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New Growth Strategies of Thailand’s Big Firms in the ASEAN Economic Community Era

In: Southeast Asia beyond Crises and Traps

Author

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  • Akira Suehiro

    (Gakushuin University)

Abstract

Thailand is going to experience the slowdown of growth due to the rise of wage level, decline of labour productivity, and poor expenditure of R&D activities. To overcome the traditional pattern of growth based on the low-cost advantage, Thailand is required to promote upgrading of technology in core manufacturing industries such as IT and automobiles. However, these industries have been under the control of foreign firms or MNCs after the 1997 Asian crisis, and the progress of innovation is now depending on the strategy of MNCs. On the other hand, if looking at movements of big local firms (leading family businesses), Thailand seems to suggest another ways to realise continuous growth. They include: shifting main business areas from core manufacturing industries to agro-industry and service sectors; development of niche products and markets rather than new products and technology; targeting regional markets including domestic market rather than 3G markets (USA, EU, and Japan); and strategic alliance with Chinese firms rather than joint ventures with Japanese and Western ones. These movements are examined in reference to the author’s original data on local firms.

Suggested Citation

  • Akira Suehiro, 2017. "New Growth Strategies of Thailand’s Big Firms in the ASEAN Economic Community Era," Studies in Economic Transition, in: Boo Teik Khoo & Keiichi Tsunekawa & Motoko Kawano (ed.), Southeast Asia beyond Crises and Traps, chapter 2, pages 35-69, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-319-55038-1_2
    DOI: 10.1007/978-3-319-55038-1_2
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