Picture courtesy of Bangkok Post
Strengthening Thailand’s local businesses to compete on the global stage could be a game-changing strategy for revitalising the national economy, according to Bank of Thailand Governor Sethaput Suthiwartnarueput.
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Strengthening Thailand’s local businesses to compete on the global stage could be a game-changing strategy for revitalising the national economy, according to Bank of Thailand Governor Sethaput Suthiwartnarueput.
Sethaput is advocating for the implementation of “globally competitive localism,” a concept that leverages the strengths of local entrepreneurs, such as cultural assets, to create value-added products and services. This, he believes, will drive sustainable long-term growth.
However, turning this vision into reality may face obstacles, particularly from policymakers resistant to shaking up entrenched management practices. Ennoo Suesuwan, a member of the National Economic and Social Development Council, highlighted that the economic development seen over the past few decades has largely favoured the upper classes, leaving 12.4 million…