BANGKOK, 11 Dec 2013 The Federation of Thai Industries (FTI) has suggested business entrepreneurs to adjust themselves to the political uncertainty by maintaining their production efficiency without having to expand plants.
FTI Chairman Payungsak Chartsuthipol stated that the Thai industrial sector is quite outstanding in the ASEAN region in terms of production. Thailand is now an important production base of many industries of ASEAN. It is armed with technological advancement and has the geographical advantage which makes it easy to proceed with logistics development.
Mr. Payungsak said Thailand has concluded the ASEAN Free Trade Agreement with many countries, resulting in high demands for some Thai goods. Therefore, he strongly advised that business operators focus on the flexibility of their operation. This means entrepreneurs should be able to increase industrial outputs without having to invest in building new factories.
He also recommended industrialists to create a ‘cluster’ – a network of international and domestic business alliances- that would help them multiply the production capacity and strengthen their standing point in respective businesses. The move would also help them penetrate the ASEAN market with higher chances of success.