EABC announced the first annual business confidence survey
Bangkok 19 December 2012- The European ASEAN Business Centre (EABC) announced the result of the first annual business confidence survey. The overall outlook of the respondents is optimistic. The business environment in Thailand and AEC offers significant opportunities. The majority of respondents plan to expand their business in ASEAN and Thailand. However, this is related to a call for improvement in important areas such as trust in public institutions and political instability, human resource issues, corruption and lack of transparency, and poor logistical infrastructure.
Mr Rolf-Dieter Daniel, President of EABC said “The survey feedback received from 221 respondents provided a very interesting and valuable perspective on current challenges and upcoming opportunities for business operating in Thailand and afar in the international scene.Majority of the survey participants were top level and senior executives of companies of different sizes operating in various industries. The results serve as an important insight for EABC to continue our tasks by working with key institutions and counterparts towards strategizing their policies and action plan both in the short and longer terms to improve Thailand’s competitiveness.”
The survey was divided into four areas comprising of questions that allow them to gain information on: demographic information; outlook for growth and profitability in Thailand; external factors considered challenges and opportunities; and their strategies in terms of cost reduction and profitability. Starting on 1 November 2012 and finishing on 18 November 2012, the survey was distributed to over 2000 email addresses via established business networks of the EABC Partners and Associates.
Mr Daniel added that“More importantly the result of the survey shows that half of the respondents who operate in the international scene foresee their presence in Thailand becoming increasingly important. Despite pertinent challenges in the global economy such as the European crisis and the fear of slow economic performance in the US and China, business executives regarded the business environment in Thailand and AEC as offering significant opportunities. This is consistent with our main objective to work towards improvement of business climate in Thailand and in promoting Thailand as an attractive investment hub in ASEAN for European investors”
“Major challenges however remain as that the participants are most concerned with the performance of public institutions and political instability. They also expect that Thailand will tackle the problem of labour shortage and lack of required skills. In addition, corruption and transparency are one of the principal concerns. We therefore would like to emphasise the importance and call for prompt action to efficiently improve the situation. What the respondents in this survey highlight actually carries forward the momentum begun by the EABC European Business Position Paper on Trade/Investment Issues & Recommendations in support of a Competitive Economy in Thailand.” added Mr Daniel.
EABC was established in late November 2011, in consortium with sixteen business representative organisations and chambers of commerce, both in Thailand and Europe. EABC have been working hard on various fronts representing the interests of the European business community in Thailand. In the spirit of partnership and cooperation, the EABC works closely with European businesses, the Royal Thai Government, EU institutions and chambers of commerce as well as counterparts in Thailand, in ASEAN, and in Europe to establish an enabling, result-oriented dialogue to foster closer economic relations between Thailand and Europe, especially on key trade and investment agenda.
