Industry & Retail
From The Report: Thailand 2016
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Having already established itself as a manufacturing hub within South-east Asia, Thailand’s industrial sector is looking to further differentiate itself from other countries by moving up the value chain and expand its capabilities to produce greater value-added products in a variety of modern industries. This strategy seeks to spur industries to progress up the technology ladder from established industries already operating in Thailand. Solid economic growth averaging roughly 4% annually since 2000 along with the country’s solid industrial and export base has fuelled a steady rise in domestic income across all income levels over the past decade and a half, leading directly to a rise in consumer spending power. Assuming a stable political environment going forward, Thailand’s retail sector as a whole is expected to continue its upward trajectory, which was interrupted briefly by unforeseen events in 2014 and 2015, with the EIU forecasting annual sales volume growth for the sector of 3.6%, 3.4% and 4.3%, respectively for 2015-18. This chapter contains interviews with Mark Kaufman, President, Ford ASEAN; Chadatip Chutrakul, CEO, Siam Piwat and Siam Paragon Development; and Supaluck Umpujh, Vice-Chairwoman, The Mall Group.