The imminent formation or the Asean Economic Community (AEC) is giving
rise to new fields of study and research into how the region will transform
itself in 2015.
Two leading universities in the
country, Thammasat and the University of the Thai Chamber of Commerce (UTCC),
have both set up study centres to provide information with practical
applications.
The AEC Strategy Centre at the
UTCC aims to be a resource not only for Thailand but also the whole region,
helping businesspeople to make successful investment decisions in Asean.
“The tight connection between the
Thai Chamber of Commerce (TCC) and other chambers in Southeast Asian countries
is the strength that will enable us to be the information centre for
businesspeople in this region,” said Dr Nimnual Piewthongngam, director of the
AEC Strategy Centre.
Established two months ago, the
centre was a response to the TCC’s findings that many Thai businesspeople knew
about the Asean integration but few knew much about the rules and regulations
for investing in Asean countries.
Large corporations can hire
advisers such as law firms to help them in these matters, said Dr Nimnual, but
small and medium enterprises lack the resources to do so. Thus, the centre
would like to bridge the gap for SMEs.
“You have noticed that there have
been a lot of seminars about the AEC and that was enough,” she said. “The next
topics that businesspeople would like to know about are how they can really
benefit from the AEC, and how they can go out and invest in Asean countries.”
The priority of the AEC Strategy
Centre is to advise prospective investors on the rules and regulations with
which they have to comply in different Asean countries. Information on basic
laws and regulations is free of charge. If the company would like the centre to
be an adviser, service fees are around 30% lower than what private law firms
would charge.
“What we’re looking for is the
really practical details people need to do business in Asean members,” said Dr
Nimnual. “We’re talking a lot about the basic information on the AEC, but now
the centre will go deeper into detail and look at the real situation in order
to help business people be successful.”
Dr Nimnual, who is also a
lecturer in the school’s Faculty of Law and has worked with international law
firms, said the centre also hoped to provide business matchmaking for its
clients. The close connections between the TCC and other chambers in the region
are an advantage in this regard, as the chambers can help promote the AEC
Strategy Centre in their home countries.
Training courses and business
trips can be arranged on request, she added.
The centre is focusing initially
on Myanmar as many Thai companies now want to have a presence there. However,
Myanmar faces a mammoth task to bring an estimated 900 laws and regulations up
to date after decades of neglect. The centre intends to keep people updated on
progress.
Myanmar’s basic investment laws
are expected to be finalised this month. Foreign companies are waiting for the
amendments before they make further decisions.
She said other faculties at the
UTCC, such as Economics, Accounting and Business Administration, would also
contribute necessary data on doing business in Myanmar and other Asean
countries based on their expertise.
While the centre is gathering
basic information on rules and regulations of all 10 Asean countries, it
expects that legal advice on investing in Cambodia, Laos and Vietnam will be a
big focus after Myanmar.
Meanwhile, the Centre for Asean
Studies at Thammasat University expects to provide integrated academic
services, comprehensive information about Asean and research studies next year.
Thammasat is taking the AEC very
seriously, noted Prof Dr Somkit Lertpaithoon, the university’s rector. Starting
in the next academic year, all students will have to take a general Asean
studies course in order to gain a basic understanding of the region.
Thammasat also wants to expand
its academic services and expertise on regional affairs to outsiders.
Dr Somkit said the Centre of
Asean Studies would collect all basic information about Asean countries, which
people can access through the centre’s website, or they could visit the centre
located at the Rangsit campus. Seminar programmes are planned across the
country to encourage Thais to learn more about Asean.
Apart from being a resource for
Asean information, the centre will provide other services such as translations
for all languages used in Southeast Asian countries, as many businesspeople see
language as a big barrier. In some cases, for example, a product could succeed
or fail in another country based on how an advertisement is worded. Experts
from the Faculty of Liberal Arts would be recruited to provide the services to
outsiders.
Thammasat has been building its Asean
presence through agreements with many universities in the region. They include
Nanyang Technological University’s Faculty of Commerce in Singapore; University
of Malaysia; Universiti Sains Malaysia’s Faculty of Social Administration;
Asian Institute of Management in the Philippines; Vietnam National University
in Hanoi and Ho Chi Minh City; and National University of Laos. It plans a
memorandum of understanding soon with Muhammadiyah University of Indonesia for
joint academic cooperation in dentistry.
Nalin Viboonchart
Business & Investment Opportunities
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