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8 May 2012

International Economy

Learning from Singapore: Improving Human Resources and Technology for AEC (Business Brief No. 3282 Full Ed.)

The formation of the ASEAN Economic Community (AEC) is an important impetus for us to enhance our economic competitiveness. Thailand can achieve this goal by emulating Singapore that has been transformed into one of the world's most competitive economies. Such an achievement bears testament to Singapore's focus on building knowledge, which is an important basis for their technological and human resource development.
As a precondition to becoming a regional center for R&D and commercial activity, Singapore is strongly committed to promoting private investment into R&D on goods and service development. A comparative study shows that Thailand still needs to quickly improve workforce quality and technological competence to enhance our economic competitiveness ahead of AEC integration.

However, we will be required to come up with our own technological modules to suit such targeted industries as agriculture, healthcare and tourism, as well as having to adopt creative economic policies to add value to domestically-produced goods and services. This would eventually benefit SMEs, which are a growth engine of the Thai economy. In addition, Thailand will be required to improve the quality of workers and researchers to accommodate new technologies. If we are able to bolster our manufacturing capacity, this will help sustain the country's long-term global competitiveness.

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International Economy