You are here: HomeThailand 2016, Part II

Thailand 2016, Part II

Titans of the Thai Kingdom

Aug 10, 2016


As one of the leading economies in Asia, the Kingdom of Thailand has not lost its potential for growth despite the political challenges of recent years. Capitalizing on its unique culture and breathtaking natural attractions, the country has built a strong tourism industry, while still diversifying its economic base.

“Thailand is currently going through some significant changes, led by government policies aimed at building a sustainable, high-value economy. These changes are vital in keeping us relevant for the future and in further enhancing Thailand’s attractiveness to the international community,” Bangkok Bank President Chartsiri Sophonpanich said.

Bangkok Bank is the undisputed leader in the Thai banking sector and the preferred partner for international investors wishing to do business in the country and the rest of Asia. The bank company serves SMEs and large companies, and boasts the largest retail customer base in Thailand.

Surmounting the political turmoil of the past few years, Thailand’s financial system is on the road to recovery. It has limited its dependence on international business, promoted domestic demand and encouraged productive investments.

Bangkok Bank President Chartsiri Sophonpanich

“We continue to provide high-quality, convenient financial services to our customers — both local and international. We will continue to support Thai companies expanding internationally, as well as help foreign companies looking to invest in Thailand and the wider region,” Sophonpanich also said.

And this steady and strong financial system has won over international investors. While foreign companies have begun looking into Thailand again, the country’s industry giants are looking for more opportunities abroad to further their growth.

PTT Public Co. Ltd., the country’s energy giant and the only Thai company in the Fortune 500, has been eyeing investment opportunities outside Asia to further grow its business. Given the current trend to use renewable energy, PTT aims to diversify its business in order to protect itself better from any downward cycle in oil prices.

“We have to venture around the world. PTT has invested in more than 20 countries, such as Canada, Australia and Mozambique. We have to grow beyond Thailand and behave like our peers, while making sure our groups are aligned,” said PTT Chief Financial Wirat Uanarumit.

PTT’s robust growth, evident across the country has gained the respect of the Thai people.

“PTT is so predominant in Thailand. It is our goal to be the pride and treasure of the country,” Uanarumit stressed.

Like PTT, property developer Singha Estate, already with an established reputation locally, is looking to expand overseas to achieve growth. While looking into acquiring and developing real estate abroad, solely or through partnerships, the company is also purchasing built assets to manage and expand.

“Singha Estate is new, but the management is not. Everyone on the team has been in the industry for more than a decade. We develop our own competitiveness and M&A is our competitive tactic currently,” CEO Naris Cheyklin said.

Its overseas strategy has already yielded success in the UK, where it plans to expand further. Singha Estate wants widen its portfolio of properties that currently include resorts, residential developments, commercial buildings and industrial parks in new markets, such as Southeast Asia and Europe.

“We’d like to collaborate with developers or strategic partners in key areas and are open to discussions because we are new. There is always a possibility to welcome investors,” Cheyklin said.

As an important industrial center in Asia, Thailand has several success stories to share with the world, among them ThaiNamthip, the local bottler for global drinks giant Coca- Cola. The company runs five facilities, accounts for around 90 percent market of Coca- Cola’s business in the country and caters to more than 300,000 customers.

Having resolved long-running internal and external disputes, ThaiNamthip underwent a drastic overhaul of its workforce and management.

“It took a long time. The biggest challenge was changing the mindset of the employees on how a business should be run,” ThaiNamthip Chairman Porwut Sarasin recalled.

In another industry, Thai Airways has served as the most visible global ambassador of the country’s business. Known for its exemplary and friendly service, the flag carrier encountered turbulence the last few years but has found itself flying through clear skies lately.Not looking back, Sarasin said the company has doubled its business and tripled its profits in the last seven years, making Thailand one of its top 20 markets in the world,

After a rough 2014, Thai Airways has also shown signs of recovery after having reorganized its company structure and remade its brand as a premium brand and carrier.

“Thailand is a country with many popular destinations. And as the national carrier, THAI supports the main economic engine of the country, which is tourism,” THAI Airways President Charamporn Jotikasthira said.

With the combined strength and image of these incredible industry titans, Thailand has maintained its reputation as a true economic leader not only in Asia, but also worldwide.

Thailand 2016, Part II was prepared for and originally printed in Foreign Affairs magazine.

PDF of the printed report

latest special Reports:

More Special Reports: more...



  • Global Media is your partner in reaching a powerful international audience through high-level economic reporting.

    Our ambition is to highlight under-reported developments and opportunities around the world, and allow leaders in these regions and sectors to take their message to the highest global level. We partner with top media to communicate with the world’s most powerful audiences. We specialize in communication and branding initiatives that help our clients effectively get their messages to their existing and potential partners. We achieve results for our clients by introducing them and their initiatives to an audience of elite international business and government leaders.

    Global Media Inc. is an independent media agency with offices in Hong Kong and Canada. GMI has more than a decade of experience in the writing, researching, and production of promotional country reports, with media partners from East Asia to North America. We have teams worldwide that develop country and thematic reports on the latest economic trends and developments.

    We are a media partner of Foreign Affairs,the United States’ most influential publication, published by the New York-based Council on Foreign Relations.

    Nearly a century old, there isn’t a more influential or higher-reaching publication in the United States than Foreign Affairs. The journal is ranked #1 in influence by U.S. opinion leaders in a recent nationwide study conducted by Erdos and Morgan, the premier business-to-business research firm. Their findings place Foreign Affairs ahead of all media, both print and broadcast, including The New York Times, The Wall Street Journal, The Economist, and The Washington Post.

    Testimonials:

    “We were extremely impressed with how efficient, well-coordinated, responsive and reliable the Global Media Inc. team was. We owe them a lot for their professionalism. We were very pleased with the outcome, and the article was very well-written. We hope to have an opportunity to work with Global Media Inc. again in the near future.� – Japan Airport Terminal Co. Ltd.
    “The Global Media team’s professionalism was excellent. Their team was great and always gave us the right suggestions and information. The product was excellent, and we were very happy to have such a great opportunity working with their excellent team.â€� – National Graduate Institute of Policy Studies (GRIPS)
    “We were honored to be chosen as one of the good universities in Japan. This article conveyed Seigakuin University’s educational ideals and the message from President Akudo. The advertisement was conspicuous and gave a good impression that Seigakuin nurtured students to contribute to world peace. We really appreciated what Global Media Inc. had did for us.â€� – Seigakuin University

    Whom we have featured:

    • Australian Prime Minister Julia Gillard
    • Australian Foreign Affairs Minister (and former Prime Minister) Kevin Rudd
    • Japanese Prime Minister Shinzo Abe
    • Qatari Minister of International Trade and Industry Dato’ Sri Mustapa bin Mohamed
    • Japanese Minister of Education, Culture, Sports, Science and Technology Yoshiaki Takaki
    • Taiwanese Foreign Minister Yang Chin-Tien
    • Taiwanese Finance Minister Lee Sush-Der
    • Taiwanese Economic Affairs Minister Shih Yen-Shiang
    • Taiwanese National Science Council Minister Lee Lou-Chuang,
    • Taiwanese Deputy Minister of Transport and Communications Yeh Kuang-Shih
    • Taiwanese Political Deputy Minister of Education Dr. Lin Tsong-Ming
    • Indonesian Ambassador to the United States Dr. Dino Patti Djalal
    • Indonesian Investment Coordinating Board Chairman Gita Wirjawan
    • Philippine President Benigno S. Aquino III
    • Philippine Senate President Juan Ponce Enrile

Join our newsletter

Sign up for our weekly newsletter to get the latest news and updates directly to your inbox.