Bangkok Bank has urged Thai businesses to have a more active role in the Greater Mekong Sub-region (GMS) in terms of trading activities and investment, in order to tap the growing middle-class market in those countries.
Speaking at the bank’s “Trade Logistics in Greater Mekong Sub-region: GMS” seminar yesterday, executive vice president Kobsak Pootrakool said the high level of gross-domestic-product growth in emerging GMS countries such as Cambodia, Laos and Myanmar presented a great opportunity for Thai enterprises.
Cambodia has annual GDP growth of 7 per cent, while Laos’ economy is expanding by 8 per cent and Myanmar\’s by 7 per cent, he said. He said that growth in the emerging economies of the GMS, which have a combined population of around 150 million, had led to a rising number of middle-class consumers and demand for electronic gadgets and new-technology products.
“Thailand has expertise in producing those products and people in the GMS prefer buying products from Thailand, as they have confidence in our products,” said Kobsak. Thai apparel, furniture, rubber and processed products are all in high demand in GMS countries, and especially in Myanmar, he added.