The
Commerce Ministry of Thailand has warned businesses to become more innovative
in order to add value to their business ahead of the full formation of the
Asean Economic Community.
"Business innovation and the creative
economy will be a key strategy and policy of the government in stimulating the
economic growth of the country," Deputy Commerce Minister Siriwat
Kachornprasart said recently.
"Thailand is stepping forward to become
an active member of the Asean Economic Community, which will be fully effective
in 2015, and all businesses need to adjust to the competition and be well
prepared for the new economic order at the domestic, regional and worldwide
levels," he said.
"They have to adjust quite well to the
rapid development of new technology and IT," he told the Business
Development Department's "DBD Business Innovation Showcase", aimed at
inspiring entrepreneurs to use innovations to improve business performance.
Through value creation, businesses would enjoy
sustainable growth and lead the market in the long run, he said.
"We will face tougher competition in
three years and businesses need to prepare for the change. Innovation will be
the key weapon used by local businesses to battle with and gain an advantage
over foreign players," he said."Innovation will be a key strategy to
be used by businesses in the development of products and services, management
processes and new business formats, for better quality and efficiency," he
added.
Tritos Laosirihongthong, an associate
professor at Thammasat University in Thailand, said innovation refers to different
ideas or inventions that have been commercially developed into a product,
service or management tool.
Businesses can create innovations in five
dimensions - product, service, management, green business and business for
society, he said.
Disorn Marichai, director of Kanom Mae Oey -
Piey & Pie (2003), said he had set up his own snack business nine years ago
with the inspiration to become a successful businessman with a good reputation
through selling Chinese cakes locally known as "kanom pia".
His innovative idea was to make his kanom pia
different from ordinary Chinese cakes available on the market by creating
different kinds of fillings. The company has developed more than 30 fillings
for its kanom pia products.
The products also come in a variety of shapes,
such as animals and well-known cartoon characters.
The company has also developed traditional
Thai snacks such as sweet pumpkin soup and black beans in coconut milk with
sticky rice with a longer shelf life of six to 12 months for export.
Kwanchai Rungfapaisarn
The Nation (Thailand)
Business & Investment Opportunities
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