Bangkok--23 Apr--Siam Commercial Bank
Siam Commercial Bank PCL (SCB), the Federation of Thai Industries (FTI), and the Stock Exchange of Thailand (SET) joined hands recently to provide a Bai Po Business Forum seminar on the topic of “The Effects of the US Financial Crisis and Solutions for Thai Food Processing Entrepreneurs”. The Bai Po Business Forum is an SCB program designed to boost the business potential of SMEs. For over 5 years now the Forum has been providing useful and practical business information to entrepreneurs in every industrial sector.
At the seminar, designed to boost the local food processing industry, guest speakers Mr. Thiraphong Chansiri, President of Thai Union Frozen Products PCL, and Mrs. Kobboon Srichai, Vice President of Charoen Pokphand Foods PCL, noted that the industry is expected to see improvement during the second half of the year, but cautioned that entrepreneurs should closely monitor liquidity and risk factors so as to prepare appropriate coping strategies. They also advised participants to improve their manufacturing processes in order to meet international food standards so that they can compete in the global market.
Mr. Paiboon Ponsuwanna, FTI Vice Chairman and Chairman of the Food Industry Club, said that the food industry plays an increasingly important role in propelling economic growth in Thailand. “Learning the latest information on the global economic situation, industry trends in the second half of the year, and threats and opportunities will benefit Thai food processing entrepreneurs by allowing them to adjust their business strategies to meet these challenges. The information will also help them manage and adapt to both internal and external changes amid economic votality. This seminar aims to help entrepreneurs find solutions for coping with the current situation so that they can weather the crisis,” he said.
SCB Executive Vice President Dr. Vivat Kittiphongkosol, in charge of the Business Banking Group, remarked that the Thai food industry still had a positive outlook in domestic and overseas markets, including emerging markets, despite the global economic recession and declining purchasing power among consumers. Thailand is a food processing leader and the biggest food exporter in Southeast Asia, with raw materials available domestically at low cost and in large volume. Besides advantages in terms of its leading position and abundant resources, favorable policies include the BOI's investment promotion policy, the ASEAN Free Trade Area (AFTA) agreement, and Free Trade Agreements (FTAs) with such countries as India, Australia, and Japan that continually promote Thailand's food exports.
Thai food processing entrepreneurs will still face competition with low labor cost rivals, such as China and Vietnam. Competition will get tougher, as more and more countries adopt FTAs and non-tariff barriers. Entrepreneurs must keep up with exchange volatility, political instability, changing consumer markets, and fast-paced technology advancement, so that they can adjust their coping strategies in a timely manner. Meanwhile, they have to explore investment opportunities in emerging markets, and upgrade manufacturing processes to meet food quality and safety standards such as Hazard Analysis and Critical Control Points (HACCP) and Good Manufacturing Practice (GMP).
FTI Vice Chairman and Chairman of the Food Industry Club Mr. Paiboon Ponsuwanna, SET Industry Development Center Executive Director Mr. Chaiyoot Chamnanlertkit, and SCB Executive Vice President Dr. Vivat Kittiphongkosol attended the opening ceremony.
CONTACT: Corporate Communications Division , Siam Commercial Bank PCL
Tel : 02-544-4502, 02-544-4517