Global Economic Recovery Set to Support Thai Export and Foreign Investment Growth

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According to the International Monetary Fund (IMF), *the global economic recovery continues with the growth projection at 6.0 percent in 2021 and 4.9 percent in 2022. Almost all advanced countries can look forward to further normalization of activity later this year. Speaking of Thailand, **the country has performed relatively well in terms of the scale and speed of its fiscal response. ***Exports of goods jumped 43.82 percent year-on-year to USD 23.70 billion in June 2021, beating above market expectations of a 38.98 percent growth and after a 41.59 percent gain a month earlier due to recovering global demand for rubber products, cars, automotive parts, electronics, machinery, and agricultural products. Another positive sign for Thailand is revealed by the Board of Investment (BOI). The value of planned investment in applications made in the first quarter of 2021 rose 80% to USD 4.1 billion as proposed foreign direct investment (FDI) more than doubled. FDI projects had a combined application value of USD 2 billion in the January-March quarter, a 143% increase from the first three months of 2020. 

For our MICE industry’s movements, since July 2021, Thailand has gradually reopened the country for fully vaccinated international travelers via the “Sandbox” scheme in Phuket and followed by “Samui Plus”. The Ministry of Tourism and Sports aims to extend the reopening plan to other provinces with unique characteristics and low infection rates such as Pattaya, Chiang Mai, Lamphun, Ubon Ratchathani. The Ministry has set the revenue at USD 28.3 billion for this year’s successful reopening, 10 billion of which will come from 3 million international travelers. 

Source: 

https://www.imf.org/-/media/Files/Publications/WEO/2021/Update/July/English/text.

https://www.worldbank.org/en/country/thailand/publication/thailand-economic-monitor-july-2021-the-road-to-recovery

https://tradingeconomics.com/thailand/exports

https://www.boi.go.th/index.php?page=press_releases_detail&topic_id=127797

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A new window of opportunity is opening for exhibitions industry at the prime Eastern Economic Corridor or EEC where exhibition organizers are able to strengthen their market position, forge international partnership and further develop their leading trade shows in the fields of 12 focus industries, aviation and logistics, particularly. Owing to its extensive incentives and schemes with a full range of great benefits, EEC, *****according to BOI, has attracted, during the first quarter of 2021, 117 projects applications with a combined investment value of USD 2.1 Billion, an amount 39% higher than the total value of the 111 projects filed in the same period of 2020. Within the next 5 years, it is believed that there will be the surging demand for trade shows in EEC since numerous investors and corporations have already shown their interest to grab the opportunities in the area.

Taking into account all market possibilities, you as exhibition stakeholders are encouraged to expand new profiles or create new shows in Thailand and EEC. To ensure success and raise competitiveness of your shows, full supports with multiple privileges would be offered through the “Thailand LOG-IN NEXT” project of Thailand Convention and Exhibition Bureau or TCEB. Leveraged from the success of 2020 “Thailand-LOG-IN Event”, this project is comprised of the scheme of support policy, subvention, and facilitation between TCEB, and EEC. 
Thailand LOG-IN NEXT’s support criteria is Campaign-based (for exhibition organizers who expand new profiles or create shows in Thailand), City-based (for expanding new profiles or creating shows in EEC) and Country-based (the enhancement of cooperation between government and organizers with their trade show’s profiles aligned with government’s focus industry). 

Source 

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The current situation has accelerated and intensified revolutions in technologies and business models of the exhibitions industry, and is forcing leaders to shift their organization’s crisis operations while fundamentally reimagining business and workforce strategies. To emerge successfully from the current crisis, exhibition industrialists should look to upskilling and reskilling to enhance existing expertise and leverage yourselves in preparation to the coming business opportunities with international event organizers. This is the true investment of your future. 
 
Come and equip yourselves with thoughts, perspectives and insights on potentials and outlook of Thailand‘s exhibition industry and around the globe by exhibition gurus both from the government and private sectors at the “Gearing up Thailand Economic Recovery in 2022 and Beyond” webinar on this 19 August and the “International Perspective : Where to Play and How to Win” session on 26 August, hosted by Thai Exhibition Association (TEA), as part of TCEB’s incubation program - “EO: Pro LEAGUE” project. This project features a series of webinar as well as online and physical training classes during the third and fourth quarters of 2021. For further details, please click www.thaitradeshow.com.
For more information, please contact exhibitions@tceb.or.th.

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