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Thailand: Turning Battlefields Into Marketplaces
| Article
# : |
17861 |
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Section : |
CURRENT ISSUES
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Date : |
3 / 1990 |
1,270 Words |
| Author
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Eugenia Kagawa
Eugenia Kagawa, based in Bangkok, Thailand, frequently writes
on Southeast Asian affairs. |
For years, Thailand has participated in intra-regional trade as a member of the Association of Southeast Asian Nations (ASEAN), but given the recent trends toward regional blocs and the rapidly changing international trade environment, increased trade diversification is considered essential.
In fact, 1989 may well be remembered as the year Thailand economically outperformed the rest of the world. The local economy was estimated to have grown about 11 percent, faster than any other economy. Thailand's economic expansion would eclipse even that of the world's traditional economic Tigers. ASEAN, which is also considered an economic mover, is estimated to have had an average growth of 6.6percent.
As a developing business center, Thailand has become increasingly important. The growth of the Thai economy and the changing political climate in Hong Kong suggests that the local Thai industry will surpass that of the crown colony soon. Various international corporations have started relocating their regional headquarters to Thailand.
The political and social structures of Thailand offer a degree of stability. The monarchy and Buddhism, generally considered as the two main pillars of Thai society, clearly play a crucial role in this stability. In terms of business structure, public and private sector cooperation has increased, and this has enabled businesses and industries to expand their operations and their domestic and foreign markets and to effectively address problems. Meanwhile, the government looks favorably on foreign investors, recognizing their importance as a force for Thailand's economic and technological
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