Thai commercial diplomats assigned to update export strategy

  

BANGKOK, 8 September 2016 (NNT) – The Ministry of Commerce has instructed commercial attaches worldwide to adjust their export promotion strategy in line with the current situation, especially through the use of technology and innovation. 

Deputy Commerce Minister Suvit Maesincee convened a meeting with Thai commercial attaches stationed in foreign countries, with an aim to assess the trade situation and renew the export policy for the remainder of this year and the next. The Deputy Minister entrusted the officials with making changes to accommodate the country’s transition into the 4.0 era, suggesting closer collaboration with the private sector and the incorporation of technology and innovation into product development. 

Mr Suvit emphasized the need for the officials to keep track with the current market trend and for a viable strategy to be formulated to promote both products with steady export growth and those with shrinking popularity. 

Moreover, the Deputy Minister said exports of services, which account for 25 percent of the Thai export industry, should be expanded in more segments, other than tourism. He also advised that all necessary efforts be made to persuade more foreigners to invest in Thailand. 

 

-- nnt 2016-09-08

5 hours ago, webfact said:

The Ministry of Commerce has instructed commercial attaches worldwide to adjust their export promotion strategy in line with the current situation, especially through the use of technology and innovation. 

Just yesterday it was reported that "Thai commercial counsellors from 58 posts in 44 countries foresee negative export growth for Thai shipments this year, due to uncontrollable external factors, weakening economic growth in many emerging markets, and the fact that some Thai businesses have invested in overseas manufacturing operations, resulting in lower shipment value from the Kingdom." http://www.nationmultimedia.com/business/Brighter-outlook-seen-for-Thai-exports-30294661.html

 

So it would seem that Suvit wants to expand Thai export of services to account for 100% of export revenues compared to current 25%. That strategy may work for cuntries far less developed than Thailand such as Laos and Nepal, but in terms of global competition, unlikely to be successful in reversing contraction of export revenues.

Strategy?? Kind of a big word to use here. Much like the word maintain.