Though COVID-19 has badly impacted many industries, some such as medical science and technological advancement may benefit from aspects of the crisis.
The University of the Thai Chamber of Commerce, has suggested Thai entrepreneurs grab the opportunity to develop innovations, and some Chinese medical equipment companies are preparing to move their production bases to Thailand.
Mr. Aat Pisanwanich, Director, Center for International Trade Studies (CITS), University of the Thai Chamber of Commerce, said a major factor affecting the thinking of foreign entrepreneurs especially Chinese businesses to open branches and production bases in Thailand, is the COVID-19 pandemic. As it has affected the whole business cycle, business operators must consider the rise in capital costs and other risks.
Foreign entrepreneurs have also noted that Thailand has shown an ability to cope with the pandemic, while the Thai workforce has quality and, the landscape facilitates transportation.
Thailand should take advantage of the COVID-19 epidemic by promoting and supporting the needs of the health industry such as rubber gloves, dietary supplements, cosmetics, medical equipment, electronic products and IT products. However, the disadvantage is political uncertainty, wage hikes, and the strength of the Thai baht. (NNT)
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