECh), the promoted zone for the Genomics Thailand project at Burapa University, Bangsaen (EECg), the promoted zone for digital industries and innovations (EECd), the promoted zone for the Medical Center of the Thammasat University, Pattaya Campus (EECmd), the promoted zone for innovation platforms (EECi), the promoted zone for the Eastern Aviation City (EECa), and the promoted zone for the Ban Chang Innovation Technology Park (EECtp). Investors in these promoted zones are eligible for tax benefits and other promotional privileges including facilitation throughout the business process.
This seminar is part of the Bank’s activities aiming to boost the business capacity of corporate customers to ensure sustainable growth. It is organized continuously to provide an update on the current situations and share with corporate customers the knowledge and information to enable them to access intelligence insights from leading speakers as well as creating inspiration and opportunities to build upon their existing businesses.