How Technology has Improved Business in Thailand

For any country, technology is the most important area as it can take a country to next level in development. It’s just purely on technology that Asian countries like India, Singapore, Japan, South Korea, Thailand, and China are grown to such levels. Thailand has, for a long time, been in possession of a great deal of potential. But it’s only now, thanks to technological advances, that the potential is finally being realized.

Let’s take a look at how advances in technology have improved business in Thailand.

Thailand’s Appeal

Thailand is known among westerners as a holiday hotspot for middle-class students looking to discover themselves on a long gap-year. More approachable than China, and more affordable than Japan, it provides a natural meeting place for disparate cultures. It’s the second-largest economy in Southeast Asia, and thanks to its sprawling agricultural resources and strategic location, it’s been among the region’s foremost net food exporters. Rice, pineapples, and canned tuna are exported from here to western markets as distant as the US, Europe, Japan, and Australia.

Agricultural advances

Given that forty percent of the country works in agriculture, it’s natural that technological advances are most keenly felt in this sector. New seeds, methods, and machinery have a dramatic effect on yields, and therefore the Thai economy in general. In 2017, the country’s Board of Investment received 215 applications for new projects from producers, collectively valued at just under $2 billion.

What does the future hold?

A sizeable chunk of approved projects centers around agricultural and food technology (AgriTech and FoodTech, respectively). In the former category, the most promising areas of advancement are data-driven analytics and automation through robotics. Provided that existing workers will receive the training they need to oversee their new mechanized colleagues, this could have dramatic improvements in productivity, and quality of life.

Robots are not an unknown commodity in Thailand. Their use is already widespread in the manufacturing sector, with more than 30% of manufacturers using them, and the government being explicit in their ambition to raise this to 50% and beyond in the coming years.

The country’s ambitions as a tech-focussed nation to rival South Korea is summarised in the idea of ‘Thailand 4.0’. This will see the country transition from a focus on heavy industry to an economy based on innovation, intellectual property, and high-tech trading. This will generate economic prosperity and social well-being while protecting the environment and raising human values. Investment in R&D is being supercharged to 4% of GDP in order to achieve this aim – and while global disasters like the coronavirus pandemic might have applied the brakes slightly, the future’s still bright in this part of the world.

This post was last modified on October 6, 2020 11:13 AM