BANGKOK, 4 May 2015 – The Thai National Shippers’ Council (TNSC) has been planning to petition the government to boost the service industry by expanding the sector overseas.
TNSC Executive Director Kongrit Chantrik said the move would reduce the emphasis on exporting physical products, adding that the service industry has more market value and would ultimately contribute more to the export sector.
He voiced his opinions on the matter to the press, saying the nation should not focus only on conventional export items. Mr. Kongrit reasoned that these products are often being challenged by rival exporting nations.
The Executive Director said the export sector is being negatively affected by Thailand’s inferior competitiveness, as well as higher labor and production costs than that of rival countries.
He advised the administration to develop a concrete overseas strategy for service businesses. Mr. Kongrit revealed that recent data indicates that the service industry accounted for 34.8 percent of the gross domestic product, while physical products only constituted 29.6 percent.